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Cryptopedia

2022 Global State of Crypto

As the world marches toward broad crypto adoption, Gemini is introducing a first-of-its-kind crypto research report exploring the attitudes, drivers, and adoption of this new asset class. As a truly global firm, it is a top priority for us to understand the crypto adoption curve and how crypto is being deployed around the world, as well as the barriers to entry. We also believe it’s necessary to ensure the development of a safe and secure ecosystem that can fulfill the promise that blockchain technology and cryptocurrency represents. We surveyed nearly 30,000 adults across 20 countries and uncovered compelling insights that illustrate where we are as an industry, and what the future might hold. This report shares statistics we gathered on global adoption, barriers to entry, and attitudes around cryptocurrency, and is the first of several that we will release this year.

of all crypto owners in the US, Latin America, and Asia Pacific first bought crypto in 2021.

of crypto owners in Brazil (51%), Hong Kong (51%), and India (54%) got started in 2021.

of those who plan to purchase crypto for the first time in the next year are women.

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Crypto research reports.

STATE OF CRYPTO REPORT

2021 United States

Our data shows that as cryptocurrency continues to gain more mainstream acceptance, it is seen as a long-term investment. The large majority of current crypto owners report buying and holding crypto for its long-term investment potential rather than actively buying and selling as a means to achieve profits.

Quick Stats

The average age of current crypto-holders is 29 years old.

34% of non-crypto holders said they are likely to start investing in crypto in the next 12 months.

67% of crypto-holders investments were spurred by COVID-19.

19% of crypto-holders are female.

Download the full report →

2021 Singapore

This report looks at key insights from the survey, including the profile of Singapore crypto and non-crypto holders, how crypto adoption is divided along gender lines, how COVID-19 impacted investments in crypto, and what would encourage non-crypto holders to start investing in crypto.

The average age of current investors is 38 years old.

The average age of those who identify as crypto-curious is 44 years old.

The gender breakdown for the crypto-curious is 47% male and 53% female.

2021 United Kingdom

Survey data shows that the typical cryptocurrency investor profile is becoming increasingly diverse across gender, income, and education, challenging long-held stereotypes. Our report outlines that as crypto and bitcoin quickly become household names, our industry is evolving, expanding, and becoming more inclusive.

41.6% of current and former crypto investors are women.

33.1% of current and former crypto investors are between the ages of 25-34, 27.5% are between 18-24, and 24.2% are in the 35-44 age range.

50.1% of current and former crypto investors have no university or advanced degree

91.8% of current and former crypto investors have a household income under £100,000

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Since our founding in 2016, we’ve been on a mission to develop the best market behaviour analysis tools available for crypto investors. All market participants and stakeholders must perform complex analysis in order to make wise investment decisions. We simplify this process and make analysis more accessible by helping people understand the meaning behind the behaviour (i.e. buying, holding and selling activity) of key groups within the crypto ecosystem.

Probed your platform, interesting metrics offering some very nuanced insights. Between the on-chain analysis, development activity and macro view - on the alt side, bullish on (@bancor) $bnt #DeFi #Analytics Kudus (@santimentfeed) 👍

That is some fantastic data.

Love this kinds data now if you could make an indicator that showed it all aggregated in a simple form that would be super cool

Great insight 👀

Signed up to the free trial @santimentfeed Love the interface so far. $ETH supply on exchanges continues to go down while price is still heading to $3,000. #ethererum

great content as always

amazing ! keeep up the 🔥🔥🔥 post

Great analysis. I like it as you bring facts on the table rather than as all the others on this platform shouting 100k continually. Thanks you!

Great insights. Social chat is heating up for bitcoin

I love these charts man! #btc #bitcoin #crypto https://t.co/M31sVoFOMA

Love the tools you provide. The on chain metrics were instrumental at turning 850usd to 39k usd in only 4 weeks. Thanks for your work!

Why Ethereum ($ETH) Could Surpass Expectations, Explains Coinbase Research Analyst David Han

• Siamak Masnavi
• 17 May 2024
• In #Ethereum

Coinbase Institutional is a division of Coinbase that caters to the needs of institutional investors, such as hedge funds, family offices, endowments, and other large-scale financial entities. It provides secure custody services through Coinbase Custody, offering segregated cold storage with robust security measures and insurance coverage. The division also offers advanced trading services via Coinbase Prime, which includes OTC trading and algorithmic trading solutions.

