Category: Cryptocurrency News

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has recently suggested that Bitcoin’s (BTC) underperformance compared to the stock market may be a warning sign for investors.  BTC’s Failure To Outshine In A Bull Market McGlone notes that Bitcoin has declined compared to the Nasdaq 100 stock index since its 2021 peak and April bounce. This waning performance may presage rising headwinds not only for Bitcoin but also for the broader crypto market. McGlone stated: If Bitcoin truly is the “fastest-horse-in-the-race,” as some consider it to be, then it should logically be outperforming in an everything bull market. However, that is not the case.  Notably, McGlone points to the most aggressive liquidity pull from central banks in history, which may be a significant factor in Bitcoin’s underperformance. Related Reading: Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks The Federal Reserve (Fed) is still sighting in 3Q, despite the producer price index finished-goods gauge at minus 3.1% and dropping from 2022’s 18.3% peak at its fastest pace since 1948, which may be part of what underperforming Bitcoin is “sniffing out,” according to McGlone.  On a one-year basis to August 1st, Bitcoin is up just over 20%, similar to the Nasdaq, yet the crypto’s volatility is about two times greater. McGlone believes Bitcoin’s underperformance may be a warning sign for the broader market. The fact that Bitcoin is not outperforming as it should be in an everything-bull market could indicate that more significant market issues are at play, particularly in the face of aggressive liquidity pulls from central banks. Bitcoin And Ethereum Volatility At Historic Lows In a statement shared with NewsBTC Luuk Strijers, the Chief Commercial Officer at Deribit, a prominent cryptocurrency derivatives exchange, has recently stated that the Deribit Volatility Index (DVOL) for both Bitcoin and Ethereum is currently trading at an all-time low.  This is a significant development, especially since the DVOL for ETH is trading below the DVOL for BTC, which is a rare occurrence and may have been caused by the activity of a single large trader, commonly known as a whale. Despite the current low levels of volatility, Luuk Strijers highlights that the market is anticipating a considerable upswing in volatility shortly. This expectation is driven by several factors, including the upcoming ruling on the Blackrock spot Exchange-Traded Fund (ETF) and the approaching Bitcoin Halving. Strijers notes that Deribit has been observing signs of these expectations in the market, such as the significant steepness of the term structure, with June ’24 trades at approximately 50, and the enduring call skew.  These indicators suggest that the market is anticipating increased volatility and potential price movements shortly, despite the current low levels of volatility. The Blackrock spot ETF ruling is anticipated to impact the cryptocurrency market significantly. If approved, the ETF will allow investors to gain exposure to Bitcoin without directly holding the cryptocurrency, potentially increasing demand and driving up prices.  Related Reading: Shiba Inu Price Prediction: Is Shibarium The Key To A Trend Reversal? On the other hand, if the ruling is not approved, it may lead to a temporary drop in prices and increased volatility. The approaching Bitcoin Halvening, which is expected to occur in 2024, is another factor contributing to the anticipation of increased volatility, according to Strijers.  The Halvening is a significant event in the Bitcoin network that occurs roughly every four years, where the block reward for Bitcoin miners is cut in half. This tends to reduce the supply of Bitcoin on the market, potentially driving up prices and increasing volatility. Despite the current low levels of volatility, Strijers suggests that investors and traders should remain vigilant and prepare for potential price movements and increased volatility in the cryptocurrency market. At the time of writing, BTC is trading at $29,100, representing a slight increase of 0.8% in the past 24 hours. Featured image from iStock, chart from TradingView.com

