Crypto Break

​​Bitcoin Enters ‘Hangover Period’ With Low Volumes and Volatility Bitcoin markets have returned to a state of lethargy following a period of volatility as U.S. regulators intensified their attacks on the industry. As a result, the consolidation has continued as the asset recovers from losses and returns to its range-bound channel. On June 19, on-chain analytics platform Glassnode reported that Bitcoin volatility, volumes, and realized values are at multi-year lows. On its “road to nowhere,” BTC markets showed a minimal response to the world’s largest asset manager, BlackRock, applying for a spot ETF late last week. Bitcoin Volume in Hangover Phase Glassnode analyst “Checkmatey” described the current market situation as a hangover period. “Bitcoin is quiet, volumes are down, and it is pretty clear we are in the hangover apathy phase.” Examining the 30-day price range, Glassnode reported that quiet periods like this are “few and far in between.” Bitcoin has been range-bound for more than three months now. The upper bound of that range was $31,000 on April 15 with the lower bound at $25,000 on June 15. These market conditions tend to occur during the “apathetic hangover period that follows a bear market,” the report added. Furthermore, one-month Realized Volatility has also fallen below 40%, one of the lowest recordings since the 2021 bull market. “We can see such events are typically experienced during the long, sideways grind as the market finds its feet after a prolonged bearish trend.” Additionally, the absolute value of profit and loss-taking events has sunk to cycle and October 2020 lows of around $268 million. The declines have also been seen across derivatives markets, with futures trading volumes falling to $20.9 billion per day. This has occurred due to liquidity across digital asset markets continuing to decline. On the upside, ‘hodlers’ continue to do their thing and accumulate BTC. Coins are being stashed at a rate of around 42,200 BTC per month. This suggests that the “price insensitive class are absorbing a non-trivial portion of the currently available supply.” Crypto Market Outlook Following a flat three days, Bitcoin prices ticked up during the Tuesday morning Asian trading session. As a result, the asset was changing hands for $26,936, following a 2% daily increase. Since its SEC-induced dump last week, Bitcoin has recovered around 8% to current levels. However, the asset remains down 61% from its all-time high and firmly in bear territory.

​​State Administration Of Taxation Pilots Digital Renminbi Tax Payment, Collects 25.9 Billion Yuan In Taxes And Fees The State Administration of Taxation in China is taking steps towards digital transformation by piloting the use of digital renminbi for tax payments. With a focus on creating a convenient and efficient tax business environment, the tax department aims to expand non-contact services and introduce intelligent features to streamline processes. This year alone, a total of 25.9 billion yuan in taxes and fees have been paid through the digital renminbi system, marking a significant milestone in digitizing tax payments. Shen Xinguo, the Director of the Tax Service Department of the State Administration of Taxation, highlighted the organization’s commitment to accelerating the adoption of intelligent tax processing during a regular policy briefing. The primary goal is to enhance the ease and efficiency of tax-related activities, benefiting both taxpayers and the administration. To achieve this, the tax department has expanded the range of non-contact services available, including piloting functions like “smart pre-filling” for value-added tax refunds and “free of filling and reporting” for export tax rebates. Currently, 96% of tax matters and 99% of tax declarations can be handled online, enabling taxpayers to conveniently manage their obligations without physical visits. Moreover, the introduction of digital renminbi for tax payment is a significant development in the tax landscape. This year alone, approximately 12,000 taxes and fees worth 25.9 billion yuan have been successfully paid through the digital renminbi system. This pilot program not only demonstrates the government’s commitment to digitalization but also provides a more secure and efficient method for taxpayers to fulfill their financial obligations. In addition to digitizing tax payments, the State Administration of Taxation has been actively innovating collection and interactive services. Through intelligent responses and three-party video interactions, taxpayers are guided in resolving online tax payment issues. This year, interactive services have been provided approximately 1.48 million times, showcasing the commitment to supporting taxpayers throughout their tax payment journey. As the State Administration of Taxation continues its digital transformation efforts, the use of digital renminbi for tax payments represents a significant milestone. With increasing convenience, efficiency, and security, taxpayers can expect a smoother tax payment experience while contributing to the advancement of digitalization in China’s tax system.

