Category: Cryptocurrency News

On-chain data shows around 800k ETH has exited wallets of the crypto exchange Gemini, a sign that could prove to be bullish for Ethereum. Crypto Exchange Gemini Observes outflows Of 800k ETH As pointed out by an analyst in a CryptoQuant post, the Ethereum exchange reserve has plunged down to lows not seen since 2018. The “all exchanges reserve” is an indicator that measures the total amount of Ethereum currently stored on wallets of all centralized exchanges. When the value of this metric goes down, it means the number of coins on exchanges are going down. Such a trend, when prolonged, can be a sign of accumulation from investors, and hence can be bullish for the price of the crypto. Related Reading | Bitcoin NUPL Shows Average Holder Back In Profit, But For How Long? On the other hand, an increase in the reserve implies users are depositing their coins right now. Since investors usually transfer to exchanges for selling purposes, this kind of trend can have bearish consequences for ETH. Now, here is a chart that shows the trend in the Ethereum all exchanges reserve over the last couple of months: The value of the indicator seems to have plummeted down over the past 24 hours | Source: CryptoQuant As you can see in the above graph, the Ethereum exchange reserve has observed a crash in the last day as a large number of coins have been withdrawn. The chart also includes data for the “netflow,” which tells us about the amount of ETH entering or exiting exchange wallets (or more simply, it measures the changes in the exchange reserve). Its value is calculated by taking the difference between the inflows and the outflows. Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend This indicator has shown a huge negative spike recently, a trend which makes sense given the exchange reserve has plunged down. The quant notes that these withdrawals took place on the crypto exchange Gemini and amounted to around 800k ETH. Gemini is popularly known to be used by whales. In the past, transfers to and from the exchange have usually had a noticeable impact on the market. As such, such a large number of coins exiting from the exchange can mean Ethereum’s near term outlook might be bullish. ETH Price At the time of writing, Ethereum’s price floats around $1.6k, up 13% in the last seven days. Over the past month, the crypto has gained 45% 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 been moving sideways during the last few days | Source: ETHUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin has been unable to break above key resistance levels at around $23,000. As a consequence, the cryptocurrency has been moving sideways over the past two days while preserving some of its gains over the past week. The slowdown in bullish momentum coincides with an increase in asks (sell orders) liquidity for BTC’s price above its current levels and a spike in BTC’s supply inflows on crypto exchange platforms. On short timeframes, there are over $70 million in sell orders for Bitcoin from $23,000 to $24,000. Related Reading | Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains These levels seem poised to continue operating as resistance while the price of Bitcoin continues to push to the upside. BTC’s price has been tapping into the immediate zone at $23,100, but data from Material Indicators records $18 million in selling orders at this level alone. As seen below, BTC’s price is seeing less liquidity below its current levels with big liquidity gaps at key levels. This could hint at high volatility to the downside if BTC continues to lose momentum and can’t break above $24,000 in the short term. In addition, Material Indicators records an increase in selling pressure from investors with sell orders above $100,000. These investors were accumulating BTC over the past week exercising a lot of influence on the price action. As the chart below shows, these investors (in purple below) have begun selling into the current price action. In this timeframes, it seems too early to conclude if this trend will continue and if it will have a negative impact on BTC’s price. Analyst Ali Martinez concurred with the data shown above. Via Twitter, Martinez showed data on the spike in selling pressure from BTC whales and miners with a decline in the number of addresses with over 1,000 BTC and a 1% decline in the Bitcoin held by addresses associated with miners. Bitcoin Supply On Exchanges Rises, Hints At Further Weakness? Further data provided by Ali Martinez records an increase in the Bitcoin held by crypto exchange platforms. This metric is considered bearish as these BTCs are often unloaded into the market. Related Reading | Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700? Since July 12, the analyst said, there has been a spike of 27,000 BTC or $621 million sent to these venues. Martinez commented the following on these metrics: The increase in open interest combined with a decline in network growth and rising selling pressure from whales and miners suggests that the recent Bitcoin price action is driven by leverage. These network dynamics increase the probability of a steep correction.

Most users might never notice, but binance's account statements don't add up. If you export all your trande-history, and sum up all the transactions, the values don't add up to what you have in your account. Imagine going to a bank, asking for your bank-statement, and instead of receiving a simple list of transactions, being…
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The U.S. Securities and Exchange Commission (SEC) has announced insider trading charges against a former Coinbase manager, who has been arrested and is also facing criminal charges. The regulator has identified nine crypto tokens as securities in the complaint. U.S. Attorney Damian Williams says it is “the first-ever insider trading case involving cryptocurrency markets.” SEC […]

Rising sentiment and token prices suggest that the upcoming Ethereum Merge is helping to catalyze a broad recovery in crypto prices.

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The crypto exchange said it had $48 million in exposure with Babel Finance and $5 million with Celsius — both firms faced liquidity and insolvency issues, respectively.