Category: Cryptocurrency News

Glassnode data demonstrates that the Lightning Network outcompetes traditional payment networks in terms of commission costs.

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,…
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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 The “exchange outflow” is an indicator that measures the total amount of Bitcoin that’s being withdrawn from the wallets of all centralized exchanges.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

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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.

The crypto market-wide correction has also left its mark on the Cardano price. Nevertheless, ADA is holding up better than other altcoins. While Ethereum fell by 9.1% in the last seven days, Polygon (MATIC) by 11.1%, Cardano “only” fell by 7.6% in the same period. In addition to recent strong fundamentals, a bullish chart pattern for ADA in the 1-day chart is also likely to play an important role. In this time frame, Cardano has formed a massive reverse head-and-shoulders pattern since last October, which came to fruition just before crypto prices collapsed. The reversed head and shoulders price signals the end of a downtrend and is therefore a trend reversal formation. Ideally, the head and shoulders – as is currently the case with ADA – forms the conclusion of a long-term downtrend. It occurs after a pronounced downtrend with three lows. The middle low is the highest and is called the head. The surrounding highs are called shoulders. Investors usually enter a long position when the price rises above the neckline resistance, which can be considered a massively bullish sign. The current correction is bringing the ADA price back towards the neckline, although ADA had just broken out last week. Related Reading: Cardano In Strong Demand Zone, Breaking Through Key Level Crucial The move can therefore be seen as a bullish retest of the neckline. The level at $0.405 is the key price ADA bulls need to defend. Crypto analyst Ali Martinez pointed out the chart pattern lately and stated: The recent correction looks like a bullish retest before ADA reaches the target of this inverse head & shoulders formation. Still, the 200EMA on the daily chart at $0.39 must hold ADA for the bullish outlook to remain valid. Fundamental Outlook For Cardano Equally Bullish Ken Kodama, founder and CEO at Emurgo and co-founder of the Cardano project also shared a number of bullish reasons today that can be attributed to fundamentals. As Kodama explains, the Voltaire era and CIP-1694 are the biggest topics for Cardano right now. One point where Cardano stands out is developer activity. In 2023, Cardano is a frontrunner for developer activity on GitHub. In recent years, Cardano has been the most actively developed blockchain network, according to Santiment, and is consistently in the top 3 from month to month, according to Kodama. Related Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses – Will Investors Hold Firm? The ADA co-founder also highlights the recent Dynamic P2P Nodes upgrade, which allows Cardano stake pools to be more decentralized and improve connectivity to other nodes. Voltaire and CIP-1694 will provide the foundation for community-driven on-chain governance of Cardano. Regarding stablecoins, Kodama states: Cardano native stablecoins are assets as they help with liquidity, allow for an on-chain safe haven, and a faster alternative to traditional payment processors. There are still questions about the use of stablecoins, but development continues and they are gaining traction. Cardano’s DeFi space is also making great progress, as NewsBTC shared recently. Cardano’s DeFi has reached TVL all-time highs in recent months. “DEXs, and other DeFi products continue to build and attract users, building the overall #CardanoDeFi ecosystem,” concluded the Emurgo founder. At press time, the ADA price was at $0.4023, fighting to accomplish a daily close above the neckline. Featured image from Forbes, chart from TradingView.com