Capitulation Severity Lessens as Bitcoin and Ethereum Rally

• Bitcoin and Ethereum have seen a rally, which has lessened the severity of capitulation.
• Net Unrealized Profit/Loss (NUPL) is the difference between Relative Unrealized Profit and Relative Unrealized Loss which can be calculated by subtracting realized cap from the market cap and dividing the result by the market cap.
• Bear market bottoms occur when capitulation occurs, even when the strongest hands sell due to fear in the market and each bear market bottom has made a higher low, which shows the capitulation amongst holders becomes less severe.

As the price of Bitcoin and Ethereum continues to rise, the severity of capitulation amongst holders has lessened. Capitulation is a term used to describe a situation in which the strongest hands in the market sell due to fear and despair, and usually marks the bottom of a bear market. In 2021, multiple events, such as the Ukraine invasion, Luna, and FTX collapse, saw multiple capitulations amongst holders. However, when Bitcoin broke the $20,000 milestone in late 2021, the sentiment in the market suddenly shifted away from capitulation.

Net Unrealized Profit/Loss (NUPL) is a metric used to measure capitulation severity, and is calculated by subtracting realized cap from the market cap and dividing the result by the market cap. When NUPL is low, it indicates that holders are more likely to capitulate, and when NUPL is high, it indicates that holders are less likely to capitulate. As seen in the charts provided by Glassnode, when Bitcoin and Ethereum breached their respective all-time highs, NUPL was relatively low, indicating that holders were still fearful of capitulating. However, as the prices of both Bitcoin and Ethereum have continued to rally, the NUPL of both cryptocurrencies have risen, indicating that holders are less likely to capitulate.

In addition, the bear market bottoms over the past few cycles have made higher lows, which further indicates that capitulation amongst holders is becoming less severe. This is further evidence that despite the fear caused by events such as the Ukraine invasion, Luna, and FTX collapse, the sentiment in the market is slowly shifting away from capitulation and towards a more optimistic outlook.

It is important to note that while the severity of capitulation is decreasing, it is still an important factor to consider when making investing decisions. Although capitulation is becoming less severe, it is still possible for it to occur at any moment, and investors should remain aware of this possibility and adjust their strategies accordingly.

ConsenSys Layoffs: 11% of Workforce Affected, Generous Packages Offered

• ConsenSys CEO Joseph Lupin has announced layoffs of 11% of the firm’s workforce.
• Those affected will be given generous packages to assist with their transition, including severance packages, extended option exercise window, customized placement assistance, and healthcare benefits.
• The firm is focusing on scaling its core offerings and reducing operating expenses as part of its initiative to strengthen the product teams.

ConsenSys, a software technology company developing decentralized applications and various developer and end-user tools for the Ethereum blockchain, has announced major layoffs. The CEO of ConsenSys, Joseph Lupin, has confirmed in a letter that the firm will be letting go 11% of its workforce in an effort to refocus and adjust to the challenging and uncertain market conditions.

The CEO said that those affected by the layoffs will be provided with generous packages to assist them in their transition to a new job. This includes severance packages according to tenure, an extended option exercise window from 12 months to 36 months, customized placement assistance, and healthcare benefits in certain jurisdictions.

The main focus of the firm is to scale its core offerings and reduce operating expenses, in order to strengthen the product teams. In that regard, ConsenSys has recently announced the ConsenSys zkEVM Private Beta test net for selected users.

Lupin also took a dig at centralized finance saying that while they capitalized the interest in cryptocurrencies by offering ways to earn yield on crypto assets, the ecosystem is much more similar to traditional finance with third-party custody, third-party payments, and other risks that were exposed and exploited last year.

He concluded his letter emphasizing the tough decision and thanking those affected for their contributions and the work they’ve accomplished. He said that the firm is determined to stay competitive in the market and continue to bring quality products to the blockchain ecosystem.

Investment Firm Drops Fraud Charges Against Terraform Labs, Execs

• Investment firm Albright Capital has voluntarily dismissed its fraud charges against the failed Terraform Labs and its executives, including Do Kwon.
• Following the historic Terra collapse in May 2022, Albright Capital had accused Terraform Labs of promoting the UST, LUNA, and related Terra cryptocurrencies deceptively.
• 3AC co-founder Zhu Shu called the attention of crypto media outlets to the recent Albright and Terra lawsuit development.

Investment firm Albright Capital has recently made the move to drop its fraud charges against the failed Terraform Labs and its executives, including Do Kwon. The news comes after the historic Terra collapse in May 2022, when Albright Capital had accused Terraform Labs of deceptively promoting the UST, LUNA, and related Terra cryptocurrencies.

The lawsuit filed by Albright Capital also included other defendants such as Luna Foundation Guard, Delphi Digital, Jump Trading, Nicholas Platias, Jose Macedo, Kanav Kariya, and Remi Tetot. In addition, the lawsuit accused Terraform Labs executives of withdrawing funds from the Terra ecosystem for their personal gains.

