Altcoins

Crypto YouTuber BitBoy Crypto Disclose His Portfolio: Here’s Which Altcoins He Holds

Published

6 days ago

March 18, 2023

Crypto YouTuber BitBoy Crypto Disclose His Portfolio: Here’s Which Altcoins He Holds

Bitcoin, the world’s largest cryptocurrency by market capitalization, has climbed to its strongest point since June 2022, reaching a high of $27,002.39. This upward trend comes after a period of volatility in the cryptocurrency markets, with BTC/USD hitting a low of $24,624.74 on Thursday. As a result of this latest rally, the 10-day moving average is now on the verge of an upwards crossover with its 25-day counterpart, a potential indication of a longer-term bull run.

Bitcoin Dominance Sparks Portfolio Debate

In a recent video by famous crypto influencer BitBoy Crypto, the host discusses the performance of his portfolios, noting that he is heavily invested in Ethereum (ETH) and Chainlink (LINK). However, with Bitcoin’s dominance currently increasing, he questions whether it may be worth condensing some holdings and investing more in Bitcoin and ETH.

Despite the recent market volatility, the host remains optimistic about the performance of his portfolios, with assets such as Polygon (MATIC) up 33% and Conflicts (CTF) up 106%. He ultimately decides not to make any changes to his holdings, citing his preference for having a diverse range of coins in his portfolio.

Possible Implications for the Market

The recent increase in Bitcoin’s dominance has led to debates among investors and analysts about the potential implications for the wider cryptocurrency market. Some believe that Bitcoin’s dominance will continue to increase, potentially leading to a sell-off in altcoins and an increase in BTC and ETH prices.

Others argue that a diverse range of coins is necessary for a healthy and robust cryptocurrency market. While Bitcoin and other cryptocurrencies continue to encounter volatility and price swings, it remains to be seen how the market will react to shifting market circumstances and investor sentiment. At press time, BTC is worth $27,401, and Ether is worth $1,819.

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Altcoins

Crypto Market Myth DEBUNKED: Here’s Why The Fed’s Rate Hikes Won’t Lead To A Collapse

Published

9 hours ago

March 23, 2023

Qadir AK

Crypto Market Myth DEBUNKED: Here’s Why The Fed’s Rate Hikes Won’t Lead To A Collapse

In his latest analysis, Jason Pizzino, a macrocycle analyst and founder of The Investing Channel on YouTube, highlights the cyclical nature of markets and how they behave during interest rate hikes.

Pizzino notes that, historically, the market continues to rise regardless of interest rates, especially during a macro bull market using the 18.6-year economic and real estate cycle.

He also emphasizes that the beginning of interest rate hikes usually leads to an uptick in the market, but once it reaches its peak, the market changes.

Interest Rate Hike and Its Impact

The Federal Reserve’s recent decision to raise interest rates by a quarter of a percent to hit a target rate of 5% has caused concerns among retail and macro analysts about a potential market collapse.

However, Pizzino points out that interest rate hikes have little impact on the market. He cites examples from previous cycles when interest rates rose, and the market remained flat or dropped. While some believe that a drop in interest rates could cause a collapse in the market, Pizzino argues that this is untrue, given the market’s cyclical nature.

Market Behavior During FOMC Meetings

Pizzino observes that the market typically experiences a strong trend during FOMC meetings, only to reverse the following day. He cites the May 2022 meeting, which saw a strong trend to the upside, followed by a significant reversal. Pizzino warns that if this were to happen again, it could result in significant market volatility. Nonetheless, he notes that the market is still in a transitional period, and investors should keep an eye on significant lows and higher lows to determine market trends.

The Cyclical Nature of the Market

Pizzino’s analysis suggests that the market is following the same cycle it has in previous cycles, and interest rates have little impact on the market’s overall behavior.

He notes that during the last stages of the massive real estate boom from 2003 to 2006, interest rates were rising, yet property prices were going ballistic. This phenomenon suggests that the market’s behavior during interest rate hikes is not straightforward and requires a more nuanced understanding.

The macro expert also emphasizes that the market’s cyclical nature enables investors to make informed decisions. He cites examples of the market’s behavior during significant lows, such as in March 2020 during the COVID-19 pandemic, when the market experienced a significant pullback.

