Category: Cryptocurrency News

On-chain data shows the Bitcoin exchange whale ratio has remained at a high value recently, a sign that could be bearish for the crypto’s price. Bitcoin Exchange Whale Ratio On Verge Of Entering “Very High Risk” Zone As explained by an analyst in a CryptoQuant post, the 72-hour MA whale ratio is near 0.90, the very high risk zone. The “exchange whale ratio” is an indicator that’s defined as the sum of top ten inflows to exchanges divided by the total inflows. In simpler terms, this metric tells us what part of the total inflows are contributed by the ten largest transactions, which typically belong to the whales. When the value of this indicator is above 0.85, it means whales occupy a very large percentage of exchange inflows right now. As investors usually transfer their Bitcoin to exchanges for selling purposes, such a trend can be a sign that whales are dumping at the moment. The indicator’s value usually remains above this threshold during BTC bear markets, or fake bull for mass dumping. Related Reading | Bitcoin Trading Volume Plummets Down From Recent Top On the other hand, values below the 0.85 mark usually signify that whale inflows are currently in a healthier balance with the rest of the market. The ratio’s value usually remains in this region during bull runs. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio (72-hour MA) over the past couple of months: It looks like the indicator has been at a high value recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio has a value of about 0.89 right now, above the 0.85 threshold. According to the quant in the post, values above 0.90 may be considered the “very high risk” zone. So, the current value of the indicator is very close to that. Related Reading | Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months In this month so far, the ratio’s value has almost always remained above the 0.85 line, with a couple of spikes above the 0.90 level. The analyst believes whales are active right now due to the FED May Meeting Minutes, and if the ratio remains high in the near future, then it could spell trouble for Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $28.8k, down 2% in the last seven days. Over the past thirty days, the crypto has lost 30% in value. The below chart shows the trend in the price of the coin over the last five days. Seems like the price of the coin has plunged down over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Through a peso-backed stablecoin, Tether is basically “recreating forex markets with Tether products,” Ardoino said.

The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron. MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso The stablecoin and blockchain […]

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In a recent note to clients, JP Morgan told its clients that Bitcoin's real value right now would be 38k and its undervalued right now. And even made Crypto to their preferred alternative asset currently. That comes just four years after JP Morgan told investors in 2018 that Bitcoin is going to zero and that…
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I tried to search for an answer to this with no avail. I understand that someone who runs a node already, will become able to unstake after.the merge. But is there any other effect to the staking system that will take place after the merge? Like minimum amount required to run a node for example…
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Looming macroeconomic concerns and this week’s $1B ETH options expiry threaten to pin Ethereum price under the $1,800 support.

One of the main arguments against Bitcoin is its energy consumption. On the other hand, it is often said that there will be no new blockchain that achieves what Bitcoin has achieved: Being distributed without a premine that makes the founders rich and with no way for the people in power to inflate the supply.…
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Bitcoin has been struggling to hold on to the $30,000 level for the better part of this week, failing more often than not. While there have been various reactions from different parts of the market such as the ETFs, perpetual traders seem to have taken this as a sign to hold off on their activities. What this has led to is a continuation of the neutral or below-neutral funding rates that have been recorded in the past couple of weeks. Bitcoin Funding Rates Unmoved For the past few months, bitcoin funding rates have been tethering around the neutral and below neutral levels. This has been the case through both market recoveries and downtrends, although there have been periods of slight deviations where funding rates have recovered into the positive but even these have been short-lived. Related Reading | Institutional Investors Seek Safe Haven In Crypto Products Amid Market Uncertainty The last time that the funding rate saw a sharp recovery had been May 12th on the Binance exchange, after which funding rates had once more returned to trending at the neutral and below neutral line. This is interesting given that open interest in perpetual had surged to new all-time highs during this time.  Funding rates fall below neutral | Source: Arcane Research The 21 bitcoin funding rate intervals on the Binance and Bybit exchanges have been dominated by below-neutral funding rates. A total of 16 funding rates have been neural while 5 have been neutral funding rates. All this while, the perps have continued to trade at a reasonable discount to the spot. Leverage Still Surging Even though bitcoin funding rates have been straggling, it has not affected the performance of open interest (OI). OI had declined significantly in the previous week but last week saw BTC denominated open interest retrace its steps and add 41,000 BTC. This brought the total denominated OI to touch new all-time highs of 290,000BTC, beating the previous May 4th high of 282,000 BTC. Just a week after open interest had dived more than 35,000 BTC. Mostly, the surge in open interest has followed the times when the funding rates have been below neutral. At times where funding rates have been neutral or above neutral, open interest has usually been down. BTC fails to hold above $30,000 | Source: BTCUSD on TradingView.com What this suggests is that there will likely be more volatility coming into the market. This could happen regardless of whether the price recovers or continues to decline. However, the growth in open interest usually precedes a large recovery trend such as the one recorded during the July 26th short squeeze. So more than likely, it will be a recovery in price that will follow this surge in volatility.  Related Reading | Bitcoin On-Chain Activity Throttled After LUNA Collapse Bitcoin remains the largest cryptocurrency in the space with a market cap of $552 billion. It is up 5.10% in the last 24 hours to be trading at $29,200 at the time of this writing. Featured image from CoinDesk, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…