LBank Exchange Will List CTOMORROW PLATFORM (CTP) on April 20, 2022 – Press release Bitcoin News

LBank Exchange Will List CTOMORROW PLATFORM (CTP) on April 20, 2022 – Press release Bitcoin News
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PRESS RELEASE. INTERNET CITY, DUBAI, Apr. 18, 2022 – LBank Exchange, a global digital asset trading platform, will list CTOMORROW PLATFORM (CTP) on April 20, 2022. For all users of LBank Exchange, the CTP/USDT trading pair will be officially available for trading at 18:00 (UTC+8) on April 20, 2022.

Using cutting-edge technologies to revolutionize current industry standards and practices, CTOMORROW PLATFORM (CTP) is here to foster an ecosystem of personalized, customized health solutions individually tailored to everyone’s unique traits and needs. Its native token CTP will be listed on LBank Exchange at 18:00 (UTC+8) on April 20, 2022, to further expand its global reach and help it achieve its vision.

Introducing CTOMORROW PLATFORM

CTOMORROW PLATFORM is a personalized technology platform focusing on innovations which revolutionize the way people monitor and manage their health for a healthier, happier world. It sits squarely at the intersection of three important emergent technologies: mHealth, AI avatars, and blockchain technology. The primary components of the CTOMORROW ecosystem are blockchain, the CTP token, the CTP exchange gateway, Big Data and AI.

The CTOMMORROW Project accelerates innovation in the Health Tech sector, promoting a healthier and more positive life for all. CTOMORROW’s particular emphasis is on projects that leverage mobile technology to produce software applications (Apps) that provide users with real-time health or beauty diagnosis. These applications use facial recognition technology to gather data about the user’s skin condition and health, since the majority of smartphones on the market already are equipped with biometric facial recognition technology.

The CTOMORROW Smart Data Factory is an ever-growing database that provides information to CTOMORROW AI, to provide the most accurate health reports and recommendations to the users. CTOMORROW DID is a set of authorization APIs provided by CTOMORROW that developers can use to allow their users to connect and share their data externally, and increase engagement with other websites and applications via their CTOMORROW account.

Last but not least, CTOMORROW’s Dynamic NFT Avatars take the concept of PFP NFT to the next level with personalized avatars based on user’s initial facial scan which evolve over time based on their initial personal attributes, their progress with health and beauty solutions, and the body of knowledge accumulated in the Smart Data Factory and applied to their individual data points.

About CTP Token

CTP is a medium that induces users to provide data within the CTOMORROW’s ecosystem. Users can use the received CTP to pay for products or services provided in the ecosystem or receive additional benefits.

Based on BSC, CTP has a total supply of 9 billion (i.e. 9,000,000,000) tokens, of which 25% is provided for big data mining, 14% is allocated to collaboration partners, 9.7% is provided for pre-sale, 10% is allocated to the foundation, 9% will be used for ecosystem expansion, another 9% is allocated to the founders, 8.3% will be used for marketing, 7% is allocated to the team, 5% is provided for floating liquidity, and the rest 3% is allocated to the advisors.

 

CTP token will be listed on LBank Exchange at 18:00 (UTC+8) on April 20, 2022. Investors who are interested in CTOMORROW PLATFORM investment can easily buy and sell CTP token on LBank Exchange by then. The listing of CTP on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.

Learn More about CTP Token:

Official Website:

Telegram:

Twitter:

About LBank Exchange

LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from now more than 210 regions around the world.

Start Trading Now: lbank.info

Community & Social Media:

l Telegram

l Twitter

l Facebook

l Linkedin

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

media@lbank.info

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices
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Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows.

Ethereum Fees Are Down

Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in early March. This had been the lowest that gas fees had been in seven months at this point. However, a spike in gas fees in early April would quickly put an end to this sending gas fees as high as $43 once more. This would prove to be only temporary given that the sharp downtrend that followed has sent ETH gas fees to plummet towards six-month lows.

