A BTC Neutral Could Mean a Hold Signal for LTHs, but Will STHs Agree?

Audy Castañeda
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<strong>A BTC Neutral Could Mean a Hold Signal for LTHs, but Will STHs Agree?</strong>

BTC’s golden cross NVT stood above the 2.2 mark, which was not a good sign for the king of cryptocurrencies. Meanwhile, the BTC Fear and Greed Index also remained in a neutral position.

The last 20 days have been like a rollercoaster, not just for Bitcoin [BTC] but also holders and investors alike. As exciting as the BTC price above $30k was, its movement in the past few days could be considered the opposite.

Traders and investors may also have to brace for a bigger hit. According to an analysis by CryptoQuant, the BTC price could fall further in the coming days. Furthermore, the data indicate that BTC’s NVT golden cross ratio reached 2,235 on April 25.

It is worth keeping in mind that any time the NVT cross ratio rises above 2.2, the cryptocurrency is overbought. The NVT ratio breaking above the 2.2 mark meant that BTC was overbought, and a price correction could take place.

Mixed Tape

Right now, data from CoinMarketCap indicated that BTC was trading at $28,224, up 2.85% in the last 24 hours. However, its seven-day yield was down by 7%.

When considering the flow of the BTC exchange network, it could be seen that the outflow of the real coin dominated the inflow. The net exchange flow stood at -1,110 when the results of the analysis carried out by CoinMarketCap were disclosed. This meant that more traders were taking their BTC off exchanges instead of moving it onto exchanges. Definitely a favorable factor for BTC.

Furthermore, BTC’s RSI sat at the neutral value of 35, indicating a bearish sentiment that was overlooked rather than a bullish one. However, the Stochastic RSI was in an oversold position at 17. This could be an indication that a trend change could be in the offing soon.

However, the data from the Santiment intelligence platform painted a less-than-convincing picture of the actual currency. BTC sentiment weight was not at its best, sitting at -0.223. Furthermore, BTC’s social dominance, while witnessing ups and downs, saw a dip.

Is Patience the ‘Key’ to BTC?

According to a CryptoQuant analyst, CrazzyBlockk, investors who patiently held on to their BTC made a profit. These findings indicate that the number of coins moved by long-term investors made a considerable profit, compared to those made by short-term traders.

A look at the long/short ratio still did not seem to favor the position of short-term holders. According to CoinGlass data, BTC’s long/short ratio on April 25 favored long-term holders over short-term holders, but only by a small margin.

Currently, the dominance of long-term holders is 50.83%, while that of short-term holders is 49.13%. The BTC Fear and Greed Index painted a very neutral picture, showing no clear bullish or bearish indication in the market.

However, this was also a very strong indication that BTC could tip its balance in favor of either in the days to come. Therefore, investors should be on the lookout for any drastic movement in the market.

By Audy Castaneda

Third Time’s the Charm? ARK and 21Shares Re-file with the SEC for a Bitcoin ETF

Marina Meza
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Third Time’s the Charm? ARK and 21Shares Re-file <strong>with the SEC for a Bitcoin ETF</strong>

Cathie Wood’s investment firm ARK and cryptocurrency firm 21Shares are augmenting their efforts to get approval to create a spot Bitcoin ETF in the United States.

Wood’s ARK Invest and European crypto-investment firm 21Shares appear unfazed by the U.S. cryptocurrency regulatory environment and have re-applied for approval of a Bitcoin-based financial product

On April 25, the two companies applied to the U.S. Securities and Exchange Commission (SEC) for approval to set up a spot Bitcoin exchange-traded fund (ETF), despite having been rejected on two previous occasions.

The two companies first applied to create their spot Bitcoin ETF on June 28, 2021, which was subsequently rejected by the SEC in April 2022. The regulator said the product did not meet the listing requirements for a financial product under its rules of practice, as well as those of the Exchange Act.

The two filed another application for a second time in May 2022, an application that the SEC again rejected on Jan. 26 of this year.

It is important to point out that ETFs (exchange-traded funds) are pooled investment vehicles similar to mutual funds. They aim to replicate an underlying index, for example, the S&P 500.

An ETF allows investors to gain exposure to a particular asset without actually owning the underlying financial product. A spot Bitcoin ETF allows investors to gain indirect exposure to the cryptocurrency with shares that track the price of BTC in real time without actually owning Bitcoin.

This tool could lead Bitcoin to a market capitalization never seen before. But it could also impact the price of Bitcoin negatively, as it would allow many new speculators access to determine its price.

For example, a Bitcoin ETF would track the price of Bitcoin, and by buying a portion of that vehicle, you would be gaining if the price of Bitcoin goes up, or losing if the price of Bitcoin goes down. But you would not have bought bitcoins as such at any time.

Although the SEC has approved several Bitcoin futures ETFs – which expose buyers to BTC’s possible future value  – it has so far rejected all spot Bitcoin ETF applications citing difficulties in “protecting investors and the public interest” against fraud and manipulation.

According to Bloomberg ETF analysts, it seems likely that a spot Bitcoin ETF could become a reality in the U.S. by the middle of this year. A new note on why we think spot bitcoin ETFs will be approved in early summer 2023. The SEC is proposing to expand the definition of “exchange” which would bring crypto platforms under SEC reg. After that (which could take a year) look for ETFs to get the green light via @JSeyff

Cryptocurrency conglomerate Digital Currency Group (DCG) is currently looking to convert its flagship Grayscale Bitcoin Investment Trust (GBTC) into a spot Bitcoin ETF and has sued the SEC for rejecting its proposal.

