Crypto Market Observes $500 In Liquidations As Bitcoin Falls Under $36k
submitted by /u/1GME [link] [comments]
submitted by /u/1GME [link] [comments]
Polygon has been making waves in Web3.0 since inception. But the recent development & activity has made crypto natives more bullish on the ecosystem than ever before. Stripe X Polygon Stripe, the global payments giant, is making its foray into the cryptoverse with Polygon. Soon, Stripe will allow business owners to pay using USDC. Plus,…
Read more
On-chain data shows Bitcoin short-term holders seem to have been behind the latest selloff that has taken the price of the crypto below $36k. Bitcoin Investors Holding Coins Aged Between 1 Day And 6 Months Sold Big Yesterday As pointed out by an analyst in a CryptoQuant post, short-term holders seem to have sold the heaviest during the recent selloff. The relevant indicator here is the “exchange inflow,” which measures the total amount of coins moving into exchange wallets. A modification of this metric is the “exchange inflow spent output age bands.” it tells us how much the different Bitcoin holder groups are contributing to the inflow. The various groups are divided based on how many days the investors held their coins before transferring them to the exchange. The 1-day to 6-month coin age group is generally considered the “short-term holders” (STH). This cohort is usually the likeliest to sell their coins. All investors holding their Bitcoin for longer periods of time are the “long-term holders” (LTH). Now, here is a chart that shows the trend in the below 6-month and between 6 to 18-month age group inflows over the last few months: Looks like STH inflows spiked up recently | Source: CryptoQuant As you can see in the above graph, the 1-day to 6-month coin age group sent a large amount of coins just yesterday. The inflow spike amounted to more than 60k coins being transferred by this group. Investors usually send their Bitcoin to exchanges for selling purposes, hence these coins took part in the selloff that has now taken the price below $36k. Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up The 6-month to 18-month group, on the other hand, doesn’t seem to have moved too many coins over the past day. The older Bitcoin LTH groups have also not shown much activity recently. The below chart shows the trend in their inflows. The 1.5-year to 3-year cohort only looks to have sold around 500 BTC yesterday | Source: CryptoQuant From these trends, it seems like the only investors that took part in the selling yesterday were the short-term holders, who are generally the more fickle ones. The long-term holders still look to be holding strong. Related Reading | Bitcoin Long Squeeze Incoming? Funding Rates Surge Up BTC Price At the time of writing, Bitcoin’s price floats around $35.8k, down 8% in the last seven days. Over the past month, the crypto has lost 21% in value. The below chart shows the trend in the price of the coin over the last five days. The price of Bitcoin seems to have plummeted down over the past day | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Following the Federal Reserve’s rate hike on Wednesday, economist Peter Schiff has had a lot to say since the U.S. central bank raised the benchmark rate by half a percentage point. Schiff further believes we are in a recession and says “it will be much worse than the Great Recession that followed the 2008 Financial […]
Litecoin major update MimbleWimble (MWEB) has been approved by a majority of the nodes and locked in for activation. This process will be completed in the next two weeks, at the height of block 2 million, or May 19th, according to David Burkett, lead MWEB developer. Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? Burkett confirmed that users with the updated version (0.21.2) of the software will be able to start transacting with MWEB capabilities. This version is set to be released today after multiple years of development. Burkett said: Anyone interested in using the MWEB, and especially those who installed one of the earlier release candidates, should upgrade to the official v0.21.2 before MWEB activates. If you wait until after MWEB activation to upgrade, you’ll unfortunately be required to resync the blockchain from scratch. The most highly anticipated upgrade since its inception, MimbleWimble will provide Litecoin users with better performance and privacy capabilities. This could create more demand for the underlying cryptocurrency as it currently trades in tandem with larger cryptocurrencies. The lead developer clarified that the upgraded wallet has been “solid”. However, there have been some changes as a result of fixed issues found during the update’s testing phase. In a previous post, Burkett explained in greater detail some of the issues fixed during MWEB’s testing phase. These included fixing the wallet transaction history, issues with the mining logic, and a change in the spend code to prevent a bug with the subtract fee from amount functionality. The developer successfully reported: (…) the consensus logic has been solid for a while now, the wallet has undergone drastic changes these past few months as we worked to resolve issues found during testing. The major workflows all seem to be working well now, and I expect most people to be able to use MWEB without issue Can The Price Of Litecoin Benefit? At the time of writing, Litecoin (LTC) trades at $96 with a 22% loss over the past month and a 73% loss in one year. There seems to be no reaction from market participants over the upcoming release of MimbleWimble. Despite it being one of the most anticipated updates, LTC’s price seems to be following Bitcoin and larger cryptocurrencies in the short term. Data from material indicators point to two important facts for the future of LTC. First, as seen below, retail and small investors (yellow and green in the chart) have been buying into the recent price action which supports the thesis that MWEB is an expected update. Probably, these investors expect appreciation in the long run as MimbleWimble could open the door to new use cases for Litecoin. Other investors classes have been selling into the price action until very recently. Investors (in purple above) with asks orders of over $100,000 seem skeptical about LTC’s price and have been dumping since April. Related Reading | Bitcoin Tumbles Below $36K, Altcoins In Red Too These investors have been slowing down on their selling pressure, at least, for short timeframes. However, buyers could have a hard time getting above $100 as there are almost $10 million in asks orders around those levels.
“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term,” said the BIS.
submitted by /u/binaryfor [link] [comments]
It is expected that in a few months 'Ethereum 2.0', the new version of this cryptocurrency, will definitely arrive, and it will do so with radical changes. Those changes will probably make us start talking much less about 'mining' and much more about 'staking', a reward system that is a kind of 2.0 version of…
Read more
This may be a bit of a late news but just a week ago the US reported their GDP numbers for Q1. The Wall Street was expecting a 1.1% rise in the GDP which was reasonable but also pretty low and definitely under what they would have expected it to be now from a year…
Read more
The Bahamas Prime Minister Philip Davis shared his plans to welcome crypto businesses to the region during SALT’s Crypto Bahamas.