The latest figures reveal that the nine new spot bitcoin exchange-traded funds (ETFs) now control 390,525.3 bitcoins, valued at just over $26 billion at current market rates. These nine ETFs are rapidly approaching the holdings of Grayscale’s Bitcoin Trust (GBTC), which presently has 405,713.31 bitcoins in its possession. Emerging Bitcoin ETFs Challenge Grayscale’s Reign Collectively, […]
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Recent Glassnode’s data captures intriguing shifts in Bitcoin’s spot volume, tracking the aggregate trading volume of Bitcoin against USD-based currencies, both fiat and stablecoin, across various exchanges. On March 5, there was a surge in spot volume to $26 billion across all exchanges, a pinnacle not reached since the SVB collapse in March 2023.
During the SVB collapse, Binance dominated the spot volume, contributing $22 billion of the total $27 billion, as reported by Glassnode. Now, spot volume has again reached a similar level, spurred by Bitcoin’s surge to a record $69,000 and its subsequent 15% drop. In this latest bout of volatility, the exchange landscape was more distributed, with Binance, Coinbase, and Bybit recording spot volumes of $9 billion, $4 billion, and $4 billion, respectively.
The data depicts a stark decrease in Binance’s market share over the year, as its spot volume shrank from $22 billion during the SVB event to $9 billion in the following year’s volatility peak.
The post High volatility drives spot Bitcoin volume to $26 billion appeared first on CryptoSlate.
Willy Woo, a crypto analyst, has captured the crypto community’s attention with his latest view on Bitcoin (BTC), suggesting an impending significant surge for the asset.
This optimism follows the approval of spot Bitcoin ETFs, which Woo believes would channel more substantial capital into the market, potentially catalyzing a “monumental rally” in Bitcoin’s value.
Willy Woo took to X to share his analysis, drawing on Bitcoin’s historical performance to shed light on its future trajectory. Woo reminisced about July 2010, when Bitcoin’s value was a mere 0.7 cents, and how it saw a tenfold increase in just five days, followed by a 1,000x growth over the next two years.
The analyst also attributed this growth to Bitcoin’s exposure to global liquidity, notably through its integration with the Mt. Gox exchange platform. Today, Woo sees a parallel scenario, albeit on a much grander scale, with Bitcoin gaining listings on global stock markets and overseeing around $100 trillion in capital.
According to Woo, the influx of interest and investment from these quarters could dwarf the technical analysis charts that currently signal overbought conditions. This would be reminiscent of the late 2020 cycle, when Bitcoin attracted significant spot purchases from high-net-worth individuals.
Jul 2010, BTC was 0.7 cents, it popped 10x in 5 days, then another 1000x 2 years following.
Why?
BTC was introduced to global liquidity with the advent of MtGox.#Bitcoin just got listed on the worlds stock markets which holds ~$100T of capital, and they are piling in. pic.twitter.com/m7yxyUudK7
— Willy Woo (@woonomic) March 7, 2024
While Willy Woo points to the structural conditions setting the stage for Bitcoin’s rally, other market analysts and traders are making their predictions. Peter Brandt, a well-regarded figure in the trading community, has also shared his perspective on Bitcoin’s potential for growth.
Brandt’s analysis suggests that if the bull trend post-April 2024 mirrors the momentum observed since the November 2022 low, Bitcoin could reach as high as $150,000 by October 2025.
When Bitcoin has a sudden and sharp shake-out decline, the market is just winking at you $BTC pic.twitter.com/KSbGYvTFlW
— Peter Brandt (@PeterLBrandt) March 6, 2024
Amid the bullish forecasts, contrasting views and indicators suggest a more cautious outlook. Crypto analyst and trader Ali has recently identified potential signs of an impending price retracement for Bitcoin.
Utilizing the Tom DeMark (TD) Sequential indicator, Ali noted a sell signal on Bitcoin’s daily chart. This development warrants close monitoring, given the indicator’s track record of accurately predicting Bitcoin trends since the start of the year.
Earlier instances saw a buy signal in January preceding a 34% price increase, while a 4% price drop followed a sell signal mid-last month. As the TD Sequential develops a sell signal, there’s speculation about a possible short-term correction for Bitcoin.
The TD Sequential indicator flashed a sell signal on the #Bitcoin daily chart, which warrants close attention!
Boasting a strong track record in predicting $BTC trends since the year’s start, this indicator previously signaled a buy in early January, preceding a 34% surge, and… pic.twitter.com/T7DIjiCxzv
— Ali (@ali_charts) March 5, 2024
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In a statement released on March 7, the Canadian fintech entity Mogo disclosed its strategy to diversify its portfolio by investing in bitcoin and bitcoin exchange-traded funds (ETFs), earmarking an initial outlay of as much as $5 million. Canadian Fintech Mogo Dives Deeper Into Bitcoin The publicly traded Canadian enterprise Mogo (Nasdaq: MOGO) (TSX: MOGO) […]
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What does the bitcoin rally mean for stocks and the Fed’s rate cutting plans? Two Wall Street banks weigh in with opposing views.
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On-chain data shows that Bitcoin short-term holders have panic sold $2.6 billion worth of coins in the crash following the new all-time high.
