Riding The Wave News Summary #4
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News
Table of Contents
Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021
Analysts warn that possible downside wick could push BTC price as low as $44K
Cardano Founder Charles Hoskinson Lays Out 2022 Plans
The Web3 boom is bringing America's culture wars to the tech industry — and insiders say it's already causing an ideological rift among developers
A fintech expert’s top 6 crypto predictions: Bitcoin hitting $100,000 is ‘ambitious but hardly insane’
‘Blockchain Rock’: Gibraltar moves to become world’s first cryptocurrency hub
Miami wants to become crypto's financial capital. New York's response? Bring it on
Bukele 'Has Not Responded' to Claims of Bitcoin Vanishing From Citizens' Wallets: Report
Gaming will be the Gateway to Crypto Mass Adoption
Mutant Ape Yacht Club Sales Surge 500% As One Ethereum Serum NFT Sells for $3.6M
Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021
According to the Coin Days Destroyed (CDD) metric from on-chain analytics firm Glassnode, the proportion of coins being spent by old hands remains near record lows.
The indicator refers to how long each BTC has been dormant each time it moves. This provides an alternative to simple volume measurements to determine market trends. Older coins are thus more “important” than younger ones with a history of active movement.
“Despite a rise over the last few months, the current value is still around historic lows,” Twitter account UTXO Management summarized alongside an imprint of the chart.
Another metric, Unchained Capital’s Hodl Waves, confirms this — those coins purchased between three and six months ago now account for the biggest decrease in the overall supply.
Long-term bitcoin holders selling is usually a strong indicator that we will soon be entering a bear market, so it's exciting that this isn't yet occurring. The selling data shows that the long-term holders aren't impressed by Bitcoin's current price, making it much more likely that there is more life left in this bull run.
Analysts warn that possible downside wick could push BTC price as low as $44K
It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support at $48,000.
Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling broke through BTC support at $50,000 and was followed by a second wave in the early afternoon that dropped the top cryptocurrency to a daily low of $47,318 before bulls managed to stem the outflow.
We may break down to $44k, but I would be surprised if this drop continued further as there is a large amount of support around the $40k area. I also think it’s possible that we will see this drop settle down as the new year starts and buyers who are waiting to seal in their current tax rates jump back in.
We also barely got above the 50 week SMA and did not hold it, so we are in the same position we were before of uncertainty, neither bullish nor bearish in the short term.
Cardano Founder Charles Hoskinson Lays Out 2022 Plans
Cardano’s founder had an exciting end-of-year video (Full video here, highly recommend if you have a free half-hour) where he covered his goals for Cardano for the next year and his perspective on the overall crypto space.
“My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano,” Hoskinson said.
The Cardano founder said a structure that oversees the creation of decentralized products on the network would be introduced.
“A formal open-source project structure is going to be formed, kind of like Hyperledger to Linux,” Hoskinson said.
Developers are also working on Cardano Improvement Proposals, a set of community-governed network enhancements, that are slated to go live in 2022, Hoskinson said. Some of these include human-readable information for assets issued on Cardano and a native web wallet for interacting with DeFi protocols.
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