These pullbacks are usually occurring on bad news, such as supply chain issues, lockdowns, and new strands of the virus. However, the market has continued to put in higher lows, indicating a market climb-out.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Altcoins

Institutional Investors Shift Focus On These Altcoins, Sell off Bitcoin and Ethereum

Published

2 days ago

March 21, 2023

Sohrab Khawas

Institutional Investors Shift Focus On These Altcoins, Sell off Bitcoin and Ethereum

Bitcoin price has reached a crucial resistance level of around $28k as traders await tomorrow’s Federal interest rates. With over $126 million liquidated in the past 24 hours, Bitcoin’s volatility is expected to increase before and after the FOMC statement. The Bitcoin market continues to enjoy a bullish sentiment fueled by the increased fear of a global banking crisis.

The pressure on Jerome Powell to save the banking industry and reduce the dollar inflation to 2 percent has fueled the recent Bitcoin pump. Moreover, Bitcoin has annual inflation of less than 2 percent, and next year’s halving event will reduce the figure much lower. As such, institutional investors and retail traders have gained confidence in stashing more Bitcoins to flee the inflationary fiat market.

Furthermore, Bitcoin price has rallied over 70 percent YTD while the United States Dollar DXY index and the DOW Jones are down 0.41 and 2.69 percent, respectively, in the same timeline.

Closer Look at Cash Flow into Bitcoin And Altcoin Market

A recent report by CoinShares has, however, indicated a rather intriguing phenomenon. Reportedly, Bitcoin recorded a total of $113 million in outflows despite a 17 percent spike during the week. Notably, CoinShares reported that the overall outflow in the Bitcoin market was due to the need for liquidity rather than the negative sentiment.

“In stack contrast to the broader market, Bitcoin remained the focus of negative sentiment, seeing outflows in investment products totaling $113 million last week, with the last six weeks’ outflows totaling $424 million,” CoinShares noted.

Notably, the altcoin market, except Ethereum, which registered an outflow of $13 million last week, generally posted cash inflows of approximately $1.3 million. This is despite the fact that the number of Non-Zero Ethereum addresses just reached an ATH.

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24-hour settled trades

Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

Published

6 days ago

March 17, 2023

Jamie Redman

Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed.

Stablecoin Depegging Event Triggers Billions in Redemptions

The stablecoin landscape has undergone significant changes this month after a stablecoin depegging event took place on March 11. During this time, USDC dropped to a low of $0.877 per coin, and half a dozen other stablecoins also depegged from the U.S. dollar value on the same day. However, USDC and the other stablecoins have since been re-pegged, and Circle’s stablecoin is trading at $1 on various centralized trading platforms on Friday. On March 6, approximately 43.89 billion USDC were in circulation, and as of 11 days later, 7,089,389,744 USDC have been redeemed.

As of March 17, 2023, metrics show that over the past 30 days, the number of USDC in circulation has decreased by 10.2%. According to coingecko.com’s stablecoin market data, there are currently approximately 36.80 billion USDC stablecoins in circulation. During the depegging event, USDC had double the volume recorded today, which is $6,328,716,602 in global USDC trade volume over the past 24 hours. Over the past day, BUSD’s 24-hour trade volume surpassed USDC, which has the third-largest stablecoin trade volume.

On Friday afternoon (ET), data showed that BUSD had a 24-hour global trade volume of $8,289,546,285 across various exchanges. An archive.org snapshot from 11 days ago, on March 6, indicates that 439,484,014 BUSD had been redeemed. At that time, approximately 8,689,408,012 BUSD were in circulation, while today the number has dropped to 8,249,923,998. According to Nansen’s proof-of-reserve data, Binance holds 7.42 billion BUSD. Coingecko.com’s stablecoin market data shows that over the past 30 days, the number of BUSD in circulation has decreased by 46.3%.

While 7.528 billion USDC and BUSD have been removed from the stablecoin economy, tether (USDT), the largest stablecoin by market capitalization, has seen an 8.7% increase in the number of coins in circulation. Tether now has an overall market valuation of approximately $75.29 billion, with 75.17 billion USDT in circulation. Furthermore, on Friday, tether’s $80.38 billion in global trade volume outshined every other coin in the entire crypto economy in terms of 24-hour settled trades. BUSD and USDC hold the second and third-largest stablecoin volumes, respectively.

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24-hour settled trades, Binance, Binance USD, BUSD, Centralized trading, Circulation, coingecko.com, crypto economy, Crypto landscape, Cryptocurrency, Demand, depegging, Exchanges, Global Trade, Investors, Market Capitalization, Market Valuation, metrics, Nansen, Pegged, Proof of Reserve, redemptions, Stablecoins, Supply, Tether, Trading Platforms, usd coin, USDC, USDT, Value, volume, Withdrawals

What do you think the future holds for stablecoins after the recent depegging event? Will they regain their stability, or will their value continue to fluctuate? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Neirfy / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Possible Implications for the Market

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