%201.jpg "All right welcome back everybody to altcoin daily my name's Shahbaz there's so much happening right now in the crypto market and in today's I want to keep you informed like always check the timestamps down below find the news that's best for you and let's jump in starting with bitcoin. Bitcoin miners sold their entire may harvest we now know meaning that they are finding it extremely hard to continue their operations as the cost of production has exceeded the profit. So miners are selling let's talk about why new data from arcane research shows that public bitcoin mining firms sold 100 of their btc production back in may compared to the usual just 20 to 40 percent and if you're asking why it's because hash rate the amount of energy it takes to mine a block has almost never been higher while price is back to. What we were at at the end of 2017 beginning of 18. so small miners are being pushed out forced to consolidate forced to sell looking at btc sold from public miners in the year this year 2022 in the first four months of 2022 public btc mining firms sold around 30 percent of their mined production which has then increased three x folds in may and is expected to rise even further in June and keep in mind this does not represent all miners just the ones that are quote unquote public release information. Publicly and while public btc miners only make up around 20 of the total net network cash rate their behavior often reflects the sentiment of private miners as well.so give me your thoughts on this down below keep in mind miners are selling not because they're not bullish but because they have to because it's a business for them and they're trying to the small ones at least stay in operation also keep in mind that bitcoin network difficulty is self-adjusting. So if more miners keep dropping off the hash rate will go lower making it more profitable encouraging miners to jump back on this is a self-adjusting metric based on the environment and next up what does this minor capitulation mean to you and me excellent chart from analyst willy woo hash ribbons visualize minor collapse so bottoms normally coincide with miners capitulating weak miners are bankrupted adding to cell pressure in a cascade and then ribbons then recover green circles equal bottoms looks like we're deleveraging right now similar to the pandemic event red circles so this is the chart showing bitcoin hash ribbon and with these ribbons as they come apart it either shows miners becoming more profitable more on the network or as these bands close back together miners capitulating it's no longer profitable for the small ones where we are now much like the pandemic crash of 2020. Those ribbons are getting super close together showing capitulation now because it's self-adjusting they'll always expand eventually and when that happens when that happens that often shows a recovery process in the market. That this is close to around the bottom and the answer is no if we're expecting a normal btc macro bottom we haven't seen this come to pass yet the typical signs of a bottom are not yet in though there are no guarantees we'll get them because both btc and macro markets are structurally very different than prior history so give me your take on this for me i think what we'll probably see is whenever the miners are quote unquote done capitulating we'll probably see a bounce in the market for bitcoin but that no way means they were back in bull market we'll see and next up what is happening with altcoins well voyager digital's token plummets 60 after revealing a 661 million dollar exposure to three eros capital voyager digital today announced it may issue a notice of default to the struggling crypto investment firm 3ac if it fails to make a loan repayment so 3ac took out a loan from voyageur and 3ac has been silent i.e not paying it back shares in the new york-based crypto platform voyager plunged more than 60 after it revealed that its exposure to 3ac comprised of over 15 000 bitcoin as well as 350 million dollars in usdc damn so 3ac is in a lot of trouble they can't pay back their debts as of now and that means by cause and effect voyager is in some deep trouble as well because they're probably not getting that back. They've issued several notices to 3ac or nothing and they also added voyager added that it intends to pursue recovery from 3ac and is currently in discussions with their advisors regarding the legal remedies available so they may sue although if 3ac is insolvent that will ultimately lead nowhere now what does this mean to you if you had money in voyager if you hold the token well actually last week voyager did secure a revolving line of credit from alameda research including a cash stablecoin credit with an aggregated principal amount of over 200 million dollars and a revolving credit facility for 15 000 bitcoin. So i would guess although nobody knows the future that because alameda research bailed them out which is sam bankman freed's uh fund i would guess they'd probably be fine but very nice of sam bankman freed to bail them out next up speaking of bailouts as of yesterday crypto platform blockfi secures a 250 million dollar credit from ftx amid the bear market so again ftx heavily backed by sam bankman freed and he's coming to the rescue of these crypto companies. Who may or may not have been totally prepared for the bear market in a direct tweet from block five founder today block fi signed a term sheet with ftx to secure a 250 million dollar revolving credits facility providing us with access to capital that further bolsters our balance sheet and platform strength he goes on to say on how these funds will be used the proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types bia bpy and loan collateral and will be used as needed so basically saying it'll be used towards the clients and he finishes by saying this agreement also unlocks further collaboration and innovation between block fi and ftx as we work to accelerate prosperity worldwide through crypto financial services this is a significant step forward in our commitment to the strength and accessibility of crypto markets give me your thoughts on this in a way i think this is very positive that they were proactive in getting these funds as opposed to somebody like celsius who you wish you