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2 BTC Price Indicators Suggest It Has Not Bottomed Yet

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  • According to two price indicators, BTC has not bottomed yet.
  • Bitcoin managed to break the $40,000 again but it didn’t last for more than six hours.
  • Currently, there are 2.2 million active BTC over the past 30 days.

Traders are using different strategies to know whether Bitcoin’s (BTC) price has bottomed yet. Meanwhile, on-chain activity and derivatives data show that the situation remains uncertain.

Ever since the $30,000 on May 12, traders have been waiting for its trend reversal. Apparently, it reached $12 billion worth of futures long positions being liquidated.

However, traders’ confidence remains decreasing. Hence, the crypto community started looking for trend reversal signs. For example, analyst @immortalcrypto said a new high followed by a move above $40,000 is enough.

Meanwhile, few days after the dip, Bitcoin managed to break the $40,000 again but it didn’t last for more than six hours. Thus, other analysts think that a retest of the $30,000 bottom is needed before a bounce.

source btc
Source | Tradingview.com

It should be noted, market prices do not always react to external news or previous chart formations. In comparison to stocks, crypto investors (particularly BTC) can’t rely on commonly used valuation multiples or even comparables.

Furthermore, traders also monitor the number of BTC that have been active lately. This indicator can’t be considered bearish or bullish by itself because it doesn’t provide data on how old the involved addresses are.

Active supply that transacted at least once in the trailing 30 days
Active supply that transacted at least once in the trailing 30 days. Source | CoinMetrics

As of writing, there are currently 2.2 million active BTC over the past 30 days based on the above chart from CoinMetrics. More so, this is significantly higher than levels seen before October of 2020.

Clearly, with this first indicator, the price rally from October 2020 and the peak in April 2021 caused an increase in the supply. Of note, when this metric presents a sharp decrease, it means that investors are no longer interested in participating at the current price level.

On another note, based on the skew indicator, it suggests that a 25% delta skew swinging between a negative 10%, and a positive 10% is usually deemed neutral.

Whenever whales and experts lean bullish, they will demand a higher premium on call (buy) options. Hence, this trend will cause a negative 25% delta skew indicator. Meanwhile, if downside protection is more costly, the skew indicator will become positive.

Bitcoin 30-day options 25% delta skew
Bitcoin 30-day options 25% delta skew. Source | Laevitas.ch

Consequently, as the market goes down, so does the 25% delta skew indicator, and the cost of protective options spiked. Therefore, until the metric establishes a more neutral pattern nearer to the 5% level, it seems premature to call the market bottom.

To conclude, traders should not think that Bitcoin has bottomed yet based on the skew and active supply indicators. Lastly, until the market no longer has relevant activity surrounding the sub-$40,000 level, BTC should be fine.

Source: https://coinquora.com/2-btc-price-indicators-suggest-it-has-not-bottomed-yet/

Blockchain

XRP Millionaire Transfers 26 Million Coins from Binance

Earlier this month, a leading XRP account moved $146 million worth of XRP to an unknown wallet.

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XRP, the world’s 7th largest cryptocurrency, is currently recovering from the latest correction. The price of the digital asset jumped by nearly 6% in the last 24 hours as the crypto market cap increased by more than $100 billion within a single day.

XRP millionaires are also on the move with the execution of large transactions. Whale Alert, the blockchain tracking and analytics platform, highlighted a recent transfer worth approximately $18 million from cryptocurrency exchange Binance to a digital wallet.

Bank Account Alternative. Business Account IBAN.

According to Whale Alert, a leading XRP account moved 26 million coins from Binance to a crypto wallet on Thursday 24 June at 17:00 UTC. The mentioned transaction was recorded on Bithomp.

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The latest transfer was executed around 2 weeks after a leading crypto whale account moved 176 million XRP worth nearly $146 million on 12 June to a digital wallet.

Despite the recent correction in the price of the world’s 7th most valuable digital asset, whale XRP transactions are surging. The total number of XRP whales has also increased substantially during the last few months. According to the latest Q1 2021 Markets report published by the San Francisco-based blockchain firm Ripple, XRP accumulation increased rapidly during the first three months of 2021.

“The number of “whale” wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M coins increased from 1,125 to 1,196,” Ripple mentioned in the report.

XRP and Institutional Inflows

Since April 2021, XRP has remained one of the most popular crypto assets among institutional investors. According to a recent digital asset fund flows report published by CoinShares, XRP attracted a substantial amount from institutional investors due to its significant price surge in the past few weeks. The cryptocurrency touched its highest level in more than three years in April 2021 when its price crossed $1.90. Since then, the digital asset has seen a gradual decline due to the negative crypto market sentiment.

