Central Banks Around the World Will Adopt Bitcoin As Reserve Asset, Says BTC Bull Mark Yusko
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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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On-chain data shows Bitcoin has been undervalued for 170 days now, here’s how this figure compares with that during the previous bear markets. Bitcoin MVRV Ratio Has Been Stuck Under ‘1’ Since 170 Days Ago As pointed out by an analyst in a CryptoQuant post, the lowest point that the MVRV ratio has gone in this bear so far is 0.74. The “MVRV ratio” is an indicator that measures the ratio between Bitcoin’s market cap and its realized cap. Here, the “realized cap” is a BTC capitalization model where each circulating coin’s value is taken as the price at which it was last moved/sold. All these values are then summed up for the entire supply to get the worth of BTC. This is unlike the normal market cap, where all the coins are given the same value as the current Bitcoin price. The usefulness of the realized cap is that it acts as a sort of “real value” for the crypto as it takes into account the cost-basis of each holder in the market. Thus, a comparison between the two caps (which is what the MVRV ratio is) can tell us whether the current BTC price is undervalued or overvalued right now. The below chart shows the trend in the Bitcoin MVRV ratio over the last several years: The value of the metric seems to have been below one in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin MVRV ratio has been under a value of 1 during the last few months, which means the market cap has been below the realized cap. Historically, the region below 1 is where bear bottoms in the price of the crypto have been observed. On the other hand, the ratio being greater than 3.7 is when tops have been seen. Related Reading: Russian Miners Buy More Bitcoin Mining Rigs In Q4: Report In the 2014-15 bear market, the indicator assumed values lower than 1 for 300 days, and went down to as low as 0.6 during this streak. The 2018-19 bear saw a shorter cycle, however, as it was in this zone for only 134 days. Its lowest point, 0.69, was also not as deep as in 2014-15. In the current Bitcoin cycle, the metric has spent 170 days in this region so far, registering a low of 0.74. The MVRV ratio has therefore now been longer in this region than during the last cycle, but it’s still not near the length seen in 2014-15. Related Reading: Bitcoin Bearish Signal: MPI Records Highest Value Since April 2022 The metric’s depth is also not as much as in either of the cycle, so it’s possible the bear will go deeper still, before Bitcoin finds the bottom of this cycle. BTC Price At the time of writing, Bitcoin’s price floats around $17.2k, up 7% in the last week. BTC has surged up | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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There is a myth in our community that redditors are notoriously bad when it comes to picking altcoins… so much so that some of you suggested that people should do the opposite of what redditors suggest. Without further ado, let's test this myth and put your coin suggestions to the test. In the previous weeks…
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The crypto world has had its fair share of drama as the bear market bites down on the entire landscape. In addition, global inflation has also caused most companies to resize their organizational structure. Crypto businesses are now planning for effective cost-management strategies to prevent a collapse. However, the fear in the market for most crypto users is high since trusted firms have collapsed. Related Reading: Metaverse Token Axie Infinity (AXS) Suddenly Pumps 25% – What’s Happening? In light of recent events, Australian cryptocurrency exchange Swyftx has shown 90 of its employees the exit door. It represents a layoff of around 40% of the entire workforce – a significant number. Swyftx CEO Alex Harper said the company is well-positioned to handle the blowout of the FTX storm on the crypto world. He believes the crypto market will continue to decline in 2023. This is the reason behind the massive decrease in the workforce. Layoffs Are Common In Crypto Exchanges Top cryptocurrency exchanges are sizing down their teams to cut costs and prevent wearing out. Other factors have prolonged the current bear market, and this seems to be the only route to stay afloat. Coinbase – US-based crypto giant laid off around 18% of its staff. Huobi followed suit – downsizing its staff by 30%. Popular exchange Gemini laid off 10% of its workforce in June, then recruited over 60 new people in July. Other exchanges that include CryptCorn, BitMEX, and Bybit – reduced their numerical strength. Binance, on the other hand, was one of the few exchanges that expanded operations during the current bearish phase. Who’s Next? Alex Harper, the Swyftx CEO, broke the news of the layoffs in a letter addressed to employees. He referred to the staff as “90 talented friends and employees”. He also distanced Swyftx from any association with the bankrupt exchange FTX. However, he also noted that Swyftx is not immune to the effects of such an event on the crypto market. Harper believes that sizing down a percentage of the workforce will help the organization survive the chilly crypto winter that has claimed many victims. Related Reading: Why Chiliz Is Losing Heat Despite World Cup Pomp; CHZ Down Over 30% According to Harper, Swyftx is one of the top crypto trading organizations; in Australia. He also stated that they are well-positioned to weather the ongoing storm in the crypto market. All affected employees were promised severance pay within seven days to cushion the effects. Also, they will have access to an employee stock ownership plan (ESOP) for the tenure with additional six months. The exchange will also provide them with job search support and employee assistance program (EAP) services. Unfortunately, the FTX crash continues with its devasting fallout, with some crypto exchanges filing for bankruptcy. Featured Image From Pixabay, Charts From Tradingview.com
On Monday, Dec. 5, 2022, market data shows that non-fungible token (NFT) sales dropped 5.23% lower than last week’s sales despite a 15.16% increase in NFT buyers. Out of the $112.70 million in NFT sales volume over the last week, Ethereum-based NFTs accounted for $86.59 million or 76.8% of the $112 million in sales volume. […]
On-chain analysis highlights a slow down in selling and improving investor sentiment which could help BTC price recover.
As a customer of Celsius ive been listening to the hearings and reading the legal docs submitted in bankruptcy court and its been a handful to say the least. The most interesting thing to me was always title of assets, could they really just slip something in to a ToS update and basically say its…
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A week or two ago, while mindlessly scrolling, a post caught my eye. Rolls Royce was apparently offering a limited edition NFT drop to the first 750 users who signed up. I can't lie, it fooled me for a split second – the idea of a high-end retailer doing a small drop had me ready…
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