First Mover: Bitcoin Low Exchange Balance Looks Bullish but Chart Looks Bearish as $11K Nears

There’s a degree of transparency in cryptocurrencies that doesn’t exist in traditional markets like stocks and bonds: Thanks to data that’s easily extracted from blockchains, everyone can see everyone else moving their money around.  That means traders can keep an eye on exchange wallets to gauge whether investors and crypto miners are getting their bitcoin into position for a possible sale — or taking balances down from the exchanges in anticipation of holding for the longer term.

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5 things shaping Bitcoin price action this week

Bitcoin (BTC) starts the week pushing for $11,000 as ranging behavior continues, but futures gap danger remains. Cointelegraph takes a look at five factors that could shape Bitcoin price action in the coming week. Trump tax files see $11,000 BTC price bounce Sunday provided an unexpected boost to Bitcoin after a week of lackluster price performance. This was thanks to an investigation into United States’ President Donald Trump’s tax records, the results of which were published by the New… Source link

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Bitcoin Balances on Exchanges at 2-Year Low and That May Be a Bullish Sign

The balance of bitcoin on major exchanges has hit its lowest levels since November 2018. Yet unlike that time, when bitcoin was in the depths of the crypto winter, some see this current spate of low bitcoin balances on exchanges as a sign that a new generation of investors is putting its money in it for the long term. Total Bitcoin Balances on All Exchanges(Glassnode) The last time bitcoin balances on exchanges were at this low a point was in November 2018, according to data from Glassnode. A… Source link

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Grayscale Investments Scooped Up Over 17,000 BTC in the Last Seven Days

During the last seven days, Grayscale Investments purchased 17,100 BTC or $182 million worth of bitcoin using today’s exchange rates. The company’s bitcoin position is now close to 450,000 BTC worth roughly $4.7 billion. The Grayscale Bitcoin Trust (GBTC) is a very popular investment vehicle and in 2020 the trust has obtained a massive amount of BTC. Today, GBTC has $4.7 billion assets under management (AUM), according to data provided by bybt.com. Grayscale’s bitcoin position is also… Source link

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Why traders are not worried that the KuCoin hack will drop Ethereum price

Analysts say that the unknown hacker behind the KuCoin breach is selling the stolen ERC-20 tokens on Uniswap. Although selling tokens on the Ethereum-based decentralized exchange allows the hacker to obtain Ether (ETH), it doesn’t mean it’s laundered. All transactions made on the Ethereum blockchain network are traceable using blockchain explorers, meaning even if the tokens are converted to Ether, the stolen amounts would still leave traces. This means exchanges can (and probably will)… Source link

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Novogratz: Dangerous Time to Be in Stocks, Bitcoin Has More Upside Than Gold

Galaxy Digital CEO Michael Novogratz explains why it is a dangerous time to be in the stock market right now, leading up to the U.S. presidential election. While bearish on the dollar, Novogratz is bullish on bitcoin and gold but thinks that bitcoin has more upside than gold. Dangerous Time to Be in Stock Market, Buy Bitcoin Billionaire investor and Galaxy Digital CEO Michael Novogratz explained his view on the best investments as the November U.S. presidential election approaches in… Source link

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Only 2.5 million Bitcoin left to mine

With only 21 million Bitcoin (BTC) to be issued, a little under 2.5 million BTC remains for mining. In a tweet, ChartBTC said the Bitcoin network already passed the 18.5 million BTC mark in circulation. This means there is less than 2.5 million BTC left, or about 11.9% of the total Bitcoin to be generated. ChartBTC pointed out half of the remaining 2.5 million BTC will be mined in the next four years. Since the genesis block back in 2009, the Bitcoin network has already undergone three… Source link

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Bitcoin, Ether Slump; Banks Can Now Back Stablecoins

Get Forbes’ top crypto and blockchain stories delivered to your inbox every week for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption. (Photo by studioEAST/Getty Images) CRYPTO MARKETS Bitcoin slumped with the stock market Monday, falling more than 5%, after miners began selling at a higher rate on Sunday. Ether cooled off as well, and the average DeFi token has slumped 30% to 40% in recent weeks. Bitcoin showed more… Source link

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Monero launches own TV show and starts monero-cpp

First episode of Monero TV is broadcast about its increased darknet market presence. New library for development involves Monero Core C++ code. Independent working group Monero Outreach has launched Monero TV, a product dedicated to the dissemination of news and content on the privacy coin. Monero TV has been created in keeping with Monero Outreach’s mission to educate people about Monero through “wide range of media outlets”. Monero TV has been defined as a “bootleg” station,… Source link

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trader says 23 factors show a rally is due

A pseudonymous Bitcoin (BTC) trader outlined 23 key technical and fundamental factors that could buoy BTC’s medium-term bull case. The data points shared by the trader, known as “Byzantine General,” fit into four major themes. They are a less overheated market, a neutralizing futures market, less leveraged traders and strengthening fundamentals. The Bitcoin futures market is neutralizing Since Bitcoin’s recovery from $10,300, a persistent narrative around the top cryptocurrency has been… Source link

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