Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions. The UST implosion created a domino effect that caused another stablecoin, Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoins, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that the concept has improved since the crises seen earlier in …

Bitcoin (BTC) ranged below $17,000 at the Dec. 8 Wall Street open as the U.S. dollar threatened further weakness. Dollar dips as stocks see modest upt Data from Cointelegraph Markets Pro and TradingView showed BTC/USD practically flat over the 24 hours to the time of writing. With macro cues lacking, analysts eyed a potential breakdown in U.S. dollar strength as the next volatility catalyst for crypto and risk assets. The U.S. dollar index (DXY) looked set to challenge multi-day support, wicking below 105 multiple times on the day. “$DXY’s first time under the 100 day MA since June of ‘21,” …

Bitcoin (BTC) and crypto are only used by 13.7% of Americans, but they generate more exchange volume than anyone else. The latest data compiled by exchange Huobi confirms that in 2022, the United States is the most “mature” crypto market. U.S., Vietnam lead the way on crypto Despite the heavy drawdowns in price for Bitcoin and altcoins this year, interest throughout the world remains “extremely active,” and the leaders may come as a surprise. In its latest annual report, Huobi Research, an affiliate of Huobi Global, revealed that the U.S. accounts for 9.2% of global centralized exchange (CEX) volume. When …

Bitcoin (BTC) investment vehicle, the Grayscale Bitcoin Trust (GBTC), is trading close to 50% below the BTC price on spot markets. Data from on-chain analytics platform Coinglass confirms that on Dec. 8, GBTC shares hit a new record low of -47.2% against BTC/USD. GBTC troubles pile up post-FTX In the latest bout of nerves to hit the Bitcoin industry since the fall of FTX, GBTC is nearing half-price versus the price of Bitcoin. The largest institutional Bitcoin investment vehicle, with assets worth around $10 billion, GBTC has faced numerous challenges in recent years. The price of its shares previously traded …

Crypto lending platform Genesis has informed its customers that its withdrawal freeze is likely to last “additional weeks” amid efforts to stave off a potential bankruptcy filing. In a Dec. 7 letter to its customers shared by Genesis to Cointelegraph, interim CEO Derar Islim — who took the temporary helm of the company in August — said it will be weeks for them to formulate a recovery plan that could see withdrawals reopened, stating: “At this point, we anticipate that it will take additional weeks rather than days for us to arrive at a path forward.” The letter also stated …

Chainlink has a busy start to December when it comes to development launches. The Chainlink (LINK) staking program opened up for early access on Dec. 6 and will expand access on Dec. 8. According to Chainlink, staking will further secure the project’s node ecosystem and alerting mechanism: “Stakers gain access to staking rewards for securing the network through timely and valid alerts, and in the future, for slashing and loss protection.” Historically, mainnet launches and staking incentives stir up a flurry of blockchain activity and data from on-chain analytics firm Arkham shows a sharp uptick in activity. Chainlink Staking went …

The FTX crisis kept Bitcoin’s (BTC) price under pressure in November, but data from Bitstamp exchange shows institutional investors may have viewed the dip as a buying opportunity. The exchange told Cointelegraph that compared to October, its revenue from institutions increased by 34% in November. In another positive sign, Goldman Sachs executive Mathew McDermott told Reuters that the bank was doing some due diligence on crypto companies since they were “priced more sensibly” after the FTX crash. ARK Invest said in the latest edition of its monthly “The Bitcoin Monthly" newsletter, that the FTX implosion “could be the most damaging …

Bitcoin (BTC) price crashed to $15,500 on Nov. 21, driving the price to its lowest level in two years. The 2-day-long correction totaled an 8% downtrend and wiped out $230 million worth of leverage long (buy) futures contracts. The price move gave the false impression to bears that a sub-$15,500 expiry on the Dec. 9 options expiry was feasible, but those bets are unlikely to pay off as the deadline approaches. Year-to-date, Bitcoin price is 65% down for 2022, but the leading cryptocurrency remains a top 30 global tradable asset class ahead of tech giants like Meta Platforms (META), Samsung …

Bitcoin (BTC) hit new month-to-date lows on Dec. 7 as Asian markets fell during trading. $16,500 stands as support as BTC price wobbles Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to lows of $16,736 on Bitstamp, a level not seen since Nov. 30. The pair thus began to erase the ground it had reclaimed into the November monthly close, showing heavy influence from Asian equities prior to the Wall Street open. The mood was nervous on the day, with Hong Kong’s Hang Seng index down 3.2% at the time of writing and the Nikkei 225 and Shanghai …

Ether (ETH) rallied 11.3% between Nov. 28 and Dec. 5, peaking at $1,300 before facing a 4.6% rejection. The $1,300 resistance level has been holding ground for twenty-six days and is the most likely explanation for the correction to $1,240 on Dec. 6. So from one side, traders are relieved that Ether is trading 16% above the $1,070 low reached on Nov. 22, but it must be frustrating to fail at the same level the entire week. In addition to the price rejection, investors' mood worsened after three members of the United States Senate reportedly requested information from Silvergate Bank …

After a whirlwind November for Bitcoin (BTC), certain on-chain and Bitcoin price metrics are suggesting that BTC’s bottom could occur in December. In Capriole Investments' latest report, they provide analysis on Bitcoin finding the bottom. When taking into realized value, miner capitulation, mining electrical costs, downdraw and record hodler numbers, a BTC floor of $16,600 - $16,950 seems formed. Here are five reasons why Edwards believes Bitcoin price is coming closer to a cycle bottom. SLRV Ribbons flash a buy signal The SLRV Ribbons track investment flows by combining the 30-day and 150-day moving averages to the SLRV Ratio which …

Ethereum's native token, Ether (ETH), eyes a strong bullish reversal after losing 25% from its November high of $1,675, according to a bottom fractal spotted by independent market analyst Wolf. Can Ethereum price co its March 2020 fractal? Wolf compares Ethereum's multi-month downtrend between May 2018 and March 2020 with a similar but relatively shorter correction after July 2022. If the move repeats, that means the price of Ether has bottomed in November 2022, according to the analyst, as shown below. Wolf draws cues from March 2020's Ethereum price crash triggered by the Covid-19 pandemic — a black swan event. …