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Altcoins React Negatively to XRP News While BTC Holds Still—Are We Close to an Altseason Yet?

Some analysts believe that while Bitcoin was not moved by the XRP news, most of the major altcoins may have been affected.

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While Bitcoin’s dominance over the cryptocurrency market remains high as its price is considerably stable against other large cap altcoins, there seems to be a concern in the market over whether altcoins will make it through the crash.

Altcoins React Negatively to XRP News.jpg

Major altcoin Ripple (XRP) has been stealing the spotlight lately, with a lawsuit filed against Ripple Labs Inc., from the United States Securities and Exchange Commission (SEC). Co-founder of Ripple Labs Chris Larsen and CEO Brad Garlinghouse as defendants in the suit, for unregistered “digital asset securities” offering through which $1.3 billion was raised.

Some analysts believe that while Bitcoin was not moved by the XRP news, most of the major altcoins may have been affected. Crypto trader Scott Melker recently commented:

“Ok, maybe alts are reacting to the XRP news.”

Pseudonymous cryptocurrency analyst replied to Melker’s comment, saying:

“Yeah caused some fear through the markets.”

Willy Woo, an on-chain crypto analyst recently noted that Chainlink (LINK), and Cardano (ADA) are the most correlated to XRP. He further added that the altcoin market cap has been down by $31 billion since the SEC announced that it would sue Ripple. According to Woo:

“Alt-coin cap down approx $31b since SEC’s action to sue Ripple Labs, this is around $1b USD of real capital flows out of alt-coins using FundStrat estimations of crypto cap change per dollar invested.”

Altcoin market cap down.jpeg

Crypto analyst Josh Rager noticed that Ethereum has not been performing well against Bitcoin in the past week, and many other altcoins have pushed back as well. The analyst recommends that investors should hold some Bitcoin, no matter if they are an altcoin believe or not.

Chainlink (LINK) has recently witnessed a steep drop in its price, trading at around $11.50, and plunging to $9.30 within a matter of minutes. Chainlink’s price has slightly recovered, trading around $10.38 at the time of writing.

However, a crypto analyst believes that the altcoin season is still coming, and that there is hope for the cryptocurrencies. Chainlink bounced back by 25% from its lows, and crypto trader Michael van de Poppe said:

“That $LINK bounces with 25% from its low is telling something. We are close to the bottom of altcoins.”

The trader added that the altcoin capitulation is about to happen, judging by not only the prices, but also the sentiment. He added:

“It starts to feel like the altcoin capitulation is happening. On the charts, but also in the sentiment. That’s a good sign, as I’ve continued my accumulation so I’ll be ready for next year.”

The trader also previously stated that the altcoin market capitalization is preparing itself for the biggest impulse wave since the bull run seen in 2017.

Image source: Shutterstock

Source: https://blockchain.news/analysis/altcoins-negatively-xrp-news-btc-still-are-close-altseason

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Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Global securities index publisher MSCI is considering launching cryptocurrency indexes. Yet, Henry Fernandez, CEO of the MSCI did not disclose what assets any index would focus on nor any timeline

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Global securities index publisher MSCI is considering launching cryptocurrency indexes, Reuters report Thursday.

Henry Fernandez, CEO of MSCI- a global securities index issuer, stated that MSCI is considering launching cryptocurrency asset indexes, which will be another step towards mainstream companies accepting digital currencies and related transactions.

The crypto indicators are considered an important step in leading new research and models to accept emerging markets. Yet, Fernandez did not disclose which specific cryptocurrencies will be added and the specific time plan for the introduction. MSCI also declines to elaborate on Fernandez’s comments.

With many commercial giants such as MasterCard, Paypal, Square, Goldman Sachs, etc., supporting cryptocurrencies, it seems that cryptocurrency has become an inventable trend as an emerging investment service to join investors’ portfolios.

Goldman Sachs, the second-largest US investment bank, has stated in April that it will offer Bitcoin and other crypto products to its private wealth clients within the next few months.

In December last year, The S&P Dow Jones Indices, a global leader in providing investable and benchmark indices to the financial markets, announced that it would be launching index funds for cryptocurrencies in May 2021, including S&P Bitcoin Index, S&P Ethereum Index, and S&P Crypto Mega Cap Index.

These three indexes successfully brought cryptocurrency trading into the Wall Street investment bank predators. Investment institutions can measure the performance of related digital assets through these three indexes and make investment decisions based on this informative data.

Not only the United States own a cryptocurrency index, but also the Singapore Exchange (SGX) has also joined the cryptocurrency index following the trend of the emerging field of cryptocurrency. As early as September last year, Singapore Exchange (SGX) will launch crypto indices—the iEdge Bitcoin Index and iEdge Ethereum Index—in collaboration with UK-based cryptocurrency market data provider CryptoCompare.

Image source: Shutterstock

The crypto indicators are considered an important step in leading new research and models to accept emerging markets. Yet, Fernandez did not disclose which specific cryptocurrencies will be added and the specific time plan for the introduction. MSCI also declines to elaborate on Fernandez’s comments.

Source: https://blockchain.news/news/global-financial-indexes-provider-msci-plans-to-launch-crypto-indexes

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US Space Force Makes its Foray into the NFT Metaverse

The United States Space Force is launching an NFT series named after Neil Armstrong.

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The United States Space Force (USSF) has announced the launch of its Non-Fungible Token (NFT) series dubbed “Armstrong Satellite NFT Launch with Space Force.” The NFT series is named after Neil Armstrong, the first American and human to land on the moon, which is under production in partnership with Ethernity Chain and Star Atlas.

According to the official announcement, the NFT series will feature a limited edition digital twin NFT of the GPS III SV05 “ARMSTRONG” satellite and 3D NFTs depicting 30-plus satellites currently in orbit forming a GPS constellation around the Earth, among others. The Armstrong Satellite, named after the historic feat of Neil Armstrong, has its inherent significance in that it will provide “accurate global positioning and navigation systems to military and civilian users.”

The foray of a notable US agency into the NFT metaverse signals that the industry’s potential is fast approaching maturity with a broader public acceptance. The Ethernity Chain team particularly considers the partnership with USSF as a win for blockchain immutability.

“This is a historic opportunity for the NFT and blockchain space to push the medium forward and commemorate a moment both technologically and futuristically,” said Ethernity Chain CEO Nick Rose as a part of the announcement. “We can now put this launch and Neil Armstrong’s historic achievements on the immutable ledger and memorialise and tokenise it on an NFT that the public can participate in.”

American agencies are known to be huge supporters and investors in blockchain technologies. The move into NFTs is a testament to the trust in the potential of the tech to recreate experiences for users and keep pieces of history. While NASA is funding a blockchain-based space communication project, the agency’s dive into blockchain has been attached to the probable launch of a cryptocurrency as the agency was once in search of a data scientist.

Image source: Shutterstock

Source: https://blockchain.news/news/us-space-force-makes-its-foray-the-nft-metaverse

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

Image source: Shutterstock

Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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