The Bank for International Settlements (BIS) published the results of a survey in which 66 central banks participated. The survey was published on January 23, 2020 and asked participants
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It is no secret that many cryptos have been experiencing a price plunge. As of June 18, the price of the world’s largest digital currency, Bitcoin, fell to about $17,622. This data was taken from Binance. Since then, there have been several conversations as to whether or not that price will be the lowest for the asset. A digital currency analyst from CryptoQuant has revealed the possible price of Bitcoin in the nearest future. CryptoQuant is a recognized digital currency resource platform. According to the analyst, the $17,622 price mark may not be the lowest Bitcoin will see. However, this assumption is not very solid given the level it is at the moment. Crypto Winter Overview Many traders and investors are still doubting if there will be a positive change soon. Several pieces of information state the possibility that Bitcoin will still hit a price mark lower than $20K. Related Reading: Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline? The scenario has made several digital currency holders sell off their assets. Also, before now, certain major crypto firms have taken some hard decisions due to the bearish turn of the market. A notable example of these crypto firms is Vauld. According to reports, the crypto lending platform had to suspend withdrawals and reduce its headcount. This was revealed on July 4. Probable BTC Price Going further, a cryptocurrency resource platform analyst, Tomáš Hančar, has explained the possibility of his prediction. According to him, the LTH SORP 20-day chart SMA is projecting a 1/3rd chance of Bitcoin hitting that bottom price mark. The explanation of the indicator (SMA) presented above is an acronym for 20-day chart Simple Moving Average. This represents the LTH SOPR (Long-Term Holders’ Spent Output Profit Ratio. According to the data, the ratio derived has been below the impartial level worth of “one” for up to three months. Drawing from the analyst prediction, this is 1/3rd the level that explains a potential bottoming process. The analyst further explained the function of the 20-day idea of the indicator he used. He cited that the idea of the 20-day indicator was for transferring appropriate standard lines. Buying Bitcoin Is Now, Says Tomáš Hančar After this analysis, Tomáš Hančar concluded that buying BTC should commence now. This is because there will be a strong bounce-off in a short while. But, there is a drawback to be aware of, he added. That is the probability that the digital token will drop below the $20K price mark. According to the crypto market watch data, 47 days have passed since the last new low of Bitcoin price. Related Reading: SOL Loses $40 After The Exploit – What’s The Next Support? Considering this fact, the analyst suggested traders furthermore; he cited that it will be necessary for traders to deploy a potential breakout option. Featured image from Pexels – Chart from TradingView.com
Many scams are happening in the crypto industry, especially BTC. If an investor is not careful, he’ll fall prey to cybercriminals posing as legit projects or platforms. Sometimes, some exchanges might run into hitches and cause massive losses to investors. This was the case with WEX, BTC-e, and other exchanges that caused people to lose […]
The Bitcoin long-term holder SOPR may suggest that the crypto has still only gone one-third of the way through the latest bear market. Bitcoin 20-day SMA Long-Term Holder SOPR Has Only Been 86 Days Into Bottoming Zone As pointed out by an analyst in a CryptoQuant post, the crypto is still only 1/3rd of the way into the 260 days average historical bottoming period. The relevant indicator here is the “Spent Output Profit Ratio” (or SOPR in brief), which tells us about whether the average Bitcoin investor is selling at a profit or at a loss right now. The metric works by looking at the history of each coin being sold on the chain to see what price it was last moved at. If this previous selling price was less than the latest BTC value, then the coin has just been sold at a profit. While if the last value was more than the current one, then that particular coin realized some loss. When the value of the SOPR is greater than one, it means the market as a whole is selling at a profit right now. Related Reading: Bitcoin Funding Rates Turn Positive, Why The Rally May Not Be Over On the other hand, the indicator being less than one implies the average holder is moving coins at a loss at the moment. The “long-term holders” (LTHs) is the Bitcoin cohort that includes all investors who have held onto their coins for at least 155 days without selling or moving them. Now, here is a chart that shows the trend in the BTC SOPR (20-day MA) specifically for these LTHs over the the last several years: Looks like the value of the metric has been pretty low recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin LTH SOPR (20-day SMA) dipped below the “one” mark a while back. Also, in the chart the quant has marked all the relevant zones of trend for the indicator in relation to the bear market. Related Reading: Here’s What Bitcoin Institutional Inflows Says About The Month Of July It seems like historical bottoming periods have lasted whenever the metric has been stuck below the breakeven point. On average, past bear markets have lasted around 260 days based on the LTH SOPR. In the current cycle, the coin has so far been 86 days into the bottoming zone. This would suggest that if Bitcoin ends this bear market in about the same time as the average, then the crypto is still only one-third of the way through. BTC Price At the time of writing, Bitcoin’s price floats around $23k, down 2% in the last week. Over the past month, the coin has gained 13% in value. The value of the crypto seems to have been moving sideways during the last few days | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Payments firm Block Inc. has said it will slow hiring and lower its 2022 investment target by $250 million after announcing its second quarter financial results.
The post Block Inc. Lowers Sights as Revenue from Bitcoin Drops appeared first on BeInCrypto.
Bitcoin (BTC) has reclaimed a minor horizontal support level at $22,700 and could soon make another attempt at breaking out from a longer-term pattern.
The post Bitcoin (BTC) Reclaims $23,000 After Short-Term Deviation appeared first on BeInCrypto.
Taiwan and China are in a face-off around Taiwan’s sovereignty, affecting the Bitcoin price. BTC price dipped as tensions heightened.
The post Taiwan Vs China: What Effect Does Crisis Have on the Price of Bitcoin? appeared first on BeInCrypto.