Additionally, Coinbase Institutional delivers comprehensive research and analytics to help clients make informed investment decisions. They offer staking services, enabling institutions to earn rewards on their digital assets and provide a prime brokerage service that includes lending, margin trading, and tailored financing solutions. Emphasizing regulatory compliance, Coinbase Institutional adheres to strict standards to ensure a trustworthy and reliable service for its clients, aiming to provide a comprehensive and secure platform for institutional engagement in the digital asset market.

On 15 May 2024, David Han, a Research Analyst at Coinbase Institutional, published an insightful report titled “Monthly Outlook: Expectations on Ethereum.”

Han asserts that although Ethereum has underperformed so far this year, its long-term positioning remains robust. He believes that Ethereum has the potential to surprise investors with an upward trend later in the cycle. According to Han, Ethereum benefits from strong persistent demand drivers and possesses unique advantages in its scaling roadmap.

Han highlights that Ethereum’s historical trading patterns demonstrate its dual narrative as both a “store-of-value” and a “technology-token.” This combination, he suggests, contributes to Ethereum’s resilience and appeal in the cryptocurrency market. Han also points out that Ethereum does not face significant supply-side pressures such as token unlocks or miner sell-offs. Instead, the growth in staking and Layer 2 (L2) solutions has created substantial and growing sinks for ETH liquidity, which he views as a positive indicator.

Furthermore, Han emphasizes Ethereum’s central role in the decentralized finance (DeFi) ecosystem. He believes that Ethereum’s dominance in DeFi is unlikely to be challenged due to the widespread adoption of the Ethereum Virtual Machine (EVM) and ongoing innovations in Layer 2 technologies. These developments ensure that Ethereum remains at the heart of DeFi, providing a strong foundation for future growth.

One of the critical points in Han’s report is the potential impact of spot US ETH ETFs. Han argues that the market may be underestimating the timing and likelihood of these ETFs being approved. He suggests that if approved by the U.S. SEC, these ETFs could significantly boost Ethereum’s market position, leading to positive price movements.

Featured Image via Pixabay

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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• 16 May 2024

Top 10 Crypto Research Tools: Where To Do Your Own Research?

“Do your own research”. These words (or the initialism DYOR) have been heard more than once especially if you watch the Coin Bureau YouTube channel. That’s because when investing in something it’s best the decision comes from you, made on the basis of information you've found while doing your research. Relying solely on a third-party opinion is risky. Some of the information might be outdated and there might have been new developments that impact the quality of the investment significantly.

So, the only thing to do is to continue the research. However, sometimes it might be tricky to know where to start. For me it was weird when starting out with cryptos. Being familiar with stock research I thought I can do the same things with cryptos. Needless to say, that didn’t work. Looking through the sites used for analyzing stocks was useless and when finding the crypto sites, I had no idea what to look for, or if the sites were any good. That’s why I’ve gathered here the top 10 crypto research tools that have helped me along the way. I'm sure you’ll get a lot out of them too.

10. Glassnode

To start things off I wanted to go with Glassnode . Glassnode is an on-chain analytics tool and it’s one of my favorite places to visit when the markets turn red and I need to see the bigger picture to regain my confidence. Looking at active wallet addresses rising always helps me sleep at night. But that’s not all. Glassnode offers a variety of different metrics and they support many cryptos including big names Bitcoin, Ethereum, and Litecoin, as well as many DeFi tokens and ERC-20 tokens. 

Last time I gave you a few metrics to look for and those were total active address and NUPL (Net unrealized profits/losses). However, Glassnode offers a lot more. The problem is that if you don’t know what to look for, or how to interpret the metrics and charts, it’s kind of useless. That’s why I want to redirect you to Glassnodes weekly on-chain analysis . You can read through these yourself or watch via YouTube, and I highly recommend you to do that. Watching those have helped me a lot in understanding the benefits of on-chain analysis as well as how I can do that analysis on my own. They also give you a sense of where we are in the market cycle which is often times helpful when managing your portfolio. Another place to really learn about on-chain analysis is from the Glassnode academy .

And do you know the best part of all of the learning opportunities at Glassnode? They’re both free. No need to pay for anything before you know how to use these metrics. Then when you have learnt everything and want to start doing your own research, I suggest you opt for the $29 a month plan. They do offer one higher plan too but that costs $799 a month so I don’t think it’s relevant to many of us.

9. CoinGecko

Doing any research is kind if pointless if you don’t have anywhere to check your prices. That’s where GoinGecko comes in, although they do offer lots of other useful stuff. CoinGecko is available both online and as a mobile application so you can use it anywhere. The most obvious thing to do here is simply create your own portfolio and track it from the app. That way you're always on top of crypto price movements. 

