On Friday, U.S. spot bitcoin exchange-traded funds experienced their 14th consecutive day of inflows, totaling around million. Leading the inflows once more was Blackrock’s IBIT, while Grayscale’s GBTC saw outflows. .7B in Trade Volume and M in Inflows During Friday’s Bitcoin ETF Trading Sessions Approximately million in inflows were reported during Friday’s spot […]
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P2P Bitcoin Exchange Hodl Hodl Suspends Lending Services for US and UN Embargoed Countries’ Residents
Hodl Hodl, a non-custodial Bitcoin exchange, has announced changes to its “Terms of Service” agreement affecting the availability of its lending services. The platform is now excluding residents of the U.S. as well as U.N. embargoed countries from its lending platform, citing “regulatory uncertainty” as the reason behind these changes. Hodl Hodl to Exclude US […]
Bitcoin News
XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation?
The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.
XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?
Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.
However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.
Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?
Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.
This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.
A Sea Of Uncertainty: Legal Battles And Market Headwinds
While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.
Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.
A Coin To Watch?
XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.
Featured image from VitalMTB, chart from TradingView
Crypto Expert’s Picks: 5 Cryptos To Buy, HODL, Or Sell Now
Renowned crypto expert and Forbes’ Director of Digital Asset Research, Steven Ehrlich, has provided insights on five prominent cryptocurrencies in the current market landscape.
Solana Shakes Off Setbacks, Positioned As Top Crypto To Buy
Bitcoin BTC), the most prominent cryptocurrency, has experienced a remarkable 120% surge in 2023. After a long wait for Securities and Exchange Commission (SEC) approval of a Bitcoin exchange-traded fund (ETF), recent developments indicate that a Spot Bitcoin ETF could finally get the green light by January, as many in the crypto community have predicted, according to Ehrlich.
Introducing Bitcoin ETFs is anticipated to generate significant demand from mainstream investors, contributing to a potentially bullish environment. Furthermore, the impending fourth halving event in April, which reduces block rewards and slows down supply, adds to the positive outlook for Bitcoin.
While Ethereum (ETH), the second-largest cryptocurrency, has demonstrated substantial growth historically, its performance this year has been comparatively modest, with a 65% increase.
Concerns about regulatory ambiguity in the United States, particularly as it relates to tokens like Ethereum, have dampened investor confidence. In addition, despite a major upgrade aimed at improving efficiency and reducing energy consumption, Ethereum’s growth in key metrics, such as transactions per second and active users, has been underwhelming; for these reasons, Ehrlich believes investors need to hold ETH tokens.
Solana (SOL), on the other hand, often referred to as the “Ethereum killer,” suffered setbacks following the collapse of FTX in 2022. However, the stigma surrounding Solana has dissipated, leading to an impressive 313% gain this year.
According to Ehrlich, Solana stands out for its “robust technology,” capable of processing thousands of transactions per second and potentially reaching 50,000 transactions per second. As such, Ehrlich believes this is a buy signal for SOL.
Binance Coin At Crossroads
Binance’s native token, BNB, experienced significant growth, reaching a peak value of 0 billion. However, recent developments, including Binance founder Changpeng Zhao’s guilty plea, substantial fines, and his decision to step down as CEO, have instigated a decline in BNB’s value.
While BNB’s utility within the Binance ecosystem and rebate mechanisms for traders may provide some support, concerns arise if traders abandon the exchange en masse.
Given these developments, BNB’s future remains uncertain, and Ehrlich believes that BNB could fall even further, stating that investors should consider selling the token.
Blur, a marketplace focused on non-fungible tokens (NFTs), has emerged as a strong contender in the NFT market. As the largest marketplace for Ethereum-based collections, Blur rewards users with its native token, BLUR, based on trading volume and provides voting rights for platform governance.
While NFT trading experienced a slump this year, recent signs of recovery, along with notable brands such as Disney and Nike embracing NFTs, indicate a potential rebound. However, Ehrlich believes investors should exercise caution due to the risk of unexpected token airdrops flooding the market.
Overall, Bitcoin’s forthcoming spot ETF and halving event, Ethereum’s regulatory challenges, Solana’s technological prowess, BNB’s uncertain future, and Blur’s position within the crypto NFT market are all factors that warrant consideration.
It remains to be seen how these cryptocurrencies will react to further developments, and what will be the impacts on their price actions for the last part of the year.
