Analysis Crypto by Thebittimes.Com

The rapidly evolving cryptocurrency ecosystem is entering a new phase in 2023, with incoming regulations in the U.S. and European Union. Bitcoin (BTC) had a bumpy ride throughout 2022, along with the rest of the digital asset market. The cryptocurrency began the year exchanging hands around $46,700 and is currently trading over 64% down at $16,560 at the time of writing. Consequently, the coin’s market capitalization took a tumble from around $900 billion on Jan. 1, 2022 to end the year at around $320 billion. Bitcoin Price Trend in 2022 While Bitcoin’s drop in price could be attributed to the extraordinary circumstances that the entire cryptocurrency market has been through this year, it is important to reevaluate the 2022 price predictions made by various market entities. One of the most popular predictions was that of analyst PlanB’s Bitcoin Stock-to-Flow (S2F) model.  The S2F model predicted BTC to be at nearly $110,000 as of December 2022. The cryptocurrency finished the year ...

WAVES price and its USDN stablecoin lose value after the Digital Asset eXchange Association issues a caution notice and Upbit exchange delists the token. Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions.  The UST implosion created a domino effect that caused another stablecoin , Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoin s, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that the concept has improved since the crises seen earlier in the year. Let’s look at the latest de-peg event in the cryptocurrency space. Warning issued for WAVES and its USDN stablecoin On Dec. 8, the Digital Asset eXchange Association (DAXA), whic...

BTC bulls could secure a $130 million profit in the Dec. 9 options expiry, but bears aim to balance the scales by keeping Bitcoin price below $17,000. Bitcoin (BTC) price crashed to $15,500 on Nov. 21, driving the price to its lowest level in two years. The 2-day-long correction totaled an 8% downtrend and wiped out $230 million worth of leverage long (buy) futures contracts.  The price move gave the false impression to bears that a sub-$15,500 expiry on the Dec. 9 options expiry was feasible, but those bets are unlikely to pay off as the deadline approaches. Year-to-date, Bitcoin price is 65% down for 2022, but the leading cryptocurrency remains a top 30 global tradable asset class ahead of tech giants like Meta Platforms (META), Samsung (005930.KS), and Coca-Cola (KO). Investors' main concern is still the possibility of a recession if the U.S. Federal Reserve raises rates for longer than expected. Proof of this comes from Dec. 2 data which showed that 263,000 jobs were created i...

The total crypto market recovers some lost ground as the contagion risks associated with FTX’s collapse begin to look resolvable. The total cryptocurrency market capitalization gained 2% in the past seven days, reaching $850 billion. Even with the positive movement and the ascending channel that was initiated on Nov. 20, the overall sentiment remains bearish and year-to-date losses amount to 63.5%. Total crypto market cap in USD, 4-hour. Source: TradingView Bitcoin (BTC) price also gained a mere 2% on the week, but investors have little to celebrate as the current $16,800 level represents a 64% drop year-to-date. Bankrupt exchange FTX remained at the centerpiece of the newsflow after the exchange hacker continued to move portions of the stolen $477 million in stolen assets as an attempt to launder the money. On Nov. 29, analysts alleged that a portion of the stolen funds were transferred to OKX. The FTX saga has made politicians shout louder in their calls for regulation. On Nov. 28, ...