Related Reading | DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack

As of Monday, Ethereum gas fees had declined as low as $8.78 on average. It represented a 76$% drop from its April high to put it in levels recorded in early March. The drop in ETH fees has also translated to a drop in the fees of Layer 2 rollups which boast significantly lesser fees than it costs to transact on the main network. 

The lowest recorded fee rate had dropped to as low as $0.03 per transaction on Sunday recorded on Metis Network. Others like Loopring and Zksync had seen transaction fees slide to as low as $0.05.

Bitcoin fees had also fallen and the average transaction fee as of early Monday sat at $1.04.

ETH On The Charts

The current downtrend seems to be prominent in not just the transaction fees but the price of the digital asset. Ethereum price had crashed below $3,000 in the early hours of Monday, and while small recoveries were made, various dips saw the digital asset touch the $2,800 price range before the opening of the markets on Monday.

Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

With selloffs rocking the market, indicators had turned inherently bullish for the digital asset, skewing completely in favor of the sellers. After breaking the $3,000 mark, the next major support level now lies at $2,900 although bears continue their efforts to drag it down lower. 

ETH has now fallen below the 50-day moving average. This puts the short-term forecasts of the cryptocurrency right in the negative for the majority of traders, and the long-term outlook is not looking good either. The digital asset is trading at $2,909 at the time of this writing.

Featured image from Shrimpy Academy, chart from TradingView.com

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Crypto exchange Solidbit upgrades its partner platform

Crypto exchange Solidbit upgrades its partner platform
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Solidbit, a Seychelles-based crypto exchange, announced it has upgraded its IB partnership program area. The platform now includes more powerful features, improved design, and an enhanced user interface.

“Solidbit’s IB program is the result of the hard work of experienced developers. The updated section offers more features than the previous version and makes it easier for brokerage houses to manage their accounts and finances.”
– The Solidbit Team

Features of the new IB Portal

New Dashboard

The dashboard now features comprehensive metrics in one place, updated in real-time. With this, it is now easier to track acquisitions and trading activity and identify key traffic sources.

Banners and QR Codes

New functions in the promo section include a banner area and the ability to generate QR codes.

The banner area allows partners to choose from different banners, and the QR code feature allows users to scan a code instead of sending a link.

New Reports

Developers behind Solidbit have revamped the reports area to provide more detailed information while also making it easier to navigate.

Users can view summary information, view data for specific periods, and download reports.

These reports offer a fuller view of data and trends, allowing partners to make more informed decisions.

Benefits of the Solidbit partner program include:

  • Multiple earning opportunities and generous commissions
  • Dynamic and transparent IB model
  • No limits on commissions
  • Personalized reward scheme
  • Exclusive bonus offers
  • User-friendly experience
  • Deep liquidity and safe trades for users

The post Crypto exchange Solidbit upgrades its partner platform appeared first on CryptoNinjas.

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Algorand-built social dApp 2i2i to ensure decentralization with Algoracle » CryptoNinjas

Algorand-built social dApp 2i2i to ensure decentralization with Algoracle » CryptoNinjas
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2i2i is a social dApp that allows users to earn coins by meeting with other users. 2i2i is built on the Algorand blockchain. Algoracle will provide computation abilities for Algorand’s first peer-to-peer social dApp. Algroacle will assist 2i2i with a node network with the goal of decentralizing the network.

“We love how many ways a decentralized oracle network can be used in the Algorand ecosystem. 2i2i is a perfect example of a creative use for computation abilities for the oracle layer. Imagine an incentivized social dApp that has all the benefits of a worldwide decentralized network!”
– Algoracle’s CEO Abdul Osman

As a peer-to-peer social dApp built on the Algorand blockchain, 2i2i lets its users connect by allowing them to be a Host or a Guest.

Hosts have the ability to create and manage a “room” while Guests will be able to watch the host or pay a small fee to meet with the Host face to face.