Featured image from Shutterstock, chart from TradingView.com
Want to Hodl USDC? Check These Indicators First To Ease Doubt
USD Coin (USDC), a stablecoin developed by Circle, has suffered a great deal from frequent price volatility in the cryptocurrency market.
- USDC signals drop recently due to massive sell-offs
- USD Coin exhibits extreme volatility
- USDC’s weekly mean transaction volume peaks at three-year high
In actuality, USDC whale addresses likewise appeared to be sending out signals that were identical.
For instance, the signals for USD Coin have been dropping recently. Simply put, subsequent sell-offs and market events have decreased stablecoin’s market capitalization.
According to CoinMarketCap, USD is now trading at .00 or up by 0.01% as of this writing.
Limit Losses With This Stablecoin
With the help of stablecoins like Circle [USDC], Tether [USDT], and Binance USD [BUSD], investors can limit their losses.
These dollar-pegged cryptocurrencies give certain investors the opportunity to stake heavily once the market declines.
As a result, it would have been anticipated given the condition of the cryptocurrency market that several investors would have stable funding in stables.
These predictions may not be accurate, though.
In a report published on August 22 by CryptoQuant analyst BinhDang, it is stated that the top three stablecoins’ spot exchange reserves are in inferior condition, with USDC leading the perilous situation.
BinhDang observed that the USDC was at the forefront of the reserves holding decline. The USDC spot exchange reserves dropped significantly in June, falling from .9 billion to .3 billion, although the present level is exceedingly low.
There are possible circumstances that could have induced these declines, according to the CryptoQuant analyst.
- The first is that over the past 24 hours, the exchange’s inflow and outflow’s seven-day mean Moving Average (Mean, MA7) have dramatically fallen.
- Additionally, the sanctions placed by the US Treasury Department against cryptocurrency exchange Tornado Cash had a substantial effect on the market capitalization both for USDC and Tether (USDT).
- Meanwhile, the value of USDC’s market tumbled after its creator Circle decided to freeze more than 75,000 USDC tokens held by accounts linked to Tornado Cash.
- Another is that institutional investors and crypto whales may have “surpassed their limitations” on Bitcoin [BTC] at several price troughs.
Along with USDC, USDT, and BUSD have also reached record lows with no notable uptick in more than eight months.
USDC Trading Value Declines
The USDC reserves have been decreasing for about a week, according to a review of the holdings. On August 17, it had a value of about .45 billion; today, it had a value of .26 billion, a decrease of 4% from the previous day.
According to the USDC mean exchange inflow and outflow, CryptoQaunt displayed a 70% and 74% decline, respectively.
With the steady decline, BinhDang’s assertion that institutional and ordinary investors are unconcerned about HODLing stablecoins may be true.
Despite having a lower market valuation, one aspect of USDC’s performance improved immensely. Its weekly mean transaction volume increased as it reached a three-year high. Recently, USDC appears to be garnering more support than USDT.
This attention hasn’t resulted in more stablecoin holders, though. Since the stablecoin is still the fourth-largest cryptocurrency by market valuation, it certainly comes with a lot of expectations.
USDC total market cap at billion on the daily chart | Source: TradingView.com
Featured image from Freepik, chart from TradingView.com
NewsBTC
Expert Outlines Best Crypto Assets To Hodl During Crypto Winter
The crypto market has seen its most extensive greens after a long time of the bearish trend in the market. The event followed the positive report on CPI (Consumer Price Index) given by the U.S. Bureau of Labor Statistics in July. This announcement became the major push on the prices of Bitcoin and Ethereum.
The CPI as of July dropped lower than the anticipated 8.5%, according to past reports. However, this doesn’t seem to contribute positively to potential inflation. To this effect, experts are now expressing concern about what they consider sticky inflation.
The Managing Principal at Enduring Investments LLC, Michael Ashton, has revealed what he thought to be the reason for the reduced CPI.
According to Ashton, the significant factors that contributed to the reduced CPI were flexible items. He stated that some examples of such flexible items are apparel and airfare.
This, however, will not affect some sticky areas of the economy, he added. For example, the prices of certain sticky economic parts, such as rent, will keep rising regardless of the reduced CPI.
He further stated that there would be a continuous acceleration in the sticky inflation index. Moreover, there is no promise that the inflation rise in the U.S. economy will come to a stop any time soon, he added.
Inflation Impact On Crypto Assets
Presently, there is a strong rally in the digital currency industry. This is an effect of the positive CPI (Consumer Price Index) report.