Bitcoin price is nowhere near setting new all-time highs, but an important long-term price average is doing so, day after day, month after month. What is this moving average being referenced, and what does it setting new highs potentially mean? The 50-month moving average at the highest point ever| BTCUSD on TradingView.com Meet The Moving Train: The 50-Month Moving Average As Bitcoin and the rest of the crypto market grind painfully sideways, a key measure using a moving average of BTCUSD price action is rising steadily, now at its highest point ever historically. The moving average in reference is the 50-month moving average (50MA). To calculate the span, simply take the last 50 months worth of BTCUSD closing prices, add them together, then divide them by the 50 (the number of months worth of data in the period). Related Reading: Bitcoin Bollinger Bands Are The Tightest Ever, What Happens Next? Traders use moving averages for a variety of reasons. This includes as trend-following tool, as trend lines, and for timing entries and exits. Such signals trigger when price passes above or below the span, or if two moving averages crossover one another in a two-moving average system. These are called a golden cross or death cross. #Bitcoin’s 50-month moving average continues to set new record highs Without all the noise, the primary trend points upward pic.twitter.com/HG8gjO3Gn6 — Tony “The Bull” (@tonythebullBTC) August 2, 2023 What The 50MA Hitting ATHs Means For Bitcoin The 50-month moving average making new all-time highs, general means the primary trend is still up. The chart above shows the long-term uptrend clearly without the noise of candlesticks or price action. With the candlesticks turned back on, Bitcoin is above the span — another bullish sign. Related Reading: Don’t Change The Channel! Why Bitcoin Could Target $42K If Uptrend Holds BTCUSD closed above the 50MA back in March 2023 and has since held above it for several months. Notably, Bitcoin lost this level for the first time back in June 2022. Meanwhile, the top cryptocurrency bottomed precisely at the 50MA in 2018 and again in 2020. The 50MA is currently at $26,353 and could act as support of retested. If lost, it could be a sign the longer-term trend is turning bearish. The 200-week moving average, another similar high timeframe price indicator that is used widely in technical analysis, is also at a similar level and trending upwards. This chart originally appeared in Issue #14 of CoinChartist (VIP). Subscribe for free. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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in previous comment i was told to look at the token transfers to know if the transasction is a buy or a sell. by eye its easier to determine, but i want to do that using python. this transaction for example, is a buy because it is from: uniswap universal router if the transacton was…
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KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets. KuCoin Urges Users To Backup Mining Records During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual.  However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the deadline to ensure uninterrupted earnings. KuCoin has also advised users to back up and preserve their mining records and associated data before August 27, 2023, as failure to migrate to alternative mining pools within the specified timeline could affect their mining revenue.  Related Reading: Sell The News? Litecoin Traders Capitulate Ahead Of Today’s Halving Nevertheless, KuCoin Pool will not be held accountable for any potential earnings lapses resulting from users’ failure to migrate to alternative pools. The temporary suspension of KuCoin’s mining pools may cause some disruption in the crypto market, as mining plays an important role in the ecosystem. Despite this, it is worth noting that KuCoin is just one exchange, and its suspension may not have a significant impact on the overall market. KuCoin has assured its users that the suspension is temporary, and the company is working on a new strategy for its mining pool service. The company has also emphasized that the security and integrity of users’ assets remain its top priority, and it will take all necessary steps to ensure the safety of users’ funds. Litecoin Halving Triggers Price Drop Litecoin, one of the oldest and most popular cryptocurrencies, has completed its third block reward halving at a block height of 2,520,000, as reported by Colin Wu. The halving event has cut the mining reward in half, from 12.5 LTC to 6.25 LTC, as part of the cryptocurrency’s deflationary monetary policy. The halving is a regular event that occurs approximately every four years and is designed to control the rate at which new coins are minted. By reducing the reward for mining new blocks, the halving helps to prevent inflation and maintain the scarcity of the cryptocurrency. The current price of Litecoin is $89.12, which represents a 3.8% decline over the past 24 hours and a 10% decline over the past six months. The price drop may be related to market uncertainty surrounding the halving event, as well as broader market conditions. Despite the short-term price decline, many analysts remain optimistic about the long-term prospects for Litecoin and the cryptocurrency market as a whole. The halving event is seen as a positive development that highlights the ongoing maturation of the industry and the growing recognition of cryptocurrencies as a legitimate asset class. Related Reading: Uniswap Delists HEX Token After SEC Deems It An “Unregistered Security” Litecoin has a strong community and a dedicated development team, which continue to work on improving the technology and expanding the use cases for the cryptocurrency. The halving event is expected to further strengthen Litecoin’s position as a leading cryptocurrency and contribute to its long-term growth and success. Overall, the completion of Litecoin’s third block reward halving is a significant milestone for the cryptocurrency and the broader industry. While short-term price volatility is to be expected, the long-term outlook for Litecoin and cryptocurrencies, in general, remains positive, with many experts predicting continued growth and adoption in the years to come. Featured image from Unsplash, chart from TradingView.com

The report compares Bitcoin energy usage to that of clothes dryers (equal) and its emissions to those of manure (much less) in a slight but readable document.