Shiba Inu (SHIB) price dropped by over 10% to $0.00001641 on May 9 amid a broader crypto market decline. This year, SHIB's returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022. Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption news as SHIB price continues to fall under macro and technical pressures. Shiba Inu triangle breakdown The prospect of Shiba Inu facing more yearly losses increases as it stays …

Bitcoin (BTC) set a new record low price for 2022 on May 9 as crypto markets continued selling off prior to the Wall Street opening. BTC price sinks under $36,700 Data from Cointelegraph Markets Pro and TradingView confirmed the firmly bearish achievement for BTC/USD, which hit $32,637 on Bitstamp. With the latest installment of a string of losses in May, the pair continued to trade under $33,000 at the time of writing, with weekly losses now at 15%. “Bitcoin sweeping the lows here, that’s probably next liquidity,” Cointelegraph contributor Michaël van de Poppe told Twitter followers in one of several …

Data from website traffic metric provider Similarweb shows that Deribit and OKX continue to attract significant traffic sources from China despite a blanket ban on crypto transactions and foreign exchanges last year. China has banned the use of cryptocurrencies more than a dozen times in the last decade. However, the one imposed in September last year was considered the harshest one. Several crypto exchanges including Huobi and Binance had shut doors for the Chinese traders in fear of regulatory action. The strict regulatory reforms ensured that Chinese traders mainly shifted their focus to decentralized exchanges (DEXs) and protocols. Chinese crypto …

SBI Motor Japan, a subsidiary of SBI Africa Co. Ltd., has announced that its customers can now make payments for used cars using Bitcoin (BTC) and Ripple (XRP). According to the announcement by SBI on Monday, the development marks the first time XRP cryptocurrency will be deployed on a cross-border e-commerce website in Japan. The BTC and XRP transactions will be settled on the SBI VC Trade Co. Ltd, a cryptocurrency exchange owned by the SBI Group. The platform, according to SBI, will use appropriate security methods in order to prevent money laundering and terrorist financing through crypto transactions. Furthermore, …

Monero (XMR) has shown a surprising resilience against the United States Federal Reserve’s hawkish policies that pushed the prices of most of its crypto rivals — including the top dog Bitcoin (BTC) — lower last week. XMR price closed the previous week 2.37% higher at $217, data from Binance shows. In comparison, BTC, which typically influences the broader crypto market, finished the week down 11.55%. The second-largest crypto, Ether (ETH), also plunged 11% in the same period. While the crypto market wiped off $163.25 billion from its valuation last week, down nearly 9%, Monero’s market cap increased by $87.7 million, …

The S&P 500 and the Nasdaq have declined for five consecutive weeks, indicating that traders continue to reduce exposure to risky assets. Bitcoin’s (BTC) close correlation with United States equity markets has resulted in its price remaining under pressure. Bitcoin has extended its decline during the weekend and is now on track for its sixth successive weekly loss, the first such occurrence since 2014. The weakness in Bitcoin has pulled down the entire crypto markets, whose market capitalization has dipped below $1.6 trillion. When the sentiment is bearish, traders sell on every negative news. The depeg of Terra’s U. S. …

Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST). The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this sell-off, UST briefly lost its United States dollar peg, falling to as low as $0.98. Excessive LUNA supply LUNA serves as a collateral asset to maintain UST’s dollar peg, according to Terra’s elastic monetary policy. Therefore, when the value of UST is above $1.00, the Terra protocol incentivizes users to burn …

Bitcoin (BTC) prepared for a rare bear feature to return on May 8 after an overnight sell-off took the market ever closer to January lows. BTC circles $34,400 lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $34,200 on Bitstamp, recovering to trade around $500 higher at the time of writing. The pair had seen brief support around the $36,000 mark, but this gave way as thin weekend liquidity added to the volatility. Bitcoin liquidations themselves were limited, however, as market sentiment had long expected a deeper pullback after a tumultuous week on stock markets. Data from …

Anchor Protocol (ANC) returned to its bullish form this May after plunging by over 70% in the previous two months. Pullback risks ahead ANC’s price rebounded by a little over 42.50% between May 1 and May 6, reaching $2.26, its highest level in three weeks. Nonetheless, the token experienced a selloff on May 6 and May 7 after ramming into what appears to be a resistance confluence. That consists of a 50-day exponential moving average (50-day EMA; the red wave) and 0.786 Fib line of the Fibonacci retracement graph, drawn from the $1.32-swing low to the $5.82-swing high, as shown …

Reflecting the growing interest in the nonfungible token (NFT) space among today’s investors, new research predicts that the existing $3 billion market size will reach $13.6 billion by the end of 2027. For the next five years, the key factors tied to the global NFT boom continue to factor in the growing involvement of mainstream influencers, gaming communities and the rising demand for digital artworks. Interestingly enough, research firm MarketsandMarkets envisions several other factors that will contribute to the explosive growth of the NFT market, including its increasing use cases in supply chain management, retail and fashion. Some of the …

The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days. In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame. As expected, altcoins suffered the most In the last seven days, Bitcoin price …

The nonfungible token (NFT) sector has undergone a surge in popularity over the past year and a half as projects like Bored Ape Yacht Club and CryptoPunks captured the attention of the general public. While the idea of fetching a six-figure payday for the latest trending digital art piece has been a major factor in the attention placed on the sector, the truth is that the crypto industry has only scratched the surface of what NFT technology is capable of. Here’s a rundown of some of the next frontiers in the development of NFT technology that has the potential to …