On top of that CoinGecko is the perfect place to start when researching a new crypto. When you click on a crypto, you’ll find it’s market cap, price, volume, supply, exchange listings and a description. All of this is good to know when making up your mind whether the crypto is a s*itcoin or not. If you don’t know how to spot this type of a crypto then Coin Bureau has the perfect video on that. A few additional statistics you can find on CoinGecko are some social statistic, developer statistic and even brief analysis by IntoTheBlock.

Also, if you’re looking for something besides specific cryptocurrencies, you’ll find it here. On CoinGecko you’ll find derivatives, exchanges, DeFi, NFTs, Yield Farming, podcasts, and they have even published a couple of books. So, if there’s anything you’re looking for then steering your ship towards CoinGecko will be helpful. Most of the things they offer are free but they do have two paid plans available. First is the premium plan for roughly $4 a month which gives you an ad free CoinGecko. Then they have the premium+ for roughly $8 which opens up a lot more including access to their books, research reports, chat with their research analysts, and a lot more.

Last time I wrote about this topic I told you guys about CoinMarketCap and now I’ll say it the other way around. CoinMarketCap is just as good as CoinGecko and using either one will get you what you need. It’s often just about personal preference.

This is without a doubt the place you turn when searching for hidden gems and huge gains. That’s because the Messari screener is the best place to filter through your searches when on the hunt (or at least the best one I’ve found so far). You can filter by market cap, volume, liquid supply, on-chain indicators like active addresses, reddit subscribers and a lot more. On top of that Messari offers quite good research articles which do come in handy. 

Now I know it can be exhausting to go through so many different cryptos you’ve never heard of, since to be real 90% of them are worthless. However, it would be nice if someone were to do that for you so that you know which ones to look at and which to ignore. That can be done at Messari in form of community created screeners. Here you can find loads of different categories ranging from certain types of projects to asset manager portfolios. Often, I like to look at what large funds have invested in and see if I can find any good projects I should be holding too. These screeners include funds from the likes of Coinbase and Alameda Research, so pretty reputable names to say the least. Also, if you’re looking at metaverse or gaming projects there are separate screeners for them too. These screeners can't be modified but you can always copy them by the click of a button and then edit them to be more suitable for your purposes.

When it comes to prices there are two options, $25 a month for the premium and then $625 a month for the enterprise plan. So, if you’re a retail user like I am then that $25 dollar a month plan should be enough.

7. CoinMarketCal

Have you ever felt like you can’t keep up with all the events and upgrades going on in crypto? Well, I have. Luckily there’s CoinMarketCal . Here you can find a full calendar with everything surrounding crypto.

What I usually do is check the events listed as significant and then look at those concerning the top 100 coins. Often times I find stuff the news sites have totally missed, which is why this tool comes in handy. Did you for example know that if you’re an XLM holder you can be qualified for an AQUA airdrop in December? Or did you know that Stacks is getting a significant upgrade? Like the XLM example, it’s good to also check out what’s going on with those cryptos you hold. You don’t want to miss out on an airdrop just because you didn’t have a clue that there even was something to miss. We all know how lucrative airdrops can be.

Then lastly for those who like to trade. Looking here for potential big events can provide some good trading opportunities. That’s because CoinMarketCal supports a large variety of coins including small caps which tend to be extremely volatile. However, when trading based on news and events remember the saying, "buy the rumor, sell the news". On top of that there can also be some opportunities find in the 'Coins with Potential' by CoinMarketCal. Here are those coins that have many and/or major events coming.

All of the features on CoinMarketCal are free and what I like about the site is that it’s strongly community driven. Anyone can post events and they then get voted on whether they’re legit or not. This voting system also allows CoinMarketCal to sort the hot picks from others and it makes it easier for you to find interesting opportunities.

6. Coin Metrics

Here’s a tool that doesn’t run out of things to look at and use. Coin Metrics is best known for their accurate and up to date on-chain data with over 400 metrics and 100 supported cryptocurrencies. Now what I do have to say is that this tool feels kind of aimed at more experienced people. The site is stylish and simple but I get a sense that Coin Metrics aims more for institutional clients. That’s because they offer some paid plans which you can’t get access to online but have to contact them directly, and when you purchase these plans you gain an access key to an API through which you can get access to more tools and data. That’s why if you’re a retail user doing some on-chain analysis I would go with Glassnode since I find it easier to use, and cheaper besides.