In addition, many altcoins, including Bitcoin and Ethereum, have hit a new high after a long period of bearish price movements. Bitcoin currently trades at a price lower than ,000.
Bitcoin falls below ,000 on the chart l Source: BTCUSDT on TradingView.com
Meanwhile, Ethereum is trending below ,900. This is a result of solid market sentiment in the industry.
Overview Of U.S. Bureau Of Labor Statistics Data
Consumer Price Index is an effective indicator that provides accurate information about the inflation state of the U.S. economy. The United States department in charge of the CPI reports is the U.S. Bureau of Labor Statistics. Usually, this department provides reports on the CPI every month.
Meanwhile, the department that controls high inflation in the country is the Federal Reserve. This group achieves its objectives through interest rate hikes and quantitative tightening.
Reports in June cited the fall in cryptocurrencies and a severely aggressive Fed due to over-increased CPI. This also brought BTC to one of its worst states at the time. Moreover, the stock markets were not left out during this period, as many stocks fell at different prices.
So, it is not advisable to invest in digital currencies at the moment, Ashton cautions crypto investors. This is due to the insecurity of inflation hedges.
To this effect, he advised investors to opt for tangible assets. He cited examples of real assets: real estate, agriculture, precious metal, and energy.
Featured image from Pixabay, Charts from TradingView.com
NewsBTC
HODL Strong: Over Half of The Bitcoin Supply Hasn’t Moved in Over a Year
The term HODL is an acronym derived from the phrase “hold on for dear life,” which became a widely popular recommendation for investors to remain steadfast in when Bitcoin’s notorious volatility peaks.
It appears that crypto investors are taking note of the tip and holding strong, as more than half of the entire Bitcoin supply has been dormant in over a year.
HODL Effect: More Than Half of the Bitcoin Supply Remains Dormant For a Year or More
Bitcoin was designed to offer many unique attributes that are a benefit over the fiat currencies that make the world go round today.
While central reserves such as the Fed can simply print more and more fiat currencies, Bitcoin, however, is digitally hard-capped so that the supply is limited to only 21 million BTC.
Related Reading | Bitcoin Stock-To-Flow Model Updated To Account for Satoshi’s 1 Million BTC
The scare supply is just one of the many attributes that give Bitcoin its value as a disruptive financial asset.
The idea is that due to the cryptocurrency’s limited supply, it becomes easy for the scales to tip in favor of demand, causing the asset’s value to rise due to simple supply and demand market dynamics.
However, there is an overlooked factor that may be causing Bitcoin’s supply to function as if it was even more limited: the HOLD effect.
Those who have spent any period of time holding Bitcoin should be well accustomed to the wild volatility the asset is known for, causing massive price fluctuations driven by speculation.
Those who decide to trade Bitcoin’s peaks and troughs oftentimes get chopped up in the volatility, resulting in massive losses of capital.
But rather than trying to sell tops and buy dips, along the way, crypto investors wised up and realized that simply holding Bitcoin and other crypto-assets oftentimes resulting in a better ROI.
It has resulted in a phrase coined that reminds crypto investors to hold on tight, dubbed HODL, or “hold on for dear life.”
Crypto investors are, according to new data, taking this tip to heart, and are holding their Bitcoin tight.
Wow, 12.6 million Bitcoin have not moved in over 1 year!
This is MIND-BLOWING given that these HODLers saw $BTC go from .5k to .8k and back down again, unshaken!
Who are these CRAZY #Bitcoin HODLers? Well, I'm one of them, are you? pic.twitter.com/YRG50LEZzQ
— The Moon (@themooncarl) January 27, 2020
So tight, in fact, that over half of the Bitcoin supply has remained dormant for a period of one year or longer. Of Bitcoin’s limited 21 million BTC supply, over 12.58 million BTC has remained dormant for a period of one year or more.
It also suggests that those who bought Bitcoin’s current bear market bottom in December 2018 at around ,100, are likely to remain confident that the bottom is in, and won’t be selling the asset anytime soon.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at 0,000 to Millions Long-Term
Bitcoin is expected to reach prices of 0,000 to as much as one million dollars per BTC in the future, prompting many to accumulate the asset for the sake of buying and holding for the long-term.
With a financial opportunity like that in front of investors, it’s no surprise they’re not seeing and instead are holding strong. The post appeared first on NewsBTC.
