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Source: glassnode | The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
On April 12, the number of Bitcoin (BTC) exchange deposits hit the lowest point since August 2016.
Recently, there has been a trend towards Bitcoin holders moving their assets away from the exchanges, with some exchanges hit particularly hard. For instance, the amount of Bitcoin held by BitMex and Bitfinex has dropped significantly in the last few weeks.
In the past month, Tether and Gemini dollar have seen 40 percent increases each in issuance. Source: CoinDesk Research’s Noelle Acheson
What’s causing the S&P to continue its volatility run while even bitcoin is returning to its version of normal? The mixed performance of various stocks within the bellwether index is part of a problem.
“The interesting game now is not S&P 500, but some of the top stocks inside. Just check Tesla and Amazon, they are moving much better than S&P on average,” said Maksim Balashevich CEO of Santiment, a firm that analyzes market data.
To be clear, over the long term bitcoin remains the more volatile investment by a wide margin. And risk assets of all stripes remain subject to wilder swings than usual.
The daily average transaction values across the Ethereum platform are now equal to those of the Bitcoin (BTC) network.
According to blockchain analytics firm Messari, the daily value transfer — the total value of assets moved on the blockchain over a day — of the Ethereum network began rivaling those on the Bitcoin network as of April 12, approximately $1.5 billion. Value transferred on Ethereum include Ether (ETH) as well as other stablecoins supported by the blockchain, most notably Tether (USDT).
Bitcoin’s bulls and bears have reached an impasse as the cryptocurrency enters a consolidation phase within the upper-$6,000 region. This lackluster bout of sideways trading comes shortly after the crypto faced multiple firm rejections in the lower-$7,000 region.
“If a company’s been impacted dramatically, like we’ve seen with airlines, like we’ve seen in the wedding industry, like we’ve seen with cruise lines, I’m not opposed to them going to the government for help. But when you give help, when you effectively invest in a company, whether it’s taxpayer money or my money or your money, you want something back. It’s never a gift.
In an interview on Tuesday (April 14), Frank Holmes, the CEO of asset management firm U.S. Global Investors, said that the money printing being done to "get the global economy back and functioning" could push the gold price up to as high as $10,000.
U.S. Global Investors, Inc., which is headquartered in San Antonio, Texas describes itself as "an innovative investment manager with vast experience in global markets and specialized sectors."
Holmes told Kitco News:
American citizens will receive the checks via direct deposits which are faster as opposed to mailed checks. However, these checks might not end up in the hands of the people who really need the money to survive amid the coronavirus crisis.
Banks have the advantage of being the first ones that receive the checks in that they have been deposited into accounts at their institutions, and can consequently take the checks as part of private debt collection.
XRP/USD. Source: TradingView
XRP witnessed a 1.5% price decline over the past 24 hours of trading as the cryptocurrency continues to trade at the support provided by a .236 Fib Retracement level at $0.184. The cryptocurrency has been trading in a range between resistance at $0.20 and support at $0.184 for the past week of trading.
XRP also recently managed to find support at a rising trend line with a break beneath this signal a downward trend may be on the horizon.
During the second week of January, the Bitcoin dominance rate broke down from an ascending support line that previously had been in place for 763 days. This occurred during the second week of January. Afterwards, the price validated the line as resistance before decreasing once more.
Using the closing prices in the weekly time-frame, two main trading ranges are revealed.
The government of China has announced details of the names of those set to make up its national blockchain committee, who will play a role in shaping policy in the country.
The central government committee is to be made up of some 71 members, including senior executives from Tencent and Baidu, along with executives from the People’s Bank of China and other organizations with an interest in blockchain technology.
Portfolio Management in the digital asset industry has picked up pace in the financial industry over the past couple of years and over time, a lot of analysis has been drawn between the performance of stocks and crypto within the same portfolio.
Portfolio Optimization with Bitcoin is an obvious favorite of the traders and a recent collaborative report between 21Shares and Binance Research identified the performance of traditional US equity and fixed-income portfolios, with and without the involvement of digital assets.
- Bull Bitcoin has lowered fees and increased buying thresholds across its services.
- CEO Francis Pouliot says the forthcoming Bitcoin Halving could bring a surge in demand.
- The reaction from central banks around the world to the coronavirus crisis may also lead more investors to Bitcoin, he said.
Ankit Chiplunkar, the head of research at the popular data monitoring resource Token Analyst, has brought up some interesting findings regarding the performance of the Ethereum network.
The fees paid to miners, amounting to about 26,100 ETH, exceeded the uncle reward (around 20,400 ETH) paid to miners in March of this year. This suggests that the fees paid by the users are currently more considerable than the “cost paid by the network to maintain a 15 sec block time.”
In mid-March, news.Bitcoin.com reported on the price of ethereum (ETH) putting a significant strain on the Makerdao project’s open finance loan system. Because Makerdao uses ETH for overcollaterization, the losses accrued on March 12 otherwise known as ‘Black Thursday,’ made it so roughly $2 million worth of the stablecoin DAI was undercollateralized.