“We want 2i2i to be totally decentralized. Community governed and owned, providing an income stream to anyone with internet access. Algoracle will hopefully provide the final piece of tech to allow full trustlessness.”
– 1m1, the CEO and co-founder of 2i2i

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Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design – Mining Bitcoin News

Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design – Mining Bitcoin News
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Following Bitmain’s product introduction of two new application-specific integrated circuit (ASIC) bitcoin mining rigs, the mining devices manufacturer Microbt has announced the launch of two new miners as well. Revealed during the Bitcoin 22 conference in Miami, Microbt showcased the company’s new Whatsminer M50 series, which offers hashrate speeds of up to 126 terahash per second (TH/s).

Microbt Launches 2 New Next-Generation Bitcoin Mining Rigs

Bitcoin miners are getting more advanced as the latest machines revealed by Bitmain and Microbt indicate that next-generation mining rigs pack a whole lot of hashpower. Bitcoin.com News has previously reported on Bitmain’s upcoming mining machines that offer hashrate speeds up to 255 TH/s.

The first was the Antminer S19 XP revealed in November 2021, which boasts a hashrate of 140 TH/s, and the second was the Antminer S19 Pro+ Hyd. with up to 198 TH/s of computational power. Additionally, Bitmain revealed another hydro ASIC unit called the Antminer S19 XP Hyd., which produces a whopping 255 TH/s according to the company.

Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/S With Custom 5nm Chip Design

Now new Microbt-brand Whatsminer ASIC bitcoin mining rigs have been revealed and the company expects to ship the latest series by the third quarter of 2022. While the devices are not as powerful as Bitmain’s latest mining machines, the Microbt-made rigs are more powerful than the current machines in production today.

Microbt unveiled the latest Whatsminer M50 series at the Bitcoin 22 conference in Miami and the company’s top machine boasts a full-custom chip design and 126 TH/s in computational processing power. The company further details that the Whatsminer M50S has a power efficiency rating of 26 joules per terahash (J/TH) and it runs on 3,276 watts (W).

The full-custom chip design is a 5nm process, which improved upon the firm’s last bitcoin miner the M30S++ (110 TH/s). During the announcement, Microbt also hinted at a hydro-cooling mining rig that will produce “240 TH/s of computing power at 29 J/TH of power efficiency.” However, that Whatsminer M53 machine is not yet showcased or available for purchase on the manufacturer’s Whatsminer website.

The latest two Whatsminer M50 series rigs are available, as the M50S (126 TH/s) currently costs $10,924.20 per unit and the M50 (114 TH/s) is priced at $8,857.80 per rig. For reference, using today’s BTC exchange rates and $0.12 per kilowatt-hour (kWh) in electricity, a 110 TH/s mining rig will produce an estimated $10.48 per day in BTC profits.

Current data indicates that at today’s BTC prices, the two Whatsminer M50 series machines would be more profitable. Microbt also detailed that it is ready to support emerging bitcoin mining areas such as North America. “Microbt is capable of producing and shipping over 30,000 pieces per month from its production site located in Southeast Asia this year,” the company’s press release notes.

“[The M50 series] will help customers to enter into the 2X J/T mining era, and stay in power that never ends for ESG-friendly mining,” Jianbing Chen, the COO of Microbt said in a statement. Meanwhile, Microbt’s machines are expected to start shipping in “Q3 of 2022,” while Bitmain’s Antminer S19 XP series is expected to reach the public by July 2022.

Tags in this story
114 TH/s, 126 TH/s, 240 TH/s, 5nm process, Antminer S19 Pro+ Hyd., Antminer S19 XP, Antminer S19 XP Hyd., Bitcoin Miners, Bitcoin mining, Bitcoin Mining Rigs, Bitmain, BTC Mining, M50 (114 TH/s), M50S (126 TH/s), Microbt, Microbt Whatsminer, mining bitcoin, Mining BTC, mining machines, mining rig manufacturer, mining rigs, Whatsminer, Whatsminer M53 machine

What do you think about Microbt’s new Whatsminer M50 series bitcoin mining rigs? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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LUNA Moves On Its Own Beat, Bulls Aim For New ATH

LUNA Moves On Its Own Beat, Bulls Aim For New ATH
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LUNA continues to display strength as the crypto market trends to the downside. Despite the current short-term increase in selling pressure, this cryptocurrency managed to enter uncharted territory, and its price action hints at more upside.

