Mooners and Shakers: BTC traders take profits; 30% Bitcoin mining tax could be scrapped in US
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It seems crypto traders with a “now, now, NOW” mindset have been scooping up some profit on the latest surge, sending the price of BTC and more than several altcoins a little lower today.
That’s according to some Bitcoin-centric analysis from blockchain data analytics gurus Glassnode and Blockware Solutions.
The thing about that is, however, it’s regarded as a potentially bullish sign when considering a metric referred to as the short-term holders’ (STH) spent output profit ratio (SOPR).
Long story, er short, Bitcoin’s short-term investors appear to be making profit again, which is regarded as a good sign for potential continuation and bull-market conditions.
This tweet from the account “Ordinal Miners” shows the Glassnode chart…
… And by way of further explanation, according to a note in Blockware Solutions’ latest weekly newsletter:
“After a brief stint of coins moving at a loss, STH-SOPR is now back above 1. This is bullish for near-term price action as it shows capitulation from short-term holders.”
A controversial Bitcoin mining tax proposal looks like it’s set to fall on the scrapheap amid the likelihood of the US debt ceiling raise agreement coming to fruition between the Democrats and Republicans.
The tax proposal put forth as part of Biden’s FY 2024 budget would have seen a 30% tax on electricity used by crypto miners. As you might expect, the crypto/Bitcoin mining industry, which the US dominates, has been a tad upset about the idea.
A tweet from Republican Congressman Warren Davidson noted that the debt-ceiling deal blocks “proposed taxes”:
Yes, one of the victories is blocking proposed taxes.
— Warren Davidson 🇺🇸 (@WarrenDavidson) May 29, 2023
Bitcoin has pulled back below US$28k again but appears to have bounced off a level just below US$27.6k for the moment. Dip, retest support and continuation? Perhaps. But here’s a more technically analytical take that might suggest a further short-term pullback…
Rejected nicely off the diagonal. I’d like to see a setup not driven by news for the real move higher.
— Roman (@Roman_Trading) May 29, 2023
Meanwhile, here’s a confident large fish, or at least a swooping “birb” – Adrian Zduńczyk, a popular Bitcoin/crypto trader/analyst and founder of the trading group known as The Birb Nest…
Opened $530,000 $BTC position yesterday.
Proof in comment. pic.twitter.com/09emj8d42W
— Adrian Zduńczyk, CMT (@crypto_birb) May 29, 2023
Despite some renewed market confidence we’re seeing so far this week, however, as Collective Shift’s Matt Willemsen points out, May looks like being the first month so far this year in which the price of BTC will print a red candle. Not a massive one, mind…
— Matt Willemsen (@matt_willemsen) May 29, 2023
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Quant (QNT), (market cap: US$1.63 billion) +5%
• IOTA (MIOTA), (market cap: US$587 million) +5%
• Injective (INJ), (market cap: US$596 million) +4%
• Lido DAO (LDO), (market cap: US$1.9 billion) +3%
• The Graph (GRT), (market cap: US$1.13 billion) +1%
PUMPERS (lower, lower caps)
• Tenet (TENET), (market cap: US$11 million) +34%
• Artificial Liquid Intelligence (ALI), (market cap: US$98 million) +24%
• Everscale (EVER), (market cap: US$89 million) +19%
• Linear (LINA), (market cap: US$94 million) +18%
• Detijaru Tsuka (TSKUA), (market cap: US$50 million) +15%
• Optimism (OP), (market cap: US$507 million) -9%
• Render (RNDR), (mc: US$927 million) -8%
• Casper Network (CSPR), (mc: US$546 million) -6%
• Conflux (CFX), (mc: US$653 million) -6%
• Fantom (FTM), (mc: US$920 million) -5%
• Pepe (PEPE), (mc: US$601 million) -5%
SLUMPERS (lower, lower caps)
• COCOS BCX (COCOS), (market cap: US$96 million) -23%
• 0X0.AI (0X0), (market cap: US$45 million) -22%
• Lybra Finance (LBR), (market cap: US$21 million) -16%
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
#BTC is on the cusp of confirming a breakout from the Falling Wedge
— Rekt Capital (@rektcapital) May 29, 2023
In 2014, most investors considered $NVDA, priced at ~$5, simply a PC gaming chip stock. In contrast, @ARKInvest’s first principles research pointed to #Nvidia as the premier equity play on #AI. Now up ~80-fold, investors seem to think NVDA is the only AI play. It is not! https://t.co/RzII3KMCGu
— Cathie Wood (@CathieDWood) May 29, 2023
😮 #XRPNetwork has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between $XRP & the #altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more. https://t.co/601m4SYUOy pic.twitter.com/AF8k4qtPQv
— Santiment (@santimentfeed) May 30, 2023
— Bitcoin Archive (@BTC_Archive) May 28, 2023