Category: Cryptocurrency News

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On-chain data shows a sharp spike in the Bitcoin exchange outflows, suggesting whales have been buying the dip to $39k. Bitcoin Exchange Outflows Show High Value Suggesting Whale Activity As pointed out by an analyst in a CryptoQuant post, the BTC exchange outflows have registered a large spike recently. The “exchange outflows” is an indicator that measures the total amount of Bitcoin currently exiting wallets of all exchanges. When the value of this indicator is high, it means investors are withdrawing a large amount of coins at the moment. Especially large values can imply whales have been buying. Such a trend, when sustained, may be bullish for the price of the coin as investors usually transfer their crypto out of exchanges for accumulation purposes. On the other hand, low outflow values suggest there isn’t much buying going in the market right now. This could either be neutral for the price, or if selling is going on, then it may be bearish. Related Reading | Bitcoin Miners Receive Third Break This Year, Over 100K Blocks To Go Until The Halving Now, here is a chart that shows the trend in the BTC outflows over the past year: The indicator’s value seems to have observed a large spike recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange outflow has shown a big value recently as the price has fallen below the $40k mark. This suggests that whales may have jumped at the opportunity to accumulate more coins. During the three previous instances in the last year when outflow values on a similar scale were observed, the price of BTC observed an uplift not too long after. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season It now remains to be seen whether a similar bullish effect will be there this time as well, or if the sellers will overwhelm the buyers and drive the price further down. BTC Price At the time of writing, Bitcoin’s price floats around $39.2k, down 5% in the last seven days. Over the past month, the crypto has shed 4% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has plunged down over the past twenty-four hours | Source: BTCUSD on TradingView After holding above the $39k level for more than a month, Bitcoin finally dropped below the mark in the past day. This is a continuation of the decline that started late last month after BTC topped out above $47k. Currently, it’s unclear when the price may observe some recovery. But if the outflows are anything to go by, then signs may be bullish for the crypto. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

The Protect Our Future PAC used more than $9 million toward mainly digital, television and radio ad buys for U.S. House of Representatives candidates’ campaigns.

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Bitcoin options markets are pricing further downside while margin traders are going increasingly long.

Rejected once again as it attempted to reclaim the $40,000 area, Bitcoin trades just north of $39,000. The first crypto by market cap is moving on a low timeframe range between the mid area of its current levels, and around $48,000. Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term In higher timeframes, Bitcoin seems trapped between the low $30,000s and the high $60,000s. Whenever it approaches, traders turn to high fear of high greed levels. At the time of writing, Bitcoin trades at $39,300 with a 3% and 7% loss in the last 24 hours and 7 days, respectively. Data from analyst Ali Martinez suggest traders are yet to enter the fear territory as BTC’s price still holds its current levels. A majority of operators seem to be optimistic. As seen below, the long to short ratio on crypto exchange Binance stands at 2.88, meaning traders are dominantly long. Around 74% of the traders on this platform took long positions as opposed to 25%. In that sense, Martinez advised traders to stay cautious as Bitcoin rarely does what the majority expects. While the price of the first crypto seems to be recovering in short timeframes, bulls are yet to display conviction. The analyst added the following on potential support levels for BTC’s price in case of more downside: Bitcoin last line of defense is the 78.6% Fibonacci retracement level at $38,530. Breaching this support level could see $BTC fall to $32,853 or even $26,820. Data from Material Indicators (MI) supports these potential levels. As seen below, the price of Bitcoin bounced off a stack of bid orders (in yellow below the price) set at around $39,000. The benchmark crypto then proceeded to move upwards, but with little support at its current levels in case of a fresh increase in selling pressure until $38,000. Similar to when BTC saw support at $39,000, there are around $10 million in bid orders at those levels. Bitcoin Fundamentals Suggest Up, But BTC’s Price Stays Down Bitcoin’s price range has been tightening in the past months. A capitulation event, a price action that moves the price out of the range, seems to be brewing. Additional data from Martinez records an important decrease in the supply of BTC sitting on exchange platforms. This metric stands at a one-year low with a persistent trend to the downside. Despite the supply crunch, the price of Bitcoin seems more tied to macro-economic factors. The increase in interest rates from the U.S. Federal Reserve (FED) and the war between Russia and Ukraine are among the most important. Related Reading | TA: Bitcoin Remains at Risk, Why 100 SMA Is The Key As NewsBTC reported, if the FED turns aggressive on its monetary policy, BTC’s price could retest the bottom of its range or trend lower.

The algorithmic stablecoin stemming from the Terra (LUNA) network has become the third-largest stablecoin token in terms of market capitalization at $17.54 billion. As of today, UST’s market capitalization has surpassed the BSC-based stablecoin BUSD by more than $67 million. Stablecoin Terrausd Surpasses BUSD’s Market Valuation There’s a new leader in the world of stablecoins, […]

Monero hard forks are meant to improve the base protocol and will not result in the splitting and creation of a new coin.

hey guys, simple question about nft art. so, the way i understand it is that the nft is a digital signature/certificate accompanied by certain parameters and is associated with a jpeg file or whatever. so what stops me from screenshooting an nft and mint another nft with the same jpeg file attached to it?? edit***…
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