NewsBTC
Why Bitcoin Investors’ HODL Mentality Means a Price Surge Is Coming
If you’ve perused Crypto Twitter at all, you’ve likely heard the term “HODL” mentioned time and time again in relation to “Bitcoin.” A misspelling of the word “hold,” HODL is an industry joke used by cryptocurrency investors who believe that the price of BTC will appreciate with time, primarily due to adoption and the asset’s disinflationary inflation schedule, created by “halvings” every four years.
While some see this as a mere meme, the data shows that investors are taking the HODL joke to heart, which is something that may imply a price surge is on the horizon.
Related Reading: Why Bitcoin’s Hash Rate High Suggests Price Explosion On Horizon
HODLers Hold Their Ground Ahead of Halving
According to Rafael Schultze-Kraft, a co-founder of cryptocurrency analytics firm Glassnode, on-chain data tracking the number of Bitcoin days destroyed, a metric that increases near the tops of bull markets, shows that “HODLers have been diligently holding [in] the last months towards the upcoming halving.” Per historical trends, this means we are far from the end of the ongoing bull market, which is currently in a reaccumulation phase.
Number of days per month in which more #bitcoin days were destroyed than on average, aka Binary BDD.
Read: HODLers have been diligently hodling the last months towards the upcoming halving!
H/t @hansthered for this metric
Live data: @glassnode https://t.co/HiEewoGT0S pic.twitter.com/SjVgulfcyx
— Rafael Schultze-Kraft (@n3ocortex) January 3, 2020
Schultze-Kraft’s observation lines up with a similar one made by Alistair Milne of Altana Digital Currency Fund, who, as reported by this outlet previously, pointed out that according to on-chain analytics — specifically Bitcoin unspent transaction outputs (UTXOs) — nearly 70% of the 18.12 million BTC in circulation “hasn’t been moved for over 6 months.”
According to Eric Stone, the head of data science at Flipside, the fact that such a large sum of Bitcoin is “dormant” implies that a “dramatic shift” in the cryptocurrency industry and market is on the horizon.
Related Reading: Institutions Likely to Invest Big in Bitcoin in 2020; Here’s Why
What Does It Mean For Bitcoin Prices?
That begs the question — what does Bitcoin investors’ propensity to HODL ahead of the May 2020 halving mean for the cryptocurrency market?
Well, it implies, analysts say, that BTC is on the verge of entering its next bull run.
Melik Manukyan, a prominent Bitcoin commentator and engineer, recently posted the Twitter thread below, showing that the scarcity of the leading cryptocurrency — only accentuated by the HODL investment strategy that exists — should lead to dramatic price appreciation with a multi-month lag following the event.
Related Reading: Capitulation In Crypto Market Hasn’t Occurred Yet, Data Shows
The engineer remarked that halvings will have a large impact on the supply-demand economics of the BTC market, which should eventually result in prices heading higher to a decrease in mined supply being sold on the market.
How Bitcoin halvings work and why post-halving rallies have a lag following the event:
1. Demand (bids) is at equilibrium with current avail. supply (asks) and flow (new coins).2. Bitcoin halves. 3. Demand instantly begins eating into new coins & eventually depletes them.
— Melik Manukyan (@melikmanukyan) December 27, 2019
This assertion that the halving will boost Bitcoin has been echoed by Alistair Milne, who noted that after the halving comes into effect this year, 50% of all newly mined Bitcoin will be absorbed by the purchases of clients of two companies: Grayscale through its Bitcoin Trust and Square through its BTC buying service. This ignores the inflows from Coinbase customers, people buying cryptocurrency through RobinHood and eToro, and so on and so forth.
This ties in heavily with Manukyan’s sentiment that the halving will force prices higher due to stagnant/increasing demand, coupled with a decrease in incoming supply.
As to exact price targets, previous halvings were precursors to rallies of over 1,000%, making some believe something similar could take place again in the coming cryptocurrency market cycle.
Featured Image from Shutterstock The post appeared first on NewsBTC.
NewsBTC
What is a Multi HODL?: YouHodler CEO Sits Down to Discuss the New Feature Along With Other Investment Strategies
When YouHodler announced the release of a new feature this week, we here at NewsBTC knew there would be one question on everyone’s mind. What is a “Multi HODL” and why should anyone care? Thankfully, the CEO of YouHodler, Ilya Volkov is here right now to clear up any questions and teach us a thing or two about risk management, asset diversification, and crypto multiplication.
NewsBTC (NBTC): Thank you so much for joining us today and congratulations on the new feature.
Ilya Volkov (IV): Yes, thank you for having me as well. We’re really excited to present this new feature for you.
