The Federal Bureau of Investigation (FBI), America’s domestic intelligence and security service, has published a public service announcement concerning fraudulent schemes associated with cryptocurrency ATMs and QR codes. The FBI’s warning, published on November 4, highlights the presence of “scammers” directing their energy at unknowing victims. US Federal Agency Warns of Increase in Crypto ‘Scammers’ […]
A massive battle has been taking place as Bitcoin moves sideways in the past day. The benchmark cryptocurrency trades at $60,938 as of press time with a 1.2% profit in the 7-day chart. Bitcoin was rejected at the high of its current level driven by a surge in institutional demand. The launch of the first BTC-linked ETF in the U.S. seems to be a potential cause for the rally. Related Reading | Data Shows Whales Are Dumping, But Bitcoin Holds Above $60k The market has been cooling off post launch of the investment product leading into a consolidation phase, as noted by QCP Capital in a recent report. The price action could continue in its crab-like trend as the volatility diminishes, the firm places it at 60% during the past days. In consequence, the general sentiment in the market seems to be flipping bearish or at least uncertain. A large portion of traders and Bitcoin investors count on further gains as November is historically a bullish month for the cryptocurrency. In support of this thesis, the Stock-to-Flow model created by analyst Plan B has triggered a lot of hype. Created to measure the amount of BTC produce and the market demand as a response, the model makes prediction about the price of Bitcoin. According to the model, BTC should trend to the upside and reach a price target of around $80,000 in the next two weeks and move beyond $100,000 by the end of 2021. Plan B has been updating its followers via his Twitter account. The analyst expects Bitcoin to re-entered price discovery with a massive rally in the short term. Are you ready for +$10K daily candles? pic.twitter.com/SSOCRNalJ5 — PlanB (@100trillionUSD) November 5, 2021 Bitcoin Follows Stock-to-Flow Model Like Clockwork? In a different post, the analyst shared an updated chart that follows Bitcoin and its trajectory into the $100,000 zone. As seen below, the cryptocurrency approaches the prediction. The analyst recently conducted a poll asking his followers if Bitcoin will be able to reach that target, based on the original S2F model, or if it will reach $288,000, based on a prediction made with the S2FX model a variation of its previous model, or if it’ll go beyond by December 2021. Related Reading | The Fractal That Puts Bitcoin At $100,000 Before Year-End 203.569 people replied to the poll. As of press time, 38.4% believe Bitcoin will be at $100,000 by that time, and 34.4% voted for $288,000. Do you think #bitcoin will reach $500K, $288K (S2FX model), $100K (S2F model), or will BTC stay below $100K .. by Christmas 2021? — PlanB (@100trillionUSD) November 5, 2021 Despite its popularity, the Stock-to-Flow model faces heavy criticism. Some find its predictions exaggerated, unrealistic, and based on inaccurate data. Thus, they have taken to accuse the analyst of hyping the market. Shortly, the model will be invalidated or confirmed if it fails to meet its target. In the meantime, BTC remains rangebound with whales and retails seemingly standing in opposite sides. Related Reading | Bitcoin Stable, Why BTC Could Aim Fresh Rally To $65K
Hi there, newbie here just posted a few weeks ago about ENS domains and the crazy gas prices. As a work around people suggested me to take a look a L2 solutions like Arbitrum. I did it, but couldn't find a way to use Arbitrum to cut the gas price to get an ENS domain.…
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Preface: There are coins you should hold because they bounce right back, even after dipping hard. Having said that… It seems that there's a very heavy push into "you don't lose if you don't sell". I've seen this line of thinking much more than "cut your losses and move on to something else." If you…
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submitted by /u/Tejas_LiMan [link] [comments]
On-chain data shows Bitcoin whales are dumping as they make up almost 90% of the transactions to exchanges, but BTC holds support above $60k. Bitcoin Exchange Whale Ratio Says Nearly 90% Of Transactions Are From Whales As pointed out by a CryptoQuant post, BTC has continued to hold support above $60k despite on-chain data showing whales are dumping their coins. The indicator of relevance here is the “exchange whale ratio.” This metric measures the ratio between the top ten inflow transactions to exchanges and the total volume of Bitcoin moving to exchanges. With this ratio, the relative size between whale transactions and the total exchange transactions becomes apparent. If the value of the indicator is higher than 85%, it may suggest that whales have started to dump their coins. Now, here is a chart that shows the trend in the value of the Bitcoin metric over the last couple of months: Whale ratio has gone up recently | Source: CryptoQuant As the above graph shows, the indicator has shown an uptrend recently, and now whale transactions make up for nearly 90% of the inflow volume to exchanges. Related Reading | Quant Explains How Bitcoin On-Chain Data Can Identify Peaks Vs Shakeouts Such high values suggest there is whale dumping going on in the market. However, despite this trend, BTC has still maintained support above $60k. There is also another indicator’s curve in the above chart. It’s the “exchange reserve” metric that shows the total amount of BTC currently present in wallets of all exchanges. Looks like the trend with this indicator during this period has been that it’s going down. This means investors have been pulling their coins off exchanges, and so the supply for selling is being reduced. Related Reading | Bitcoin Trades Sideways, Technicals Point Chances of Fresh Rally This has been creating a supply shock in the Bitcoin market, and it may be this trend that’s making up for whale dumping and helping the coin keep above $60k. BTC Price At the time of writing, Bitcoin’s price floats around $61.5k, up 1% in the last seven days. Over the past month, the crypto has gained 16% in value. The below chart shows the trend in the price of the coin over the last five days. BTC’s price shows some sideways trend over the last few days | Source: BTCUSD on TradingView Bitcoin has slowed down some in the last couple of weeks as the price of the crypto has been mostly consolidating between the $64k and $60k range. It’s unclear when the trend might break or which direction the crypto might move in once it does, but for now the market has held up support despite the dumping from whales. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Hey folks, like the title says, I need some more cash in my bank account to cover my ass until I get my paycheck next Friday. My goal is to move from Exodus to Coinbase and just cash out. Does it make sense to use a layer 2 solution (which I have zero idea how…
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submitted by /u/bordoisse [link] [comments]
Hey everyone, I’ve been out to the game for a little bit and wanted to reach out and see what you guys are interested in. I recently came into about $3000 and I’d like to invest in the crypto market again. I got big into crypto in 2017 and now that I’m back I see…
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