know was more proactive in getting this funding before they halted all withdrawals on their platform anyway bear market clearly in full effect let's keep moving and next piece of positive news coming right out of a conference in new York called nft nyc doodles nfts announce pharrell as chief brand officer as well as a fundraise led by alexis ohanian . Who is one of the co-founders of reddit so huge green flag for the doodles collection and again this is pharrell williams now chief brand officer williams who recently entered the nft space with his own gallery of digital assets go to projects project in his new role as chief brand officer williams will help shape thecollec tion's approach to music artwork consumer products animation and events basically help the brand in a direct quote on a pre-taped video message at the event he said i'm a big fan of the brand we're going to build from the core community outwards and bring doodles to new heights new levels so this is great news for ethereum of course where this nft collection is on and additionally pharrell will also serve as executive producer on an album of doodle-inspired music called doodle records vol 1 which will be released in partnership with columbia records okay very cool i wish i held the doodle I don't the the floor price is super high and by the way at the event the creators also announced doodles 2 a new nft collection that will spend millions of avatars up from just the 10 000 piece collection of the original collection and feature a wider array of traits along with wearable items the avatars ll not be released on Ethereum although no blockchain has been specified interesting so while the first collection had 10 000 individual pieces doodles 2 will have over a million potentially obviously they won't be the same but in my mind this is like how the board apiac club then got mutant apes basically in the same family although not the same and they had a cheaper floor and there was more of them as a way for average people to feel in the family next up. What about the solano whale that we've been covering on this channel since two days ago heavy solana manipulation again seek out that video if you want the full story but the news today is the solano whale moves 25 million dollars of usdc debt from solend to now mango markets the move reduces the utilization of usdc within the solent platform and allows users to withdraw their assets once more so some of the liquidation pressure is alleviated in a tweet solen shared that the whale has acted on the team's suggestion to move its position across various lending protocols the act reduces the utilization of usdc within solend allowing its users to withdraw their assets once more while the move seems like a band-aid solution to a bigger liquidation problem the solent team highlighted that they are working with the whale and the mango team to create a more long-term solution to the underlying problem so now that they see they have one they're trying to be a little proactive to make sure it doesn't happen again and apart from this the lending protocol has passed another governance vote that will significantly lower the account borrow limit that's currently at 120 million dollars to now just 50 million dollar limit damn so one guy ruined it for everybody but at least they're being a little proactive.") |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
All right welcome back everybody to altcoin daily my name's Shahbaz there's so much happening right now in the crypto market and in today's I want to keep you informed like always check the timestamps down below find the news that's best for you and let's jump in starting with bitcoin.
Bitcoin miners sold their entire may harvest we now know meaning that they are finding it extremely hard to continue their operations as the cost
of
production has exceeded
the profit.
So miners are selling let's talk about why new data from arcane research shows
that public bitcoin
mining firms sold 100 of their btc production back in may compared to the usual just 20 to 40 percent and if you're asking why it's because hash rate the amount of energy it
takes to mine a block
has almost never been higher while price is back to.
%203.jpg "Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW)") |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
What we were at at the end of 2017 beginning of 18. so small miners are being pushed out forced to consolidate forced to sell looking at btc sold from public miners in the year this year 2022 in the first four months of 2022 public btc mining firms sold around 30 percent of their mined production which has then increased three x folds in may and is expected to rise even further in June and keep in mind this does not represent all miners just the ones that are quote unquote public release information.
Publicly and while public btc miners only make up around 20 of the total
net network cash
rate their behavior often reflects the sentiment of private miners as well.so give me your thoughts on this down below keep in mind miners are selling not because they're not bullish but because they have to because it's
a
business for them and
they're trying to the small ones at least stay in operation also keep in mind that bitcoin network difficulty is self-adjusting.
%204.jpg "Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW)") |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
So if more miners keep dropping off the hash rate will go
lower making it more
profitable encouraging miners to jump back on this is a self-adjusting metric based on the environment and next up what does this minor capitulation
mean to you and me excellent chart from analyst willy
woo hash ribbons
visualize minor collapse so bottoms normally coincide with miners capitulating weak miners are bankrupted adding to cell pressure in a cascade and then ribbons then recover green circles
equal bottoms looks like we're deleveraging right
now similar to the
pandemic event red circles so this is the chart showing bitcoin hash ribbon and with these ribbons as they come apart it either shows miners becoming more profitable more on the network or as these bands close back together miners
capitulating it's no longer
profitable for the small ones where we are now
much like the pandemic crash of 2020.
