Category: Cryptocurrency News

Data shows while the Bitcoin supply present on exchanges has been trending down, growth in other investment vehicles like ETFs and WBTC has been making up for this drop. Bitcoin Exchange Reserves Decline, But ETF And Other Instruments Enjoy Growth As per the latest report from Arcane Research, BTC exchange reserves have seen significant decline this year, but the growth in newer investment instruments like ETFs has made up for it. The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently stored in wallets of all exchanges. Traditionally, this supply on exchanges has been considered the available trading supply of the coin. So, when the indicator’s value moves up, it’s taken as a bearish sign for the coin’s price. On the other hand, a decrease may imply bullish trend. The trend with the exchange reserve has been that of constant decline since half a year now. Because of this “supply shortage”, many traders believe in a bullish outcome for Bitcoin in the long term. Related Reading | Bitcoin Bullish Signal: Open Interest Shows Strong Trend Up However, the report seems to suggest a different story. Here is some data that shows the percentage of the circulating BTC supply in different segments: Looks like most sectors have seen growth in the past year | Source: The Arcane Research Weekly Update – Week 50 As you can see in the above graph, while the exchange supply has gone down, growth in other segments seems to more than make up for this decline. Related Reading | Despite Crackdown, Bitcoin Mining Is Still Alive And Well In China The exchange traded investment vehicles now hold 0.69% more supply than last year. This shows that there is increasing demand for trading Bitcoin through the familiar means (like ETFs). This trend may also indicate rising adoption from institutional investors. With a 0.98% increase this year, BTC on the Ethereum network now accounts for 1.73% of the total circulating supply. The report notes that both these sectors are important factors for Bitcoin’s price discovery, and so growth here may not support the popular idea that a supply shock is brewing in the crypto due to declining exchange reserves. By the way, corporate treasuries now hold 0.91% of the circulating BTC supply. Microstrategy has been the main push behind this growth. BTC Price At the time of writing, Bitcoin’s price floats around $48.8k, up 1.5% in the last seven days. Over the past month, the crypto has lost 16% in value. Below is a chart that shows the trend in the price of the crypto over the last five days. BTC’s price seems to have surged up in the past couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

The popularity of cryptocurrencies in economically embattled Turkey has continued to surge with the number of daily trades now surpassing one million, a report has said. This surge in trades has been attributed to the depreciating lira which plunged to a new low against the USD on December 20. Lira Plunges Cryptocurrency trades in inflation-stricken […]

submitted by /u/Why_Thinks_Much [link] [comments]

The Canadian mining firm expected its Ether production to decrease by more than 20% quarter over quarter, while its Bitcoin mining would rise a modest 2%.

Sorry if Solana is quite disliked on this sub but I’m still ignorant about this topic. Right now I only hold Ethereum and recently discovered Solana. I checked Solana’s validator requirements and they were a 12 cores CPU 2.8GHz (with some instruction support I didn’t understand), 128GB RAM and x4 Gen3 NVME SSD’s. I think…
Read more

submitted by /u/Jimbley_Neutralon [link] [comments]

submitted by /u/JBSchweitzer [link] [comments]

Trading at $48,747 with a 1.1% profit in the past day, Bitcoin remains rangebound. The first crypto by market cap has been unable to break from the $45,500 to $49,500 channel in the last 7-days, but a combination of factors could increase volatility soon. Related Reading | TA: Bitcoin Gains Momentum, Why Rally Isn’t Over Yet NewsBTC has been reporting on the possibility of a short squeeze for Bitcoin. The recent price action was most likely the result of the post-crash as the market needed time to form a range, and institutions de-risked their positions. Large players are now potentially sitting in big piles of cash and looking to front-run Bitcoin’s next trend. This moved seems likely to come at the end of December due to the massive number of options that will expire right before the start of 2022. Investment firm QCP Capital is one of the defenders of the short squeeze thesis for BTC. During the past weeks, the firm has only seen their conviction on this theory strengthen as market participants continue to trade Bitcoin’s current channel. Due to the increase in options selling, the reduction of liquidity during the holidays, and the complacency in the market, QCP Capital said: We maintain our view that there will be a squeeze (likely to the topside) as liquidity thins out into the holidays and into 2022. If this happens, owning wings (far strikes options) would be very profitable. Bitcoin To Break $100,000 In Q1 2022? Other experts agree with QCP Capital’s thesis, such as the CEO and CIO at Three Arrows Capital Zhu Su. Admitting that he has “not owned this much” Bitcoin since Q4, 2020, before the cryptocurrency rally into $60,000, Su claimed “conditions for gamma squeeze are potent”. When asked what the potential targets for Bitcoin in the next months and a short squeeze scenario are, and whether BTC’s price will be able to replicate last year 3x rally from $20,000 to $60,000, Zhu Su replied: 3x is harder given current mcaps. I think 45 to 90 is pretty doable next few weeks and then opens up 135 in q1-q2. Related Reading | Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min If volatility break in favor of the bulls in the days after Christmas as a result of a Santa Rally, as our Editorial Director Tony Spilotro wrote, traders could be looking at “an indicator for what may happen in the coming year”. Thus, why the next day will be decisive for BTC.

The two most traded nonfungible token collections vie for the top spot in sales with BAYC in the lead, according to OpenSea.

Solana’s outages could be interpreted as mere hiccups in a new blockchain, but some suggest there’s cause for concern.