That said, Coin Metrics is still a great site which is why I have listed it here although my personal preferences are for other sites. I’ve come across multiple news sites using Coin Metrics’ research as a reference and you too can get access to those. These are useful since they provide you with important data while teaching you how to do the analysis yourself next time. They usually sum up each quarter with different charts showing a variety of useful statistics. Here you’ll get a good sense of how everything has been going and where we might be heading. On top of that they also sum up each week in shorter reports which are worth checking out.

5. LunarCrush

Hopefully you read the piece on sentiment analysis on Coin Bureau a few weeks ago, if you did you should be familiar with LunarCrush . But of course, not all of you read the piece so here’s a short introduction to LunarCrush. LunarCrush is a sentiment analysis tool that gives you all the essential information when it comes to public perception of a crypto. LunarCrush has two custom scores called AltRank and Galaxy score. I’ll leave a picture below so that you can see what they are based on. However, you don’t have to rely on this and LunarCrush does give you the ability to analyse cryptos yourself too.

LunarCrush gives you the ability to sort by different metrics like social volume, bullish/bearish sentiment, volume, market cap and a lot more. Then you can look at the statistics for yourself and make your own analysis. One thing I like to look at is the total social volume and how much of that is bullish versus bearish. Looking at this as well as seeing how they develop along with the price might help you determine where a crypto is going. One thing I found that could present trading opportunities was looking at the bullish sentiment alone. There were many places in the last 3 months when an uptick in bullish sentiment was followed by an uptick in the price. However, I did not find any definite correlation and you could just as well have lost money trading. But if someone else wants to dig deeper into this I think there might be some possibilities in this.

The problem with doing more thorough analysis with LunarCrush is that you need to pay for access to more data. Without paying you will get a maximum of 3 months charts and no charts for the Altrank or Galaxy Score, only the values. This makes it harder to analyze the long-term trends. When it comes to the cost you will need to purchase LunarCrush’s native token LUNR. There are three levels, tier 1 for free, tier 2 for 30 LUNR, and tier 3 for 100 LUNR. At the time of writing this LUNR is trading at roughly $1.45. The problem with this system is that the Lunr token has been in a constant downtrend in the last 3 months which means that if it continues you can get the levels a lot cheaper in the future. 3 months ago, level 3 would have cost you about €1500 and now it’s only €150.

Despite the potential cost LunrCrush is a great tool but there’s a one other thing I want to warn you about. While this is a place where you could find tradable assets and maybe even hidden gems there are a lot of scams. You should be aware that many meme projects use lots of bots and money to grow the awareness around their project. That naturally pushes these coins up in LunarCrush since that’s what this tool is for. However, these projects can be complete garbage and simply buying them based on the values shown on LunarCrush isn’t good. For example, right now there’s a crypto called Tacocat in the top 10 by social volume. I have no idea what it is or what it does but the name itself should ring some warning bells that tell you to do additional research.

4. Santiment

If you didn’t like the fact that you only see 3 months' worth of data on LunarCrush then maybe you should consider trying Santiment . Here you can do similar social analysis on over 1000 cryptos. You can also include data like market cap, volume and even some on-chain analysis. This is a great tool to study individual cryptos.

On top of that they offer great market insights that again, like Glassnode, offer both valuable information as well as context around the metrics found on the site. What I found is that they are quite active and tend to cover trending cryptos. One of their recent analyses is on Basic Attention Token (December 2021) that you might have noticed has had a good run lately. I’m not going to tell you here what they said about BAT, so if you’re a holder I suggest you take a look. I found it quite interesting. On top of this, Santiment has its own academy where you can learn lots about Santiment and the markets in general.

Then, on top of these two tools Santiment offers a screener tool. Here you can try and find those hot picks that’ll take your portfolio to the moon. However, to be able to use the social metrics you’ll need to have the pro plan. The Pro plan will set you back $49 a month and if you really want access to everything you can purchase SanAPI and that’ll with set you back $160 a month. SanAPI is, however, meant for developers and not retail users. If you want a discount on the prices, you can get that buy owning SAN tokens, a 20% discount to be exact. Staking these tokens will also unveil more possibilities which of one is SanR.

This is a decentralized market of trading signals. Here anyone that stakes 50 SAN can upload signals on where a cryptos price is headed. These positions will close in two weeks and the top performances in percentage terms will be awarded. Currently there aren’t many users so if you want to try to win some SAN you have a great probability. You can win up to $36 each two weeks with current prices. Other use cases for SanR are to look at the consistent top performers and maybe follow what they do. It’s interesting to see how this develops. Santiment also has plans to make the ecosystem even larger and greater by incorporating the SAN tokens. And don’t worry, the performance of SAN is a lot rosier than Lunr, though it is down considerably over the past month, mostly due to broader market forces.

