The prominent NFT project is on the verge of parting with a significant portion of its treasury as disillusioned investors prepare to make their exit.
In response to a sharp drop in trading volumes that have hit a four-year low, crypto exchanges have launched promotions to bolster their revenue streams.
A death cross signals a possible enduring shift towards a bearish momentum, while a golden cross implies the contrary.
Towards the conclusion of August, Bitcoin validated an overextended decline in its monthly stochastic indicator, a warning sign that has historically coincided with market pinnacles.
The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The crypto exchange is implementing a 'risk management initiative' focused on certain cryptocurrency projects that possess a relatively modest market capitalization or whose tokens are involved in trading pairs with lower liquidity.
Observant analysts within the blockchain community raised concerns regarding significant alterations in the supervision of a critical wallet.
The sudden drop in prices last Thursday caught the interest of several significant investors.
Both tokens experienced a 3% increase, with bitcoin and ether gaining up to 1.2%, and bnb (BNB) surged by 1%, demonstrating resilience against worries about potential risks spreading within the BNB Chain ecosystem.
The relative strength index of Bitcoin has significantly fallen below 30, marking its most pronounced oversold reading since March 2020.