Bitcoin exchange reserves have shown a sudden sharp spike recently, despite being in a declining trend for months. After Months Of Downtrend, Bitcoin Exchange Reserves Shoot Up As pointed out by a CryptoQuant post, on-chain data shows that BTC exchange reserves have spiked up in the past couple of weeks. The “all exchanges reserve” is an indicator that measures the total amount of Bitcoin stored in wallets of all exchanges at a particular point in time. If the value of the metric goes down, it means investors are taking their coins off exchanges. Holders may be withdrawing their BTC to accumulate them as they might believe that the price would appreciate further. As a result, this trend could be bullish for the crypto. On the … [Read More...]
Commodities and Cryptos: OPEC+ Surprise, Gold lower, Bitcoin drifts lower
Oil OPEC+ did it again… surprising everyone with a decision to keep the 400,000 b/d hike for January. Sharp oil price movements saw WTI crude plunge to $62.43 before recovering the majority of the slide. The Saudis certainly know how to keep energy traders on edge and this OPEC+ surprise decision sent oil prices on a wild ride. The decision to move forward with the January production increase will alleviate some of the mounting political pressures that were growing. Energy traders, yours truly included, got this OPEC+ meeting wrong as expectations were high that they could hold off on the January increase given both the Omicron uncertainty to the demand outlook and the SPR releases. The decision to keep the planned hike was accompanied with some protection … [Read More...]
Flight to safety as variant fears soar
A tough end to the week Risk assets are getting pummelled at the end of the week as a new Covid variant sparks fears of new restrictions and lockdowns. The most worrying thing about the new strain at the moment is how little we know about it, with early indications being that it could be more problematic than delta. The biggest fear is that it will be resistant to vaccines and be a massive setback for countries that have reaped the benefits from their rollouts. We’ll no doubt learn more in the days and weeks ahead but for now, fear of the unknown will weigh heavily going into the weekend and could carry over into next week. We’re seeing a typical flight to safety in … [Read More...]
A muted bank holiday session
It’s been an unsurprisingly muted day in the markets as the US celebrates Thanksgiving and the rest of us are left to watch most asset classes tread water for most of the session. European stocks are on course to close marginally higher which is encouraging in itself given the fear around inflation, interest rates and Covid at the moment. The latter caused a jolt in the markets last Friday but investors have gathered their composure once more. The risk of lockdowns and restrictions hasn’t passed so continues to weigh. The US posted some more strong economic data on Wednesday as it dumped a few days’ worth of releases on us in the space of an hour and a half which was nice and easy to … [Read More...]
Twin Peaks: Comparing The Two 2021 Bitcoin Tops
Speculation has been going on in the crypto community as to whether the $69k Bitcoin top was the peak of this bull run. Here’s a comparison between some indicators to see how this top compares with the $65k April peak. Comparing the Metrics Between The Nov 10th And April 14th Peaks As per the latest weekly report from Arcane Research, most of the sentiment measuring metrics highlight the differences between the two tops. The first relevant metric is the futures open interest indicator, which shows the total amount of Bitcoin involved in futures contracts at the end of a trading day. Here is how its chart compares between the April and November peaks: Looks like April 14th top had decently more open interest As … [Read More...]
Brace For More Downtrend: 15% Of Bitcoin Supply Is Now In Loss
Data shows around 15% of the total Bitcoin supply is now in loss, a value that has historically been sufficient to push the price down. Percentage Of Bitcoin Supply In Profit has Fallen Down To Just 85% As per the latest weekly report from Glassnode, the total BTC supply in profit has fallen down to just 85% this week, meaning that 15% of the supply is now in loss. The “percent supply in profit” is a Bitcoin indicator that highlights the share of the total supply that’s currently in profit. The metric works by looking at what price each coin in the chain was last moved at. If this price was less than the current price, then the coin is said to be in profit. … [Read More...]
US Regulators To Clarify How Banks Can Engage With Bitcoin In 2022
The Fed, FDIC, and OCC plan to share detailed guidelines for US banks interested in engaging with Bitcoin in the coming year.US banks will be armed with greater regulatory clarity on how they can engage with Bitcoin and cryptocurrency.The Fed, FDIC, and OCC plan to publish guidelines for financial institutions seeking to offer services in the asset class.The team of regulators has analyzed custody, bitcoin collateralized loans, payments, buying and selling, and holding BTC on banks’ balance sheets.A team of U.S. agencies plans to clarify how banking institutions could engage with bitcoin and cryptocurrency in the next year, according to a joint statement published on November 23.The Board of Governors of the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and … [Read More...]
Meet Web3.0: The New Internet, Blockchain Edition?