3. Coinglass (Former Bybt)

Most of you might know this by its former name Bybt. I know wasn’t aware of the rebranding. Coinglass is a derivatives data tool and regardless of the name offers some valuable insights. In order to benefit from this data, you don’t need to be a derivatives expert. Most of the data here is useful for getting a sense of the market sentiment.

One thing I like to look at here is the long/short ratio. From here you get a good view of what the sentiment around a crypto is. Another thing here is that you can adjust the time frame to as narrow as 5 minutes and this might help you spot the local top. For example, as I’m writing this Bitcoin is +6% in the last 24 hours and now the short ratio is starting to rise which might signal that a top for this short bullish run might be here. (Looking back the next day I was right). Another thing I regularly check here is the Statistics surrounding Grayscale and also now the ETF. That’s because I’m interested in how institutions view cryptocurrencies and currently many of them rely on these products to gain exposure. Now whether you should be getting your Bitcoin exposure through these is another question and you can find the answer to that in this Coin Bureau article .

Lastly a nice thing to also check on once in a while is how Bitcoin is performing relative to the stock-to-flow model. If you don’t know what the S2F model is then CB has got you covered again. Shortly, it’s a valuation model that has so far proven to be one of the most accurate in projecting Bitcoin's price. All the things on Coinglass are free and although I only mentioned Bitcoin, they have statistics on a variety of altcoins.

2. Coin Dance

Are you a fan of Bitcoin? If yes then you’ll want to have a look at Coin Dance . Here you can find tons of useful statistics on volume, nodes, politics, and adoption. Even if you aren’t a fan of Bitcoin this site is worth checking out since as we all know Bitcoin largely influences the whole market.

Interesting things I like to look at are those statistic that tell me about the wider adoption. Two in particular that I like to look at is Bitcoin by gender and Bitcoin by age. Currently Bitcoin is highly dominated by men so for those men reading this article try to get your better half to join us. And on the age thing, you should really try to get those elderly in on this too. It’s never too late to join a revolutionizing industry. And hey, they’re going to need those gains in order to fully enjoy retirement. Jokes aside, in order for cryptos to go mainstream we need to educate those who have no way of knowing what this whole crypto thing is. Regardless of age and gender everyone is needed and each of you can start by introducing cryptos to family and friends. And importantly, don’t just talk about the huge gains try to explain all the benefits since just entering because of 100x gains isn’t the right reason.

Then back to Coin Dance for one last thing. Look at the adoption by country. This is an interesting statistic and you’ll see that countries with a weak currency are likely to adopt Bitcoin, look at Venezuela. Also, it’s interesting to see each country’s view on crypto and CoinDance have even listed which parties support Bitcoin in certain countries.

1. CryptoQuant

Again, a site filled with extremely important metrics. CryptoQuant offers data on Bitcoin, Ethereum, Stablecoins, and then generally on Altcoins. This data consists of market data, on-chain data, and exchange flows.

Getting right into certain picks here, one metric suited for the current situation is all exchanges estimated leverage. In the recent crash (December 2021) that took Bitcoin all the way down to $42k we saw the leverage drop significantly due to liquidations. Now, the price has started to rebound while the leverage has stayed relatively low. I would argue that this is extremely bullish since the leverage was rising constantly for a longer time and now we’ve shaken out a lot of over leveraged people, the rise in prices is on more sustainable ground I would say.

Another thing to look at is all exchanges reserves. You’ve probably heard Guy on Coin Bureau mention that we’ll see high volatility in the markets due to low liquidity on exchanges and this is true. However, now you don’t have to wait for Guy to say this since you can check this yourself on CryptoQuant. If you don’t now have the time to check I can quickly tell you that it’s extremely low, so, expect volatility.

Lastly, if you’re wondering on the cost, I’ll be happy to tell you that to access those statistics I mentioned plus lots more it’s completely free. You just have to create an account. If you need more, then they have an advanced plan for $39 a month (if billed monthly) that includes more accurate on-chain indicators. On top of that there’s the professional plan for $109 a month and a premium plan for $799 a month. I would argue that the best way to go is starting free and then if you feel that it’s necessary upgrade to the advanced plan. Those other two might be a bit too expensive, especially if you want to get some other tools on this list.

Bonus Tip : Telegram can also be a very powerful tool that you can use to keep your finger on the pulse of what is happening in Crypto. Feel free to check out our picks for the Top Ten Crypto Telegram Channels for some additional arrows in your quiver of research tools.