A motion filed on Jan 9 revealed that Albright Capital has decided to voluntarily dismiss the class action against Terraform Labs and Do Kwon without prejudice. The news of the dismissal was called to the attention of crypto media outlets by Three Arrows Capital (3AC) co-founder Zhu Shu, who tweeted on Jan 10 about the sudden voluntary dismissal of the class action.

The development has left many in the crypto community surprised, especially given the gravity of the accusations Albright Capital had made against Terraform Labs. It is unclear if the voluntary dismissal of the case means that the charges against Terraform Labs are unfounded or if the parties have come to a settlement agreement. For now, it appears that the outcome of the case is still up in the air.

Crypto.com to Delist USDT and USDT Trading Pairs in Canada on Jan 31

1. Crypto.com will delist USDT and USDT trading pairs on its app and platform for Canadian residents on January 31.
2. Crypto.com will suspend all USDT transactions and cancel all USDT spot orders after the delisting.
3. The move follows instructions from the Ontario Securities Commission under the terms of its registration undertaking for a restricted dealer license.

Cryptocurrency exchange Crypto.com is set to delist its USDT and USDT trading pairs on its app and platform for Canadian residents on January 31 at 06:00 UTC. The move follows instructions from the Ontario Securities Commission (OSC) under the terms of its registration undertaking for a restricted dealer license.

The delisting will be accompanied by Crypto.com urging its Canadian users to review their USDT balances, as it will suspend all USDT transactions after the above-mentioned date. The cryptocurrency exchange has also announced that it will cancel all USDT spot orders and won’t credit any USDT deposited in the crypto.com wallet after January 31. However, any remaining USDT balances would be converted to USDC.

The delisting is in response to the Canadian Securities Administrators (CSA) decision last December to strengthen its oversight of crypto trading platforms. In its 2022-2025 Business Plan, the CSA outlined a strategic goal of studying the regulatory implications of stablecoins in the capital markets, including their use to trade crypto assets.

The news of the delisting has come as a blow to Crypto.com, as asset outflows from the exchange have increased. Nevertheless, the firm has declared that it is still committed to providing its Canadian users with a safe and secure environment for cryptocurrency trading.

The delisting of USDT and USDT trading pairs from Crypto.com for Canadian residents is a testament to the OSC’s commitment to ensuring the safety of investors. By strengthening its oversight of crypto trading platforms, the OSC is taking the necessary steps to protect investors and ensure that the cryptocurrency markets are operating in a fair, transparent and efficient manner.

Bitcoin’s correlation with gold is weakening, says new report from Kraken

 

Although the correlation of Bitcoin (BTC) with gold has decreased, the asset’s correlation with the S&P 500 stock market index is increasing, Kraken exchange researchers found.

Kraken Intelligence, a research arm of the major U.S. crypt-currency exchange, Kraken, released a „Bitcoin Volatility Report“ for June 2020.

Bitcoin Volatility Reaches a Low of 6 Months

Published on July 9, the new report describes a 31% drop in Bitcoin trading that resulted in a minimum of six months of annualized volatility for this cryptoactive, which had 51% in June.

Have more gold than Bitcoin, says Mike Novogratz
According to the report, the significant decrease in volumes and volatility marked June as the quietest month since February 2020 for Bitcoin. This also caused a major trend reversal that greatly impacted Bitcoin’s correlation with stocks and gold.

BTC correlation with gold falls 0.73 on average indicators in June
As such, Bitcoin’s continuous 30-day correlation with gold fell below its annual average of 0.24 to a four-month low of -0.49, the researchers found. The correlation movement came after a modestly positive trend in the second half of May that ended above a 0.50 annual average, Kraken Intelligence said.

The analyst says Bitcoin’s correlation with the S&P 500 means that its price should be $18,000.

 

The correlation with the S&P 500 is growing
While Bitcoin is correlating less with gold, the correlation of the cryptomoney with stock market indices such as the S&P 500 is growing. According to Kraken Intelligence, the reversal trend caused Bitcoin’s correlation with the S&P 500 to reach 0.65 at the end of June. The monthly average increased by 0.52 from an annual average of 0.26, analysts said.

For Crypto Digital Group’s CEO, the price of bitcoin could be close to a major downward movement
Kraken’s data on the correlation of the S&P 500 seems to match the information shared by the digital asset exchange, OKCoin, earlier this week. Daniel Koehler, OKCoin’s liquidity manager, told Immediate Edge that the exchange witnessed „high“ levels of correlation realized over a month for BTC and S&P 500. „The last time we saw SPX and BTC 1M we realized that volatility spread so low was just before the March 12 drop in BTC prices,“ Koehler added.

In early June, stock-to-flow analyst PlanB said that a strong correlation between Bitcoin and S&P 500 should have sent the Bitcoin price to USD 18,000.

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