Bitcoin
Here Are Today’s ICO losers: Etheroll (DICE) and ChainLink (LINK)
While a large number of tokens in the cryptocurrency space are enjoying an upside run buoyed by the action we are seeing in bitcoin, the underlying primary asset for the space right now, others have not been so fortunate.
Here is a look at two of the cryptocurrencies that have taken a real hit over the last 24 hours with a discussion of where we expect each to go moving into the second half of the week.
The two tokens in focus right now Etheroll (DICE) and ChainLink (LINK).
As is perhaps to be expected, both of these tokens are relatively unknown outside of the cryptocurrency space but that doesn’t mean they aren’t popular for crypto enthusiasts. DICE, in particular, is one that has been known to attract a large amount of speculative volume in the past and this is especially true over the last few weeks, as the company moves towards what it calls a second rewards period.
This rewards period involves the issue of various rewards for anybody that can prove that they hold DICE by way of being in control of their own private keys and, in turn, this necessitates that said holders pull their DICE off of the exchanges across which they are traded.
As is relatively easy to understand, when you get a mass exodus of a token from the major exchanges, it’s going to push down price (at least initially) and that’s exactly what we have seen over the last month or so with DICE. In other words, sure, there’s been plenty of speculative volume, but this speculation has driven a sell-off.
With that said, however, as a secondary impact, this should serve to tighten supply and, in turn, there is a good chance we will see some kind of recovery going forward. Right now, DICE trades for a 14% discount on its price this time yesterday and a 6% discount on its 30 days ago pricing.
What’s next?
We don’t expect this decline to last too long.
The token is up more than 5,000% since its ICO back in February this year and, once this short-term correction reverses, we expect to see a longer-term reversal towards this overarching upside momentum.
Next up, ChainLink.
This company completed its ICO back in September having raised a total of $32 million – hitting its hard cap and its target at the same time.
In terms of operational focus, ChainLink has created a network called the LINK network provides smart contracts with data, bank payments and access to APIs. The asset on which this network relies is the LINK token and it’s this token that has qualified the company for a position on this list right now – LINK is down around 10% over the last 24 hours and 16% over the last 30 days.
In terms of activity and community involvement, however, this one rates low on the scale and this makes it difficult to ascertain exactly what’s causing the decline.
The company doesn’t really publish updates via any prominent social media channels and its website hasn’t been updated in a while, which for many, will be cause for concern. This lack of communication is reflected in price and we think the overarching downside momentum in LINK is likely set to continue as we head into the close of this year, unless the company can do something about getting an update into the hands of its holders relatively quickly.
With that said, however, this is one of those entities that remains popular in terms of concept and so there’s still a chance that this popularity could buoy sentiment somewhat. In other words, there may be some individuals looking for cheap coins and the recent decline offers exactly that, which could translate to a bit of a near-term bounce.
We will be updating our subscribers as soon as we know more. For the latest updates on DICE and LINK, sign up below!
Image courtesy of DaveBleasdale via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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