As I mentioned with LunarCrush you shouldn’t be relaying on just one of these tools and not even only those mentioned in these lists. There’re tons more useful tools and doing research also includes looking at the project site, including reading the complete whitepaper. These tools are just meant to enhance the analysis and using them in combination which each other makes them more powerful. Naturally, you have a higher chance of picking the right investment if five sites give you a buy impression rather than just one giving that. Also, these sites listed here are in no particular order since all of them are good with different use cases. But, enough said, take the things you learned here and head on out to do your own research.

The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. We aim to empower the crypto community with the knowledge needed to navigate the crypto landscape successfully and safely, equipping our community with the knowledge and understanding they need to navigate this new digital frontier. 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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John Barry | Mon May 20 2024

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Bitcoin is the first cryptocurrency, founded in 2009 by an individual or group using the pseudonym Satoshi Nakamoto. The market cap of Bitcoin represents approximately 51.5% of the total market cap of all cryptocurrencies. Being the largest and oldest cryptocurrency, it earns the highest ranking and safety scores for this reason. The performance of Bitcoin is crucial for the entire cryptocurrency market, as it is uncommon to see Bitcoin in a downtrend while the rest of the crypto market is on the rise. The saying 'Bitcoin leads and the altcoins follow' is an important concept for the overall performance of the crypto market.

Fundamentals

The 2024 Bitcoin Halving occurred on April 19 th , 2024. Bitcoin halving events are pre-programmed adjustments that occur approximately every four years in the Bitcoin network's protocol. During a halving event, the block reward given to Bitcoin miners for successfully validating transactions and adding them to the blockchain is reduced by half. This mechanism is designed to control the issuance of new Bitcoins and ensure a limited supply over time.

Historically, Bitcoin halvings have had a significant impact on the price of Bitcoin. The reduction in block rewards affects the supply dynamics of Bitcoin. With fewer new Bitcoins entering circulation, the rate of inflation decreases, which can create upward pressure on the price due to the increased scarcity.

The first Bitcoin halving occurred in November 2012, when the block reward was reduced from 50 to 25 Bitcoins. Following this event, Bitcoin experienced a substantial price increase in the ensuing months and years. The subsequent halvings took place in July 2016 and May 2020. Similarly, the price of Bitcoin surged after each halving event, eventually reaching new all-time highs. Detailed analysis on this topic can be found in the Quantify Crypto blog under the title "Bitcoin Halving – History and Future Price Analysis”. After the 2024 Bitcoin halving, the block reward will be reduced from 6.25 to 3.125 Bitcoins per block.

As depicted in the chart above, based on historical price reactions to previous Bitcoin halvings, significant price surges have typically occurred within three to nine months following the halving event.

Significant news and upgrades

US Senate Resolution 109: On May 16 th , the resolution opposes the SEC's rule that could impose burdensome accounting practices on companies dealing with digital assets. This decision supports the growth of cryptocurrencies by preventing restrictive regulations, although President Joe Biden is expected to veto it. This resolution passed by a vote of 60 to 38, with 11 Democrats joining all but two abstaining Republican senators to reject the rule despite Democratic party leaders opposing the resolution.

Donald Trump's Statement: During a May 8 th speech, former President Donald Trump, who will be running against Joe Biden in the Nov 2024 US presidential election, made a clear message about cryptocurrency. President Joe Biden “doesn’t even know” what crypto is.  “The Democrats are very much against it [crypto]. And I say this, a lot of people are very much for it ... and I'm fine with it. I want to make sure it's good and solid ... but I'm good with it. If you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump".

SEC Approval of Bitcoin ETFs: On January 11 th , the U.S. Securities and Exchange Commission (SEC) has officially approved the first regulated spot Bitcoin Exchange-Traded Funds (ETFs) in a significant move for the cryptocurrency market. This approval encompasses 11 applications from major financial institutions, including BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck.

This provides Wall Street investors access to Bitcoin without the need to directly hold the cryptocurrency. This development is expected to attract substantial investment. During its first 19 days of trading, 2 Bitcoin Spot ETFs already represent the 5 and 9 most traded ETFs. This historic decision by the SEC is viewed as a major positive for the institutionalization of Bitcoin as an asset class,

MicroStrategy Bitcoin purchases - Michael Saylor's company, MicroStrategy, continues to make significant Bitcoin purchases monthly. MicroStrategy now holds 214,400 Bitcoins.  