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Source: https://www.financemagnates.com/cryptocurrency/news/xrp-millionaire-transfers-26-million-coins-from-binance/

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Silk Road Prosecutor Spearheading $2,200,000,000 Crypto Fund – Here’s Her Case for the ‘Largest Crypto Fund Ever’

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Former federal prosecutor Katie Haun is co-founding a new crypto fund.

The Silk Road prosecutor was first introduced to Bitcoin seven years ago after spending her career investigating prison gangs, corrupt officials, and the mafia for the U.S. Department of Justice.

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She went on to create the government’s first cryptocurrency task force and led investigations into the Mt. Gox hack and the corrupt agents on the Silk Road task force. Seven years later, Haun now oversees a $350-million crypto fund launched last summer by Silicon Valley investing powerhouse Andreessen Horowitz (a16z).  

Now, she announced on Twitter that she is partnering with Andreessen Horowitz to lead Crypto Fund III, a massive $2.2 billion venture fund that will target crypto projects and teams.

In a series of tweets, Haun shares her perspective on crypto and where she sees the space going.

“This is the largest crypto fund ever raised, a validating moment for the ecosystem and another sign that crypto is mainstreaming, innovation in the space is accelerating, and use-cases are broadening.

We are radically optimistic about crypto’s potential. This fund allows us to find the next generation of visionary crypto founders, and invest in areas that touch the core pillars of the crypto ecosystem: infrastructure, DeFi (decentralized finance), NFTs (non-fungible tokens), gaming and more.

We’re going all in on our belief crypto is not only the future of finance but, as with the internet in the early days, is poised to transform many other aspects of our lives.”

Joining her in the crypto fund is Bill Hinman, the former director of the SEC’s Corporate Finance Division, Tomicah Tillemann, former senior advisor to Joe Biden, investor and entrepreneur Alex Price, advisory partner Bret McIntosh and former Coinbase communications vice president Rachel Horwitz. 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/06/24/silk-road-prosecutor-spearheading-2200000000-crypto-fund-heres-her-case-for-the-largest-crypto-fund-ever/

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Blockchain

Dogecoin: Investing ‘in currency with dog’ makes sense to this section?

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The adage, “You work hard for your money and your money should work hard for you,” will, perhaps, never age with time. Investing is important, if not critical, to make your money work for you. Until a few years back, the masses mostly relied only on stocks and physical assets like gold and property as investments. In fact, for the older generations, the traditional array of assets is a go-to option on any given day. 

Nevertheless, with the emergence of digital assets like cryptocurrencies, market participants now have a wide range of assets to choose from. As a matter of fact, the newer assets resonate well with the newer generations. Even during market adversities, the younger generations express their enthusiasm and keep claiming that they’re “in for the tech.”

A meme that pointed out the different assets chosen by people from different generations was doing the rounds on social media lately. It, however, managed to garner traction majorly because the self-proclaimed ‘DogeFather’ reacted to its irony, thus instilling the Dogecoin v. Real estate debate.

Interestingly, in May 2020, Elon Musk took social media to announce that he was giving up most of his possessions. What’s more, he explicitly stated that he would not own any house henceforth.

Reportedly, before the aforementioned Twitter announcement, Musk owned several luxury mansions in California that had a cumulative valuation of over $100 million. Musk’s reaction to the meme makes even more sense when the above dots are connected. Well, apart from traditional asset proponents, even people close to Musk were apparently “mad” at him for taking such a call. 

Source: Motely Fool

A recent study highlighted that Gen Z and millennial investors prefer using an amalgamation of both new and old investment strategies. Cryptocurrency, however, remained the second most likely asset to be held by Gen Z investors. Well, according to the age-wise stratification, Musk falls into the Gen X category, which is typically characterized to be “conservative” with their investment choices. 

Now even though Tesla’s ‘Techno-King’ doesn’t belong to the Gen-Z or millennial category, he has evidently been fond of cryptos, especially Dogecoin over the past few months. However, the meme-coin’s value recently plunged and the community opined that even Elon would not be able to save it.

Now, since real-estate is most likely out of Musk’s equation, the odds of Musk resurrecting the meme coin and taking it on ‘moon ride’ has increased. Riding on the back of Elon’s tweets, Dogecoin has managed to record a YTD return of +4112.69%.


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Source: https://ambcrypto.com/dogecoin-investing-in-currency-with-dog-makes-sense-to-this-section

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