Skip to main content

Cryptocurrency live news today | Top blockchain platforms 2021

 Cryptocurrency live news today | Top blockchain platforms 2021 Cryptocurrency live news today with Welcome2crypto.net. We are leading top blockchain platforms in 2021 . Get the latest crypto news and information to know about bitcoin, ethereum, and more! Visit Here:- https://welcome2crypto.net/category/crypto-news/ A Sudden Drop In Bitcoin Exchange Inflows Suggests Bullish Momentum The Bitcoin supply at exchanges has dropped to a 50-day low. After a strong selling run last month, the Bitcoin miners have resumed accumulation once again. After dropping all the way to $32,000 last week, Bitcoin (BTC) has bounced back once again and is currently in recovery mode. At press time, BTC is trading 1.75 percent higher at a price of $34,297 with a market cap of around $644 billion. Although Bitcoin continues to face strong resistance at the $35,000 level, some of the on-chain metrics are showing considerable improvement of late. The amount of BTC inflows to exchange wallets have dropped sug...
Post a Comment

Cryptocurrency live news today | Top blockchain platforms 2021

 Cryptocurrency live news today | Top blockchain platforms 2021


Cryptocurrency live news today with Welcome2crypto.net. We are leading top blockchain platforms in 2021. Get the latest crypto news and information to know about bitcoin, ethereum, and more!

Visit Here:- https://welcome2crypto.net/category/crypto-news/


Top blockchain platforms 2021


A Sudden Drop In Bitcoin Exchange Inflows Suggests Bullish Momentum

The Bitcoin supply at exchanges has dropped to a 50-day low.

After a strong selling run last month, the Bitcoin miners have resumed accumulation once again.

After dropping all the way to $32,000 last week, Bitcoin (BTC) has bounced back once again and is currently in recovery mode. At press time, BTC is trading 1.75 percent higher at a price of $34,297 with a market cap of around $644 billion.

Although Bitcoin continues to face strong resistance at the $35,000 level, some of the on-chain metrics are showing considerable improvement of late. The amount of BTC inflows to exchange wallets have dropped suggesting a reduced sell-side pressure. On-chain data provider Santiment reports:

The amount of daily inflow of #Bitcoin to known exchange wallets, as well as the total supply of $BTC on exchanges, have experienced a sharp 50-day drop, which may point to diminishing sell-side pressure.

This drop in the Bitcoin exchange inflow suggested that fewer coins are available at the exchanges for liquidation. At the same time, data from Glassnode shows that the BTC hash rate is showing signs of strong recovery.

After hitting a low of under 75 exahashes on June 28, the Bitcoin hash rate has recovered more than 33 percent since then. The decline last month came amid the Chinese government imposing a full-scale crackdown on local crypto miners. As a result, a large number of miners have turned off their mining rigs withdrawing operations.

Visit also: Cryptocurrency live news today

Most of the miners have started moving their operations to other western countries especially the EU and North America. The Bitcoin hashrate remained low as a result of this. However, the good thing is that the Bitcoin hashrate has started recovering once again.

Bitcoin Miners Accumulating BTC Once Again

Along with the recovery of the Bitcoin hashrate, the miners have also started accumulating the cryptocurrency once again. As a result, the crypto miners’ wallet balances have also started growing once again. As per the data from Glassnode, the Bitcoin net miner position has turned positive once again this month.

This means that miners have started accumulating once again and are unwilling to sell at this price. The miner position remained negative and in deep-red throughout the last month of June.

The improvement in these on-chain metrics shows that optimistic investors are getting back into the game. The positive development with the on-chain data shows that Bitcoin can resume its northward journey anytime soon.

The question is whether BTC will be able to move past the $35,000 resistance convincingly. Speaking to CNBC last week, Craig Johnson, chief market technician at Piper Sandler said Bitcoin could witness a prolonged period of consolidation before starting the northward rally. He added:


Source: Top blockchain platforms in 2021

Comments

Post a Comment

Popular posts from this blog

BTC/USD Moves Close To $34,000 Level

BTC/USD Moves Close To $34,000 Level Bitcoin Price Prediction – July 9 The Bitcoin price prediction shows BTC bulls moving against the USD at numerous levels which almost touched $33,700. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels:  Latest cryptocurrency news today Resistance Levels: $38,000, $40,000, $42,000 Support Levels: $28,000, $26,000, $25,000 BTCUSD – Daily Chart BTC/USD may be resuming its upward movement after a brief dip yesterday bringing the price from $32,875 to $33,699. A couple of days ago, BTC/USD hit just over $35,077 before retreating to a local low of around $32,111 yesterday. However, the price of the leading crypto asset is now heading towards the north, in fact, it is really returning back towards the price levels seen a couple of days ago. Bitcoin Price Prediction: BTC Price Struggles at $33,000, What Next? According to the daily chart, the Bitcoin price is now moving above the crucial levels which may now function as the support zones in the ...
Post a Comment
Read more

Live Cryptocurrency Prices | crypto market live price

Live Cryptocurrency Prices | crypto market live price Get the latest crypto market live price from Welcome2crypto.net. We provide necessary information about Live cryptocurrency prices, trades, and volumes. Visit Here:-  https://welcome2crypto.net/live-prices/ Dan Peña Says Over-Leveraged Traders Can Bring Market Down Dan Peña, the millionaire business man behind the Quantum Leap Advantage (QLA) method, says that crypto investors, particularly young ones “lacking historical context”, are using too much leverage together with poor risk assessment. According to an article on Business Insider this morning, Dan Peña breaks down the four risks for a full-on market crash. He cites those risks as margin debt being at an all-time high, an overvalued market, interest rates at an all-time low, and a “lack of sophistication of the average investor”.  Peña believes that that these four risks can combine to create the perfect storm for a huge plunge in markets. He has personally been betti...
Post a Comment
Read more

Former NYSE President Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, And Guides

Former NYSE President Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, And Guides The former New York Stock Exchange president, Tom Farley’s, Far Peak Acquisition Corporation announced a deal today to bring the Bitcoin exchange Bullish public, according to CNBC. Online crypto news portal Tom Farley will be the CEO of the exchange when this is complete and the deal is expected to close by end of year. Farley was the president of NYSE for four years from 2014 2018. Far Peak Acquisition Corporation  will be giving Bullish around $600 million in proceeds and they’ll receive an additional $300 million through a private investment in public equity (PIPE). The world’s largest asset manager Blackrock along with Galaxy Digital are two of the firms participating in this PIPE. In an interview with Squawk Box this morning, Farley bullishly said “This is a big idea whose time has come,” which is a play off the famous and iconic Victor Hugo quote of “No force on earth can stop an idea...
Post a Comment
Read more