Related Reading | Inside Terra’s $2.38 Billion Reserves, What Made The Lineup?

As seen in the chart below, LUNA has been on its uptrend since August 2021. It briefly dropped towards the $40 area and resumed its momentum to $120.

At the time of writing, LUNA trades at $87 with a 4% profit in the 4-hour chart. As Bitcoin and larger cryptocurrencies bleed under the pressure of a broad market downside, LUNA hints at the moon.

LUNA is on an upside trend on the 4-hour chart. Source: LUNAUSDT Tradingview

The long-term fundamentals behind this cryptocurrency’s increase are still in place. The Terra native cryptocurrency and its ecosystem have managed to attract new users due to its products and staking mechanism.

Two sides of the same coin, LUNA, and Terra’s stablecoin UST have taken over the DeFi sector. Recently, stablecoin became the third largest in terms of market cap.

Only surpass by USD Coin (USDC) and Tether (USDT) with over $50 billion in terms of market cap, UST reached the $17 billion market cap and displaced BUSD.

The increase in market cap could be interpreted as another metric of Terra’s adoption. The ecosystem has attracted attention due to its Anchor Protocol and this project’s 19% annual percentage yield (APY) for staking UST.

Data from Token Terminal measuring LUNA’s transaction volume (in pink in the chart below) confirms the rise of the Terra ecosystem. This metric stood at less than $50 million in April 2021 and reached an all-time high of close to $3 billion.

LUNA LUNAUSDT Terra
Source: Token Terminal

The increase in this metric seems to be correlated with LUNA’s price with an important uptick in November 2021, when the network saw the implementation of important updates.

LUNA Has The Fundamentals And Other Factors To Sustain Its Rally

As noted by a Terra user, the Anchor Protocol, probably one of the projects driven by LUNA’s current rally, continues to consolidate important partnerships and accessibility to different investment strategies. Recently, it announced deposits and withdrawals to the Mars Protocol’s Red Bank.

In addition, Anchor’s ANC was listed on Crypto.com, one of the largest crypto exchange platforms, as Terra increases its computability with other networks including Polkadot and Avalanche. The user noted this ecosystem’s milestones:

Anchor Protocol and Acala Network with help of Wormhole integrated to unite Terra, Polkadot DeFi ecosystems and to grow the decentralized stablecoin market. Hashed & Delphi Ventures co-lead seed round for Reactor Terra’s omni booster.

Related Reading | Terra Users Heads Up, Why NEAR May Launch Native Stablecoin With A 20% APR

Terra has also seen the deployment of new assets, liquidity pools, and the launch of the Terra Global Founder Fellowship program. This initiative is supported by Jump Capital, Hashed, Alpha Ventures, and others.

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Atari claims its namesake token is now ‘unlicensed’ as it terminates blockchain joint venture

Atari claims its namesake token is now ‘unlicensed’ as it terminates blockchain joint venture
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In a statement published by former video-game giant Atari on Monday, the firm says it has, effective immediately, terminated all license agreements with its joint venture partner ICICB Group and its subsidiaries. Previously, the two had jointly created the Atari Chain and the namesake Atari Token (ATRI). However, the company has had a change of heart regarding the deal, and announced it was disclaiming interest in the joint venture, stating “ICICB is not authorized to represent Atari or its brands in any manner.”

“Atari disclaims any interest in the […] Joint Venture, currently promoted as Atari Tokens, and related websites, whitepapers and social media channels are unlicensed, unsanctioned and are outside the control of Atari.”