Those ribbons are getting super close together showing capitulation now because it's self-adjusting they'll always expand eventually and when that happens when that happens that often shows a
recovery process in the
market.
 |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
That this is close to around the bottom and the answer is no if we're expecting a normal btc macro bottom we haven't seen this come to
pass yet the typical signs of a bottom are not yet in though there are no guarantees we'll
get them because
both btc and macro markets are structurally very different than prior history so give me your take on this for me i think what we'll probably
see is whenever the
miners are quote unquote done capitulating we'll probably see a bounce in the market for bitcoin but that no way means they were back in
bull market we'll see and next up what is happening with altcoins well voyager digital's token plummets
60
after revealing a 661
million dollar exposure to
three eros capital voyager digital today announced it may issue a notice of default to the struggling crypto investment firm 3ac if it fails to make a loan repayment
so
3ac took out a loan from
voyageur and 3ac has been
silent i.e not paying it back shares in the new york-based crypto platform voyager plunged more than 60 after it revealed that its exposure
to
3ac comprised of over 15
000 bitcoin as well as 350
million dollars in usdc damn so 3ac is in a lot of trouble they can't pay back their debts as of now and that means by cause and effect voyager is in some deep trouble as
well because they're
probably not getting that back.
 |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
They've issued several notices to 3ac or nothing and they also added voyager added
that it intends to
pursue recovery from 3ac and is currently in discussions with their advisors regarding the legal remedies available so they may sue although if 3ac is insolvent that
will ultimately lead
nowhere now what does
this mean to you if you had money in voyager if you hold the token well actually last week voyager did secure a revolving line of credit from alameda research including a
cash stablecoin
credit with an aggregated principal amount of over 200 million dollars and a revolving credit facility for 15 000 bitcoin.
So i would guess although nobody knows the future that because alameda
research bailed them out
which is sam bankman freed's uh fund i would
guess they'd probably be fine but very nice of sam bankman freed to bail them out next up speaking of bailouts as of yesterday crypto platform blockfi secures a 250 million dollar credit
from ftx amid the
bear market so again ftx heavily backed by sam bankman freed and he's coming to the rescue of these crypto companies.
 |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
Who may or may not have been totally prepared for the bear market in a direct tweet from block
five founder today
block fi signed a term sheet with ftx to secure a 250 million dollar revolving credits facility providing us with access to capital
that further bolsters
our balance sheet and platform strength he goes on to say on how these funds will be used the proceeds of the credit facility
are intended to be
contractually subordinate to all client balances across all account types bia bpy and loan collateral and will be used as needed
so
basically saying it'll
be used towards the clients and he finishes by saying this agreement also unlocks further collaboration and innovation between block fi and ftx as we work to accelerate prosperity worldwide
through crypto financial
services this is a
significant step forward in our commitment to the strength and accessibility of crypto markets give me your thoughts on this in a way i think this is very
positive that they were
proactive in getting these
funds as opposed to somebody like celsius who you wish you know was more proactive in getting this funding before they halted all withdrawals on their platform anyway bear market clearly in full effect
let's keep moving and next piece of positive news
coming right out of a
conference in new York called nft nyc doodles nfts announce pharrell as
chief brand officer as
well as a fundraise led by alexis ohanian .
 |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
Who is one of the co-founders of reddit so huge green
flag for the doodles
collection and again this is pharrell williams now chief brand officer williams who recently entered the nft space with his own gallery of digital assets go to projects project in his new role as chief brand
officer williams will
help shape thecollec tion's approach to music artwork consumer products animation and events basically help the brand in a direct quote on a pre-taped
video message at the
event he said i'm a big fan of the brand we're going to build from the core community outwards and bring doodles to new heights new
levels so this is great
news for ethereum of course where this nft collection is on and additionally pharrell will also serve as executive producer on an
album of
doodle-inspired music called doodle records vol 1 which will be released in partnership with columbia records
okay very cool i wish
i held the doodle I don't the the floor price is super high and by the way at the event the
creators also announced
doodles 2 a new nft collection that will spend millions of avatars up from just the 10 000 piece collection of the original collection and feature a wider array of traits along with wearable items the avatars ll not be released on Ethereum although no blockchain has been specified interesting so while the
first collection had
10 000 individual pieces doodles 2 will have over a million potentially obviously they won't be the same but in my mind this is like how
the board apiac club
then got mutant apes basically in the same family although not the same and they had a cheaper floor and there was more of them as a way for average people to feel in the family next up.
 |
| Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW) |
What about the solano whale that we've been covering on this channel since two days ago heavy solana manipulation again seek out that video if you want the full story but the news today is the solano whale moves 25 million dollars of usdc debt from solend to now mango markets the move reduces the utilization of usdc within the solent platform and allows users to withdraw their assets once more so some of the liquidation pressure is alleviated in a tweet solen shared that the whale has acted on the team's suggestion to move its position across various lending protocols the act reduces the utilization of usdc within solend allowing its users to withdraw their assets once more while the move seems like a band-aid solution to a bigger liquidation problem the solent team highlighted that they are working with the whale and the mango team to create a more long-term solution to the underlying problem so now that they see they have one they're trying to be a little proactive to make sure it doesn't happen again and apart from this the lending protocol has passed another governance vote that will significantly lower the account borrow limit that's currently at 120 million dollars to now just 50 million dollar limit damn so one guy ruined it for everybody but at least they're being a little proactive.
%201.jpg&description=Top Cryptocurrency News Today: The biggest moves in bitcoin, crypto market,(Bitcoin Miners SELLING NOW)){kind=link}
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