Crypto Weekly Inflows Have Topped $500M for Six Consecutive Weeks: CoinShares

Inflows into crypto investment products have been experiencing an uptick for six consecutive weeks, topping $500 million, according to a report by market insight provider CoinShares. The study dubbed “Volume 92: Digital Asset Fund Flows Weekly Report” highlighted: “Digital asset investment products saw inflows totalling US$3m last week marking the 6th consecutive week of inflows that total US$529m, representing 1.7% of total assets under management (AuM).” Source:CoinShares   CoinShares noted that constant inflows are happening despite the crash in the crypto market witnessed in the second quarter of…

Bitcoin Hodlers are Unwilling to Spend at Lower Prices as Most Coins Remain Untouched

Despite the bearish momentum experienced in the Bitcoin (BTC) market, long-term hodlers remain steadfast because they are not selling. Market insight provider Glassnode explained: “Over 80% of the total USD denominated wealth invested in Bitcoin has been hodled for at least 3-months. This signifies that the majority of the Bitcoin  supply is dormant, and hodlers are increasingly unwilling to spend at lower prices.” Source:Glassnode   This correlates with the fact that Bitcoin’s balance on exchanges recently reached a 4-year low. BTC leaving crypto exchanges symbolizes a hodling culture,…

NFT Sales Slide to a 12-Month Low Amid Crypto Meltdown

The bloodbath in the crypto market has contributed to sales in the non-fungible token (NFT) sector slipping to a 12-month low, according to crypto analytics firm Chainalysis. NFT sales slightly topped $1 billion in June, the worst performance since June 2021, when sales reached $648 million.    NFTs became the talk of the town when sales hit an all-time high (ATH) of $12.6 billion in January this year, but a sluggish start is witnessed in the second half of 2022.   Ethan McMahon, an economist at Chainalysis, pointed out: …

Are Institutional Investments Fueling Correlation Between Crypto and Stock Markets?

Interest rate hikes and runaway inflation has continued to engulf the investment scene, given that the global economy finds itself on rocky grounds based on factors like the invasion of Ukraine by Russia. To tame rising inflation, various governments have resorted to increasing interest rates, which have had detrimental effects on the financial markets. For example, the Federal Reserve (Fed) raised the interest rate by 75 basis points (bps) earlier this month, a scenario that was last seen in 1994.    Traditionally, institutional investors were heavily inclined toward stocks in…

LUNA and UST Crash Could Have Been Averted if Bitcoin Reserves were Used Earlier, Binance CEO Says

The collapse of LUNA and UST, the native tokens of the Terra network, could have been avoided if the Luna Foundation Guard (LFG) had used its Bitcoin reserves earlier, according to Binance CEO Changpeng Zhao (CZ). Sharing his insights on the Binance website, CZ noted: “The Terra team was slow in using their reserves to restore the peg. The entire incident may have been avoided if they had used their reserves when the de-peg was at 5%. After the value of the coins had already crashed by 99% (or…

Will Terra’s UST and LUNA Crash Cause a Shift to ‘Cryptos that have Stood the Test of Time’?

LUNA has left crypto enthusiasts’ mouths agape because they could never imagine in their wildest dreams that one of the top ten cryptocurrencies could collapse to near-zero overnight. LUNA and TerraUSD (UST) are the native tokens of the Terra blockchain network developed by South Korean fintech firm Terraform Labs. LUNA sent shockwaves to the crypto market because it nearly lost 100% of its value by hitting an all-time low of $0.027 on May 12 from the all-time high (ATH) price of $119.18 recorded nearly a month ago on April 5, according…

Bitcoin Addresses at a Loss Hit a 2-Year High as Extreme Fear Engulfs the Market

The bearish momentum witnessed in the Bitcoin (BTC) market has made addresses at a loss to climb to a two-year high. Crypto insight provider Glassnode stated: “Number of Bitcoin addresses in Loss (7d MA) just reached a 2-year high of 15,312,636.333.” Source: Glassnode   Furthermore, nearly 41% of Bitcoin’s circulating supply is at a loss. Market analyst under the pseudonym On-Chain College explained: “7.7 million Bitcoins are currently sitting in loss. This is the highest amount since April 15th, 2020. That’s almost 41% of the total circulating…

Binance Provides Blockchain Education to Francophone Africa, Narrowing the Financial Gap

To offer lifelong financial and career development to French-speaking Africans, leading crypto exchange Binance is offering blockchain education in Cameroon and Francophone Africa. Binance has been carrying out multiple educational events to enlighten the French-speaking Africans about the opportunities rendered by the crypto space and how they can make a living from them.  The crypto exchange has already educated more than 541,000 Africans about cryptocurrencies and how to detect bad actors or scams since the Binance Masterclass Education Series was launched in January 2020. Per the announcement: “Through regular…

Bored Ape Yacht Club Enters the Movie Scene, Pairing with Coinbase

Seen as the face of the non-fungible token (NFT) market, the Bored Ape Yacht Club (BAYC) has entered the silver screen based on a series of animated short films called “The Degen Trilogy.” Bored Apes will serve as characters in the film to be hosted by the new media arm at Coinbase. The crypto exchange is expanding its scope by testing the field of film production.  The first three episodes of the series will be aired at an NFT industry event called NFT.NYC is slated for June.   For consideration in…

Crypto Whales Taking Wait-and-See Approach

Based on hiked interest rates and the ongoing Russia-Ukraine war, crypto whales have shown signs of caution, given that their transaction volumes have been dwindling. On-chain insight provider Santiment explained: “Bitcoin, Ethereum, & Tether have seen plummeting whale transactions, the lowest amount of combined $100k+ valued transactions in a year. This isn’t necessarily bearish, but reflective of large players awaiting further war & inflation developments.” Source: Santiment After the onset of Russia’s invasion of Ukraine on Feb.24, the crypto market nosedived, with Bitcoin hitting lows of $34K. Even…