Moving forward, Atari plans to create, distribute and solely manage a new proprietary token focusing on gaming, community and utility. But it appears there will be some form of respite for ATRI investors. As told by Atari, the company has taken a “snapshot” of ATRI holdings as of April 18, 2022, at 6:00 pm CET. Atari will then implement a future exchange of a new token for the ATRI tokens held as of that time.

“Only tokens present in wallets as of the snapshot and in amounts equivalent to those captured at the snapshot will be eligible. Any tokens acquired after the snapshot will not be eligible,” the company said.

Atari has been an active player in the crypto space, with a keen focus on developing nonfungible tokens. At the time of publication, the ATRI “legacy” token is down 9.47% in the past 24 hours, lowering its market cap to $26 million.

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Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether – Bitcoin News

Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether – Bitcoin News
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On Monday, the Ethereum Foundation (EF) published a financial report that shows the foundation currently holds $1.6 billion in its treasury. $1.3 billion of the treasury’s assets are held in cryptocurrencies while the rest of the treasury is composed of non-crypto investments and assets.

Ethereum Foundation Holds $1.294 Billion in Ether

The Ethereum Foundation is a non-profit organization that’s dedicated to fostering growth within the Ethereum ecosystem. The recently published EF April 2022 report explains that there are various ways the EF bolsters the Ethereum environment.

EF creates teams focused on improving Ethereum and the network’s ecosystem, the non-profit provides projects with grants to fund other teams outside of the core EF teams, it manages delegated domain allocation, and it also leverages third-party funding techniques.

Ethereum Foundation's Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether
Source: Ethereum Foundation April 2022 report.

After explaining what the Ethereum Foundation is and what it does, the April 2022 report discusses the EF treasury and financials. According to the EF, it currently holds $1.6 billion in its treasury, and $1.3 billion is composed of digital currencies like ethereum (ETH).

In fact, according to the EF report, the foundation holds 80.5% of its crypto holdings in ether, which represents 0.297% of the total ether supply. EF insists that even during multi-year crypto market downturns, the non-profit allocates a “conservative treasury” that’s “immune to the changes in the price of ethereum.”

The reason why EF is holding so much ether is because it represents the non-profit’s belief in Ethereum’s future potential and the holdings “represent that long-term perspective.”

EF Spends $48 Million in 2021

The EF report also disclosed that last year, the non-profit spent an aggregate of around $48 million, and $20 million of the total spent was directed at “external spending” such as grants.

The remaining balance funded teams and projects with the Ethereum ecosystem. The entire spending balance was placed into unique categories which include layer one (L1) research and development (R&D), layer one (L2) R&D, applied ZK research, community development, and internal operations spending.

The Ethereum Foundation is one of many organizations that hold ether in a treasury, as Bitcoin.com News recently reported on a number of ether treasuries on April 10. The report had shown 12 different companies that held close to $700 million worth of ethereum on their balance sheets.

Tags in this story
community development, Crypto, crypto balance sheets, ecosystem funding, EF, ETH, ETH balance sheet, ether, ether treasuries, Ethereum, Ethereum (ETH), Ethereum Foundation, Ethereum Treasuries, financial report, grants, internal operations spending, L1 research, L2 research, R&D, ZK research

What do you think about the Ethereum Foundation’s financial report disclosing its current ethereum holdings? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Bitcoin Whales Buy The Dip As BTC Drops To $39k

Bitcoin Whales Buy The Dip As BTC Drops To $39k
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On-chain data shows a sharp spike in the Bitcoin exchange outflows, suggesting whales have been buying the dip to $39k.

Bitcoin Exchange Outflows Show High Value Suggesting Whale Activity

As pointed out by an analyst in a CryptoQuant post, the BTC exchange outflows have registered a large spike recently.

The “exchange outflows” is an indicator that measures the total amount of Bitcoin currently exiting wallets of all exchanges.

When the value of this indicator is high, it means investors are withdrawing a large amount of coins at the moment. Especially large values can imply whales have been buying.

Such a trend, when sustained, may be bullish for the price of the coin as investors usually transfer their crypto out of exchanges for accumulation purposes.

