EU vs USA approach towards regulations is apparently very different. The recently passed "MiCa" regulations in the EU are set to enforce new rules on operation and transparency for exchanges and "crypto" businesses. Owners of exchanges like CZ have commented that, whilst the "devil is in the details" it is a positive first step to…
Read more
Glassnode data demonstrates that the Lightning Network outcompetes traditional payment networks in terms of commission costs.
I see posts and comments of people recommending investing in alts which usually faces some criticism and even though I don't think there's anything wrong with investing in alts, I do think understand why. Obviously much of the market consists of projects that die within a very short time and the rest scams, which alone…
Read more
Over the past months, Reddit has been incredibly successful with mass adoption through their main Gen 1-3 drops, as well as their free avatars themed around events and culture ranging from the Super Bowl, the World Cup, endangered animals, the OG free team avatars, and others. A lot of the first buyers of avatars when…
Read more
The game theory of Bitcoin and cryptocurrencies analyzes the behavior and strategies of participants in the market using concepts such as the prisoner’s dilemma.
In Canada, staking rewards are considered income, with the value determined by the value of the rewards on the day they were generated. Obviously this would be a nightmare to calculate manually, but last year i used an online calculator to spit out the total value. Damned if i can find it again this year,…
Read more
On-chain data shows the Bitcoin exchange outflows have seen a significant spike during the past day, a sign that may be bullish for the price. Bitcoin Exchange Outflows Have Observed A Large Spike Today As pointed out by an analyst in a CryptoQuant post, a total of 2,138 BTC has been taken out of exchanges during the last day. The “exchange outflow” is an indicator that measures the total amount of Bitcoin that’s being withdrawn from the wallets of all centralized exchanges. When the value of this metric has an elevated value, it means the investors are transferring out a large number of coins from these platforms. Generally, holders withdraw their BTC from exchanges for holding onto them for extended periods in offsite wallets. Because of this reason, elevated values of this metric can be a sign of accumulation, and hence, can be bullish for the cryptocurrency’s price. On the other hand, the low values of the indicator imply there aren’t many withdrawals happening in the market right now. Such a trend can be either bearish or neutral for the asset, depending on how the “exchange inflow,” the counterpart indicator, is behaving at the moment. Holders usually deposit to exchanges for selling-related purposes, so when the exchange inflow has high values, it suggests the investors may be participating in a selloff of the asset. Naturally, this can have bearish consequences for the price. Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move Now, here is a chart that shows the trend in the Bitcoin exchange outflow, as well as in the inflow, over the last day: The value of the outflow seems to have been quite high in recent hours | Source: CryptoQuant As displayed in the above graph, the Bitcoin exchange outflow has registered a very sharp spike in the last few hours. In total, the investors have withdrawn 2,138 BTC (about $60.6 million at the current exchange rate) from exchanges with this spike. Since these large withdrawals have come while the price of the cryptocurrency has been in the lower $28,000 values (which are relatively low levels considering the price had been above $30,000 just a few days ago), it’s possible that these transfers out of exchanges are a sign of fresh buying taking place in the market. From the chart, it’s also visible that the exchange inflows have remained at low values at the same time, meaning that there aren’t any deposits happening to counteract these withdrawals. This may imply that there isn’t any additional appetite for selling at the current levels for now. Related Reading: Quant Explains Bitcoin Funding Rates Pattern That Precedes Uptrends This fresh unimpeded Bitcoin accumulation can be a positive sign for the market, as it means that there are at least some large investors in the sector who view the current prices as a discounted buying opportunity, and not as a sign of more decline to come. BTC Price At the time of writing, Bitcoin is trading around $28,000, down 9% in the last week. Looks like the value of the asset has been plunging in the last few days | Source: BTCUSD on TradingView Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, CryptoQuant.com
submitted by /u/Tasigur1 [link] [comments]
Bitcoin’s downturn continued on Friday, as prices fell for a third consecutive session, leading to a move below $28,000. Market sentiment has shifted in recent days, as traders began taking profits from last week’s high. Ethereum was also lower, and is now trading around the $1,900 region. Bitcoin Bitcoin (BTC) moved lower for a third […]
Immediately after passing the European Parliament, Ukrainian authorities announced plans to adopt the EU’s MiCA regulations on crypto assets.
