Analysis Daily TheBitTimes.com

A significant chunk of short-term Bitcoin holders are currently underwater. In fact, the current proportion of holders with losses is at its highest level since FTX collapsed. A recent Analysis report by Glassnode brought to light, “Since selling off below $26k in recent weeks, more than 97.5% of STH supply is now held at a loss.” Even though this statistic is far from appealing, there is a silver lining to it. During bear markets, whenever more than 97.5% of the short-term holders are at a loss, the chance of seller exhaustion increases rapidly. This means the current conditions do not provide any incentive to holders to exit the market. Source: Glassnode Also Read: 95% of NFTs Have a Market Cap of 0 Ether Bitcoin Investor Confidence Unfavorable The sell-bias exhaustion does not guarantee a price trend reversal. It only assures that the asset will be able to cover its losses. For the uptrend to start, the accumulation trend has to get stronger, and it’s...

A couple of weeks ago, Europe launched its first spot Bitcoin ETF on Euronext Amsterdam under the ticker BCOIN. The firm behind the first ETF , Jacobi Asset Management, waited for more than a year to launch the investment vehicle. In 2022, the organization pointed out that the firm stepped back because “the time wasn’t right.” Nevertheless, the launch in 2023 was well-received by the community. Jacobi has now attached an ESG label to its ETF . ESG stands for Environmental, Social, and Governance. This label helps enhance transparency related to sustainable investment products. Furthermore, asset managers, pension funds, and insurance firms aim to prevent greenwashing and increase investor comfort related to sustainability. Martin Bednall, the CEO of Jacobi, contended that the ETF will be “fully decarbonized.” Data tracked by Bloomberg revealed, ”Never before have the EU’s environmental, social, and governance investing rules been appl...

Bitcoin has fallen by over 11% in the weekly charts. Some community members have mentioned that the plummet may have stemmed from reports about SpaceX selling its BTC holdings. Others have pointed to China’s Evergrande going bankrupt as a potential reason. Despite the reason for the fall, some analysts agree that a further price correction may be on the horizon. Also Read: $1 Billion Wiped Out Of Crypto Market Amid Bitcoin, Ethereum Crash According to crypto analyst Ali, in the last 10 years, every time BTC has broken below the 200-day SMA (Simple Moving Average), its price has dropped to the realized price. Furthermore, Ali adds that the current realized price is around $20,350. This represents a fall of about 22% from current levels. #Bitcoin | Each time $BTC has broken below the 200-day SMA over the last 10 years, it often drops to touch the Realized Price. Right now, the Realized Price is around $20,350. pic.twitter.com/SazzyyIhNW — Ali (@ali_charts) August 2...

Analysts are significantly conflicted on how Bitcoin price will react to the CPI data expected on Wednesday. Market expectations are in the 3% range, which may suggest further easing of inflation in the US and possibly a continued pause on interest rate hikes. advertisement Risk assets like Bitcoin benefit a lot from easing inflation which encourages investors to seek more exposure to Bitcoin, crypto, and stocks. Meanwhile, support at $30,000 puts Bitcoin in a delicate situation where declines to $28,000 and $25,000 cannot be ruled out. On the other hand, BTC could still be poised for an upswing, especially with accumulation on the rise. A Bitcoin Price Bull Market Or Doldrums From a micro perspective, Bitcoin price is trading within a bullish rectangle pattern. This chart formation implies a pause in the uptrend and allows for consolidation ahead of the next bullish breakout. Recommended Articles ...

Market sentiment for the next few weeks fully depends on Fed Chair Jerome Powell’s guidance on rate hikes in the future. Dow Jones, S&P 500, and Nasdaq index futures are trading flat in green today, with GDP growth and earnings coming in lower for the first quarter. The collapse of First Republic Bank has renewed banking crisis fears, but JPMorgan predicts the banking crisis is almost over. advertisement Fed Officials and Wall Street Estimates on Rate Hike Decision Former Federal Reserve Bank of Dallas President Robert Kaplan said the US Federal Reserve should consider a “hawkish pause,” signaling a pause in its aggressive rate hike campaign while maintaining a tightening stance. He believes the banking crisis is just getting started as shares of US regional lenders fell sharply on Tuesday. JPMorgan chief market strategist Tai Hui asserts the economy is gradually slowing as job openings data revealed Tuesday. He believes the Fed should hike...

Early investors are always ahead of the curve. By assuming risk, they divert funds toward new assets. Yet, not all investors are bestowed with gains. However, the fortunate ones end up multiplying multi-folds in most cases. Whale transaction tracking platform Whale Alert recently brought to light one such case. A dormant address containing 6,071 BTC just got activated a few hours back. The worth of the coins in the wallet was just about $3.3 million in 2013. However now, it has inflated to almost $180 million. A dormant address containing 6,071 #BTC (178,128,678 USD) has just been activated after 9.3 years (worth 3,362,853 USD in 2013)!https://t.co/HOwG8l0IJ7 — Whale Alert (@whale_alert) April 19, 2023 Also Read: Holding Bitcoin has been Profitable 89% of the Time Well, the market is currently in the midst of a meme season. Owing to Pepe Coin’s surge post-launch, the meme spirit flag continues to be hoisted high. Honoring the joke season’s spirit, people fro...

Arizona Senator Wendy Rogers had introduced a bill in January that would make Bitcoin legal tender in the state. It was one of the proposed moves to make the king of cryptocurrencies a legal tender in the state. The proposed legislation, SB 1235, aims to make an amendment to Chapter 9 regarding the legal tender accepted by the state. The bill outlines the types of currencies that are recognized as legal tender in the state. This also includes the addition of Bitcoin to this important list. Also read: Shiba Inu (SHIB) Lead Dev Says He is Moving a Few Chess Pieces: Surprise Update? In one of the recent reports by Bloomberg, it has come to light that Arizona Governor Katie Hobbs blocked a bill that would remove taxes on Bitcoin mining . JUST IN: Arizona Governor Katie Hobbs blocks bill that would remove taxes on #Bitcoin mining. — Watcher.Guru (@WatcherGuru) April 13, 2023 Arizona Governor Katie Hobbs Vetoes the bill According to the latest news, Arizona Gover...

While the banks caving in has been synonymous with a stock price nosedive, the crypto assets have managed to shield themselves from the catastrophe so far. On social media platforms like Twitter, the hashtag “BullMarket” has been trending. The same, to a fair extent, indicates that the community is pumped and is expecting the rally to carry on. As far as the inclines are concerned, Bitcoin has appreciated by over 10% in the past 24 hours, while Ethereum and other Altcoins have noted significant single-digit upticks. Source: Twitter However, there doesn’t seem to be enough support at this stage. Data from CoinShares’ latest weekly report brought to light that digital asset investment products noted outflows for the fifth consecutive week, totaling $255 million. The same equates to the largest single weekly outflows on record, representing 1% of total assets under management. Furthermore, the report highlighted, “ AUM has fallen by 10% over the week, retracing back to le...