Coin360 Daily Dispatch (Apr 10, 2023): Crypto Market Updates & Higlights
Apr 10 2023
Crypto Market Update: NYT Under Fire for Misrepresented Article on Bitcoin Mining and Fossil Fuel Use
Written by Van - Perfected by ChatGPT
Bitcoin remained the most Googled term in the US when The New York Times published an article on Bitcoin mining titled “The Real-World Costs of the Digital Race for Bitcoin,” that has been criticized for cherry-picking data and overstating the actual fossil fuel use and emissions levels of BTC miners. Bitcoin proponents noted that there are 26 BTC miners in the US and Canada using 90% sustainable energy, but the report chose to focus on the least renewable-energy-backed sites. The BTC network is already a leader in sustainable energy use according to a Bitcoin Mining Council report for Q4 of 2022. Despite the controversy surrounding Bitcoin mining, BTC proponents continue to fight against misinformation.
Bitcoin Continues to Show Strength, as Traders Eye Potential Breakout to $30,000+ Resistance
Bitcoin has started the week on a strong footing, as traders speculate on a repeat attack on $30,000 resistance. The Consumer Price Index (CPI) data release for March on April 12 is expected to create heightened volatility in risk assets, including cryptocurrency markets. Q1 bank earnings are also expected to trigger knee-jerk reactions in the markets.
Bitcoin has set a new 10-month high weekly close, reaching just above \(28,300, as it continues to deny bears a return to lower levels. Analysts such as Michaël van de Poppe and Rekt Capital remain optimistic about short and long-term prospects, anticipating a potential breakout to \)30,000+. Crypto market sentiment is currently at its most “greedy” since November 2021, but encouraging signals from hodlers have been noted, as there is a rising rate of Bitcoin hodlers who seem content in keeping their bags unmoved for the long-term. “We saw a similar trend from January, 2021 through April, 2021 when BTC rose above $64,000 for the first time,” Santiment stated.
Source: CryptoQuant
According to data from Glassnode, 53% of Bitcoin’s circulating supply has been inactive for the last two years, which is a new all-time high. In addition, almost 29% of Bitcoin’s circulating supply hasn’t moved in the last five years, and around 2.7 million BTC have not been touched in a decade, which could potentially be lost or belong to the most disciplined investors in the world. Some believe that those holding Bitcoin are waiting for the right time to sell.
Source: Glassnode
Ethereum Dominates with Over Double the Fees of TRON, but Staking Deposits Decrease Ahead of Shanghai Upgrade
According to Token Terminal, the Ethereum network generated more than double the fees in the past six months compared to its closest rival, TRON. Ethereum generated \(743 million in cumulative daily fees, while [TRON](https://coin360.com/coin/tron-trx) generated \)282 million. In terms of fees, Ethereum remains dominant despite having relatively high transaction fees of around $4.70.
Source: Token Terminal
However, Ethereum staking deposits have decreased due to increased regulatory pressure in the US and the upcoming Shapella hard fork upgrade on April 12th. Glassnode (on-chain analytics provider) reported that the deposit activities are low, but Lido has continued to dominate deposit inflows, currently accounting for almost a third of the total amount of ETH staked.
Source: Glassnode
The call-put skew for Ether options also indicates a bearish put bias, with concerns about stakers liquidating their tokens after Ethereum’s Shanghai upgrade. This could drive prices lower, despite analysts suggesting otherwise. This upgrade will allow withdrawals of over 18 million ETH staked in the Beacon Chain, with estimates that 553,650 ETH might be sold over seven days, amounting to a per-day selling pressure of 1% of Ether’s trading volume.
Source: The Block
Polygon Whale Alert: Large MATIC Transfers to Binance Wallets Indicate Potential Selling Pressure
Data from Whale Alert shows that large amounts of MATIC have been transferred to Binance wallets, possibly indicating that Polygon whales are currently selling. Three significant transactions were made, one involving the movement of 40 million MATIC and the others involving 30 million MATIC each. All these transactions, worth $109 million in total, involved a transfer from wallets unaffiliated with known centralized platforms to Binance wallets, suggesting different whale entities may be behind them. The transfers may have been made to distribute the cryptocurrency, which could put bearish pressure on the Polygon price from selling pressure.
Cardano Whales Accumulate 560 Million ADA as IOG Teases Upcoming Releases
Cardano whales, or large holders, have reportedly bought 560 million ADA worth \(218.4 million in the past two weeks while the price consolidates. Crypto analyst [Ali](https://twitter.com/ali_charts/status/1645172230421086208?s=20) believes [ADA](https://coin360.com/coin/cardano-ada) has the potential to move to \)0.60 if a textbook head and shoulders pattern on its daily chart is validated. Meanwhile, Cardano builder Input Output Global (IOG) has teased upcoming releases, including the Conway release, Hydra node mainnet compatibility, and new network architecture from the Mithril team. The Cardano community also participated in a workshop to review CIP-1694 output.
Source: IntoTheBlock
Huobi Global Reports Strong Q1 2023 Revenue and Net Income Despite Layoffs and Cost-Cutting Measures
Cryptocurrency exchange Huobi Global reportedly saw \(150 million in revenue and \)30 million in net income during Q1 2023, with projections of \(187 million in revenue and \)110 million in net income for Q2 2023. The exchange has undergone cost-cutting measures and restructuring efforts, including layoffs and benefit reductions. However, the price of HT didn’t see a significant change after the news, still trading with a modest 1% gain over the past 24 hours.
Summary of Market Events and Price Action
As a summary of today’s events and price action in the market, it is crucial to note the following key points:
- BTC surpasses $28,500 after a new 10-month high weekly close
- ETH sees a 1.11% gain to stay above $1,860 while staking deposits decline
- MATIC investors spot a $109 million worth of tokens moving to Binance, price barely moves
- ADA whales keep accumulating while the price sits at $0.39
- HT remains unchanged despite Huobi’s claims to have revenue
Top Altcoin Gainers and Losers
Gainers:
Kaspa KAS (+15.11%)
Render Token RNDR (+6.55%)
SingularityNET AGIX (+6.15%)
Losers:
Toncoin TON (-3.07%)
eCash XEC (-2.76%)
Enjin Coin ENJ (-2.32%)
NFT Market Map
MetaZellys ETH, another NFT collection that came out of nowhere, suddenly surpassed other blue-chip projects like Bored Ape Yacht Club, Azuki, MutantApeYachtClub and the rising star Nakamigos, to rank no.2 on the top trading volume dashboard today with a whooping 16,911.88% surge in volume, just behind Wrapped Cryptopunks.
Small collections continue to evade the NFT leaderboard, with Admit One and XXD34D sitting on the 7th and 8th position, respectively.
