Tag: Data

Here’s why Bitcoin traders shouldn’t overanalyze US inflation data

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Analysts and pundits will scramble to find some angle to explain intra-day price action whenever important economic numbers are published and this practice is commonplace in the crypto sector.  When the United States Bureau of Labor Statistics reported a 7.5% increase in the Consumer Price Index (CPI) on Feb. 10, traders rushed to find some connection to the crypto price action. However, historical correlation data shows investors should actually closely scrutinize whether there is even a relation between Bitcoin (BTC) and major economic indicators.  General investment advice would suggest that…

New US inflation data triggers Bitcoin community reactions

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The recent news on U.S. dollar inflation spurred a series of reactions from the crypto community, noting that the event should push people toward Bitcoin (BTC). Comments from the crypto community championed Bitcoin as a powerful hedge against U.S. dollar inflation. The U.S. Bureau of Labor Statistics recently reported a 7.5% increase in the all items section of the Consumer Price Index (CPI), the most commonly used indicator for inflation. Following this, Digifox founder Nicholas Merten explained that the dollar might be worth half its current value in the coming…

Ethereum price holds above $3K but network data suggests bulls may get trapped

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When analyzing Ether’s (ETH) price chart, one could conclude that the 3-month long bearish trend has been broken for a few reasons. The current $3,100 price range represents a 43% recovery in 15 days and, more importantly, the descending channel resistance was ruptured on Feb. 7.  Should Ether bulls start celebrating and calling for $4,000 and higher? That largely depends on how retail traders are positioned, along with the Ethereum network’s on-chain metrics. For instance, is the $30-plus transaction fee impacting the use of decentralized applications (dApps), or are there…

Is The Bitcoin Bottom In? Here’s What SOPR Data Says

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Bitcoin has continued its rally breaking above $42k today, making many wonder whether $33k was the bottom. Here’s what the SOPR data says about it. Bitcoin Short-Term Holder SOPR Starts Turning Green Again As explained by an analyst in a CryptoQuant post, the current BTC SOPR pattern may look similar to that around the bottom formation back in July of last year. The “Spent Output Profit Ratio” (or SOPR in short) is an on-chain indicator that tells us whether investors are currently selling at a profit or at a loss.…

Crypto derivatives data signals improving investor sentiment and a possible trend reversal

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This week the total crypto market capitalization rallied 10% to $1.68 trillion, which is a 25% recovery from the Jan. 24 bottom. It’s too early to suggest that the market has found a bottom but two key indicators — The Tether/CNY premium and CME futures basis — have recently flipped bullish, signaling that positive investor sentiment is backing the current price recovery. Total crypto market cap excluding stablecoins, in USD billion. Source: TradingView Traders should not assume that the bear trend has ended by merely looking at price charts. For…

Majority of US consumers say no to Meta owning metaverse data: Survey

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A survey of 1,000 United States consumers around growing interest in the metaverse has revealed some interesting results.  In a survey commissioned by nonfungible token and metaverse infrastructure provider Advokate Group, 87% of respondents preferred a decentralized metaverse on a blockchain over some of the mega projects planned by tech giants. This became more evident when 77% of the respondents shared concerns over Facebook’s entry into the metaverse, especially since it owns users’ metaverse data. Facebook’s tainted past with mismanagement of private user data has already dismantled its early plans…

Crypto Markets eye US Employment Data to help Bitcoin Push to $40k – Blockchain News, Opinion, TV and Jobs

By Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock Bitcoin was largely unaffected by the S&P 500 yesterday, which dropped 2.44%. This shows significant resilience from Bitcoin. On-chain analyst Willy Woo noted that “Price in relation to on-chain demand from both speculative and HODL category of investors are now both at peak oversold levels.” He said, “the last time this happened was in October 2020. The time before that was at the bottom of the COVID crash. It also happened in January 2015 (the bottom of the 2014 bear market…