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Bitcoin Data Indicates Ripe Buying Period as BTC Nears $95K

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Economic data and general profit-taking may have dented an early bitcoin (BTC) rally, but data tracking investor behavior indicates buying current price levels could benefit those looking for an entry into BTC markets.

Onchain data shows bitcoin’s Spent Output Profit Ratio (SOPR) has crept up to 0.987 as of Friday, suggesting that investors who have held bitcoin for less than six months are selling at a loss. Historically, this scenario has often preceded price recoveries, indicating a potential buying opportunity.

Other well-followed cycle indicators, such as Market Value to Realized Value and the Puell Multiple, and a short-term investor ratio of 60% point to the market not having reached its peak, and this week’s correction does not appear to signify the end of the bullish cycle, per CryptoQuant contributing analyst Mac_D.

“As short-term investors experience more pain, it often presents better opportunities for accumulation,” MAC_D said in a Thursday post. “If there is further decline from the current price, smart investors will likely accumulate the coins sold cheaply by short-term investors. Therefore, selling coins at this juncture might prove to be a very unwise decision.”

SOPR measures the profit or loss of spent bitcoin outputs by comparing the value of coins when they were last moved to their value when they are spent again. The short-term SOPR focuses on coins moved within a relatively short timeframe (less than 155 days), and can indicate market sentiment, where a value less than 1 might suggest capitulation or a market bottom, potentially signaling a good time to buy.

MVRV compares Bitcoin’s total market cap (market value) to the «realized cap,» which values each Bitcoin at the price at which it last moved. It is used to gauge whether Bitcoin is overbought or oversold, helping to predict potential market tops or bottoms.

BTC neared $95,000 in European morning hours Friday after a slump in U.S. hours sent it to near $90,000 late Thursday, down 10% from a weekly high above $120,000.

Fresh economic data sent U.S. treasury yields soaring on Thursday, leading to a fall in equities and a concurrent drop in risk assets such as bitcoin. The latest Institute for Supply Management (ISM) report on U.S. service providers was stronger than anticipated, with the prices-paid measure reaching its highest point since early 2023.

Traders are eying the release of U.S. non-farm payrolls (NFP) later Friday before further positioning, as CoinDesk reported. Strong NFP numbers indicate a robust economy, hinting at possible interest rate hikes, which tends to be bad for risk assets such as bitcoin.

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Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC

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Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.

June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.

COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.

The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.

Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.

The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.

Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.

Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.

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Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts

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Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.

Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.

The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.

The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.

Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.

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Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market

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XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.

One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.

Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.

On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.

XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.

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