On the other hand, low outflow values suggest there isn’t much buying going in the market right now. This could either be neutral for the price, or if selling is going on, then it may be bearish.

Related Reading | Bitcoin Miners Receive Third Break This Year, Over 100K Blocks To Go Until The Halving

Now, here is a chart that shows the trend in the BTC outflows over the past year:

The indicator's value seems to have observed a large spike recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange outflow has shown a big value recently as the price has fallen below the $40k mark.

This suggests that whales may have jumped at the opportunity to accumulate more coins. During the three previous instances in the last year when outflow values on a similar scale were observed, the price of BTC observed an uplift not too long after.

Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season

It now remains to be seen whether a similar bullish effect will be there this time as well, or if the sellers will overwhelm the buyers and drive the price further down.

BTC Price

At the time of writing, Bitcoin’s price floats around $39.2k, down 5% in the last seven days. Over the past month, the crypto has shed 4% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the value of the crypto has plunged down over the past twenty-four hours | Source: BTCUSD on TradingView

After holding above the $39k level for more than a month, Bitcoin finally dropped below the mark in the past day. This is a continuation of the decline that started late last month after BTC topped out above $47k.

Currently, it’s unclear when the price may observe some recovery. But if the outflows are anything to go by, then signs may be bullish for the crypto.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?

Bitcoin Traders Long The $39K Dip, Will BTC Head In Expected Direction?
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Rejected once again as it attempted to reclaim the $40,000 area, Bitcoin trades just north of $39,000. The first crypto by market cap is moving on a low timeframe range between the mid area of its current levels, and around $48,000.

Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term

In higher timeframes, Bitcoin seems trapped between the low $30,000s and the high $60,000s. Whenever it approaches, traders turn to high fear of high greed levels.

At the time of writing, Bitcoin trades at $39,300 with a 3% and 7% loss in the last 24 hours and 7 days, respectively.

BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

Data from analyst Ali Martinez suggest traders are yet to enter the fear territory as BTC’s price still holds its current levels. A majority of operators seem to be optimistic.

As seen below, the long to short ratio on crypto exchange Binance stands at 2.88, meaning traders are dominantly long. Around 74% of the traders on this platform took long positions as opposed to 25%.

Bitcoin BTC BTCUSD
Source: Ali Martinez via Twitter

In that sense, Martinez advised traders to stay cautious as Bitcoin rarely does what the majority expects. While the price of the first crypto seems to be recovering in short timeframes, bulls are yet to display conviction.

The analyst added the following on potential support levels for BTC’s price in case of more downside:

Bitcoin last line of defense is the 78.6% Fibonacci retracement level at $38,530. Breaching this support level could see $BTC fall to $32,853 or even $26,820.

Data from Material Indicators (MI) supports these potential levels. As seen below, the price of Bitcoin bounced off a stack of bid orders (in yellow below the price) set at around $39,000.

The benchmark crypto then proceeded to move upwards, but with little support at its current levels in case of a fresh increase in selling pressure until $38,000. Similar to when BTC saw support at $39,000, there are around $10 million in bid orders at those levels.

Bitcoin BTC BTCUSD
BTC’s price (blue on the chart) bounces off support (bids in red and yellow below the price). Source: Material Indicators

Bitcoin Fundamentals Suggest Up, But BTC’s Price Stays Down

Bitcoin’s price range has been tightening in the past months. A capitulation event, a price action that moves the price out of the range, seems to be brewing.

Additional data from Martinez records an important decrease in the supply of BTC sitting on exchange platforms. This metric stands at a one-year low with a persistent trend to the downside.

Despite the supply crunch, the price of Bitcoin seems more tied to macro-economic factors. The increase in interest rates from the U.S. Federal Reserve (FED) and the war between Russia and Ukraine are among the most important.

Related Reading | TA: Bitcoin Remains at Risk, Why 100 SMA Is The Key

As NewsBTC reported, if the FED turns aggressive on its monetary policy, BTC’s price could retest the bottom of its range or trend lower.

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