“It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later,” said Maxine Waters.
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BTC whales and market makers are holding their leveraged long positions, even though BTC failed to break above $17,400 on Dec. 5
On-chain data shows the Bitcoin Hash Ribbon golden cross has failed to provide an uplift to the price for the first time ever. Bitcoin Hash Ribbons Have Recently Formed A Death Cross As pointed out by an analyst in a CryptoQuant post, the BTC Hash Ribbon model has failed for the first time in the crypto’s history. The relevant indicator here is the “mining hashrate,” which measures the total amount of computing power connected to the Bitcoin network right now. When the value of this metric trends up, it means miners are bringing more mining rigs online currently. On the other hand, a decline suggests these chain validators are ditching the network and disconnecting their machines. The Hash Ribbon is a BTC model that’s based on two moving averages of the hashrate metric. A “moving average” (MA) is the mean value of any quantity that, as its name implies, keeps moving with the metric and changes its value accordingly. Related Reading: Bitcoin Bearish Signal: MPI Records Highest Value Since April 2022 The benefit of an MA is that it smooths out the curve and removes any temporary fluctuations that have no bearing on the long-term trend. In the context of the Hash Ribbon model, the Bitcoin hashrate MAs of interest are the 30-day and the 60-day versions. Here is a chart that shows the trend in these two ribbons over the last few years: Looks like the two MAs of the metric have gone through a cross recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin 60-day MA hashrate has crossed above the 30-day version recently. When this kind of crossover happens, it means the hashrate has been sharply falling recently as the 30-day average has fallen below the longer, 60-day one. Related Reading: This Historic Bitcoin On-Chain Support Level Is Still Not Lost Historically, crosses like these have been bearish death crosses for the price since they are a signal of miner capitulation. Crosses of the opposite kind, on the contrary, have always had a bullish effect on the price of the coin as they indicate that miners are optimistic on the outcome of BTC since they are expanding their operations. The latest golden cross, however, took place a few months ago, but instead of a price rise, a decrease has followed it. Since the death cross is now already in, it would appear that for the first time in Bitcoin’s history, this bullish crossover has failed to bear any fruits. BTC Price At the time of writing, Bitcoin’s price floats around $17.3k, up 7% in the last week. BTC seems to have shot up | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com
The crypto lending platform says it will no longer accept new registrations, and operations for existing customers will eventually be wound down.
Crypto markets appear to be losing some of their recent bullish momentum, but a favorable tailwind from equities markets could catalyze a breakout in Bitcoin and select altcoins.
The term describing an internet-enabled virtual world lost to ‘Goblin mode’ in 2022 — “a type of behavior which is unapologetically self-indulgent, lazy, slovenly, or greedy.”
In a number of recent interviews, the former co-founder of FTX, Sam Bankman-Fried (SBF), explained that he “wasn’t running Alameda” and he “didn’t know the size of their position.” In a more recent discussion with The Block’s Frank Chaparro, SBF explained that auditors were looking at FTX’s corporate financials, but the auditors were “not looking […]
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“Collaboration and synergy on national and international level is critical to the development of Digital Rupiah,” said Perry Warjiyo.
