Category: Cryptocurrency News

On-chain data shows the Bitcoin MPI has surged to its highest value since the April of this year, a sign that may prove to be bearish for the crypto’s price. Bitcoin Miners’ Position Index Has Spiked Up During Past Day As pointed out by an analyst in a CryptoQuant post, this instance is the fifth time that the metric has sent a warning signal. The “Miners’ Position Index” (or the MPI in short) is an indicator that measures the ratio between the miner outflows in USD, and the 365-day moving average of the same. Generally, miners transfer coins out of their wallets (that is, make outflow transactions) for selling purposes. Thus, the MPI can tell us whether miners are selling more or less right now compared to their past year average. When the value of this metric is high, it means miners are dumping more than usual currently. On the other hand, low values suggest these chain validators aren’t doing any heavy selling at the moment. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance Now, here is a chart that shows the trend in the Bitcoin MPI over the past year and a half: The value of the metric seems to have been pretty high recently | Source: CryptoQuant As you can see in the above graph, whenever the Bitcoin Miners’ Position Index has crossed above a value of 2 during the past year, the price of the crypto has seen a decline shortly after. There have been five such spikes in 2022 so far, the latest of which has only just been recorded in the last 24 hours. Related Reading: Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear On The Bear Market? This current surge has now taken the indicator’s value to the highest level since the spike back in April of this year. When this previous spike was seen, Bitcoin was above $45k, but only a week later the crypto had crashed below $40k. If the latest rise in miner selling also follows the same trend as back in April, then BTC may observe some downtrend in the coming days. BTC Price At the time of writing, Bitcoin’s price floats around $16.9k, up 3% in the last week. Over the past month, the crypto has lost 17% in value. Below is a chart that shows the trend in the price of the coin over the last five days. Looks like the price of the crypto has retreaded below the $17k level again | Source: BTCUSD on TradingView Bitcoin has surged up in the last few days, but it’s unclear whether this rise will last, given the recent increased selling pressure from the miners. Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Opera executive Susie Batt said that the tool will not have any platform usage fees and will allow people to freely explore the NFT industry.

I've established a very strong resound that the crypto market will recover and, certainly, make new highs in the future. With a long term perspective, this period is simply one of accumulation and an opportunity to lower my cost basis on BTC & ETH. I think it's easy to have the mindset that you want…
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The dollar index (DXY) found support at a key level, leading traders to question whether BTC will manage to flip $17,250 to support.

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While the former FTX CEO Sam Bankman-Fried (SBF) has done numerous interviews, during these discussions he’s explained on numerous occasions that as far as Alameda Research is concerned, he “wasn’t running Alameda.” SBF wasn’t the CEO of the trading firm Alameda Research as the job was handled by Caroline Ellison, a former Jane Street trader […]

“Your willingness to talk to the public will help the company’s customers, investors, and others,” said House Financial Services Committee chair Maxine Waters, addressing SBF.

The company stated it would be discontinuing aBNBc and aBNBb tokens “effective immediately,” and that “new ankrBNB tokens will be minted and airdropped to affected aBNBc and aBNBb users.”

Bitcoin is retracing and might be at the end of the short-term bullish momentum; the macroeconomic data might have shifted once again against it. The cryptocurrency saw profits after weeks of trending to the downside, but the rally is losing steam.  Related Reading: Will Bitcoin (BTC) See A Christmas Rally? Here’s What To Watch The number one crypto by market cap is moving sideways after the collapse of FTX pushed it below critical support. As of this writing, Bitcoin trades at $16,900. The BTC price has yet to reclaim that level at around $17,500.  Bitcoin Continues The Struggle, A New Status Quo Is In The Making Over the previous week, the market rushed to the upside on the back of a potential U.S. Federal Reserve (Fed) monetary policy pivot. The Fed Chair Jerome Powell hinted at a change in their strategy during a speech at the Brookings Institution.  Powell spoke about moderation for the first time in months since hiking interest rates to slow down inflation. During this speech, the Fed Chair said: Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting. Bitcoin, crypto, and legacy financial markets were trending to the downside due to this monetary policy. Powell speaking of moderation gave them room to rally, but today the U.S. posted data on its job sectors that killed the bullish sentiment in the market.  The nonfarm payrolls and private payrolls came in hotter than expected. The market was expecting much lower results. The metrics recorded 263,000 and 221,000, respectively. This data hints at a strong jobs market, which contributes to inflation, and allows the Fed to keep hiking rates.  OOPS! No Goldi-lockish US jobs data. A bit too hot! pic.twitter.com/djivTXhgy0 — Holger Zschaepitz (@Schuldensuehner) December 2, 2022  Immediately after this data became public, the market began pricing in a higher probability of a 75-basis point (bps) hike in interest for December. Analyst Ted Talks Macro believes the previous week’s rally and subsequent price action could be part of a new status quo.  Related Reading: Terra Classic Surges By 17%; Korean Prosecutors Seek Arrest of Co-Founder The market might be stuck in a game of ping-pong, a game of frustration, between bullish and bearish forces. A strategy employed by the Fed to keep inflation in check without harming the economy. Ben Lilly, Co-Founder at analytics firm Jarvis Labs, said the following about the status quo in the markets in response to Ted’s thesis: This process of bullish macro conditions, met shortly after with a reason to be hawkish (moving goalpost/expectations of FED action) is a level of uncertainty that is strategic. If things are stressing ever so slightly and rates need to settle… what’s your next option? This.

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