Price Analysis:  (Monthly Price Chart 2010 - 2024)

For those who invested in Bitcoin prior to 2018, it has proven to be an exceptionally rewarding investment, significantly outperforming other assets since then. The monthly price chart clearly shows the volatility of Bitcoin. Turning the focus to the past two years, at the end of the crypto winter of 2022, Bitcoin traded between $15,500 and $18,350, setting the stage for a strong start in 2023. The next price chart shows the four significant price trends that have occurred during the past two years.

Two Year Price Chart

December 27, 2021 (Bearish Signal at $48,961) – As the Sam Bankman-Fried scandal intensifies during the end-of-year 2021 bear market, the Quantify Crypto (QC) daily trend algorithm turns bearish and remains bearish throughout 2022. Bitcoin hits a low price of $15,529 on November 22, 2022.

January 14, 2023 (Bullish Signal at $19,418) – Bitcoin and the crypto market start strongly in 2023 after a slow price buildup in December. On January 14th, the QC daily trend score goes above 70 for the first time in over a year. Bitcoin reaches a high price of $31,815 on July 14th during this cycle.

August 23, 2023 (Bearish Signal at $25,995) – Following a steady price decline from July 14th through August 15th, Bitcoin's price drops from $28,784 to a low of $25,152 on August 16th. After a few more days of mostly decline, the QC daily trend algorithm turns bearish. Bitcoin trades sideways for the next month, reaching a low of $25,332 on September 11th.

October 2, 2023 (Bullish Signal at $27,511 – current) – Since September, Bitcoin has been on a very strong run, increasing by over 185% in five months to a peak price of $76,300 on March 14th.

Fundamental Score: Highest (1)

Quantify Crypto provides rankings of the top cryptocurrencies, categorizing them into five levels: Highest, Above Average, Average, Below Average, and Lowest. Cryptocurrencies are researched and evaluated evenly, ensuring that each fundamental level contains approximately 20% of the cryptocurrencies analyzed.

Several factors contribute to Bitcoin earning the highest fundamental score:

Market Dominance – Bitcoin accounts for 52% of the overall market cap for cryptocurrency, it is the clear leader of this asset class.

First to Market Innovation – Innovative products that create change in a positive way historically turn into the best multi-year and multi-decade investments. Bitcoin clearly fits this elite category as evidenced by the wave of cryptocurrencies that have been successfully launched after the Satoshi whitepaper was published.

Wall Street Access – When the SEC approved the Bitcoin ETF it cleared the way for many high wealth hedge funds, money managers and professional traders to invest in Bitcoin.

Extremely Low Regulation Concerns – The US SEC, led by Gary Gensler, is critically scrutinizing all cryptocurrencies and crypto exchanges for violations of security law. Thankfully Bitcoin has been most exempt from this scrutiny, as the SEC approved the Bitcoin ETF on January 11 th , representing a rare approval for anything crypto from the SEC.

Future Regulation Help – In the aftermath of the FTX/Sam Bankman-Fried scandal, several crypto exchanges have begun generating “Proof of Reserves” reports. This appears to be an area that regulators in many countries are closely examining. Many expect and hope for improved and smarter regulations for crypto exchanges.

Final Thoughts

It appears Bitcoin and cryptocurrency will be significant talking points in the U.S. elections in November 2024. Regardless of the outcome, the publicity, media discussions, and focus will undoubtedly be a win for cryptocurrency awareness and use cases. This increased visibility is another positive step towards mainstream adoption and will add pressure on U.S. politicians to provide regulatory clarity, further legitimizing the cryptocurrency market.

The importance of Bitcoin for the cryptocurrency market cannot be understated. The overall crypto market has historically performed best when Bitcoin is in a bullish or neutral market, leading to the phrase “Bitcoin leads and altcoins follow.” During bear markets, altcoins often pose a much higher risk for price drops than Bitcoin. While Bitcoin is a high-risk asset, altcoins are even higher-risk assets. If you own altcoins but do not own Bitcoin, it is still best practice as a crypto holder to know the price direction Bitcoin is moving in.

Quantify Crypto is an informational website that provides market data, technical analytics and links to news and commentary sources. Information published on Quantify Crypto platform should not be taken as investment advice in any way. Quantify Crypto is not an investment adviser and you agree to not site the Quantify Crypto platform or content as the reason or cause for making any trading decisions. Quantify Crypto is not accountable, directly, or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site. You agree not to consider the information on Quantify Crypto platform as a solicitation to invest in any cryptocurrencies, initial coin offerings, or other financial instruments.

