CryptoAgroCash

Category: Crypto News

Crypto Whales Accumulating Bitcoin Amid FTX Crash

Posted on by cryptoagrocash

FTX’s recent crash has caught the crypto market off-guard, with Bitcoin (BTC) and Ethereum (ETH) prices taking a 15% hit. But even in the midst of this decline, it appears that whales are still accumulating BTC.

Dan Lim, an analyst at CryptoQuant reported that after the FTX crash, there was a significant drop in Bitcoin exchange reserves. He went on to say that this is most likely because of anxiety surrounding potential future exchange debacles. Additionally, the current global economic situation has only worsened since then.

Many traders and investors believe that the market will continue to decline in the short term, as well as over the next few months.

The FTX flash crash engineered a market plunge of more than $100 billion, and the total crypto market capitalization is now about $847 billion.

The data suggests that whales have been buying Bitcoin during the market crisis. He hinted that these whales have been accumulating Bitcoin for a long time, and are taking advantage of the decline in BTC price to add more to their holdings.

An expert has urged crypto investors to be cautious in the current market conditions which are not favorable in the long term. However, he believes that buying Bitcoin now is a wise move for whales. Nevertheless, he dropped that it’s not advisable for small investors to buy Bitcoin here and they need to respond as per the conditions.

Bitcoin prices have plunged 15% over the past seven days, with BTC currently trading at an average price of $16,949. Its 24-hour trading volume stands at a whopping $37.4 billion.

According to Glassnode, this week the shrimp alone have brought in 33.7k BTC, resulting in a 30 day increase of 51.4K Bitcoin. This is the second largest level of inflow in history and has surpassed the peak of 2017’s bull market.

The Crab (who has 1 and 10 BTC) took an aggressive approach, buying 48.7K Bitcoin off exchanges. This is similar to the 2017 bull market peak. Now whales holding more than 10 BTC have over 1591 of the circulating supply under their control.

Aptos APT’s Rise

Posted on by cryptoagrocash

Now the continued collapse of the crypto Market is why aptos’s rise has taken the community by surprise.

If you’ve been keeping up with the crypto headlines you might know that Aptos was built by the same team that was working on Facebook’s failed digital currency DM AKA Libra.

You might also know that Aptos received hundreds of millions of dollars of VC investment leading to speculation that apt would crash and burn the moment it began trading due to the cell pressure from early investors.

There was also speculation that the listing of Apt Futures could suppress its price.

For reference many people believe that internet computers ICP coin crashed and burned because crypto exchanges listed futures for ICP long before the coin began trading.

Now I can’t say I know enough to accept or reject this Theory but I do know it had Aptos fans concerned about apt when the Aptos mainnet launched last Monday.

It was clear that Futures manipulation was the least of the crypto Project’s concerns.

Aptos uses reported speeds as slow as four transactions per second, this was a far cry from the 160 000 TPS the project claimed it could handle.

To add insult to injury Aptos apparently only released the tokenomics for apt the day after its main net had launched/.

Aptos also announced that it would be airdropping apt to early Network participants, not surprisingly apt crashed in response to all this chaos.

However apt has since recovered and even hit a new all-time high over the weekend.

This is likely due to the hype around Aptos NFTs combined with the surprisingly restrictive vesting schedule for APT.

As you can see the first big vesting Cliff won’t occur until November next year.

Now this is a smart move on the part of the Aptos team because it means there won’t be very much cell pressure from early investors in the depths of the crypto bear Market.

All the most aggressive vesting Cliffs are conveniently placed around the time, the next crypto bull market should come around.

Does this mean that APT could perform well during the crypto bear Market? well, yes and no.

Aptos is a brand new smart contract cryptocurrency with a very small ecosystem relative to its peers, this means that most of APT’s price action is coming from speculation and the proof is in the Bitcoin dominance.

Bitcoin’s dominance has remained remarkably low during the crypto bear market and this is actually extremely bearish for Aptos and other altcoins.

That’s because it suggests that the retail speculation has yet to be properly flushed out of the crypto Market, not only that but Aptos has a very unique risk compared to other smart contract cryptocurrencies, it was created by developers who worked on a digital project that was literally crushed by Regulators around the world.

Regulators may be biased but they’re not dumb.

For the most part if Facebook, Instagram, WhatsApp or any of Meta’s other subsidiaries and operations happen to adopt Aptos you can bet that’s going to raise a whole lot of red flags at the three letter agencies.

Anything that resembles what Libra AKA DM was trying to do will most likely result in regulatory scrutiny.

Now this analysis barely scratches the surface of Aptos.

Great British Pound Collapse

Posted on by cryptoagrocash

Now as disappointing as Link’s price action has been it’s nothing compared to the price action of the Great British pound, one of those words is clearly redundant, which has been absolutely brutal.

My beloved British pound fell by a full four percent against the US dollar last Monday.

That’s more than most coins on that day.

God Save the King, indeed in all seriousness it’s important to remember that the pound has been falling against the US dollar for decades.

This has been the case ever since the pound stopped being the world’s Reserve currency around World War one.

Note that the US dollar became the world’s Reserve currency after World War II, since that time a series of crises have taken the pound ever lower.

This time it was the UK’s energy crisis, specifically the UK government’s response to said energy crisis.

Our new prime minister and her Chancellor saw it wise to simultaneously spend billions of pounds to subsidize energy while also cutting taxes for the rich.

This is called burning the candle at both ends and it’s a concept that many people in power don’t seem to be familiar with, that’s probably because they’ve never had to live with the consequences of their decisions.

In this case that was the sudden insolvency in the UK debt Market which threatened UK pensions.

The UK’s currency crisis also threatened BlackRock which in turn threatened to Halt trading of UK government debt on its platform.