Crypto exchanges have become popular for enabling consumers to purchase, sell, swap, and store digital assets. However, research has shown that exchanges have been easy prey for hackers, especially as the popularity and price of specific crypto currencies has skyrocketed. Typically affecting thousands, if not millions, of users and resulting in the theft of hard-earned […]
The crypto fear and greed index shows that while investors are still cautious, the market sentiment is nonetheless making sustainable recovery. Crypto Fear And Greed Index Surges Up, But Remains In “Fear” Territory As per the latest weekly report from Arcane Research, the market sentiment rose to the best sentiment since April of this year on Saturday. The “fear and greed index” is an indicator that measures the general sentiment among investors in the crypto market. The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. All values above 50 signify a greedy market, while those below the mark suggest fearful investors. Values approaching the end of the range of above 75 or below 25 indicate “extreme greed” and “extreme fear” sentiments, respectively. Historically, bottoms have tended to form during periods of extreme fear, while tops have occurred during the other extreme sentiment. Because of this, some investors believe the former periods bring ideal buying opportunities with them, while the latter ones can be suitable selling points. Now, here is a chart that shows the trend in the crypto fear and greed index over the last year: Looks like the value of the metric has been steadily climbing up in recent days | Source: Arcane Research’s The Weekly Update – Week 30, 2022 As you can see in the above graph, just a while ago, the crypto fear and greed index had been inside the extreme fear territory for a couple of months, making it the longest ever streak of rock-bottom mentality. But, during the last few weeks the indicator has observed some growth as the various coins in the market have simultaneously seen recovery. At the time the report came out (which was yesterday), the fear and greed index had a value of “31.” This implies a fearful market. Today, the sentiment has slightly improved as the value of the indicator is now “34,” which is however still firmly inside the fear territory. The value of the indicator is 34 at the moment | Source: Alternative On Saturday, the metric came close to stepping out of the fear territory as it attained a value of “42.” This happens to be the highest value the indicator has seen since April. But before a breakout into greed could occur, the fear and greed index slumped back down. The latest trend suggests while the market sentiment has been improving, the investors have remained cautious. This may pave way towards a slower, but more sustained recovery in the market. BTC Price At the time of writing, Bitcoin’s price floats around $23.3k, up 9% in the past week. The value of the crypto seems to been trending sideways during the last few days | Source: BTCUSD on TradingView Featured image from Quantitatives on Unsplash.com, charts from TradingView.com, Arcane Research
Data shows the latest downwards adjustment in the Bitcoin mining difficulty has lead to the hashrate observing a bounce back up. Bitcoin Mining Hashrate Observes Surge During Last Couple Of Weeks According to the latest weekly report from Arcane Research, the hashrate has risen up following the largest decrease in the mining difficulty in one […]
If this works as promised, Stablesats could change the game. It could change the world, even. The new Galoy product solves a problem and an urge that the bitcoin community has had for ages. Synthetic dollars that don’t need a token or rely on a third party to work. In fact, if Stablesats works as […]
Catholic churchgoers in the USA can now make a crypto donation towards their church’s efforts. But where does the Vatican stand on cryptos?
The post Catholic Churches Begin to Accept Crypto Donations. Oh My God appeared first on BeInCrypto.
Is The NY Times changing its tune? Not exactly, but it’s a start. And a big improvement over the mainstream media’s constant attacks on bitcoin. The newspaper interviewed notable bitcoiners, quoted them without twisting their words, and let them present the case for bitcoin supremacy. Of course, The NY Times also sneaked their usual points […]
Ripple (XRP) is in bearish mode and was down 1.93% as seen overnight. Moreover, Ripple has recently freed up over 1 billion XRP tokens coming from two separate escrow wallets. Currently, the crypto trades at $0.38 on the biggest spot exchanges. Ripple has evidently locked over 55% of XRP’s total supply in escrows way back 2017. Analysts believe that its bearish sentiment or weakness is relevant to Bitcoin’s failure to surpass the $24,000 mark as opposed to the controversial unclasping of new tokens that happened recently. In effect, Ripple is trying to restore most of the tokens that they’re sending to escrow. Additionally, unlocking of the new tokens happen every first day of the month and has no effect whatsoever on XRP price. In spite of the misunderstanding, most of these tokens won’t necessarily swamp crypto exchanges. Ripple Sold Over $408 Million Of XRP In Q2 To date, Ripple has sold roughly $408 million of XRP in Q2. The recent success or increase in sales is attributed mainly to On-Demand Liquidity Service picking up steam. Jed McCalbe, Co-Founder of Ripple, has sold the rest of his XRP tokens the previous month which means his letting go of XRP and won’t be able to support or add to Ripple’s selling momentum. According to CoinMarketCap, as of press time, XRP’s total circulating supply is at 48.3 billion tokens. On July 30, XRP price has skyrocketed by 13% on July 30 and held on to the liquidity that snuggled right above the highs spotted at $0.387. The recent upturn was exceptional but fell short in terms of momentum. In effect, XRP price ducked and splitting gains. Further Downtrend Looms For XRP The four-hour candlestick was seen to close just below the support zone of $0.381 which indicates further downturn. In any case, investors should foresee XRP price to reopen at the support level of $0.340. On the flip side, if XRP price can stay afloat or above $0.381, then that validates this position as a support level. Further, this also rescinds the bearish perspective. When this happens, the XRP price can potentially pave the way to revisit the resistance zone spotted at $0.439. On June 22, Ripple Labs announced the launch of their new office in Toronto, Canada plus plans on hiring initially around 50 engineers with plans to hire 100 to 200 staff down the line. Brad Garlinghouse, Ripple Labs CEO, was ecstatic as seen in the video posted on Ripple’s Twitter page, describing Toronta as a hub for “excellent engineering talent.” XRP total market cap at $17.7 billion on the weekly chart | Source: TradingView.com Featured image from Ripple Coin News, chart from TradingView.com
