Data suggests that fresh capital has prompted BTC’s latest price pump to above $12,000. In other words, it wasn’t a money relocation from altcoins to Bitcoin.

Bitcoin is enjoying several consecutive bullish days, resulting in a break above $12,000. The movement may surprise some. A few days ago, news broke that the popular cryptocurrency exchange OKEx had suspended withdrawals after reports emerged that its founder was taken away by the police.

In early October, the owners of another large platform, namely BitMEX, were charged by the US CFTC with illegally operating a derivatives exchange.

Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoin’s price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.

On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this re ... Read more »

Category: Analytics | Views: 5 | Added by: 4zvezda | Date: 21.10.2020 | Comments (0)

Data from Glassnode shows that traders are hoarding BTC. Is a Bitcoin bull run on the horizon?

The amount of Bitcoin stored on exchanges is “continuously plummeting,” according to a new report from CoinTelegraph.

Indeed, since Crypto’s ‘Black Friday’ in March, when the price of Bitcoin swiftly fell from over $9,000 to nearly $4,000, data from Glassnode shows that the amount of Bitcoin that traders are storing in cryptocurrency exchange accounts has fallen to the tune of $2.85 billion (from 2,950,000 BTC to 2,700,000 BTC.)

... Read more »

Category: Analytics | Views: 26 | Added by: 4zvezda | Date: 19.10.2020 | Comments (0)

Bitcoin’s hashrate climbed to an all-time high (ATH) this week touching 166 exahash per second (EH/s) on October 14. Meanwhile, despite the recent price rise and hashrate ATH on Wednesday, only a small group of next-generation mining rigs are profiting at current bitcoin exchange rates.

The price of bitcoin (BTC) is hovering just above the $11K region and during the last few days, the network’s hashrate has touched a new ATH. At the time of writing, BTC’s hashrate is fluctuating between 130 to 140 exahash per second (EH/s), and on Wednesday evening (ET) the metric surpassed 166 EH/s.

Interestingly, the rise has continued despite the fact that BTC’s network difficulty has also r ... Read more »

Category: Analytics | Views: 19 | Added by: 4zvezda | Date: 17.10.2020 | Comments (0)

Cryptocurrency reserves held on digital asset exchanges have been dropping to new lows, as some of the top exchanges have seen significant bitcoin reserve balance drops. A few months ago trading platforms had a lot more bitcoin reserves on hand and onchain data shows a few exchanges have seen customers steadily drain 187,000 bitcoins ($2.1B) from exchange-owned cold wallets.

In February, Coinbase had 1 million bitcoin under management and today reserves are down over 9% as 92,000 bitcoin ($1B) has left the exchange. Today, according to Bituniverse’s online exchange balance rank tracker, the San Francisco trading platform has 908,560 BTC under management.

36,000 BTC ($408M) left Coinbase since news.Bitcoi ... Read more »

Category: Analytics | Views: 38 | Added by: 4zvezda | Date: 17.10.2020 | Comments (0)

Tether’s USDT stablecoin dominates crypto market volumes but data shows its $15.7B market cap does not negatively impact Bitcoin’s volume.

Tether’s (USDT) stablecoin has been the leading base pair for cryptocurrencies for over eighteen months. 

This is a rather impressive feat given the ongoing court case with the New York Attorney General and the other frequent rumors that USDT is not sufficiently backed or subject to regulators' reach. 

USDT has also been the dominant stablecoin in China even though the country banned cryptocurrency exchanges in 2017. This is because large exchanges like Binance, Huobi and OKEx turned to the stablecoin as their leading base pair. 

It’s ... Read more »

Category: Analytics | Views: 9 | Added by: danyagames2007 | Date: 14.10.2020 | Comments (0)

Kraken has identified a decreasing correlation between Bitcoin and the legacy financial markets.

A report published by major U.S.-based crypto exchange Kraken has identified signs the correlation between Bitcoin (BTC), the greenback, and legacy markets, is continuing to weaken.

Kraken’s September volatility report found Bitcoin (BTC) largely maintaining a negative correlation with the U.S. Dollar Index (DXY) since May, despite a brief coalescence between the two markets in early September.

... Read more »

Category: Analytics | Views: 51 | Added by: danyagames2007 | Date: 13.10.2020 | Comments (0)

The post-BitMEX trading arena is not skewed to selling despite BTC/USD nearing $11,500, CryptoQuant data shows.

A Bitcoin (BTC) sell-off and associated price fall are “not going to happen,” a well-known the CEO of a well-known analytics tool has said.

In a tweet on Oct. 12, Ki Young Ju, CEO of CryptoQuant, noted that average inflows to exchanges were staying low despite BTC price gains.

Ki: Exchange inflows “still in the safe zone”

Ki highlighted CryptoQuant’s mean exchange inflow metric, which remains comfortably within the low-risk area, suggesting a low chance of a sell-off.

Mean exchange inflow measures how much Bitcoin is entering exchange ... Read more »

Category: Analytics | Views: 29 | Added by: danyagames2007 | Date: 13.10.2020 | Comments (0)

Bitcoin price retested the $9,900 zone against the US Dollar. BTC seems to be forming a double bottom pattern near $9,900 and it could start a decent increase above $10,500.

Bitcoin bounced back above $10,200 after it retested the $10,000 and $9,900 levels.
The price is now trading nicely above $10,300 and the 100 hourly simple moving average.
There was a break above a key declining channel with resistance near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher as long as it is above the $10,000 support zone.

Bitcoin Price Could Recover Higher

Yesterday, there was another downward move below the $10,200 level in bitcoin pric ... Read more »

Category: Analytics | Views: 63 | Added by: rozhkovagency | Date: 08.09.2020 | Comments (0)

Tron’s native token TRX was among the top gainers on Tuesday as its price jumped by up to 11.38 percent.

The TRX/BTC exchange rate settled an intraday high at 345 sats before correcting lower ahead of the New York trading session. The move downhill appeared in contrast with Bitcoin’s slow and sideways action above $10,000. So it appears, traders decided to move into alternative assets after finding no intraday opportunities in the Bitcoin market.

Tron (TRX) surges the th ... Read more »

Category: Analytics | Views: 43 | Added by: rozhkovagency | Date: 08.09.2020 | Comments (0)

Bitcoin has been clinging to the key $10,000 BTC price level all weekend as technical factors point to a short-term relief rally.

Last weekend was incredibly rough for most cryptocurrency investors as massive sell-offs occurred. The price of Bitcoin (BTC) dipped below $10,000 several times but seems to have found short-term support at this level.

The primary question for the markets is whether a relief rally is around the corner or further downside movement is expected. 

Let’s take a look at the charts to determine what might happen next. 

... Read more »

Category: Analytics | Views: 51 | Added by: danyagames2007 | Date: 08.09.2020 | Comments (0)

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