China Bitcoin reserves: What happens if it follows the US playbook?
If China has not yet sold its 195,000 Bitcoin seized from the PlusToken Ponzi scheme, it could use the funds to make a reserve rivaling the US.
If China has not yet sold its 195,000 Bitcoin seized from the PlusToken Ponzi scheme, it could use the funds to make a reserve rivaling the US.
Andreas Kohl, a bitcoiner who moved to El Salvador three years ago, has decided to leave the country due to the new direction taken by the current administration regarding bitcoin and a series of promises that the government has failed to fulfill. El Salvador Disappoints Bitcoiners With New Policies, Unfulfilled Promises The new stance of […]
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More than 20 key industry leaders are heading to the first White House Crypto Summit after US President Donald Trump ordered the establishment of separate Bitcoin and crypto reserves.
More than 20 key industry leaders are heading to the first White House Crypto Summit after US President Donald Trump ordered the establishment of separate Bitcoin and crypto reserves.
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Eduardo Taiano, the Argentine prosecutor currently probing Milei and the Libra cooperators, has ordered the freezing of all LIBRA tokens involved in the case. Furthermore, the attorney is scrutinizing the activities of the addresses holding LIBRA that have also purchased other currencies. Argentine Prosecutor Advances Libra Probe: Mass Token Freezing Ordered The investigation of Libra, […]
On-chain data shows the exchanges have witnessed net Bitcoin outflows through the latest volatility, a sign that could be positive for BTC’s price. Bitcoin Exchange Netflow Has Been Negative Recently According to data from the market intelligence platform IntoTheBlock, Bitcoin has been leaving exchanges recently. The on-chain metric of relevance here is the “Exchange Netflow,” which measures the net amount of BTC entering into or exiting out of the wallets associated with all centralized exchanges. When the value of the indicator is positive, it means the investors are making net deposits of the cryptocurrency into these platforms. As one of the main reasons why holders transfer their tokens to exchanges is for selling-related purposes, this kind of trend can have a bearish impact on the BTC price. Related Reading: This Bitcoin Price Range Could Be The Bulls’ Final Defense Line, Report Says On the other hand, the metric being under the zero mark suggests the outflows are overwhelming the inflows. Generally, investors take their coins off into self-custody when they plan to hold into the long term, so such a trend can prove to be bullish for the asset. Now, here is a chart that shows the trend in the Bitcoin Exchange Netflow over the past week or so: As is visible in the above graph, the Bitcoin Exchange Netflow saw a spike into the positive region on the 27th of last month, but the metric has since remained in the negative region. This trend has maintained despite the fact that the asset has been observing volatility in both directions recently. Thus, it would appear that the investors are still bullish on the cryptocurrency. “Despite the recent market fear, traders have shown conviction in BTC, withdrawing nearly $900 million worth of Bitcoin from exchanges in the past 7 days,” notes the analytics firm. While exchange inflows can be bearish when it comes to volatile assets like BTC, the same doesn’t hold true in the case of stablecoins, digital assets that have their value tied to fiat. Usually, investors who hold these coins eventually plan to invest into the volatile side of the market. Once they feel the time has come, they deposit into the exchanges to swap to the tokens of their choice, thus providing a buying pressure to their prices. Related Reading: Litecoin Whale Deposits 500,000 LTC To Binance: Price Decline To Extend? As such, an increase in stablecoin inflows can be a positive sign for Bitcoin and other cryptocurrencies. This trend has recently been developing in the sector, as an analyst has pointed out in a CryptoQuant Quicktake post. As displayed in the above chart, the Binance Stablecoin Exchange Reserve, a metric that keeps track of the total amount of these fiat-tied tokens sitting in the wallets of the Binance platform, has jumped to a new all-time high (ATH) recently. BTC Price Bitcoin has been unable to sustain recovery as its price has once again dipped to $88,600. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
President Donald Trump’s executive order confirmed that Bitcoin is “no longer an outsider” among global financial assets.
President Donald Trump’s executive order confirmed that Bitcoin is “no longer an outsider” among global financial assets.