On-chain data shows the USDC exchange inflow has spiked up. Historically, stablecoins have provided dry powder for kicking off new Bitcoin rallies. USDC Exchange Inflow Sharply Rose To High Values Recently As explained by an analyst in a CryptoQuant post, almost one billion USDC has flowed into exchanges recently. Past pattern suggests this may lead to uptrend for Bitcoin. The “USD Coin exchange inflow” is an indicator that measures the total amount of the stablecoin entering wallets of all exchanges within a given period. When the value of this indicator moves up, it means investors are depositing a higher amount of coins at the moment. Usually, holders transfer stablecoins to exchanges for converting them into a volatile crypto, like Bitcoin. They may also withdraw the coins to fiat. Investors use stablecoins like USDC when they want to exit volatile markets and hold on until prices are favorable enough for re-entering them. This implies that high stablecoin exchange inflows may show that prices are once again good for re-entry. Related Reading | Bitcoin Trading Volume Has Now Stabilized At High Values, But For How Long? Now, here is a chart that shows the trend in the USD Coin exchange inflows over the past year: Looks like the value of the metric has surged up to high values recently | Source: CryptoQuant As you can see in the above graph, the USDC inflow has spiked up over the past few weeks. These inflows have amounted to around 1 billion coins. There were two other instances earlier during the period where similar values were also observed. Looking at the Bitcoin price curve in the same chart, it seems like some time following such large spikes in the indicator, the value of the crypto has always surged up as well. Related Reading | Bitcoin Exchange Reserve Has Now Reached An Equilibrium After 2 Years Of Downtrend This makes sense as many investors deposit the USDC for converting to BTC, so such inflows provide for a fresh supply of dry powder for sustaining a rally. Now it remains to be seen whether a similar effect on the price of Bitcoin will also be there this time, or if this USDC inflow will pump some other coins instead. Bitcoin Price At the time of writing, Bitcoin’s price floats around $39.2k, down 10% in the last seven days. Over the past month, the crypto has lost 11% in value. The below chart shows the trend in the price of the coin over the last five days. BTC's price seems to have dropped down once again today | Source: BTCUSD on TradingView Yesterday, Bitcoin showed some sharp uptrend and broke above the $42k level again. However, today the coin looks to have plunged down once more. Featured image from Unsplash.com, charts from TradingView.com, CryptoQaunt.com

Bitcoin recorded its largest single-day pump in a year as the Russian ruble tanked 20% in its value against the dollar amidst worldwide economic sanctions imposed in the country after their attack on Ukraine. Sanctions Pump Bitcoin The most influential countries in the world have imposed penalties on Russia aiming for its economic collapse to stop Putin’s efforts to invade Ukraine. However, it is not only politicians who are threatened by penalties but common citizens. State Duma deputy from the Communist Party Nikolai Arefiev commented to a local news portal that savings of Russians could be confiscated by the Russian government: “If all funds that are abroad are blocked, then the government will have no other choice but to seize all the deposits of the population – there are about 60 trillion rubles – in order to get out of the situation.” Both Russians and Ukrainians have recorded enormous increases in crypto trading volume as they run to use it as a safe haven for their savings and wealth and a financial tool that allows them to take their money abroad or avoid sanctions. Similarly, bitcoin also became a valuable tool to send donations to Ukrainian efforts. The cryptocurrencies that have recorded the highest trading volumes in the countries have been bitcoin and tether. Bitcoin’s original narrative seems to be winning amongst the people who need it and so, its price has increased while recording other historical marks. Related Reading | Bitcoin Soared 20% In Two Session With Crypto Demand As Haven The Pump As per Arcane Research data, the bitcoin price increased 14.5% on Monday, its largest pump since February 8th, 2021, when the crypto coin reacted positively being shot up to an ATH after Elon Musk announced Tesla had bought $1.5 billion in bitcoin. Furthermore, data shows that the digital coin was back at providing better returns after a rough month. Bitcoin’s 7-day volatility increased to 5.4%, its highest mark since June 2021. Arcane Research notes this proves that the digital coin “behaves opposite of the rest of the financial markets concerning volatility, as upwards price movements often cause the most significant volatility spikes.” Similarly, many were already used to the possible correlation between bitcoin and tech stocks, but that correlation has decoupled as bitcoin price increased 5% during the past day while equity stocks closed at lower prices. Bitcoin use case as a store of value might be making a return to the markets. Before Monday’s big pump, bitcoin trading volume reached over $10 billion last Thursday as a reaction to Russia’s attack on Ukraine. This is the highest level reached since December 4th. Related Reading | Bitcoin Breaks Above 50-Day SMA, Will BTC Ride It Out To $50,000? BTC Price Arcane data further noted that the digital coin has returned to its $40-44k trading range and the resistance level of $44,000, found during early February’s rally, is an important mark since the coin has yet to convincingly break through that resistance. Data suggests that if BTC breaks through $44k again, then “$47,000 is the next resistance area to pay attention to.” Meanwhile, bitcoin was slightly up in the last 24 hours. At the time of writing the digital coin’s price is $43,894.

BTC’s trading volume in Russia and Ukraine is surging as the ruble reaches historic low levels so let’s take a closer look at today’s bitcoin news. BTC’s trading volumes in Russia and Ukraine surge to a new high which is possibly the highest level in almost a year. At the same time, those that employ […]

The data from LocalBitcoins and Paxful show that peer-to-peer trading of bitcoin in Nigeria has increased by over 15% year-over-year since the country’s central bank enforced a crypto ban. Current weekly bitcoin trading volumes are at a slight lull, probably because of the downturn in the market. As reported earlier, the Central Bank of Nigeria enforced a […]

Read full post Nigeria sees a major spike in P2P Bitcoin trading volume. on Chaintimes.com.

Sell pressure on BTC and altcoins is beginning to alleviate, but data suggests that it’s too early to call for a reversal.

According to a report published by Arcane Research, the United States of America dominates the Bitcoin trading arena. Bitcoins’ 90-day correlation to the S&P 500 is currently at its highest since October 2020, while the United States trading hours show the most Bitcoin activity. In 2020, the U.S. trading hours showed a marked increase in […]

Read full post United States trading hours show the most Bitcoin activity. on Chaintimes.com.

Bitcoin’s trading volume drops while Bitcoin is up 20% over the past week compared to a 3% rise in BTC as we are reading more today in our latest dOGE news. Bitcoin traded in a tight range this past week which provided a relief to the market participants after the volatile start of the year […]