I've been here studying for 8 years. I predate ethereum and almost marked it as a shitcoin (there were no altcoins then). I've made a corporation in this space. My company is objectively doing fine (we planned for bear season). This week I've heard the entirety of the cryptocurrency space referred to as "Pet Rocks"…
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JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The executive also believes crypto regulation should be strengthened, stating: “The regulators who beat up on banks should maybe focus a little more on crypto.” JPMorgan Chase’s Jamie Dimon Compares Crypto to Pet Rocks The chairman and CEO of global investment bank JPMorgan […]
CNBC’s All-America Economic Survey was conducted towards the end of November, just a few weeks after the collapse of crypto exchange FTX.
Bitcoin.com, a digital ecosystem and secure self-custody platform where users can safely and easily interact with cryptocurrencies and digital assets, announced completion of the pre-sale of its rewards and utility token VERSE, where 16% of the total supply was purchased for $50 million. Bitcoin.com also announced the launch of VERSE trading on its decentralized exchange, […]
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The US lawmaker has refuted a report from CNBC that suggested that they weren’t planning to subpoena the former FTX CEO.
The host of Mad Money, Jim Cramer, has advised investors to sell their crypto, emphasizing that “it’s never too late to sell an awful position.” Regarding FTX, Cramer predicted that the collapsed trading platform “won’t be the last of these crypto exchanges to go down.” Jim Cramer’s Latest Crypto Advice The host of CNBC’s Mad […]
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On-chain data shows Bitcoin holders have done some rapid fresh accumulation recently, something that may lead to bottom formation for the cycle. Bitcoin 1w-1m Realized Cap UTXO Age Bands Have Sharply Gone Up As pointed out by an analyst in a CryptoQuant post, the percentage of the BTC realized cap that was last moved between 1 week to 1 month ago has displayed rapid uptrend for the first time in this bear. The “realized cap” is a Bitcoin capitalization model that values each coin in the circulating supply using the price at which it was last moved. The metric then calculates the “true valuation” of BTC by summing up all these values of the individual coins. This is different from the normal market cap, where every coin in circulation has the same one value; the current Bitcoin price. The “realized cap – UTXO age bands” is an indicator that tells us the distribution of the realized cap of each age band in the market. These age bands specify ranges between which UTXOs (or more simply, coins) falling into said age band were last moved. Related Reading: Glassnode: Bitcoin Holders Realized 14x More Losses Than Profits Recently The relevant age band here is the 1w-1m group, which includes all UTXOs that were last moved within 1 week to 1 month ago. Here is a chart that shows how the percentage of the realized cap contributed by this age band has changed over the years: Looks like the value of the metric has sharply gone up in recent weeks | Source: CryptoQuant As you can see in the above graph, the realized cap of the 1w-1m Bitcoin UTXO age band has observed some rapid uptrend recently. The older end of this range, that is, one month ago, is around when the crash due to the FTX collapse took place. Related Reading: Bitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market? The indicator’s value rising thus suggests that investors have done some fresh accumulation at the lows following this crash. This is the first time in this Bitcoin bear market that such rapid new accumulation has taken place. From the chart, it’s apparent that such rises have historically coincided with cyclical lows in the price. Another interesting thing to note is that between these spikes in the metric during the previous two cycles, there were 1358 days. The current rise has come 1444 days after the last one, which is a similar length as the gap before. If there really is a pattern here, then the Bitcoin bottom may be very close, if not already in. BTC Price At the time of writing, Bitcoin’s price floats around $16.8k, down 1% in the last week. BTC plunges down | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading,…
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