Web3 (also known as Web 3.0) is the idea of a version of the Internet that is decentralized and based on public blockchains. The concept has gained immense popularity in 2020 and 2021, with interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies. Now we get to see how things unfold, and what to expect on our journey in the new frontier. Related Reading Refinable Launches Gaming Initiative and Sets Aside $150,000 to Support NFT Gaming X Out The Middle Man Web 3.0 has the potential to change how we use the internet. In this new era, navigating the web no longer means logging onto the likes of Facebook, Google or Twitter to connect with people. The web has been seen as a way to democratize … [Read More...]
Bitcoin Qualia
In Bitcoin possession means knowing you can prove you have a secret without revealing what that secret is.Bitcoin QualiaThe Center Cannot Hold: 13Subjectivity deals with an individual’s conscious experience. A person’s agency, perspective, desires, beliefs, and feelings are all subjective. Objectivity in philosophy deals with reality outside of subjectivity. Objectivity is the state of all things without conscious bias. Bitcoin is objective money. Fiat is not. There are no individuals or small groups of conscious experiences at this point in Bitcoin’s trajectory that can affect how Bitcoin operates. A person may have a subjective desire to sell their Bitcoin, but when carrying out that act, they submit to the protocol’s objective nature. In this way Bitcoin objectifies our subjective experience. You can send Bitcoin on a … [Read More...]
Market Insights Podcast (Episode 264)
Jonny Hart looks back on the week’s business and markets news with OANDA Senior Market Analyst Ed Moya in New York. This week they discuss Turkey’s currency crisis, what is driving the oil market, Bitcoin. They also discuss what the week ahead has in store for financial markets, with a preview on President Biden’s final decision about who will run the Fed. [Read More...]
Bitcoin Bounces To $58K, Why Bears Could Spill More Blood
After one of its most bloody days in 2021, Bitcoin is trying to reclaim critical support above $58,000. A daily close north of this target could push BTC’s price back to the $60,000, but still a long way from a confirmed recovery. Related Reading | Shakeout Or Top? Here’s What Bitcoin SOPR Says About It As of press time, Bitcoin trades at $58,137 with sideways movement in the daily chart. BTC struggles at $58,000 in the 4-hour chart. Source: BTCUSD Tradingview Bitcoin started its downward trend immediately after scoring a new-all time high at $69,000. The benchmark crypto lost support at $60,000 after a relentless battle between bulls and bears and took another leg down finding support at $55,600. As many experts claimed, the market was over-… [Read More...]
Congressmen Seek To Strike Bitcoin Reporting Requirements From Infrastructure Bill
The Keep Innovation in America Act seeks to repeal the reporting requirements of the infrastructure bill and clarify the meaning of “broker.”Representatives Patrick McHenry (NC-10) and Tim Ryan (OH-13) have today introduced the Keep Innovation in America Act, a bipartisan bill seeking to fix the “digital asset” reporting requirements in the infrastructure bill turned into law this week.“We have to figure out how to balance consumer protections and reasonable oversight while simultaneously providing these technologies and companies with the necessary space they need to grow, innovate and democratize the financial sector,” Rep. Ryan said in a statement. “I’m committed to finding that balance, and I believe the McHenry-Ryan legislation is the best path to get us there.”In September, a tax … [Read More...]
Bitcoin’s failed breakout means it could fall an additional 12% if it drops below key $58,000 support level, technical analyst says
Bitcoin.NurphotoBitcoin has staged a failed break-out since it fell sharply from its recent high of $69,000.The cryptocurrency could fall an additional 12% if it breaks below the $58,000 support level, according to Fairlead Strategies' Katie Stockton."Short-term oversold conditions are within reach for bitcoin … so we would look for [the] pullback to mature later this week," Stockton said.A failed breakout in bitcoin could spell more downside ahead for bitcoin as it looks to consolidate a recent 15% decline, according to Fairlead Strategies' Katie Stockton.Bitcoin hit record highs in early November, eclipsing its prior April record of $65,000 and reaching about $69,000 before it tumbled to as low as $58,400. According to Stockton, the price action in bitcoin represents a … [Read More...]
Inflation woes continue
Can stocks maintain their resilience? The week is ending a little flat, with equity markets not far from their opening levels, rather in keeping with the mood in equities throughout. It’s impossible not to look at everything this week through the lens of inflation, most notably in the US. In many ways, stock markets have performed remarkably against the backdrop of high inflation and higher rates to come. Central banks and low inflation have been a backstop for years, the next year is going to look very different. Stocks have been on a strong run thanks to a knockout earnings season but with that winding down, investors will have to look elsewhere for positive catalysts. The economic data may offer some cause for optimism, like last … [Read More...]