Bitcoin’s $58,000 support line might have felt neglected like your New Year’s resolutions somehow causing the price to revisit it for the second time in four months. The leading cryptocurrency has lost grip of the $60,000 psychological level, and many believe the ongoing repayment of Mt.Gox creditors have a hand in the dip.
Related: Bitcoin Stuck in Endless $64K-$65K Loop, Can't Seem to 'Make Up Its Mind'
A selling streak of large amounts of Bitcoin among government agencies has also caused the price to dip over the last 2 weeks, with the most recent sell-off being approximately 1800 BTC by Germany.
These factors have culminated into the price of Bitcoin losing its 200-day moving average for the first time since August 2023. According to popular market analyst Skew, the main driver of the cryptocurrency’s recent dive is the rejection and reversal trendline at $63,800 price level.
If the market is to record any gains above these levels, Bitcoin needs to trigger market demand and reversal signals. Failure to which Skew believes volatility and momentum will gain traction towards the downside.
Polkadot “Lighting Money on Fire” After Spending $87 Million in H1 2024
A controversial report has emerged about Polkadot’s spending habits which has left many in shock like a bunch of dudes who just discovered their Shiba Inu dogs can sing opera.
The report revealed that Polkadot managed to blow through $87 million in the first half of 2024, with approximately 40% (or $36.7 million) devoted to "outreach" activities. Apparently, because no one might have heard of Polkadot and it could take a small fortune to get the word out.
Kid you not, the outreach budget included payments to influencers, digital advertising, sponsorship, cryptocurrency events and conferences.
Apparently, it seems Polkadot’s treasury DOTs were in a race to see who could disapear the fastest considering the treasure revenue nosedived from 414,291 to 171,696 DOT tokens.
Polkadot Community Response
Community members are understandably worried about the sustainability of this extravagant spending spree, especially with only a modest $245 million left in the treasury. Because, you know, $245 million just doesn’t stretch as far as it used to be and given Polkadot’s streak of spending habits.
Head ambassador Tommi Enenkel, the author behind the report, admits:
With our current burn rate, the Treasury's got a solid two years left before we're shaking the couch cushions for lost pocket change.
However, he acknowledged that the volatility of cryptocurrency prices made it no easier to make such a precise prediction.
The critics have sharpened their pitchforks over the breakdown of outreach spending. Social media comments point to a $53,000 bill for a fancy logo on CoinGecko. Meanwhile,rumors suggest influencer payments might be hitting $300,000 a month. Besides if you were the one,why would you not dish out a fat pocket of cash to have someone tweet about Polkadot?
Venture capitalist Adam Cochran didn't hold back, labeling the outreach spending as "lighting money on fire" and pointing out that Polkadot's marketing efforts are about as visible as a ninja in the night.
More Info on BTC:
- New Research Proves Bitcoin Enthusiasts Are Not Psychopaths
- 10,000 Bitcoins Later: Commemorating the First Crypto Pizza Transaction
Polkadot, however, insisted that the influencer budget is spread across several agencies. They’ve funneled $2.2 million to EVOX, $1.3 million to Lunar Strategy, and a modest $490,000 to Chainwire.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