As analyst James V. Straten explained in a new post on X, Bitcoin short-term holders have shown signs of capitulation during the latest drop in the cryptocurrency’s price.
The “short-term holders” (STHs) refer to the BTC investors who bought their coins within the past 155 days. The STHs make up one of the two main divisions of the market, the other one being the “long-term holders” (LTHs).
Statistically, the longer an investor holds onto their coins, the less likely they are to sell at any point. This means that the STHs, who are relatively new hands, generally sell quickly whenever an asset crash or rally occurs. The LTHs, on the other hand, usually show resilience, only selling at specific points.
One way to track whether either of these groups is selling is through the transfer volume they are sending to exchanges. First, here is a chart that shows the trend in the Bitcoin exchange inflow volume precisely for the STHs in loss:
The value of the metric appears to have shot up in recent days | Source: @jvs_btc on X
As displayed in the above graph, the Bitcoin STHs have transferred around $2.6 billion worth of coins in loss to exchanges in the past day, implying that some members of this cohort have capitulated.
This spike is huge, but it’s less than the loss-taking event that took place back during the price drawdown that followed the BTC spot exchange-traded fund (ETF) approval.
These loss sellers would be those who FOMO’d into the rally that took BTC to a new all-time high beyond the $69,000 level, but their conviction wasn’t strong enough that they were able to hold past the sharp crash that BTC observed shortly after.
The STHs aren’t the only ones who have exited the market in this latest price volatility; it would appear that the LTHs have also done some selling. The difference, however, is that these HODLers have made profits.
The chart below shows how the exchange transfer volume for the LTHs in profit has looked like recently.
Looks like the value of the metric has registered a sharp spike recently | Source: jvs_btc on X
The graph shows that the Bitcoin LTHs have participated in their largest profit-taking event since July 2021, transferring tokens worth $1.5 billion to exchanges.
Thus, it would appear that this recent volatility has shaken up the conviction of even some of the diamond hands, although these HODLers have at least still been rewarded with profits.
At the time of writing, Bitcoin is trading around the $65,800 mark, up 8% in the past week.
BTC has gone through a rollercoaster in the past couple of days | Source: BTCUSD on TradingView
Featured image from 愚木混株 cdd20 on Unsplash.com, Glassnode.com, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The price of Bitcoin witnessed a pullback on Tuesday amid a general bearish sentiment around the crypto market, after the digital asset reached the $69,000 threshold.
Following the correction, several predictions of a further decline in the price of Bitcoin from top crypto analysts have surfassed. Cryptocurrency analyst and trader Ali Martinez has highlighted a few indicators that suggest a continuous retracement in price.
Martinez took to the social media platform X (formerly Twitter) to share his projections with the crypto community. According to Ali Martinez, on the daily chart of Bitcoin, the Tom DeMark (TD) Sequential indicator presently “flashed a sell signal.”
The crypto analyst believes that this development deserves to be closely monitored. This is because the indicator “boasts a solid history of predicting Bitcoin trends” since the beginning of the year.
He further pointed out that the indicator suggested a buy signal earlier in January, which was followed by a 34% rise in Bitcoin’s price. In addition, in the middle of last month, the indicator also suggested a sell signal, after which Bitcoin plummeted by over 4%.
With the TD Sequential presently developing a sell signal, BTC might be poised to undergo a correction in the short term. However, there is no guarantee that the price of BTC will see a correction following the signal.
Martinez also underscored the accuracy of the pointer in predicting BTC’s price movement, which he believes to be “remarkably insane.” In a previous projection, Martinez asserted that BTC has declined by “1.5% to 4.7%, each time the indicator recommends a selling” since February 15.
As a result, short-term traders should carefully observe the trend in order to position themselves for future gains. So far, some market watchers feel that Bitcoin’s retracement was necessary, and they perceive the fall as a positive move.
Martinez is not the only expert that has predicted a pullback in the short term. Crypto Jelle has also shared his negative forecast for BTC, pointing to a 20% price correction.
Jelle noted as BTC moves towards its all-time high of $69,000, “there will be downturns along the way.” He further stated that this “time around,” it seems BTC might decline by 20%.
Thus, the crypto analyst has urged not to be shaken by the outcome while telling them to “take advantage” of the development when it occurs. This is because Jelle believes that the key to making it in the crypto space is patience.
Currently, the price of Bitcoin is down by over 2% in the last 24 hours, trading slightly above $66,000. Despite the price drop, its trading volume is up by over 37%, while its market cap is down by 2%.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In the last day, bitcoin exhibited a dynamic display, marked by significant fluctuations and upward movements across different periods. Upon hitting a peak at $69,210 per unit on Mar. 5, the cryptocurrency dipped below the $60,000 threshold, only to climb again on Wednesday, positioning itself in the $66,500 to $67,500 bracket. Bitcoin Over the course […]
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Digihost Technology Inc., a blockchain technology and mining enterprise based in the U.S., revealed a significant augmentation of its bitcoin mining capabilities, courtesy of a multi-year hosting contract with a “leading” global provider of digital currency mining equipment. Digihost Expands Mining Fleet Under Newly Inked Multi-Year Hosting Deal Digihost (Nasdaq: DGHI; TSXV: DGHI) said the […]
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