NBTC: Let’s get right to it then! So before we get to the main question on everyone’s mind, can you tell us about the inspiration for this new feature?
IV: Absolutely. So, I am a pretty avid reader of Nicholas Nassim Taleb. He is a well-known essayist, investor, trader, philosopher and statistician who has unique thoughts on probability, finance, and uncertainty. I highly recommend his material. Anyway, one of the key investment strategies Taleb talks about is the Barbell Strategy.
In a nutshell, this strategy consists of making sure you have the majority of your capital (e.g. 80%) in safe, risk-free assets. Then, taking the other 10-20%, you would use this amount for high-risk investments with the potential for high profit. It’s a balancing act to guarantee the majority of your portfolio is safe and healthy but leaving yourself a little wiggle room for adventure.
On YouHodler, we already had one part of this equation in crypto savings accounts so now, Multi HODL is the second piece of the puzzle.
NBTC: Yes, I see you have BTC, BNB and stablecoin savings accounts with interest rates up to 12% per annum correct?
IV: Yes, that is correct. Our savings accounts have been quite successful but we wanted to inspire our users to utilize savings accounts while simultaneously taking some amount to use on the platform and hopefully profit from it. That is where Multi HODL comes in.
NBTC: So what exactly is a Multi HODL? This is definitely a new term for the crypto world.
IV: Multi HODL is the name of our new feature but it’s more than that. It’s a state of mind. When choosing to use Multi HODL, users can take 20% of their assets from a risk-free wallet or savings account and use it to initiate a chain of loans to multiply their crypto.
NBTC: What’s a chain of loans?
IV: Let me give you an example. Let’s say you have 1 BTC that you want to multiply. On YouHodler, you can use this 1 BTC as collateral for a loan. Then, using those funds, you buy more crypto to use as collateral for yet another loan. This is the second loan in the chain. We have an automated feature called “Turbocharge” that does a chain of loans up to ten times, multiplying your crypto in the process.
Later, when the market goes up, the value of your crypto will rise and cover all interest fees on the platform. So in the case of Multi HODL, users can take funds from their savings account or wallet, choose which crypto they want to “Turbocharge” and then start the automatic chain of loans.
NBTC: So how is this different than your Turbocharge feature?
IV: Great question! With Multi HODL, users actually can boost their savings while simultaneously earning daily interest from their savings account. Furthermore, users can set their desired risk level.
With our “Take Profit” feature, users can pick a point at which the position is closed and an acceptable level of risk. Users can never lose more than they set with Multi HODL. In the event of crypto price growth during the event, then the value of your coin will multiply and all profit is deposited directly into your account. In case the price declines, then you get your initial deposit back minus the factual loss.
To put it this way, it’s like taking 20% of your crypto portfolio to make small, incremental bets on the crypto market and you can decide how risky or how safe those bets are. Meanwhile, the other 80% of your portfolio is growing at a guaranteed rate in YouHodler saving accounts.
NBTC: Fascinating! So it’s like a new way to “HODL proactively” if I may say?
IV: Yes, that’s a good way to look at it. The current crypto market is one that’s conditioned to HODL. There is nothing wrong with being a HODLer but there are opportunities to be a more active HODLer than a passive HODLer. YouHodler’s crypto-backed loans, “Turbo Loans” and now, Multi HODL are all ways to help our users make their crypto work for them.
As the Barbell Strategy implies, a healthy investment plan is one with smart, balanced risks. Without risk, it is much harder to profit greatly. This new feature gives the best of both worlds. Users get the safety and guaranteed growth and a new option to play the market and hopefully benefit from it.
NBTC: Thank you so much for your time and again, congratulations on the innovative feature. Is this available for all to use?
IV: Currently, we don’t accept clients from the USA. Bangladesh, China, Iraq or Pakistan. But for all others in the world, Multi HODL is easy to use and available now. Just go to YouHodler.com, sign up and get started.
NBTC: Sounds good! Thank you, Mr. Volkov, and have a great day.
IV: Yes, thank you very much and you too!
The post What is a Multi HODL?: YouHodler CEO Sits Down to Discuss the New Feature Along With Other Investment Strategies appeared first on NewsBTC.
Hodl Hodl Launches Exchange API
With the release of the Hodl Hodl exchange API, Venezuelan BTC price discovery platform Yadio and bitcoin wallet BlueWallet now integrate it.nThe post Hodl Hodl Launches Exchange API appeared first on Bitcoin Magazine.n
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