Category: Cryptocurrency News

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The tournament, “0xMonaco: Battle of Titans,” is scheduled to kick off on Jan. 29 and will bring together developers from around the blockchain space.

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On-chain data shows the Binance USD (BUSD) exchange reserves have declined recently, a factor that may be behind Bitcoin’s slowdown. Binance USD (BUSD) Exchange Reserves Have Gone Down As pointed out by an analyst in a CryptoQuant post, there was a very large inflow of $250 million BUSD just a while ago. The “exchange reserve” is an indicator that measures the total amount of a cryptocurrency (which, in the present case, is Binance USD) currently being stored on wallets of centralized exchanges. Generally, investors swap their coins for stablecoins like BUSD when they want to avoid the volatility associated with other cryptocurrencies like Bitcoin. When these holders feel that prices are right to reenter the volatile markets, they shift their stables back into their desired coins. This can act as buying pressure for the specific crypto that they are swapping into. Investors usually make use of exchanges to swap these coins, which means that whenever the exchange reserve of a stablecoin like BUSD rises, it presents the possibility that holders want to buy back into volatile cryptocurrencies. A large enough increase in the stablecoin reserve can result in a high amount of buying pressure for other coins, and can therefore have a bullish effect on their prices. Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge Now, here is a chart that shows the trend in the Binance USD exchange reserve (specifically for spot exchanges) over the past couple of months: The value of the metric seems to have been going down in recent days | Source: CryptoQuant As you can see in the above graph, the Binance USD exchange reserve observed a rapid increase a while back. Since then, however, the metric has been steadily declining and has hit significantly lower values now. But from the chart, it’s apparent that while the BUSD reserve was coming down from high values, Bitcoin had been rallying instead. This means that holders might have been actively swapping the stablecoin for BTC, thus providing a boost to its price. The graph also displays data for a metric called the “exchange netflow,” which tells us the net number of coins entering or exiting exchange wallets. When this metric has a positive value, it means investors are depositing a net amount of the asset to exchanges currently, while negative values suggest net withdrawals are taking place. A while ago, there was a huge positive spike in the Binance USD exchange netflow of around $250 million (which is what caused the reserve to blow up). This inflow may have been what helped the recent BTC rally. Related Reading: Asian Traders Behind Most Of Bitcoin’s Recent Gains, Report Reveals However, since then, there have only been outflows, which have taken the reserve back to the same level as before this $250 million spike. This suggests that buying pressure from this inflow has now dried up, which could be one of the factors responsible for the latest slowdown in Bitcoin’s rally. BTC Price At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week. Bitcoin plunges down | Source: BTCUSD on TradingView Featured image from Nicholas Cappello on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Spacewalkers, a gaming studio, is revolutionizing the way that investors can participate in the profits of their projects. The company is releasing a series of games and offering the opportunity for anyone to invest in them through the use of blockchain technology. Spacewalkers is an already established developer with a portfolio of released and upcoming […]

AVAX price rallied after announcing news of an Amazon cloud integration, but does the news do anything to improve Avalanche’s fundamentals?

Another chapter in the extraordinary achievements, for it probably being a bear markt rally, of last weeks 25% rally has been made and its truly exciting. There is surely a long list of indicators that try to predict the bottom or as in this case try to predict a reversal from downtrend to a possible…
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Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.” However, two of the firm’s top cryptocurrency caches are not liquid as the company’s […]

FTX Trading, doing business as FTX.com, was one of roughly 130 companies under FTX Group that filed for bankruptcy following the firm’s reported liquidity crunch in November.

(1) What is FTT? If you google "What is FTT FTX" you are told that FTT "is a beloved cryptocurrency for traders with just under 30,000 total addresses holding the token. In just over 3 years, it has grown to a market cap of over $3,000,000,000 USD, The FTX Token has proven itself useful for…
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