Tag Archives: Bitcoin Bear Market

Bitcoin (BTC)’s massive gains this year have done little to bring crypto day traders back into the market, according to data provided by Bitstamp. Since the start of the year, retail training volume on the exchange’s US platform has grown to 35% from 33%, while global retail volume has only risen from 8% to 9%. Where are the Day Traders? In conversation with Bloomberg, numerous pro traders claim to have lost interest in crypto despite once making tremendous profits in the...

The chilling winds of crypto winter continue to sting projects, prompting several of them to take a hard look at downsizing or ceasing operations entirely. A decentralized content-sharing and publishing platform – LBRY – is the latest one to succumb to the market condition. The company behind the LBRY blockchain said that “there is no escaping this.” LBRY Shuts Shop In a somber announcement, LBRY weighed in on losing judgment to the federal government and said it has debts to...

TL;DR Loom Network (LOOM) saw a 30% price surge, reaching a 5-year high of $0.28, possibly influenced by an Upbit investor purchasing over 21M LOOM worth around $6 million. This investor now holds 653 million LOOM assets, equating to 50% of the total circulating supply. Major cryptocurrencies like Bitcoin, Ether, and others are on a decline, with global market capitalization dropping below $1.1 trillion. The cryptocurrency market seems to be in a bearish mode, but a few...

According to the blockchain data platform Glassnode, the total number of Bitcoin addresses owning 1,000 BTC or more has plunged to its 2019 levels. The entity revealed that currently, there are just 1,997 addresses holding over $26.4 million worth of the primary cryptocurrency (calculated at current prices). 📉 #Bitcoin $BTC Number of Addresses Holding 1k+ Coins just reached a 4-year low of 1,997 View metric:https://t.co/cjV0krRVgK pic.twitter.com/rTK0gzZ90E — glassnode...

According to the blockchain intelligence platform Glassnode, the percentage of Ethereum addresses currently in profit has dropped to approximately 53.5%.  The downtrend is attributed to Ether’s market performance, whose price has fallen by approximately 13% in the past 30 days. Glassnode estimated that the last time Ethereum addresses in profit dipped below 54% was on January 12, 2023. The percentage was even less towards the end of 2022 and the first few days of the ongoing...

The leading cryptocurrency miner – Argo Blockchain – has reportedly decreased its debt to $75 million during the first half of the year. In comparison, it owed $143 million at the end of June 2022.  The company also managed to reduce overall costs and expenses. However, revenue in H1 was significantly less than the one registered in the first half of last year.  The H1 Results As reported by London South East, Argo Blockchain’s pretax loss for the first six months of 2023...

CoinSwitch – an Indian cryptocurrency exchange backed by the financial giant Andreessen Horowitz (a16z) – has reportedly trimmed its team by 44 people, representing 7% of the total workforce. Another local digital asset organization that recently announced similar amendments is CoinDCX, which laid off 12% of its employees. What is the Reason? According to a BQ Prime coverage, CoinSwitch has decided to reduce its team due to the decreasing level of customer activity. A...

Circle – the company behind the leading stablecoin USDC – has reportedly trimmed its staff in a bid to reinforce its balance sheet. Thus, it joined the likes of numerous crypto-related firms that laid off team members during the prolonged bear market to cope with the decreasing investor interest. Some examples are the exchanges Coinbase, Huobi, Gemini, Bybit, Crypto.com, and many more. As reported by Reuters, the stablecoin issuer has reduced its team and ceased investments...

Anthony Scaramucci – the founder of SkyBridge Capital and former White House official – believes “we’re through” the crypto bear market. He also praised bitcoin’s performance over the years, saying it’s the best long-term investment tool.  Time for a Market Surge? In a recent interview for Yahoo Finance, Scaramucci said the prolonged cryptocurrency winter, which saw numerous scandals, collapses, and market decline, could be already behind us. He went further advising...

In an abrupt turn of events, peer-to-peer Bitcoin marketplace Paxful has closed its doors indefinitely after a number of internal conflicts and regulatory troubles were brought to light.  The company’s CEO Ray Youssef is now recommending that users of the marketplace migrate to other marketplaces like Noones. The End of Paxful Per a statement from Youssef on Tuesday, Paxful has suspended its marketplace, and he is “not sure if it will come back.” “This will probably come as a...