Long-term holders (LTH), defined by Glassnode as those holding coins or at least 155 days, could be the one taking profits, living up to their reputation of being smart traders or those that buy when prices are depressed and sell into a rising market. As of writing, LTHs hold only 500,000 BTC at a loss, which is a small fraction, considering they hold 14 million BTC as a cohort. Original
Bitcoin pulled back to $67,000 throughout the Asian and European mornings, showing signs of a consolidation following Wednesday’s jump above $68,000. BTC was about 0.7% lower in the last 24 hours as of the late European morning, trading just above $67,000. Other major tokens showed similar minor retracements, with the broader digital asset market dipping 1%, as measured by the CoinDesk 20 Index. For the time being, bitcoin appears to have avoided an outright rejection following its move above $68,000 on Wednesday and is instead taking a breather, as traders…
Este artículo también está disponible en español. Following the market’s recent performance, Ethereum (ETH) attempted to break out of a bullish formation. Some analysts believe the cryptocurrency is preparing to catch up with Bitcoin and aim for March highs. Related Reading Ethereum Getting Ready To Challenge BTC This week, Ethereum has successfully reclaimed the $2,500 support zone following the market’s recent performance. The second-largest cryptocurrency by market capitalization has seen an 8.6% increase in the last seven days, moving from the $2,300-$2,400 range to the $2,600 mark. In the last…
Other large investors also continue to accumulate bitcoin. The total balance of bitcoin whales – or influential large holders – excluding exchanges and mining pools, has continued to expand yearly, growing to 670,000 BTC. Moreover, the growth of holdings stands above its 365-day moving average, a positive sign for prices. Original
Este artículo también está disponible en español. Bitcoin (BTC) has made a bold move, breaking past the crucial $65,000 level and sparking renewed hope of reaching its all-time high. As bullish momentum builds, the market is watching closely to see if this breakthrough could be the start of a larger rally. With previous resistance now behind it, can Bitcoin continue its upward journey and reclaim its record peak? Or will market forces pull it back before reaching new heights? The aim of this article is to explore BTC’s impressive move…
Using an implied performance against a theoretical value, ETC Group found bitcoin could move up to 10% in either direction based on the election. Given the current spot price just shy of $68,000, a 10% upside move would mean a new record high, surpassing March’s $73,697. The team also found that the impact of the election would likely have the greatest effect on Cardano (ADA) and Dogecoin (DOGE), with a 18% and 20% moves, respectively. Original
“The combined hashrate of the 14 U.S.-listed miners we track has increased ~70% year-to-date (80 EH/s) to 194 EH/s, versus a 33% increase in the network hashrate, and today accounts for a record ~28.9% of the global network hashrate,” analysts Reginald Smith and Charles Pearce wrote. Original
A closer look at the ETH/BTC ratio from its cycle bottom in June 2022 shows a continuing series of weaker lows. In previous cycles, such as the 2016-2019 and 2019-2022 periods, the ETH/BTC ratio was at least 200% higher from the cycle low at this point. However, the current ratio is 25% beneath its June 2022 cycle low, highlighting ether’s underperformance against bitcoin. Source
Japanese investment firm Metaplanet completed a roll-up transaction involving 223 contracts of Bitcoin put options, raising the strike price from $62,000 to $66,000 in the wake of Bitcoin’s bullish run. According to an Oct. 16 company notice, Metaplanet has bought back 223 contracts of $62,000 put options from Singapore-based digital asset trading firm QCP Capital from a previous put options sale. The firm has proceeded to sell 223 new contracts with a strike price of $66,000. This transaction has generated Metaplanet an additional ¥57.9 million or equal to $387,640 in…
“The upside convexity on a Trump win is worth being long, and we are seeing market participants building positions in the lead-up. In the absence of an escalating crisis, we see BTCUSD at 70,000 in the coming weeks, continuing off current downside support, with equities breaking further highs,” crypto liquidity provider Zerocap’s Chief Investment Officer Jonathan de Wet said in an email. Source