How Bitcoin’s strong correlation to stocks could trigger a drop to $8,000
The absence of a CME Bitcoin futures premium, unrelenting record-high inflation and investor concerns over the economy are all factors weighing on BTC price.
The absence of a CME Bitcoin futures premium, unrelenting record-high inflation and investor concerns over the economy are all factors weighing on BTC price.
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The biggest crypto market is still the US (hopefully that will be more balanced in the future). And right now, one of the many concerns in this market is US inflation. CPI is up 1.3%, hitting a high of 9.1%. That's 9.1% over the last 12 months. Core CPI is up 5.9% (it was 6%…
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On-chain data shows the Bitcoin exchange whale ratio has been going up recently, something that may be bearish for the price of the crypto. Bitcoin Exchange Whale Ratio Has Been Going Up In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the current BTC whale ratio value suggests whales are still selling large amounts. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows. In simpler terms, what this metric tells is how much of the total inflows to exchanges is contributed by the whales (the ten largest transactions are assumed to be from whales). When the value of the ratio is high, it means the whales are making up for a large part of the inflows right now. Such a trend can be a sign of dumping from these humongous holders, and hence can be bearish for the crypto. Related Reading | Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren’t Selling Yet On the other hand, low values of the metric can suggest whales are selling at a healthy rate right now. This could be either neutral or bullish for BTC’s price. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio over the last couple of years: Looks like the value of the indicator has been going up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio has been rising up in recent weeks. The increase seems to have started around when the coin dropped below the $20k support. A large part of the market went underwater following this crash and the subsequent ramping up of dumping from whales could suggest they are in a capitulation phase right now. Related Reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again? The quant notes that while this heavy selling from the whales can be bearish for the crypto’s price in the short term, it could also be a sign that the bottom is coming near. BTC Price At the time of writing, Bitcoin’s price floats around $19.4k, down 3% in the last seven days. Over the past month, the crypto has lost 27% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have been going down over the last few days | Source: BTCUSD on TradingView Bitcoin looked to be holding above $20k a week ago or so, but during the past few days the coin has once again started moving down below the level. Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com
A Web3 startup has also created a subscription model that uses nonfungible tokens to offer lifetime Netflix and Spotify membership.
The public has until Sept. 12 to submit evidence, which the committee may use in its report to parliament on the risks and opportunities related to crypto and DLT.
EDIT: Rules for moon game farther down Crypto winters are known for revolutions in crypto advancements. Great projects make fundamental advancements to serve them in the next bull run. Bad or over-leveraged projects get killed off in the price downturn and market uncertainty. Advancements don't occur only in projects but also in things like seed…
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Bitcoin price saw a brief pull-back following July 13’s high inflation print, but the rebound seen in BTC and altcoins suggests that buyers are buying the dip.
According to the latest Bureau of Labor Statistics Consumer Price Index (CPI) report, U.S. inflation remains scorching hot as it has risen at the fastest yearly rate since 1981. June’s CPI data reflected a 9.1% year-over-year increase, even though a number of bureaucrats and economists thought May’s CPI data would be the record peak. US […]
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