Russia and Iran are collaborating on creating a single BRICS currency, the Iranian ambassador to Russia has claimed. He noted that over 60% of the two nations’ bilateral trade is conducted in Russian rubles and rials, reflecting a shift away from the U.S. dollar. Russia-Iran Trade Flourishes With National Currencies Iran and Russia are reportedly […]
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Economist Jim Rickards Predicts Gold Price Exceeding $27,000 — Says: ‘It’s Not a Guess. It’s Rigorous Analysis’
Economist Jim Rickards forecasts that gold prices could surpass ,000, emphasizing that this projection is not made for attention or shock value. “It’s the result of rigorous analysis,” he clarified. This represents a significant increase from his previous estimate of ,000 by 2026. Jim Rickards’ K Gold Prediction Explained Economist Jim Rickards shared his prediction […]
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Blackrock Bitcoin ETF Attracts 414 Institutional Holders — Analyst Says IBIT ‘Blows Away Record’
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has amassed 414 insitutional holders in less than three months, according to filings with the U.S. Securities and Exchange Commission (SEC). A senior Bloomberg analyst described this achievement as “mind-boggling” and “highly rare” for new ETFs. Other recently launched ETFs have significantly fewer institutional […]
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Nigerian Fintech Firm Flutterwave Confirms Hacking Attempt, Says Users’ Funds Safe
The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over million was siphoned from Flutterwave following a cyberattack in April. […]
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Bitcoin Still Has “A Lot Of Room To Run Before Reversal,” Says Top Analyst
An analyst has explained how the data of an oscillator for Bitcoin could suggest the cryptocurrency still has plenty of room to run in this rally.
Bitcoin VWAP Oscillator Could Imply Potential For Further Upside
In a new post on X, analyst Willy Woo discussed what the latest trend in the Volume-Weighted Average Price (VWAP) Oscillator for BTC might suggest regarding what could be next for the cryptocurrency.
The VWAP is an indicator that calculates the average price for any asset by taking into account the price fluctuations themselves and weighing the values against the trading volume.
This means that the prices of the assets where there was a higher volume of trading have a higher weightage in the average than those with only a low amount of volume.
Traditionally, the VWAP is a technical analysis indicator that considers the information available through spot exchanges. In the context of the current topic, the VWAP uses the on-chain volume of Bitcoin instead, which is readily viewable by anyone thanks to the blockchain’s transparency.
The indicator of interest here isn’t the VWAP but rather the VWAP Oscillator, as mentioned earlier. This metric keeps track of the ratio between the BTC spot price and the VWAP and presents it as an oscillator of around zero.
The chart below shows the trend of this Bitcoin indicator over the past couple of years.
The above graph shows that the Bitcoin VWAP Oscillator has been in negative territory for the past couple of months. However, the metric’s value has been rising recently, so if it continues on this trajectory, it might approach the neutral mark shortly.
In the chart, Woo has highlighted a trend that the indicator and the cryptocurrency’s price have historically shown. It seems that whenever the metric has formed a bottom in negative territory and rebounded back to the upside, the asset has enjoyed some bullish momentum.
The resulting price surge may last until the indicator reverses into the positive territory and forms a top. That hasn’t happened for the VWAP Oscillator this time yet. “Still a lot of room to run before reversal or consolidation,” says the analyst. “Hate to be a trapped Bitcoin bear right now.”
In other news, as CryptoQuant author Axel Adler Jr. pointed out in an X post, retail investors have bought 5.7 million worth of the asset over the past month.
BTC Price
At the time of writing, Bitcoin is floating around ,000, up 5% over the last week.
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The Ghanaian government’s next phase in its digitalization drive is set to be the adoption of blockchain technology, according to the country’s vice president. He stated that his administration aims to become one of the few governments worldwide powered by blockchain, and the first in Africa. A Blockchain-Powered Government The Vice President of Ghana, Mahamadu […]
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Buy Or Sell Bitcoin? Quant Reveals What Leading Metric Says
A quant has explained what a potential leading Bitcoin indicator could say about what’s next for the cryptocurrency’s price.
Bitcoin Coinbase Premium May Hold The Answer To Where BTC Goes Next
In a CryptoQuant Quicktake post, an analyst has talked about the trend currently taking place in the Bitcoin Coinbase Premium. “We can use the trend of Coinbase Premium as a leading indicator of the future direction of BTC price,” notes the quant.
The “Coinbase Premium” is a metric that keeps track of the difference between the Bitcoin price listed on the cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).
When the value of this indicator is positive, it means that the price listed on Coinbase is higher than on Binance right now. Such a trend suggests the buying pressure is higher (or the selling pressure is lower) on the former platform than on the latter.
On the other hand, the negative premium implies Coinbase might be observing a higher amount of selling than Binance, as the asset is currently trading at a lower price there.
Now, here is a chart that shows the trend in the 30-day moving average (MA) of the Bitcoin Coinbase Premium over the last couple of years:
As displayed in the above graph, the 30-day MA Bitcoin Coinbase Premium has been positive recently, suggesting that Coinbase users have supported the asset through the rally.
Coinbase is popularly known as the preferred platform of the US-based institutional entities, while Binance has a more global user base. As such, the premium’s value can provide hints about how the behavior of the American whales differs from that of the rest of the world.
From the chart, it’s visible that the buying pressure from these institutional traders peaked alongside the price top but has since been declining. The metric continues to be positive overall, although it’s now quite close to the neutral zero mark.
In the graph, the quant has highlighted an interesting pattern that the cryptocurrency has followed regarding the Coinbase Premium during the last two years. It would appear that whenever the indicator has hit bottom in negative territory and reversed back to an uptrend, the coin’s price has observed a rebound.
An example of this trend also played out just earlier in the year, when a reversal in the indicator led to Bitcoin observing a rally in which the asset would eventually break its all-time high.
The Coinbase Premium is currently riding a downtrend, but it’s yet to dip into negative territory. The analyst explains that BTC is in a “wait and see” phase, where a rebound might be a bit longer out. The metric has to first decline more and reach a reversal point, at least if the historical pattern has to repeat.
BTC Price
Bitcoin had slipped under ,000 earlier, but the asset has found a slight rebound in the past day, returning above ,700.
Tether CEO and Ripple CEO Clash Over USDT — Brad Garlinghouse Says ‘I Wasn’t Attacking Tether’
Tether CEO Paolo Ardoino has responded to remarks made by Ripple CEO Brad Garlinghouse, branding him as an “uninformed CEO” and accusing him of fostering uncertainty about stablecoin USDT amid a U.S. Securities and Exchange Commission (SEC) investigation into his company. In reply, Garlinghouse clarified that his comments were not an attack on Tether but […]
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Middle East-Focused Crypto Exchange, Rain, ‘Likely Exploited’ for $14.8 Million, Says Zachxbt
The cryptocurrency exchange Rain, which focuses on the Middle East, was likely exploited for .8 million on April 29, according to online crypto investigator Zachxbt. Zachxbt says he traced the stolen funds to a bitcoin address with 137.9 bitcoins and an ethereum address holding 1,881 ether. Crypto Exchange Yet to Confirm Attack According to online […]
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Goldman Sachs Analyst Says Consumers Under Severe Pressure as Stagflation Intensifies
Goldman Sachs analyst Scott Feiler warns of a bleak outlook for consumers as stagflation looms, with a bearish stance on consumer cyclicals and defensive stocks. Amidst the administration’s troubled Bidenomics, heavily indebted consumers face mounting pressures as pandemic savings dry up and economic growth falters. “Our desk is getting bearish on consumer and our soft […]
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