Riding The Wave News Summary #10
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News
Table of Contents
Bitcoin hodlers ‘under siege’ at $42K as 30% of BTC supply flips from profit to loss
UFC Champ Francis Ngannou Teams With Cash App to Take Winnings in Bitcoin
Mastercard strikes NFT payments deal with Coinbase amid a wave of recent crypto partnerships
Dogecoin-Friendly AMC Rewards 580K Shareholders With Free NFTs
Former pro-crypto CoC Brian Brooks to testify in a House hearing on the energy impacts of mining
Notable Mentions: What Are Play-to-Earn Games? How Players Are Making a Living With NFTs, An Indonesian 22-year-old makes $1M by selling NFT selfies on OpenSea, Microsoft's massive Metaverse move: Buying Activision for $69B
Bitcoin hodlers ‘under siege’ at $42K as 30% of BTC supply flips from profit to loss
Bitcoin (BTC) hodlers face a crucial week in more ways than one as $42,000 rekindles a familiar battle.
As noted by on-chain analytics firm Glassnode on Monday, 30% of the BTC supply is now at a loss — historically, this has been a key number to defend for bulls.
Looking back at historical price performance, Glassnode reveals that once 30% of the supply goes “underwater,” price rebounds often occur.
“The reaction from this level will likely provide insight into the medium-term direction of the Bitcoin market,” the newsletter continued.
With short-term holders (STH) — defined by Glassnode as coins moving in the past 155 days — staying low as a proportion of the overall supply, hope remains that the worst of the capitulation following all-time highs has been and gone.
“The supply held by this cohort sits at ~3 million BTC, a relative historical low, and a level that signifies a transition into a HODLer dominated market,” the newsletter continued.
I would be surprised if we saw a sustained drop (2+ weeks) from the current price range with the amount of indicator support, the buying pressure we saw when we briefly dropped below $40k, the majority of the market being longer-term holders who aren’t as afraid of drops as the crowd that was around at Bitcoins All Time Highs, & now this potential rebound signal. Everything I have been seeing recently has been bullish so I am hopeful we will see a push upwards and break out of this price range.
Of course, I would also like to note that financial markets can remain irrational as long as they want to (regardless of indicators) so we will need to wait and see how everything plays out.
UFC Champ Francis Ngannou Teams With Cash App to Take Winnings in Bitcoin
Francis Ngannou is ranked as one of the top mixed martial artists in the world and currently holds the UFC heavyweight title.
The French-Cameroonian fighter announced via social media today that he would take half of his prize purse from this weekend's UFC 270 event in Bitcoin while also giving out $300,000 in BTC to fans who comment on his post.
"Bitcoin is huge in Africa," he said in a teaser tweet last Friday, before continuing: "Bitcoin is the future and I'm a believer."
It’s exciting to see public figures get pulled into the space especially when they are putting their money where their mouth is. Should Bitcoin move upwards and their profits move up with it as well it becomes more likely other public figures in the same field will jump in as well as their fans.
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