Crypto community reacts as Bitcoin bear market fears continue

Crypto community reacts as Bitcoin bear market fears continue

The crypto market saw a sharp decline at 12 am UTC on March 3. The price of Bitcoin (BTC) fell by over 5% from around $23418 to $22163, according to CryptoSlate data. Most of the drop occurred within an hour as the BTC price fell by over $1,000 in seconds.

The price of the second-largest cryptocurrency followed suit with a 5.4% decline from around $1,643 to $1,554 around the same time.

Many other cryptocurrencies also suffered losses as Dogecoin (DOGE) slipped 5.8% over the past 24 hours, while Cardano (ADA) and XRP (XRP) are down 3.78% and 2.73%, respectively.

The fall in crypto prices triggered liquidations that crossed $251 million over the past 24 hours, most of which were triggered after the sharp dips in prices, according to Coinglass data.

Binance saw the most liquidations, around $90 million over the past 24 hours, the data indicates. OKX followed at a close second with $75.83 million of liquidations over the past day.

Over $222 million worth of long positions were liquidated, while short positions made up a little over 8% of the total liquidations over the past 24 hours, Coinglass data shows.

Total Ethereum (ETH) positions liquidated over the past day stood at $49.24 million. BTC liquidations stood at $84.06 million, according to Coinglass.

What caused the dip

Crypto bank Silvergate is owned by Silvergate Capital Corporation, whose share price dropped 49% upon the announcement that it will delay its annual report to the Securities and Exchange Commission. The firm said it needed more time to complete its audit.

Silvergate bank said that it may file for bankruptcy owing to a massive sell-off. It is also unable to repay its debts. Many firms, including Coinbase, Circle, and Paxos severed all ties with the troubled bank.

Regarding the crypto market, Sora Ventures CEO Jason Fang told CryptoSlate:

Obviously there’s the current fud surrounding Silvergate and Binance, and we think that the market isn’t in a clear bull yet, but there are some certain sectors that outperform everytime the market dumps, it could be sectors surrounding L2, LSDs, zk rollups, etc. Since the narrative is different every time, we think keeping an eye on the market during these drops is definitely worth it, and its a good metric to observe which sectors the smart money is betting on.

Alex Kuptsikevich, FxPro senior market analyst, believes the crypto market tumbled in reaction to Silvergate’s uncertain future. He told CryptoSlate:

“The plunge into this area came as a market reaction to the potential bankruptcy of Silvergate. The news triggered a wave of stop orders on fears that the situation could cause a domino effect in the industry.”

Kuptsikevich said that the dip pushed Bitcoin’s price below its 50-day moving average, “which does not bode well for the short-term outlook, although this signal will only be reliable at the close of the day.”

He added that the market sentiment is “moderately positive” and supports the “buy-the-dip” mood. Many Twitter users claimed to have bought Bitcoin and taken advantage of the price fall.

But many investors panicked and, per Kuptsikevich, were scared that the Silvergate crisis could soon escalate to the FTX level.

In response to the latest events, investor Anndy Lian told CryptoSlate:

“Silvergate Bank’s share price has fallen by more than 50% to an all-time low after it announced it would review its books with auditors and warned of several headwinds. A vast majority of the bank’s crypto-friendly industry clients have left or are leaving the company, including Coinbase, Circle, Paxos, Crypto.com, Galaxy, and Gemini which have all suspended business with the bank. The bank’s clients leaving was reported to have happened less than a day after the announcement of the audit review.

This means that it is now harder for crypto companies to sustain relationships with a U.S. bank. Many institutional clients will not be able to transact big amount of crypto until they find better safer solutions to work around. As we speak, I know some of my friends are moving their funds out of some banks in Puerto Rico.

There will be a big vacuum in the short term. I know many of the crypto organisations are now looking for offshore solutions and the more adventurous ones are shifting to Asia to run their trading desks.”

Many analysts claim the recent dip is a signal for the BTC price to keep going down, but others are more optimistic. Quantum Economics CEO Mati Greenspan told CryptoSlate:

“Including yesterday’s sudden dip, Bitcoin and crypto are having one of their strongest years ever. No major support lines have been broken and the long term chats look bullish as ever.”

