PRESS RELEASE. Crypto enthusiasts are constantly looking for new options to get passive income with crypto, but this task has become quite challenging recently. Making money on the coins’ growth is not easy when the market is down, while to manage assets by yourself, you need to have in-depth knowledge of investment strategies and a […]
The CSOP Bitcoin Futures ETF has raked in $53.8 million while the CSOP Ether Futures ETF has collected $19.7 million in initial investments.
Bernstein v. the U.S. Department of State, landmark legal decision (1996) that set two important precedents in the field of digital technology. First, it ruled that U.S. government regulations that barred the export of encryption software were unconstitutionally restrictive; second, it declared that software source code can be a form of protected free speech. Source:…
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Microsoft now requires users to obtain a written pre-approval from the firm in order to use Microsoft Azure for mining cryptocurrencies like Bitcoin.
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A quant has explained how this bearish divergence in Bitcoin on-chain data can lead to a short-term correction in the price. Bitcoin Short-Term Holder SOPR Has Been Slowing Down Despite Price Going Up As explained by an analyst in a CryptoQuant post, a gap has been forming in the purchasing power of short-term holders and the BTC price. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether investors in the Bitcoin market are selling their coins at a profit or at a loss right now. When the value of this metric is greater than 1, it means the overall market is realizing some amount of profit currently. On the other hand, values below the threshold suggest the average holder is seeing some loss at the moment. Naturally, the indicator at exactly equal to 1 implies the investors are just breaking-even on their investment. Related Reading: Ethereum Active Addresses At Highest Since May 2021, Good News For ETH? The “short-term holder” (STH) group is a Bitcoin cohort that includes all investors who bought their coins less than 155 days ago. The STH SOPR thus measures the profit ratio of selling being done by these holders. To properly assess the behavior of this group, the analyst is using a “rate of change” (ROC) oscillator for the indicator. Here is a chart comparing this momentum oscillator with the BTC price over the last few months: Looks like the metric has been going down in recent days | Source: CryptoQuant As the above graph shows, the ROC of the Bitcoin STH SOPR had been in deep red when the FTX crash took place, suggesting that these investors capitulated during it and realized a large amount of loss. However, as the BTC price has slowly improved from the lows, the ROC has become green. This implies that the STHs who bought during the lows have been selling for profits, leading to a rising SOPR. Bitcoin has continued to see an uptrend recently, but strangely, the STH SOPR ROC has been dropping off. This could be a sign that not many STHs were able to buy during these lows, hinting that their purchasing power is low at the moment. If they had been buying through this rally, they would have continued to harvest more and more profits as the price goes up, but that has clearly not been the case. Related Reading: Bitcoin Price Crystal Ball – What Happens To BTC After Christmas 2022? Such a divergence also formed in the relief rally seen earlier in the bear market, as the quant has marked in the chart. “Last time, this situation led to a bearish correction,” notes the analyst. “If this alignment repeats, then this time, Bitcoin may correct to the $16,500-$17,000 range.” BTC surges up | Source: BTCUSD on TradingView At the time of writing, Bitcoin’s price floats around $17,700, up 5% in the last week.
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The number of players in blockchain games today is still not very high because people are still more interested in traditional gaming and have expectations of GameFi that they want to be fulfilled before they start playing these games. Currently, there are a lot of blockchain games that are competing with one another to attract…
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Germany’s financial watchdog has issued a call for global regulation of the crypto industry in the aftermath of the FTX collapse. The hands-off approach was wrong, the head of the agency says, insisting it’s time to protect consumers as the sector expands links with traditional finance. Bafin President Convinced Self-Regulation Won’t Work for Crypto The […]
I’m busy getting my funds off Binance for obvious reasons. But I have ‘Beth’ in my wallet, with which I’m staking for eth. But what should I do with these coins? I can not convert them back to eth (yet), but I also can not transfer them elsewhere to stake them more safely on Binance…
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