For reference BlackRock is the largest asset manager in the world and there’s no way in hell it’s going to lose money because of some BS government policy.

Anyways the bank of England subsequently bailed out the bond market and vowed to do whatever it takes to protect the pound from completely imploding.

So far so good, but it’s quite possible that the worst is yet to come.

That’s because the UK is facing an energy shortage like the rest of Europe.

Given that all international trade is done in US Dollars, the UK will have to sell large amounts of British pounds to get the dollars, it needs to buy energy this will further suppress the pound.

At the same time the bank of England is way behind the curve on inflation interest rates are a measly 2,25 while inflation continues to flirt with the double digits.

Meanwhile over in the states the FED continues to flex its muscles and is dedicated to crushing inflation at all costs.

At the end of the day it doesn’t matter though because all Fiat currencies are doomed to fail, the British pound happens to hold the record as the longest surviving fiat currency, it’s been around for over 325 years, but that doesn’t mean it’s immune from economics and human fallibility.

The moment you give a person the power to print currency eventually that power will be abused to a point.

That said currency becomes worthless, this has been proven time and time again throughout history and it’s a lesson that many countries are going to learn the hard way in the not so distant future.

Do Kwon and Terra saga continues!

Posted on by cryptoagrocash

Speaking of crypto regulation it appears that Terra co-founder Do Kwan is officially being targeted by South Korean authorities.

This is because they issued an arrest warrant for him last week almost exactly four months to the day that Terra went to zero.

The TLDR is that Terra’s novel mint and burn mechanism for its UST stablecoin failed causing both UST and Terra’s Lunacoin to tank spectacularly.

As a result over 60 billion dollars was wiped from the total crypto market cap in the span of a few days.

Though some have suggested that Terra resulted in a 600 billion loss it’s important to remember that there were other macro factors weighing down the crypto market at that time.

In any case Luna and UST holders who saw their crypto portfolios fall to zero have been experiencing unbelievable pain since that time and have understandably been looking for retribution.

Many have placed the blame on Do Kuan hence why the recent arrest warrant is so significant.

It’s safe to say that Do’s behavior after Terra’s collapse has only resulted in more scrutiny from the Terra community.

From what I’ve seen Do has been quite unapologetic and unsympathetic.

The news that he had fled Singapore only added fuel to the fire and led to speculation that he was evading authorities.

Note that South Korean authorities reportedly announced they were going to nullify the passports of Do and other core Terra developers just a few days earlier.

I’ll also note that Do and co are being targeted for more or less the same reasons why the SEC is cracking down on crypto securities laws.

Not surprisingly all this news caused Terra’s new lunar coin along with its old rebranded Lunk and USTC coins to crash.

Some of you may recall that all three were pumping last week and I predicted in last week’s crypto review that these pumps wouldn’t last.

I reckon anyone could have predicted that what is surprising however is that Luna Lunk and USTC didn’t really react to the news that Do is not on the run and is cooperating with South Korean authorities.

Do explained on twitter that he and the Terra team are being targeted by authorities in multiple jurisdictions which is to be expected.

Regardless I must stress that Terra cryptocurrencies are standing on some seriously shaky ground especially Lunk and USTC.

It’s not clear whether any of these crypto projects will survive and their prices are likely to be extremely volatile as the case against Do and co continues to unfold.

Last week’s market analysis

Posted on by cryptoagrocash

Please keep in mind that what you’re about to read is educational material rather than financial advice.

Turning to the charts we can see that BTC continues to bounce against that zone of support around 20k.

The more it’s tested the more likely we are to break below it but the good news is that the bear flag that was forming on the daily failed to play out.

The bad news is that there seems to be a big bear flag on the weekly that could take BTC all the way down to 15k in the next couple of weeks.

Alternatively we could snap to the upside to test the 27 to 29k range.

Let’s hope it’s the latter scenario.

Last week’s top performing cryptocurrencies were Celsius, Lido finance, Cosmos, Cardano, and Nexo so starting with Celsius the Cell token is rallying on the news that some of Celsius’s users could soon be getting their crypto back which is certainly good news.

I’m not going to lie Cells long-term price chart looks pretty promising but I’m going to have to hold off on any speculation since Celsius is currently bankrupt and the Cell token is extremely volatile because of it.

Next up we have Lido Finance whose LDO token is pumping as the Ethereum merge approaches.

This is because Lido Finance is used to stake ETH in a liquid ie tradable manner.

Lido also partnered with Aztec network for low fee liquid staking and additional privacy on Ethereum solid stuff.

Funnily enough LDO has been even more volatile than Cell and that’s simply because of all the uncertainty and excitement around the merge.

With some luck LDO will pump by another 50 between now and then resulting in a 2x move from its price just a few days ago.

Note that I hold LDO in my portfolio.

Another crypto I hold in my portfolio is Cosmos’s ATOM coin which has been rising steadily over the last few months.

That’s because of all of Cosmos’s upcoming upgrades notably liquid staking and interchange security.

Atom is approaching oversold territory on the daily which could result in a slight pullback consistent with its recent price history.

Then there’s Cardano whose ADA coin is rallying for the reasons I mentioned earlier namely confirmation of a date for the Vassal Hard Fork.

You’ll hopefully recall I hold ADA as well.

What I’m looking for from ADA in the short term is a rally back to the 60 cent mark to get back in that medium-term uptrend and I reckon it’s more likely than not given the renewed interest in Cardano.

And finally we have Nexo whose NEXO token is rallying on the news that the crypto platform will allocate 50 million dollars to buying back the token.

As you can see Nexo’s long-term price action is fairly unpredictable and given that Nexo is not all that different from crypto platforms like Celsius I would exercise caution with this crypto especially with all the regulators running around these days.jas