Back in 2017 I bought some Litecoin around $65, I watched it go up to $420 and then back down to $25. In the beginning of 2018 I bought some more around $60 and watched this last bull run where Litecoin didn't do as well as a lot of other stuff. It's ATH in 2017…
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Regulatory uncertainty, potential competition from tech giants and a market nearing exhaustion are all factors impacting ETH price.
I am building a dapp that relies on a Metamask auth to login. My dapp is basically a Nuxt app where certain whitelisted user can access extra Nuxt pages. It bothers me that hosting this dapp is centralized. It only looks at the Ethereum blockchain to make sure an address meets the requirements for the…
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Bitcoin has been hinting at lower levels during today’s trading session. The benchmark crypto was rejected at around $48,000 and has been unable to reclaim its previous highs. Related Reading | Galaxy Digital’s Jason Urban What Will Drive Ethereum To Flip Bitcoin At the time of writing, Bitcoin trades at $43,100 with a 1% and 5% loss in the last 24 hours and 7 days, respectively. Data from Material Indicators records little support for BTC’s price as it moves in a tight range between $42,500 and $43,500. The benchmark crypto has been losing bid orders that could absorb future downside price action. As the chart below shows, BTC had around $10 million in bids orders that were pulled as the crypto trended to the downside. This liquidity seems to have been distributed between $42,000, $41,500, and $41,000 which could stand as the last line of defense against a fresh assault from the bears. The chart also shows how an entity places strategic asks orders when BTC’s price attempted to reclaim its previous levels. This happened as investors with asks orders of around $100,000 push BTC’s price back down to the low $40,000. The biggest sellers of this current price action seem to be retail investors and investors with asks orders of around $10,000 (yellow and red in the chart below). Only investors with bid orders of around $1,000 (green in the chart) seem to have been showing interest in buying into BTC’s price. The above suggest a potential large entity trying to push BTC’s price down to accumulate BTC at optimal levels. The distribution of liquidity first concentrated at $42,000 and then distributed between those levels and $40,000 seems to support this thesis. BTC whales often employ this method to trap retail and obtain liquidity to take their positions. Small investors seem to have taken in the bait. Bitcoin Whales Play Mind Games Analyst Ali Martinez showed an increased in the number of long positions taken on crypto Binance exchange. The Long/Short Ratio stands at 70% for Long traders and 29% for the opposite side of the trade. Related Reading | More Correction Soon? Bitcoin Whale Ratio Remains Elevated The analyst commented the following on the potential implications for BTC’s price: Bitcoin could be preparing for a liquidation cascade! 70.69% of all trading accounts on Binance Futures are currently net-long on $BTC, which may result in a long-squeeze. BTC could go down to $42,000-$41,000 to collect liquidity.
I’ve heard much about Ethereum DID recently and how the did:ether:0xabcd can be used as an identity without spending any fees to deploy contracts or send any transactions. It’s said that I’m able to use it right away with just my Ethereum public address. However, I don’t understand how it works as an identity since…
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The Financial Conduct Authority named CEX.IO, Revolut, Copper, Globalblock and Moneybrain as companies in the crypto space temporarily allowed to operate in the United Kingdom.
I understand that we want crypto to thrive. It would be great to see the userbase grow. It would also completely wreck the blockchains in their current state. You think ETH gas fees are high? Imagine 10x or 100x more users trying to transact on the network. Even layer 2 solutions are not ready for…
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On Friday, Bank of America’s (BOFA) chief investment strategist Michael Hartnett explained in a weekly financial note to clients that the U.S. economy could head into a recession. The BOFA strategist’s note further detailed that cryptocurrencies could outperform bonds and stocks. BOFA Strategist Notes inflation Shock Is Worsening, Cryptocurrencies Could Outperform Bonds and Stocks Bank […]
On-chain data shows Bitcoin whale ratio still has a high value right now, suggesting that more downside could be coming for the crypto soon. Bitcoin Exchange Whale Ratio Has Stayed At Elevated Values Recently As pointed out by an analyst in a CryptoQuant post, the BTC exchange whale ratio has remained at high values recently. The “exchange whale ratio” is defined as the sum of the top 10 Bitcoin transactions to exchanges divided by the total inflows. In simpler terms, this indicator tells us the relative size of the whale transactions (that is, the ten largest transactions) compared to the total amount of coins moving into exchanges. When the value of this ratio spikes up, it means whales now account for a high percentage of the total exchange inflows. This can be a sign of dumping from these massive holders, and could prove to be bearish for the price of Bitcoin. Related Reading | Quant Explains How Bitcoin Funding Rate Predicted The Latest Top On the other hand, a low value of the indicator suggests whales make up a healthy part of the total inflows right now. Sustained such trend can be bullish for the crypto’s price. Now, here is a chart that shows the trend in the Bitcoin exchange whale ratio (SMA 30) over the last few years: Looks like the value of the indicator has been high recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio (SMA 30) is at a high value right now. The indicator’s value had dropped off a bit just before the latest rally that took the coin above $47k, but it wasn’t long until it observed an increase again. In response to this new wave of dumping from the whales, the price has dropped off below the $45k level once again. Related Reading | Bitcoin Collapses 7% As FED Gets Hawkish, Why This Could Be A Buy The Dip Opportunity The ratio looks to be climbing up still, or at least staying at the current high values, which could suggest the price may see more decline soon. However, it’s also possible the Bitcoin whales may be done with their dumping for now and the ratio could drop back off to allow the price to recover, but it all remains to be seen. BTC Price At the time of writing, Bitcoin’s price floats around $43.1k, down 5% in the last seven days. Over the past month, the crypto has accumulated 13% in gains. The below chart shows the trend in the price of the coin over the last five days. The price of BTC seems to have been moving sideways since the plunge down to $43k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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