ON CHAIN ​​BTC & ETH Continues Withdrawal From The Exchange| Facebook Releases Crypto Wallet

 88 total views

2021-12-28 16:05:18

Market situation

Bitcoin had its highest daily close to date at $64,000. Then there was a time when BTC broke through the old peak and reached a price of 66,000 USD. BTC price has continued to increase after the first day of Bitcoin Proshare fund officially opened. BTC is up but altcoins still haven’t seen much price volatility.

The Bitcoin Proshares Exchange Fund (BITO) did well on the first day at $41.94 per unit. At the end of the session, BITO gained 4.85%.

During the day, the SEC chairman also gave an interview to CNBC about why the SEC chose to adopt a Bitcoin Future ETF over an actual BTC-based ETF. Chairman Gary Gensler said that, because the Bitcoin Future ETF fund is managed by the CFTC agency, not the SEC.

The SEC is also not a direct regulator, so it will not be directly responsible for ensuring the operation of the Bitcoin Future ETF. And investors still expect a real Bitcoin-based ETF by the end of the year.

On-chain analysis

Yesterday’s on-chain data did not have many notable fluctuations. Bitcoin profit rate is very high, over 99.7% Bitcoin is profitable and this indicator is in the red zone. However, there are many times when the price of BTC increases and the rate of BTC is high, but the price continues to increase as in 2017 and most recently April – May this year.

In order to continue to grow, Bitcoin also needs time to cool down and create an accumulation zone. The number of Bitcoin futures orders on exchanges continues to increase.

The NUPL indicator is still in the green zone and shows no signs of peaking. When NUPL enters the blue zone is a sign of the top of the market.

Another indicator of interest is the Pi Cycle Top Indicator. This is an indicator that has been effective in determining when to hit a market cycle high within 3 days.

It uses a 111-day moving average (111DMA- red line) and a newly created multiple of the 350-day moving average, 350DMA x 2 (green line).

Every time the red 111DMA line goes up and crosses the 350DMA line, this is a sign of a top. This sign appeared most recently during the BTC price rally to $65,000 in April. At present, this index has not shown any signs of a peak appearing.

Although the price increased, the buying force was still very strong. The amount of BTC withdrawn from the exchange is still higher than the amount deposited on the exchange.

Ethereum is similar to BTC. ETH continues to be withdrawn from the exchange. The amount of ETH on the exchange is continuing to decrease.

Investor psychology when the price of BTC is increasing is very susceptible to fomo and wants the price to increase even more. However, when investing we need to have goals and look back at our goals. If you have a profit and have a clear goal, then a profit-taking strategy is very important.

Some other information:

  • A few months ago, billionaire investor Carl Icahn said that he was looking into Bitcoin. However, he recently shared that he doesn’t understand Bitcoin very well. Therefore, he also did not comment on whether Bitcoin has value or not, but if inflation continues to increase it is possible that BTC will prove its status as a store of value.

  • Facebook has begun rolling out the Crypto Novi wallet to the US and Guatemala. According to the head of David Marcus, Facebook will test its wallet with Paxos’ Pax Dollar (stablecoin) and Coinbase will be responsible for protecting users’ funds. Seeing the potential from stablecoins in the crypto market, Facebook continues to develop Diem.

  • Coinbase has for many years partnered with the National Basketball Association (NBA) and the National Women’s Basketball Association (WNBA) to act as their exclusive crypto sponsor. Coinbase logos and trademarks will appear in televised matches for the aforementioned tournaments. It will be the tournament’s first crypto-platform partnership. The exchange will also be a partner of the NBA G League, NBA 2k League and USA Basketball. Crypto companies do not hesitate to spend money promoting such as sponsoring these famous tournaments. As FTX is a sponsor of Major League Baseball and owns the naming rights to the stadium of the Miami Heat basketball team.

► Join the support team and the most prestigious Exchanges with exclusive deals with CHK


#CHAIN #BTC #ETH #Continues #Withdrawal #Exchange #Facebook #Releases #Crypto #Wallet

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Close Bitnami banner