According to “two people familiar with the matter,” the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm’s financial hardship. The sources note that Citigroup was hired by Celsius to help the company find “potential financing.” Sources Say Celsius Is Looking for […]
Numerous governments have tried to ban Bitcoin mining, but data and insights from those in the mining industry suggest that this is easier said than done.
Crypto lender BlockFi was among several companies to liquidate at least some of 3AC’s positions, according to a new report.
On-chain data shows Bitcoin exchange reserves have sharply increased in value, a sign that the selloff may not be over yet. Bitcoin Exchange Reserve Observes Rapid Rise As pointed out by an analyst in a CryptoQuant post, a high number of coins have entered exchanges over the last day. The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently present in wallets of all centralized exchanges. When the value of this metric goes up, it means the supply on exchanges is going up as investors are depositing a net number of coins. As holders usually transfer to exchanges for selling purposes, such a trend could be bearish for the price of the crypto. Related Reading | Panic Vs Pandemic: Crypto Market Is More Fearful Than On Black Thursday On the other hand, a declining value of the reserve suggests investors are withdrawing their coins at the moment. This kind of trend, when prolonged, can be a sign that holders are accumulating, which could prove to be bullish for the coin’s price. Now, here is a chart that shows the trend in the Bitcoin exchange reserve over the past few months: Looks like the value of the metric has jumped up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange reserve has observed a sharp increase in its value recently. The chart also shows the curve for the “all exchanges netflow,” another metric which measures the net amount of coins entering or exiting exchanges. Related Reading | Bitcoin Faces a New Downtrend Of 28.82%, Why Someone Still Makes More Than 1000% ROI Basically, this metric tells us about how much the reserve is increasing or decreasing right now. As expected, its value also shot up over the last few days. The fact that the Bitcoin exchange reserve doesn’t seem to have changed trend and is still rapidly rising after the crash may mean that the crypto’s price could see further decrease in its value in the near future. BTC Price At the time of writing, Bitcoin’s price floats around $21.1k, down 30% in the last seven days. Over the past month, the crypto has lost 32% in value. The below chart shows the trend in the price of the coin over the last five days. The price of BTC seems to have ben moving sideways since the crash | Source: BTCUSD on TradingView Following the crash, Bitcoin touched as low as $20k, before rebounding back a little to the current levels. Currently, it’s unclear whether the carnage has ended, or if further decline is coming. But if the exchange reserve is anything to go by, then signs aren’t looking in the crypto’s favor. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
submitted by /u/lomosaur [link] [comments]
Reports from different media outlets in the last week also suggested the Celsius Network has lost major backers and onboarded new attorneys amid a volatile crypto market.
submitted by /u/lunargrover [link] [comments]
Watches, blockchain and NFTs combine with the launch of TAG Heuer’s new luxury wearable.
This is the tweet of the Ex-Senior Data Scientist at Coinbase Can Colakoglu @cancolako Just got laid off from Coinbase, so I’m finally free to say that crypto is a complete and utter scam. Glad to leave the pyramid scheme casino behind. 12:48 AM · Jun 15, 2022·Twitter for iPhone Source: https://twitter.com/cancolako/status/1536828000490074112 Just in case,…
Read more
Purse.io, a platform that enables users to receive discounts when shopping for any product on Amazon by matching Shoppers with Earners (users who wish to exchange their Amazon gift cards for bitcoin), announced that the Lightning Network will soon be supported. As a result, Shoppers and Earners can access instant transactions while paying lower fees.…
Read more
