
Blockchain
Bitcoin Buying Pressure Increasing as Exchanges Hold More Stablecoins
Bitcoin may still be correcting from its 2020 high, but analytics indicate that there is still a lot of buying pressure and the bull run may not be over just yet. Bitcoin prices have been hovering around the $10,250 level for the past three days, down around 17% from their 2020 highs. A weekly candle

Bitcoin may still be correcting from its 2020 high, but analytics indicate that there is still a lot of buying pressure and the bull run may not be over just yet.
Bitcoin prices have been hovering around the $10,250 level for the past three days, down around 17% from their 2020 highs. A weekly candle closing above five figures has been seen as bullish by technical analysts, but exchange data could reveal even more reasons why this rally isn’t over yet.
According to on-chain analytics from CryptoQuant, Bitcoin could still have ‘intense buying pressure’ because exchanges are holding more stablecoins and less Bitcoin compared to the beginning of this year. CEO, Ki Young Ju (@ki_young_ju), posted the findings;
#BTC still have intense buy pressure. Exchanges are holding more #stablecoins and fewer #BTC compared to the beginning of this year.
I think we still have room for #BTC bullish trend. (Disclaimer: People can buy other coins with stablecoins tho)https://t.co/ONpGJoy840 pic.twitter.com/Zrh1RdFXc3
— Ki Young Ju (@ki_young_ju) September 7, 2020
He added that the top three crypto exchanges holding Tether are Binance, Huobi, and OKEx, and interestingly, each of them has their own stablecoins – BUSD, HUSD, and USDK respectively. This has resulted in their reserves of BTC declining but is also indicative of crypto investors holding on to the asset for longer.
On the flip side, a continuation of the current correction following the magnitude of pullbacks in previous years could send prices 35% down which would result in a fall to $8,000 as pointed out by trader Rekt Capital (@rektcapital);
If we look at bull market retraces dating back to 2016…
The average correction is -35%
So far, Bitcoin has retraced -21%
A -35% retrace would mean price would fall to $8,000$BTC #Bitcoin
— Rekt Capital (@rektcapital) September 7, 2020
Stock to Flow Update
Looking at the bigger picture, ‘Plan B’s’ stock to flow prediction model, which calculates prices based on scarcity, is still on track. An update to this highly referenced model shows that the long term 200 week moving average is constantly increasing, currently at a rate of $200 per month. He added that the price of Bitcoin has never closed below this indicator.
#Bitcoin 200 week moving average at $6600 and increasing ~$200 per month. BTC 200WMA never goes down. BTC monthly close has never been below 200WMA. Note BTC $1000 struggle in March 2017. pic.twitter.com/a3VlXoY3z2
— PlanB (@100trillionUSD) September 7, 2020
It was suggested after looking at previous market cycles that $10,000 is the new $1,000 in terms of pullback points in the current cycle. The technical analyst elaborated;
“Red dots are monthly closing prices. Currently last red dot is Sep 7 at $10150, not a month close. So red dot has 3 more weeks to get over Aug $11655 close and even if it stays below $11655 at Sep close that has happened before (Mar 2017 and May-Jun 2013).”
The 20-week moving average has also been cited as a good buy in point, and this is exactly where BTC is trading at the moment. At the time of writing, Bitcoin was holding steady just above five figures following its biggest weekly loss since March 2020.


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Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/bitcoin-buying-pressure-increasing-as-exchanges-hold-more-stablecoins/
Blockchain
Blockchain and crypto will challenge current finance, Nigeria VP says


Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain.
“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.
The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance,” he said.
Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted out a video clip highlighting of some of his crypto comments from his talk.
“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:
“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”
The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN’s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.
Blockchain
‘Bitcoin could reach $1 million or $1, and may do both of those’


While many analysts predict that either Bitcoin could increase to a million or fall to a dollar, a popular businessman and investor based in the US thinks that the asset could do both!
In a recent interview with Joe Kernen at CNBC’s Squawk Box, Internet analyst Henry Blodget of the dot com era fame said:
Bitcoin could go to $1 million… it could also go to $1. And in fact it may do both of those
In addition, Blodget, who also served as the head of the global Internet research team at Merrill Lynch, is unconvinced about the asset’s value proposition. He claimed that Bitcoin as an inflationary hedge and the narrative surrounding its value as ‘digital gold’ were “stories”. He further added:
But the stories that we tell about why relative to the value of gold or other currencies, they’re ludicrous.
In his opinion, Bitcoin can trade just about anywhere because it does not have any fundamental backing. He said that unlike traditional stocks, “which usually does have some relationship ultimately to a fundamental,” of a company, “Bitcoin doesn’t, so that means it can trade anywhere.”
The entrepreneur thinks that crypto exchange Gemini’s CEO Tyler Winklevoss could eventually be “exactly right,” in his forecast that the asset could surge to a million. However, Blodget said:
If people were to decide that for the next couple of hundred years Bitcoin is where you park your money when you take it out of the fiat system, OK, it’s possible.
Interestingly, while crypto Twitter and Bitcoin enthusiasts, in particular, called out the analyst’s criticism, they commended the interviewer’s counter-argument. CNBC’s Joe Kernen seemed to even “speak the language” of the crypto space as one twitter user named @HodlBells noted:
@JoeSquawk I didn’t think you understood the value prop of bitcoin. You do! You’re way ahead of the bulk of your generation. Particularly those who have profited the most off the petro-dollar. Look forward to you speaking their language and translating the future for them! Thx!
— Hodl Bells (@HodlBells) February 26, 2021
Source: https://ambcrypto.com/bitcoin-could-reach-1-million-or-1-and-may-do-both-of-those
Blockchain
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto


NetCents, a cryptocurrency payments company, today announced it has signed an agreement with Vesto.io to pave the way for DeFi access in the NetCents platform.
Vesto, is a San Francisco-based company that has created a platform allowing users to choose from multiple DeFi protocols in a virtual supermarket. NetCents (with regulatory approval) intends on enabling a portal to the Vesto infrastructure from the NetCents wallet in order to facilitate user’s adoption of DeFi investing in an efficient and easy-to-understand interface.
“We have seen the DeFi space explode over the past year, but for it to reach the next level – the tools and the process has to be attainable by the novice crypto investor. We will be adding a layer of simplification to the process so that individuals can have their savings actually working for them without the complexity of the current platforms. Individuals have the right to lend their money at market-based rates instead of getting 1% interest on their savings that the commercial banks are offering.”
– Clayton Moore, NetCents Founder & CEO
LOI
The Letter of Intent (LOI) contemplates a Joint Venture between parties and an option for NetCents to invest in Vesto and hold a significant ownership stake in the company at a future date.
Management of NetCents also informed investors that many of the concepts embraced by these DeFi platforms have not been vetted by the many authorities that regulate financial products. NetCents intends to work together with regulators to navigate this landscape and resolve it with a compliant product.
For Example: Fintech businesses seeking to bring a novel product or service to the market can seek regulatory relief through regulatory sandboxes such as the Ontario Securities Commission’s LaunchPad or the British Columbia Securities Commission’s SandBox.
Furthermore, businesses that distribute, trade, or advise in crypto assets that are securities are required to comply with securities laws (in particular, registration and prospectus requirements), which can be onerous. There are many exemptions for specific types of distributions, trades, and other activities and NetCents intends to research these exemptions rigorously. These exemptions, at a high level, may limit the types of investors that can participate or the investment amounts, or may require the preparation of disclosures to investors and filing of a disclosure document.
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