 

 

Source: https://cryptoslate.com/crypto-community-reacts-as-bitcoin-bear-market-fears-continue/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Bitcoin Has Died Nearly 500 Times as Bear Market Bottom Signals End of Crypto

Bitcoin Has Died Nearly 500 Times as Bear Market Bottom Signals End of Crypto
  • Bitcoin has been declared dead 465+ times from 2010
  • Over 124 articles claimed crypto was dead in 2017.
  • The first such claim was made in 2010 by the Underground Economist when Bitcoin was trading at $0.23.

Renowned Indian Author Chetan Bhagat wrote a column declaring that crypto is dead. Is it the sign at the bottom?

The article from the well-known author Chetan Bhagat focuses on how crypto is dead due to the collapse of FTX. He expressed his strong anti-crypto opinion stating that crypto is like communism which promises decentralization but ultimately leads to power in the hands of a select few.

Bitcoin declared dead 465 times.

Bitcoin has been declared dead 465+ times, according to a page in 99Bitcoins, that counts the total reported Bitcoin obituaries. The Underground Economist made the first such report with the title, “Why Bitcoin can’t be a currency,” when the price of Bitcoin was $0.23. The article is no longer live today.

Satoshi Stacker, a well-known crypto analyst, predicted that as more and more people hear about the damage caused by FTX, there will be more reporting on “Crypto is Dead.”

Is the bottom in?

The crypto community believes that such articles are a signal for the bottom. Usually, during the market bottom, the FUD (Fear, Uncertainty, and Doubt) is at its peak. The frequency of articles claiming the death of crypto increases. The chart below shows that most articles with bearish sentiment were written when the market was preparing for a rally in Nov 2013.

Bitcoin bottom
Source: 99Bitcoins

Similarly, 93 obituaries were reported when the market bottomed in 2018. In 2020 various reports claimed Bitcoin was worthless, dead, and rat poison. The exception to this was in 2017 when over 124 articles were written declaring crypto dead due to multiple bans on crypto exchanges, Initial Coin Offering (ICOs) in China.

 

 

Source: https://beincrypto.com/bitcoin-has-died-nearly-500-times-as-bear-market-bottom-signals-end-of-crypto/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian’s Keynote Speech at GNSEC 2022: Future of NFTS, Regulations & Bear Market Benefits

Anndy Lian’s Keynote Speech at GNSEC 2022: Future of NFTS, Regulations & Bear Market Benefits

In the digital transformation trend, the transformation of software engineering technology plays an important role and leads the development pattern of the digital technology industry.

GNSEC 2022 Global Next Generation Software Engineering Online Summit focuses on the full spectrum of software engineering and technology to define a new generation of software engineering. It aims to gather experts, scholars and practitioners in the software engineering industry to tell important latest research results, share the most cutting-edge technical practice experience, and promote mutual exchange and cooperation between experts in production, learning and research.

The event brought more than 1,000 registered delegates and will provide an on-site virtual experience that allows attendees to interact, learn and grow together. The online summit will focus on DevOps, Cloud Native and Open Source, AI, Testing and Quality, R&D performance and O&M-related issues, while focusing on software engineering best practices in finance, communications, the internet and many other industries. Thus, breaking down industry barriers and making technology drive performance.

His topic on NFT is timely for the industry as there are more people who are into NFT and would like to find out more.

Anndy Lian is one of the speakers at the event. He is an early blockchain adopter and an intergovernmental expert on crypto matters. His recent book “NFT: From Zero to Hero” has sold more than 8,000 copies on Bybit NFT Marketplace and now selling on Amazon and Google books.

Around 105 nations have legalised NFTs expressly or as part of a larger recognition of cryptocurrencies and virtual currencies. However, as the aforementioned list illustrates, legislation regarding NFTs is frequently general and not designed mainly for NFTs.

The U.S., Canada, Australia, and most of the European Union are notable examples of integrated and moderately regulated markets. In each of these jurisdictions, the predominant legal strategy is to view NFTs as either a type of capital gains taxable asset or a component of an individual’s income tax portfolio.

Anndy mentioned in his speech that creators must look at regulations before starting their businesses. there are still a lot of nations where NFTs and cryptocurrencies are either implicitly or expressly banned. This is because those governments view NFTs and other digital assets as threats to the current financial system and sources of illicit and/or terrorist financing. China, Vietnam, Algeria, Egypt, Qatar and Nepal are notable instances.

GNSEC is Co-Organized by DAOPS FOUNDATION and Escom Event, and supported by HKPC and Greatops. This is GNSEC’s second online event in Southeast Asia.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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