​​Binance CEO And Coinbase CEO Lose Wealth After SEC Attack The Bloomberg Billionaires Index showed that Binance CEO Zhao Changpeng’s net worth shrank by $1.4 billion to $26 billion in the past two days, while Coinbase CEO Brian Armstrong’s net worth Assets shrank by $361 million to $2.2 billion. This is after the US SEC sued two companies for violating securities rules, causing the stocks and tokens of several crypto-related companies to plummet. Before this week’s decline, Changpeng Zhao’s net worth had soared 117 percent this year, while Coinbase CEO was up 61 percent. In contrast, the net worth of the other billionaires in the Bloomberg Wealth Index rose a combined 9%. The US Commodities Futures Trading Commission (CFTC) also accused Zhao and Binance of habitually breaking its standards three months ago. As a result, Zhao and former Chief Supervisor Samuel Lim were charged with breaking eight basic elements of the US Commodities Exchange Act, including the need that safeguards be put in place to prevent and identify money laundering and financial activities. Terrorist support. The SEC has also been looking into whether Binance improperly traded digital currency for months. The SEC may have jurisdiction over a virtual currency if investors purchase it to finance a corporation or project for profit. The SEC said in a complaint filed on Monday that Binance CEO and the exchange deceived investors and authorities mismanaged consumer cash, and violated securities laws. Zhao, 46, co-founded the exchange in 2017 and helped it grow into a worldwide behemoth. His personal net worth increased as well, peaking at $96.9 billion in January 2022. According to the filing, the corporation ran an exchange and marketed unregistered securities, skewed trading controls, and committed a variety of other offenses. The SEC also filed a lawsuit against cryptocurrency exchange Coinbase in federal court in New York on Tuesday morning, stating that the firm was functioning as an unregistered broker and exchange and requesting that the company be permanently stopped and enjoined from doing so in the future.

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​​Cardano Network Faces Major Problem, Swaps Take 30 Minutes Cardano, the smart contract platform developed by Charles Hoskinson, is currently facing a significant issue. Despite Hoskinson's earlier claims that the Cardano network could theoretically handle up to a staggering one million transactions per second (TPS), the reality is turning out to be quite different. Users are experiencing delays, with some swaps on Cardano-based decentralized exchanges (DEXes) taking up to 30 minutes to complete. Cardano has been hailed as a revolutionary "Ethereum killer," boasting an impressive array of technical capabilities and aiming to deliver an unrivaled user experience. However, the recent problem of time-consuming swaps is a major setback for the network, potentially undermining its position as a leading player in the DeFi sector. A key factor in a blockchain network's success is its transaction processing speed. The touted "1 million TPS" promise positioned Cardano as a potential game-changer in the industry. In practice, however, reaching such a performance benchmark appears to be a challenging task. The current transaction delays highlight a stark contrast between Cardano's theoretical capabilities and its practical application. This issue is causing a significant stir among Cardano users, with many suggesting a shift in liquidity toward MuesliSwap, a DEX on the Cardano network. MuesliSwap has managed to maintain faster transaction speeds, providing a more efficient and user-friendly service amid the network's issues. It is worth noting that the issue is not with any exchange in particular, but with the network upon which it operates. As such, even as users gravitate toward MuesliSwap for its relative speed, the overall problem persists and should be addressed at a network level since the decentralized exchange has simply optimized the existing technology.

​​Ripple Starts Platform for Central Banks to Issue Their CBDCs Ripple is starting a central bank digital currency (CBDC) platform which allows central banks, governments, and financial institutions to issue their own digital currency. Using Ripple's platform government institutions can manage and customize the entire life cycle of the CBDC, which includes minting, distribution, redemption and token burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC. Central banks can issue both wholesale and retail CBDCs, which can make offline transactions as well. The platform is an enhanced version of Ripple's Private Ledger, which was started in 2021 for issuing CBDCs. The platform is based on Ripple's XRP Ledger. Ripple will show the use case for its platform under the e-HKD pilot, a program run by the Hong Kong Monetary Authority, the de facto central bank. It is also working with Taiwan's Fubon Bank, to build a product for real estate asset tokenization and equity distribution, under the e-HKD pilot.

​​Top Crypto Gainers of the Week: LADYS, PEPE, and SUI Top gainers of the week: LADYS, PEPE, and SUI. In the last 24hrs, the highest price surge occurred in LADYS with an increase of 43.38%. The crypto market is likely bearish over a week yet some cryptocurrencies kept surging with an expanded market capitalization. Let us look into the coins which ruled over the week in this article. As per the CoinMarketCap analysis, the top gainers include Milady Meme Coin (LADYS), Pepe (PEPE), and Sui (SUI). Milady Meme Coin (LADYS) With Elon Musk’s latest tweet of the Milady token, the memecoin has been reaching the sky. Next to DOGE, the memecoin LADYS is the one ruling the crypto Twitter lately. Over a 43.38% increase in price, the LADYS values $0.00000008842 in the current market. To mention, LADYS has more than 734 trillion circulating supply which is 82.70% of its total supply. Yet the trading volume is around $83,382,650 in the last 24 hours as per CoinMarketCap. Pepe (PEPE) A recently launched memecoin, is termed the top-performing cryptocurrency over a month. In the last 24 hours, PEPE has been surging by a 21.12% increase in the price change and values $0.000001904 over one billion trading volume. Meanwhile, over 93% of PEPE tokens are in circulation from its total supply in the crypto market. Sui (SUI) The most recent token named SUI has begun growing since launch. Moreover, SUI kept engaging with its listings and Mainnet launch over the month. Meanwhile, the token is subsequently reaching higher with an increase of 2.01% in the last 24H. The total supply of SUI is around 10M in the crypto market, out of which 5.28% runs in circulation. Currently, SUI pricing at $1.0992 with a trading volume of $171,764,473 according to CoinMarketCap. Nevertheless, the last seven days seem volatile in nature yet the memecoins gathering investors for a better future. Hope, the crypto market gains its sustainability and turns bullish with potential growth within Q2 of 2023.