Bitcoin Fear And Greed Index Turns Bullish: 10x Research Highlights Key Trade Strategy

T he Bitcoin (CRYPTO: BTC ) Fear and Greed Index has shifted to a bullish stance, according to a fresh report, which emphasized a promising trading strategy amid the changing market conditions .

Event Risk And Market Movements

The week ahead poses significant event risks, including the unlocking of $800 million in PYTH (CRYPTO: PYTH ) supply on May 20 and another $340 million from AVAX (CRYPTO: AVAX ) on May 21, according to a report from 10x Research .

Additionally, NVIDIA 's Q1 2024 earnings report is set for May 22, and the final decision on VanEck 's spot ETF application is due on May 23.

Betting markets currently suggest only a 7% chance for ETF approval. Bitcoin is expected to experience a 4% price swing either way by week’s end.

Bitcoin’s price action has shown notable improvement, rebounding towards the late April resistance zone of $67,500 and surpassing the early May highs of $64,000.

A breakthrough above $67,500 could potentially lead to new all-time highs.

The report’s author Mark Thielen noted, “Our $68,300 ‘line-in-the-sand' is back in focus, as a move above could technically set off a strong rally.”

Bullish Indicators And Market Sentiment

The Bitcoin Fear & Greed Index briefly traded below 10%, a level typically associated with tactical lows in a bull market. The moving average of the index is rebounding, which could indicate a prolonged rally.

Thielen explained, “More importantly, the moving average is rebounding, which lasts for weeks or even months. Hence, a prolonged rally might occur.”

Despite the bullish sentiment, Thielen acknowledges the current market challenges.

“This bull market is still searching for a significant narrative and a theme that can ignite investor interest. Volumes are low, and interest in altcoins is nearly non-existent,” he says.

Also Read: Spot Bitcoin ETFs Are ‘Orange FOMO Poker Chips,’ Jim Bianco Warns

Trading Strategy: Balancing Risk And Reward

10x Research proposes a strategic trade involving the purchase of Bitcoin spot, selling a 100,000 strike call, and selling a 50,000 strike put for the December 2024 expiry.

Selling the call could yield 11%, while selling the put could yield an additional 6%.

“This strategy provides us with either a 17% downside buffer or 17% more yield, depending on where BTC closes in December, plus we would capture all the upside (or downside) for Bitcoin,” Thielen stated.

The report also suggests that selling a December 2024 put with a strike price of $50,000 could yield 6%, presenting a relatively low-risk strategy.

He further said, “We not only doubt Bitcoin would drop below $50,000, but we also think that Bitcoin's volatility will likely materially decline over the next few weeks and months.”

Market Outlook

While Bitcoin's downside appears limited due to stable inflation data and the Fed’s stance against rate hikes, the market structure remains complex.

Thielen believes that the current conditions could lead to a gradual increase in Bitcoin prices rather than an explosive rally.

He noted, “A more robust US stock market and the support from the U.S. Presidential election cycle could support this bullish narrative.”

Investors and market watchers will gain deeper insights into these developments at Benzinga’s Future of Digital Assets event on Nov. 19.

The event will gather industry leaders, investors, and policymakers to discuss the evolving role of digital assets in the global financial system.

Read Next: NY AG Secures $2B Settlement Against Genesis Trading, Largest In New York’s Crypto History

Image created using artificial intelligence with Midjourney.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

White paper that birthed crypto ZK-proofs receives IEEE ‘Test of Time’ award

A decade-old research paper seen as a “blueprint” for the first practical use of zero-knowledge proofs (ZK-proofs) has received an award from the Institute of Electrical and Electronics Engineers (IEEE), the world’s largest technical professional organization.

According to an announcement shared with Cointelegraph, the “genesis paper” — “Zerocash: Decentralized Anonymous Payments from Bitcoin” —  helped pave the way for ZK-proofs in crypto and has now been awarded the “Test of Time” award at the IEEE Symposium on Security and Privacy.

The paper, with 2,400 academic citations, did not transform finance but paved the way for the proliferation of projects using ZK-proofs, the firm added.

It also introduced the first practical use of the cryptographic technique in cryptocurrency for enhancing privacy.

The award goes to the publication’s authors: Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza and Eli Ben-Sasson. Ben-Sasson founded the blockchain scaling firm StarkWare.

“The award reminds us that, looking back on it, this paper was the moment that ZK was catapulted onto the agenda of blockchain research,” said Ben-Sasson, who added that it was the moment that “started an ever-growing fascination with how it can help crypto to become the technology we all need.”