Bitcoin’s price increases have brought some sunshine to the cryptocurrency sector. Each of CoinGecko’s three timeframes—daily, weekly, and biweekly—showed BTC in a positive light. This is fantastic news for the cryptocurrency market as a whole, as BTC is the dominant currency in the sector. Here’s a quick glance at how Bitcoin is performing of late: Optimistic market movement and surprising investor buying The technical indicators reveal a range of possible outcomes, some bullish and some bearish, but bears are still there There will be no significant price hike this next week. Next year could see a break of the $17,500 barrier It is clear to some that Bitcoin is growing in popularity, as today’s transaction volume reached as much as $7.12 billion. Forecast: … [Read More...]
Historic Bitcoin Miner Capitulation In Full Effect – How Long Will It Last?
The collapse of the crypto exchange FTX is causing a historic event in the Bitcoin market. Yesterday, on-chain data signaled the second wave of a Bitcoin miner capitulation in one cycle. Historically, miners have had a massive impact on the BTC price. The now heralded miner capitulation will put further selling pressure on the Bitcoin price, which is experiencing a historically bad November, down 21%. On-chain data shows that the second wave of miner capitulation has now begun, suggesting further pain for the BTC price. As analyst Dylan LeClair wrote, the Bitcoin hash rate is starting to tilt here. Bitcoin Miners Under Water The 7-day moving average hash rate is now 13.7% away from its all-time high. Mining difficulty is expected to adjust by … [Read More...]
On-Chain Data Shows Signs Of Fresh Bitcoin Accumulation
On-chain data shows signs of some fresh Bitcoin accumulation taking place during the last month. Bitcoin UTXOs Aged 1 Week To 1 Month Have Risen Up In Recent Days As pointed out by an analyst in a CryptoQuant post, UTXOs purchased between 1 week and 1 month ago have risen since the FTX crash. The relevant indicator here is the “Realized Cap – UTXO Age Bands,” which tells us which age group has what percentage of the Bitcoin realized cap. The “realized cap” here refers to a type of BTC capitalization model in which the crypto’s cap is calculated by weighing each coin in the circulating supply against the price at which it was last moved, and then taking the sum for the entire supply. This … [Read More...]
2020 in tweeted charts!
Welcome to the 2020 edition of ‘the year in tweeted charts’: a reasonably concise overview of the year, with some eye-popping graphs. But, also, a useful exercise to improve my understanding of market dynamics and future investment decisions. Here goes… New highs The year started off well, with equities continuing their stellar run – the S&P 500 realized a return of more than 30% in 2019, remember – and rising 3% in the first few weeks of January. It seemed, therefore, that the longest bull market in history would last a little while longer. The longest bull market in history! https://t.co/DRLRs6DmW8— jeroen blokland (@jsblokland) January 06, 2020 What virus? If only we knew what was coming. There was an occasional mention of some new flu-… [Read More...]
Stocks rise on downshift hopes, Dollar lower for now, Best Buy brings holiday cheer, US data, Gold rebound faded, Crypto benefits from Wall Street…
?US stocks are rallying as Wall Street continues to expect the Fed to downshift their tightening pace next month and on optimism that the risk of a railroad strike fueling inflation is low. ? The latest round of Fed speak did not teach us anything new. ? The Fed’s Mester noted that long-term inflation expectations are reasonably anchored. ? The labor market is a key concern for the Fed, and Mester also pointed out that labor demand is still outpacing supply. Recent trends however are showing the labor market is showing signs of cooling. ? ? Some investors are growing confident that the potential railroad strike might not be as troubling for inflation as the Railway Labor Act will prevent key interruptions. ? ? Some traders … [Read More...]
Stalled rebound
The risk rebound in the markets has stalled and equity markets are down around 1% on Thursday following quite a good run over the last month. The day we’ve all been waiting for The Autumn Statement has been a long time coming after the disastrous mini-budget almost two months ago. The UK’s fiscal credibility was in the gutter, the pound was crushed and borrowing costs soared. Since then, a lot has changed and today’s budget highlighted just how much that is the case. Fully regaining credibility won’t be easy but markets appear far happier now than they were back in September. The pound is lower on the day but only marginally so and the bulk of the announcements will have been priced … [Read More...]
Avalanche Looks To Capitalize On GameFi Segment – Will This Give AVAX Some Boost?
Avalanche (AVAX) peaked at $20.31 on November 6 as it gave its best to recover from the bearish trend that engulfed the broader crypto market towards the tail-end of October and the opening days the current month. However, on November 12, the cryptocurrency experienced a severe price correction that pulled it all the way down to $12.51. The following day, the altcoin made an immediate bounce-back as it reclaimed the $15 marker. After that, Avalanche was once again on a downward trend that made it struggle to even just climb at $14. At the time of this writing, according to tracking from Coingecko, the 20th ranked digital currency in terms of market capitalization is changing hands at $13.50. Over the last seven days, the asset has declined … [Read More...]