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Bitcoin HODLers Double Down

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices have plunged over the last few days, with the flagship cryptocurrency Bitcoin losing nearly 25% of its value in a week and trading at $22,600 at the time of writing. Ethereum, on the other hand, lost nearly 33% of its value during the same period.
The stock market’s benchmark index, the S&P 500, is down over 9% over the same period, while gold lost around 1.35% of its value. The market crash is associated with macroeconomic factors, which include soaring inflation throughout the world and the ongoing Russian invasion of Ukraine, coupled with crypto lender Celsius Network freezing withdrawals from its platform citing “extreme market conditions.
Over the week inflation in the U.S. was reported to be at 8.6%, its highest value in 40 years. The figure prompted investors to bet on a more aggressive Federal Reserve, with talk of a 75 basis point hike coming on Wednesday.
The sell-off in crypto markets was exacerbated by crypto lender Celsius halting withdrawals from its platform citing “extreme market conditions.” The move locked in the funds of 1.7 million customers, who have been tracking Ethereum blockchain data suggesting Celsius have moved $89 million worth of wrapped BTC and $63 million of ETH to other exchanges.
The total crypto market capitalization dropped below the $1 trillion mark over the sell-off.

Bitcoin HODLers ‘Double Down’
HODLers of the flagship cryptocurrency Bitcoin ($BTC) with long-term time horizons are doubling down on their exposure to the cryptocurrency, as the percentage of BTC owned by addresses holding for one year or longer has expanded, while short-term traders are “fading away.”
IntoTheBlock
HODL

The % of $BTC circulating supply that hasn't been moved for +1 year has reached a new all-time high of 65.5%.

Bitcoin holders remain unfazed by the current market conditions and maintain their hodl strategy.

Chart: https://t.co/TqseTKshEu https://t.co/cs0biuZnJ8
According to an analysis conducted by the head of research at analytics firm IntoTheBlock, Lucas Outumuro, the recent market drawdown has made it “harder and harder to argue we are not in a bear market,” and made it “clear that crypto is not for the faint of heart.”
Outumuro noted that key indicators have dipped less than they did in previous bear markets and argued 80% drawdowns for top cryptocurrencies like Bitcoin may be a thing of the past, as cryptos like BTC are maturing and as a result “the chances of it disappearing increase as it gains broader adoption.”
US SEC Made a ‘Big Mistake’ in Lawsuit Against Ripple
The U.S. Securities and Exchange Commission (SEC) has made a “big mistake” in its lawsuit against Ripple and two of its executives over the $XRP token, according to crypto legal expert Jeremy Hogan.
In a newly published video Hogan weighed in on the lawsuit’s recent developments which have centered on former SEC Director William Hinman suggesting in 2018 that Ethereum ($ETH) was not a security,
Attorney Jeremy Hogan on the Ripple Hearing: the SEC Takes Two Steps Back. The Gambit Falls Apart.
Attorney Jeremy Hogan on the Ripple Hearing: the SEC Takes Two Steps Back. The Gambit Falls Apart.
To Hogan, the SEC’s “big mistake” was using two different strategies to argue against Hinman saying $ETH was not a security, as it’s “important to stick with your theory in litigation.” Per the legal expert, if the SEC was “going to make the gambit that it was Hinman’s personal opinion, you have to stick with that.”
Grayscale Increases Cardano ($ADA) Allocation in Smart Contract Fund
Cryptocurrency asset manager Grayscale Investments has increased its Cardano ($ADA) allocation in its fund offering investors exposure to smart contract blockchain networks while excluding Ethereum.
As first spotted by CryptoCapitalVenture founder Dan Gambardello, Grayscale has raised its allocation to Cardano’s ADA on the Grayscale Smart Contract Platform ex Ethereum Fund (GSCPxE) to 32.33% per share, with each GSCPxE share now having 4.34 ADA in it.
Defi-the-Oz
Good news for #Cardano. Grayscale has decided to increase the allocation of $ada in their investment fund of smart contracts (excluding $eth). It is now the number one SC platform in this fund. They must know something big is about to happen. https://t.co/HdN4LAcovz
The increased allocation to ADA led to a reduction in the fund’s exposure to other assets, which have seen their allocations slashed. Currently, the fund’s second-largest holding is Solana ($SOL), with a 21.3% allocation, down from 23.3% at launch.
Dan Gambardello Says ‘ADA Will Probably hit $10 a Lo Sooner Than Most Think’
Dan Gambardello, Founder of Crypto Capital Venture, commented on the price of Cardano’s ADA token throughout the week, telling his over 229,000 followers on Twitter he believes ADA will “probably hit $10 a lot sooner than most think.”
Dan Gambardello
$ADA will probably hit $10 a lot sooner than most think.
He explained that if ADA hits $10 the market capitalization of Cardano would be around $330 billion, which would imply the cryptocurrency overtakes Ethereum’s current market capitalization.
The crypto community has recently predicted that the price of Cardano’s native $ADA token will surpass the $1 mark by the end of June, after the implementation of the Vasil hard fork, which is set to deliver considerable improvements to the network.
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs).
Shiba Inu ($SHIB) Comes To “The World’s Longest Running Crypto Exchange”
The world’s “longest running crypto exchange” has listed the meme-inspired cryptocurrency Shiba Inu ($SHIB) after initially planning on doing so back in December of last year. The exchange’s announcement saying it would support SHIB included other assets that are already listed, including dYdX ($DYDX), Gala ($GALA), and Perpetual Protocol ($PERP).
That exchange is Bitstamp, which was founded in 2011, got registered in the UK in 2013 and in Luxembourg in 2014. It has “a global team of around 400 people” based in offices in the UK, Luxembourg, USA, Singapore, and Slovenia. It is available to people in over 100 countries and currently has over four million users around the world.
Bitstamp first announced it was listing SHIB in a blog post on December 8, 2021 and initially started allowing deposits before listing the next day. Around six hours later, it delivered some bad news to $SHIB fans, noting it ran into technical issues that would force it to delay the launch.
In a blog post announcing the new listing, Bitstamp noted Shiba Inu is a project “which started out as utterly light-hearted, boasting a pretty picture of a dog, but now has an incredibly large and vibrant community behind it.” 
What Else Is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, dropped slightly from 13 earlier this month to 11, showing a state of “extreme fear.”
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile plunged to $83 billipn, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 9.6% of the TVL with little over $8 billion on its protocol.
Other Top Stories
Hedge Fund Founder: ‘No Better Industry To Bet on Over the Next Decade Than Crypto’ | Cryptoglobe
Crypto Market Capitalization Drops Below $1 Trillion as Top Cryptos See Double-Digit Losses | Cryptoglobe
VC Firm Partner on the Bright Side of the Crypto Bear Market | Cryptoglobe
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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

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