Category: Cryptocurrency News

On-chain data shows the stablecoin exchange deposits have remained low recently. Here’s what this may mean for Bitcoin. Stablecoin Exchange Deposits Stay Low, While Withdrawals Jump As pointed out by an analyst in a CryptoQuant post, the fact that the stablecoin exchange withdrawals have spiked while deposits have stayed low may be slightly alarming for BTC. There are two indicators of relevance here: the “stablecoin exchange withdrawing transactions” and the “stablecoin exchange depositing transactions.” As their names already imply, these metrics track the total number of withdrawals and deposit transfers, respectively, that investors of the ERC-20 stables are making right now. Generally, investors seek the safety of these fiat-tied tokens whenever they want to escape the volatility associated with the other assets in the sector. Eventually, when these holders think that the prices are right to jump back into the volatile markets, they swap their stables back for their desired cryptocurrency. These investors usually make use of centralized exchanges for this purpose. So, when the exchange withdrawing transactions are high, it can be a sign that holders are exchanging coins like Bitcoin for stablecoins right now. Related Reading: Here’s What On-Chain Data Reveals About XRP Rally On the other hand, the deposits being high can imply these investors are looking to buy volatile assets using their stables. Naturally, in the former case, Bitcoin and others may feel a bearish effect from the selling, while in the latter case, the prices might see a bullish boost. Now, here is a chart that shows the trend in the stablecoin exchange withdrawing and depositing transactions over the past couple of years: Looks like only one of these two metrics has had a high value recently | Source: CryptoQuant As displayed in the above graph, the stablecoin exchange depositing transactions metric has been relatively low for a while now. This would suggest that there may not be enough demand for converting stables into other assets right now. From the graph, it’s visible that the last time the indicator spiked was back in March of this year. Following the deposits back then, Bitcoin observed a sharp rebound in its price as the rally saw a revival. The timing of these inflows might mean that it was the buying from these stablecoin holders that had provided the fuel for the BTC surge. Related Reading: Bitcoin MVRV At Critical Level: Will A Break Happen? In the graph, the quant has marked other similar past instances as well. It looks like the BTC price generally observes a rise after stablecoin deposits spike, given that the withdrawals are low at the same time. Recently, however, only the stablecoin withdrawals have observed a spike, implying that investors are taking these tokens away from exchanges, likely to hold onto them for extended periods in self-custody. As there aren’t any deposits happening to counteract this, the BTC price has been struggling recently. If the trend continues and more stablecoin withdrawals continue to take place, it’s possible that the cryptocurrency could take a hit in the short term. Bitcoin Price At the time of writing, Bitcoin is trading around $30,200, up 1% in the last week. BTC has taken a hit recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com

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Explore seven payment gateways prioritizing speed and efficiency, ensuring fast, seamless online transactions.

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By enabling cross-chain swaps of cryptocurrency, Cointelegraph Innovation Circle member Simon Harman is shaking up DeFi.

Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively. Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects. Celsius Selling Altcoins  Lookonchain revealed that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred. Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol. The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has started depositing these tokens to Binance for selling. Related Reading: $18 Billion Worth Of Bitcoin Accumulated At $30,200 – BTC Bull Run Incoming? The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX. While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX. In late June, Judge Martin Glenn of the Southern District of New York allowed Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1. Altcoins Taking A Hit The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last week’s highs. Related Reading: XRP Whales Ride The Crypto Surge, As Ripple Token Notches 62% Price Spike Among the impacted tokens included BNB, the native currency behind Binance, the world’s largest ecosystem. The coin currently oscillates within a $30 range as bears dominate price action. From the daily chart, BNB has resistance at $260 and is down over 30% from April 2023 highs.  LINK and SNX are seeing similar price actions, both recording losses on the 24-hour chart. LINK is down 2.97% to be trading at $6.63, while SNX is nursing 3.94% losses, bringing its price to $2.64. Feature image from Canva, chart from TradingView

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Polygon’s Mudit Gupta said that despite moving fast in theoretical security, the crypto space is “so far behind” when it comes to practical security.