​​Data Shows 50+% of BTC’s Supply Remains Untouched for 2+ Years The crypto trader Ali shared recent data from Glassnode via a tweet this morning. In the tweet, Ali stated that the supply for Bitcoin (BTC) continues to tighten as around 54% of the BTC supply remains unmoved for two or more years. According to the trader, this holding pattern demonstrates long-term conviction for BTC despite the recent price fluctuations. The market leader’s price has slipped again over the past 24 hours according to CoinMarketCap. At press time, BTC’s price is down 0.49% and currently stands at $29,261.97. Fortunately, the weekly price performance for BTC remains in the green at +6%. BTC was able to reach a daily high of $29,411.23 over the last 24 hours, but has since retraced to trade at its current price. Furthermore, BTC being unable to maintain a position above $29,400 may be the result of the poor trading activity in the past day. Currently, BTC’s daily trading volume is estimated to be $10,272,138,710, which is a 37.04% 24-hour drop. BTC’s price is currently resting on the 9-day EMA line after facing rejection from the $29,700 mark. Should the crypto’s price continue to fall in the next 24-48 hours, it will receive support from the $28,800 level. If this level fails to hold, then BTC’s next downside target will be $27,800. The bearish thesis may not play out, however, given the fact that the 9-day EMA line recently crossed above the 20-day EMA line. There has, however, been mediocre price movement for BTC over the last 3 days. This may be because traders are anxiously awaiting the respective outcomes of the economic data coming out from the US later this week. Perhaps the most important macroeconomic information being released this week is the FED’s interest rate decision happening this coming Wednesday. Historic FED interest rate decisions have had a notable impact on the price of BTC and prices in the rest of the crypto market. Therefore, traders may be treading cautiously leading up to Wednesday’s decision. Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Crypto Break and its affiliates will not be held liable for any direct or indirect damage or loss.

​​Ex-chief of HKMA heads Hong Kong’s new Web3 institute Norman Chan, chief executive of the Hong Kong Monetary Authority from 2009 to 2019 and current tech entrepreneur, will head the Institute of Web 3.0 Hong Kong, established to facilitate Web3 development in the city, according to a report by Hong Kong China News Agency. Fast facts China Mobile International, the global business arm of China Mobile, is one of the founding members of the institute. China Mobile’s chairman and CEO Li Feng will be one of the nonprofit’s honorary chairperson. The institute is in line with Hong Kong and China’s vision for the Web3 ecosystem. It aims to establish standards, facilitate collaboration in the industry, consult for the Hong Kong government, and develop the talents in the sector. The organization will also focus on the monetization of data, digitalization of traditional industries and the tokenization of assets, especially through non-fungible tokens. The nonprofit organization comprises former high-ranking government officials, members from the city’s legislative council and tech moguls from mainland China. China Mobile International Ltd., the global business branch of China’s telecommunication giant China Mobile, is one of the founding members of the Institute, and Li Feng, the Chairman and CEO of the company, will be one of the Institute’s honorary chairmen. Hong Kong will also launch a Web3Hub fund to attract foreign Web3 companies to the city, according to the report. Hong Kong aims to build itself into a global hub for the Web3 industry, and has so far attracted over 80 Web3 firms to set up shop in the city, including those from mainland China where cryptocurrency trading was banned in September 2021. Web 3.0, dubbed the next generation of internet, promises a decentralized, permissionless and open-source alternative to today’s internet, based on technologies such as blockchain, artificial intelligence and Internet of Things.

​​Crypto Community Believes ETH Will Reach $5K by the End of 2023 In a tweet yesterday, Wu Blockchain, shared the results of a recent survey performed by OKX. According to the tweet, 63% of respondents predict that ETH will hit a new record high of $5,000 by the end of 2023. Meanwhile, 83% of those surveyed expect that more ETH will be staked in the next 3 months. At press time, ETH’s price stands at $1,876.17 after it printed a 24-hour gain of 0.42% according to CoinMarketCap. This has added to the leading altcoin’s already-positive weekly price movement – taking the total gain for the last 7 days to +2.79%. ETH was, however, outperformed by the market leader Bitcoin (BTC) over the last 24 hours. As a result, ETH is down 0.18% against ETH. ETH’s price double-tapped the resistance level at $1,710 over the last month, which eventually resulted in it breaking out above the key level. The altcoin’s price was able to flip the resistance level into support on 17 March 2023. This flipping of the level happened shortly after the 9-day EMA line crossed bullishly above the 20-day EMA line just a few days prior on 13 March. The shorter EMA line then offered ETH the necessary support to break the latest key price level at $1,850 – a level it continues to trade above at press time. ETH’s price seems to have established a peak at $1,942.98 this past Wednesday and has retracted back down to the $1,850 mark. Should ETH’s price fail to close today’s trading session above this price level, then it may drop to the next minor support level at $1,781 in the next 14-48 hours.