French President Macron Supports Blockchain Innovations but Vows for Regulations
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Bitcoin remains rangebound in the high $30,000 to low $40,000 areas. The first crypto by market cap has seen its volatility reduce as several factors contribute to the slowdown across the sector. Related Reading | TA: Bitcoin Trims Gains, Support Turned Resistance At $41K At the time of writing, Bitcoin (BTC) trades at $40,500 with a 6% loss in the last 24-hours and a 1% profit over the past week. Trading firm QCP Capital believes Bitcoin has been trading in a larger range as it reclaimed the area around its current levels. The firm claims that there are 2 main reasons behind BTC’s recent price action. In addition to the U.S. Federal Reserve (FED) hinting at an aggressive monetary policy, there are expectations of Bitcoin and Ethereum revisiting critical support at $30,000 and $2,500, respectively. These expectations were generated by former BitMEX CEO Arthur Hayes’s latest post, “The Q Trap”. In the options markets, traders are preparing for a potential drop as QCP Capital records a “massive selling of May and June calls, causing BTC and ETH risk reversal”. These levels dropped from negative 6% to negative 10%. Conversely, the demand for BTC and ETH puts has increased. In other words, traders seem to be hedging for the upcoming crash by buying put (sell) options. If the price crashes, they will be able to benefit. Ethereum has seen the biggest uptick in demand for put calls. QCP Capital attributed it to the delay of “The Merge”. The event is set to combine Ethereum’s execution layer with its consensus layer and make ETH 2.0 fully operational. Bitcoin Finds Bottom With Stablecoin Craze Bitcoin’s recent price action characterized by low volatility could also be the result of the popularization of algorithmic stablecoins, QCP Capital believes. These digital assets have been in the crypto space for many years, but Terra’s UST managed to give them new life. The demand for UST has increased as users want to leverage the 19% annual percentage yield (APY) offered by Anchor Protocol. Other projects have begun imitating this model creating what the trading firm called a “soft floor in the market”. QCP Capital added: We mentioned in a previous post that the precedent set by Luna Foundation Guard (LFG) would spread and that has happened quickly with a wave of announcements from FRAX, NEAR and TRON (…). Similar to how LFG bought BTC and AVAX, these algo stables will build their treasuries in the major coins and provide material support in the market from their buying. The short-term relief in the market could be translated into long-term pressure. The trading firm claims that these digital assets could become a systematic risk for the sector. If the entities managing these stablecoins buy BTC or ETH to maintain the pegged of their assets, there is a chance that a de-pegged scenario could increase the selling pressure in the market. If the stablecoins are at risk of becoming volatile, the entities will sell their assets to try to keep the pegged. In any case, QCP Capital and others wonder about the long-term sustainability of the algorithmic stablecoins. UST, Terra’s native stablecoins, has been battle-tested, but many wonder if it will be able to keep its users with the rising competition. Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing In the meantime, as expectations of a May/June crash increase and algo stablecoins proliferate, Bitcoin seems poised to remain rangebound with short-term price action to the downside. According to Material Indicators, BTC’s price will seek to take the liquidity of around $37,000. #FireCharts is showing ~$100M in #bitcoin bid liquidity between here and $37.5k range. Expecting it to get filled, but watching to see if #BTCUSDT liquidity moves to the active buy zone or the buy zone moves to the orders resting on the @binance order book.https://t.co/26BLOFwenL pic.twitter.com/NdAGc48yfY — Material Indicators (@MI_Algos) April 22, 2022
2022 is shaping up to be the year for Web3. KuCoin, Framework Ventures and CoinDCX have all made a splash in this emerging paradigm.
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On Thursday, the bitcoin mining and flare gas mitigation firm Crusoe Energy Systems Inc. revealed it secured $505 million in new capital from strategic investors. According to the announcement, the Series C equity funding round was led by the climate technology venture capital firm G2 Venture Partners (G2VP). Crusoe Energy Systems Secures $505 Million From […]
Unfortunately, a vast majority of the stolen funds still remain in the hands of the hacker.
Bezoge Earth, the creators of The Legends of Bezogia are thrilled to release the full theatrical trailer for their upcoming crypto-based MMORPG game where players from all around the world can come together and experience the wild and wonderful world of Bezogia. The Biggest Play & Earn Game You’ve Never Heard of The Legends of […]
Bitcoin has started a recent downtrend that is threatening its position above the coveted $40,000 level. This is presumed to be caused by major sell-offs in the market. However, exchange metrics continue to show that this is not entirely the case. Exchange balances have been plummeting for the past year pointing towards massive accumulation trends and this has come to a head after bitcoin exchange balances have touched a new 4-year low. Exchange Balances Plummet It is no secret that the bitcoin being left on centralized exchanges has been declining. However, the margin by which this has been on the decline is more important. Even during times when the price of bitcoin had been on a recovery trend and headed into a bull market, exchange balances continued to plummet. The result of this has been exchange balances hitting a new low, currently sitting at a four-year low. Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing This comes from months of consistent outflows that have been the order of the day. Even when bitcoin had reclaimed its position above $40,000 on several occasions, exchange outflows continued to surpass inflows, leading to the decline in the balances. BTC trading south of $40,000 | Source: BTCUSD on TradingView.com One of the most prominent outflows was recorded on April 14th when more than 25K bitcoin valued at $1.9 billion left centralized exchanges in a single day. The decline to 4-year lows was made public by on-chain data aggregation firm CryptoQuant in a tweet on Thursday. $BTC Spot Exchanges' Reserve hits over a 4-year low Live Chart👇https://t.co/52cmYEeYFo pic.twitter.com/BqB7koB5i0 — CryptoQuant.com (@cryptoquant_com) April 21, 2022 Bitcoin Outflows Not Slowing Down Despite hitting a new low, bitcoin investors are not letting up in their outflow activities. Wednesday, April 20th saw bitcoin outflows touch as high as $1.3 billion, continuing the same trend as that recorded on April 15th. Related Reading | Bitcoin Falls Back To $40,000 As Fed Mulls Faster Rate Bumps This carried on into Friday with a total of $1.7 billion in outflow already recorded for the digital asset in the last 24 hours. As the weekend draws close, a time when volatility can be quite low, the market may see the pioneer digital asset recover above $42,000 once more. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $1.4B in⬅️ $1.7B out📉 Net flow: -$315.5M#Ethereum $ETH➡️ $557.2M in⬅️ $524.1M out📈 Net flow: +$33.1M#Tether (ERC20) $USDT➡️ $647.2M in⬅️ $668.5M out📉 Net flow: -$21.4Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) April 22, 2022 The rate at which BTC is leaving exchanges suggests one thing and that is that investors are accumulating their cryptocurrencies. This has already been the case among whales but it seems like smaller investors are beginning to follow the same path. Featured image from IG, chart from TradingView.com
