Just-In: Is This A Crypto Market Recovery? Here’s Why There’s More To It
https://bit.ly/3xbqxRf
https://bit.ly/3xbqxRf
On the last fall of bitcoin to $18,500, Whalemap recorded a surge in large transactions (more than 1,000 transfers of more than $20 million each).
Today, in turn, Cryptoquant notes the growth of bitcoin transactions in the over-the-counter market (OTC).
Considering that the price of BTC has been sideways all summer and managed to form a double bottom, today's growth looks promising. The activity of the whales only adds to this confidence.
Today, in turn, Cryptoquant notes the growth of bitcoin transactions in the over-the-counter market (OTC).
Considering that the price of BTC has been sideways all summer and managed to form a double bottom, today's growth looks promising. The activity of the whales only adds to this confidence.
There are rumors that the next bitcoin halving may not happen in April-May 2024, but in the fourth quarter of 2023 due to the growing hashrate.
Most likely, this will remain at the level of speculation. But something else is interesting: historically, bullish cycles began plus or minus a year before the halving of the reward for block mining. In theory, this means that the next bull run may not start until Q2 or Q3 2023. Until that time (again - historically) there was either a long turbulence in the outset, or a correction continued. Potentially, this is our scenario for another six months or even more.
At the same time, it should be understood that each subsequent halving has an ever smaller impact on the turnover/trading of BTC (more than 90% have already been mined). Therefore, I no longer expect a grandiose growth of the main cryptocurrency, the main focus will gradually shift towards altcoins.
Most likely, this will remain at the level of speculation. But something else is interesting: historically, bullish cycles began plus or minus a year before the halving of the reward for block mining. In theory, this means that the next bull run may not start until Q2 or Q3 2023. Until that time (again - historically) there was either a long turbulence in the outset, or a correction continued. Potentially, this is our scenario for another six months or even more.
At the same time, it should be understood that each subsequent halving has an ever smaller impact on the turnover/trading of BTC (more than 90% have already been mined). Therefore, I no longer expect a grandiose growth of the main cryptocurrency, the main focus will gradually shift towards altcoins.
❗️The Merge update has been successfully launched on the Ethereum network. The event is truly unique. Thanks to him, Ethereum switched to Proof of stake consensus, which will automatically reduce emissions and network energy consumption by more than 99%. Emissions will also fall by more than 90%.
By reducing the cost of electricity and equipment, there will be no need for daily sales of the received remuneration. Previously, it was 13.5 thousand ETH per day. All this, coupled with burning some of the coins, will help make Ethereum deflationary (or at least micro-inflationary).
Buterin also stated that in the future, the Ethereum network will be able to overtake the bandwidth of Visa and reach 100,000 transactions per second.
Today the price of ETH is around $1600. And given all the positive changes, it will be interesting to compare it in a year, two, and so on. It all looks very, very promising.
By reducing the cost of electricity and equipment, there will be no need for daily sales of the received remuneration. Previously, it was 13.5 thousand ETH per day. All this, coupled with burning some of the coins, will help make Ethereum deflationary (or at least micro-inflationary).
Buterin also stated that in the future, the Ethereum network will be able to overtake the bandwidth of Visa and reach 100,000 transactions per second.
Today the price of ETH is around $1600. And given all the positive changes, it will be interesting to compare it in a year, two, and so on. It all looks very, very promising.
Breaking: Binance Implements “Opt-In Button” For 1.2% Tax Burn On Terra Classic (LUNC)
https://bit.ly/3C7o8Km
https://bit.ly/3C7o8Km
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Meanwhile, the index of fear and greed signals a very difficult situation in all markets. Cryptocurrencies are far from an exception.
Even if you look at Forex, many currencies are falling significantly against the dollar this year, on average about 20% for the euro, pound and yen. In the stock markets, the situation is even more difficult, with some top stocks falling 5 times from their all-time highs. Against their background, bitcoin with a fall of less than 4 times from its ATH does not look so bad.
The global economic crisis is in full swing, after a large cycle of growth, a natural cycle of decline has come. A decent part of it is already behind, by the way. The potential for further decline remains, but it is getting smaller and smaller. Much depends on the actions of the Fed, we keep our finger on the pulse. By their behavior it will be clear when the global correction will come to an end. But you still need to be patient.
Even if you look at Forex, many currencies are falling significantly against the dollar this year, on average about 20% for the euro, pound and yen. In the stock markets, the situation is even more difficult, with some top stocks falling 5 times from their all-time highs. Against their background, bitcoin with a fall of less than 4 times from its ATH does not look so bad.
The global economic crisis is in full swing, after a large cycle of growth, a natural cycle of decline has come. A decent part of it is already behind, by the way. The potential for further decline remains, but it is getting smaller and smaller. Much depends on the actions of the Fed, we keep our finger on the pulse. By their behavior it will be clear when the global correction will come to an end. But you still need to be patient.
Breaking: Uniswap Labs Eyes Fundraising At $1 Billion Valuation, $UNI Price Jumps
https://bit.ly/3ClUL77
https://bit.ly/3ClUL77
New weekly crypto review from Glassnode:
While there is real chaos in the traditional markets, bitcoin is quite stable.
BTC has been in the range of 18000-20000 for 4 months already, this is the calm before a very strong storm.
The average break-even price for BTC miners is slightly below current values. A price move below this level can cause a lot of stress and capitulation.
While there is real chaos in the traditional markets, bitcoin is quite stable.
BTC has been in the range of 18000-20000 for 4 months already, this is the calm before a very strong storm.
The average break-even price for BTC miners is slightly below current values. A price move below this level can cause a lot of stress and capitulation.
Binance To Develop Virtual Asset Market In Kazakhstan Amid President’s Support
https://bit.ly/3EccnUl
https://bit.ly/3EccnUl
BTC accumulation rate hits 7-year high
Bitcoins that haven't moved for 6 months or more now account for 74% of the realized capital.
In recent lows, the numbers were as follows:
- 70% in 2019
- 77% in 2015
They buy BTC and just hold on the wallet for (minimum) 6 months. Nearly 28% hold between 12 and 18 months.
Bitcoins that haven't moved for 6 months or more now account for 74% of the realized capital.
In recent lows, the numbers were as follows:
- 70% in 2019
- 77% in 2015
They buy BTC and just hold on the wallet for (minimum) 6 months. Nearly 28% hold between 12 and 18 months.
The relatively small amount of Bitcoin short liquidation and the concurrent rise in open interest could set off a chain reaction and trigger giant liquidations (CryptoQuant).
This is relevant for exiting the current trading both down and up. Therefore, the very first strong movement can lead to a jump in prices by 20-30%.
This is relevant for exiting the current trading both down and up. Therefore, the very first strong movement can lead to a jump in prices by 20-30%.
Breaking: 21Shares Lists First Bitcoin ETP On Nasdaq, But There’s A Catch
https://bit.ly/3MrzRXH
https://bit.ly/3MrzRXH
The ~19000$ level remains one of the most important supports for bitcoin. It is here that 1.3 million wallets have already bought 680,000 BTC (IntoTheBlock).
In the event of a powerful penetration of this level down, bitcoin will have big problems, since there simply weren’t any lower volumes and, accordingly, there will be no one to support the price.
In the event of a powerful penetration of this level down, bitcoin will have big problems, since there simply weren’t any lower volumes and, accordingly, there will be no one to support the price.