Grayscale’s chief legal officer Craig Salm said in a tweet on Jan. 12: “The case is progressing rapidly. Although the timeline is uncertain, oral arguments may be as soon as Q2 [2023].”

By Marina Meza

The Five Best Cryptocurrencies to Accumulate Before the Bull Market

Audy Castañeda
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<strong>The Five Best Cryptocurrencies to Accumulate Before the Bull Market</strong>

While bearish times can be discouraging for investors, they also present a unique opportunity to enter the market at low and favorable prices before the next rally.

The crypto market has slowed down significantly over the past week, and digital assets in the space are suffering as a result. Below are the top five coins to accumulate before the next bull market, starting with Bitcoin.

Bitcoin (BTC)

Bitcoin (BTC) is a no-brainer when it comes to cryptocurrencies to hoard in anticipation of a bullish rally. This is because, in most cases, the asset is what drives rallies in the rest of the market. As a result, Bitcoin will almost certainly move before the rest of the market.

In addition, it is the largest cryptocurrency on the market. As the most trusted of all digital assets, it is the safest option, especially for those who are not looking to take too much risk with altcoins. Bitcoin has already proven its resilience time and time again, and this time is no different.

Ethereum (ETH)

Being the second-largest cryptocurrency in the space and the leading altcoin, Ethereum has earned its respect. This is an altcoin that has managed to outperform Bitcoin year after year and has brought with it the decentralized finance (DeFi) and non-fungible token (NFT) markets. For Ethereum, as long as Bitcoin moves, it will almost certainly move too. This close correlation to the movement of BTC ensures that when the rally begins, ETH will be right behind Bitcoin with the gains.

Litecoin (LTC)

Litecoin sometimes manages to slip under the radar, but the coin has proven to be a good option over the years. It works very similar to Bitcoin but is much cheaper and faster compared to the pioneer cryptocurrency.

However, one thing that makes Litecoin a good buy right now is the fact that its halving is almost here. As with BTC, the LTC halving is very bullish for the cryptocurrency.

Expected to take place in early August, it is a catalyst that could potentially drive the price of the digital asset above $120 very quickly.

Dogecoin (DOGE)

Dogecoin appears on this list due to Elon Musk’s affinity for the meme coin. Now, for many, this is a useless currency. However, the crypto market has shown many times that for most investors, it is less about profit and more about the possibility of profit.

 DOGE has been able to outperform many of its larger counterparts due to Musk’s support of moving the price to different prices and this time is no different. For Elon Musk’s proclaimed favorite cryptocurrency, investors can expect more upside for this coin and even a better move when the bull market begins.

BNB (BNB)

Binance’s native cryptocurrency has been one of the most consistent on the market. It went from double digits at the start of the last bull run to over $700 at the peak. Expectations remain the same for the next bull market as BNB is forecast to break above $1,000 this time.

To conclude, it is paramount to bear in mind that the cryptocurrency market continues to trade sideways, and it has not shown any signs of moving higher or lower. However, as Bitcoin’s next halving in 2024 approaches, expectations of the market rallying to new all-time highs are rampant. It is still best, though, to invest responsibly and practice proper risk management due to the volatile nature of cryptocurrencies.

By Audy Castaneda

Meet Binance Sensei, the AI ​​for Crypto Education

Audy Castañeda
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<strong>Meet Binance Sensei, the AI ​​for Crypto Education</strong>

Artificial Intelligence (AI) arrives at the main cryptocurrency exchange, Binance. The new Binance Sensei joins the Academy.

On Monday, the world’s leading cryptocurrency exchange launched a new Web3-based feature. This is Binance Sensei, an AI-based tool, which will be integrated into the education platform, Binance Academy.

In true GPT style, this chat will allow people to access basic and advanced knowledge about the world of cryptocurrencies. In a publication, the company explained that the tool will draw on the thousands of articles published on the aforementioned educational platform. Likewise, it will take information from sites with open-source content.

Thus, Artificial Intelligence solutions are adapted to education linked to the digital currency market. It is appropriate to mention that the educational Academy of this company is of great proportions, and has thousands of contents that can be accessed for free.

Binance Harnesses the Benefits of AI

With the AI-based function, Binance Sensei, users will enjoy a quick and easy way to access knowledge. It’s as simple as placing keywords in the search window, and the chatbot then offers a rich explanation.

Likewise, together with the educational text that results from the searches, the chat offers the corresponding links of the Academy, in which people can delve into the topic they are investigating. This is a very useful option to provide education for people who are curious about crypto.

The chatbot aims to “transform the way users explore and interact with educational content, ensuring a more engaging process.” Considering the wide range of content on the platform, the chat is ideal for beginners and experts in the field. crypto area.

The AI ​​tool, Binance Sensei, is powered by the state-of-the-art ChatGPT. The latter allows search results to be clear and easy to understand so that people have a base when it comes to expanding their investigations.

The company highlights that the chat is an ideal adaptation for the rapid changes that generally take place within the world of blockchain. Keeping up in this industry the traditional way can mean a lot of reading time. In that sense, this AI allows to simplify the process.

A Free Tool

Like the Academy, the Binance Sensei AI is completely free. The exchange affirms that the massification of knowledge and access to cryptocurrencies and Web3 is one of its main goals. In this sense, the educational content is provided free of charge for all people who wish to delve into topics related to the Blockchain.

Starting to use the chat is as simple as going to the Academy’s site and clicking the button on the option. Then, in the exploration window, the desired topics are written so that the engine begins to search for the linked information.

“By following these simple steps you will quickly unlock the full potential of Binance Academy and you will experience a more efficient and engaging learning process,” the text mentions.

Simultaneously with the resulting text, the platform offers three recommended articles to delve into the topics. It should not be forgotten that Binance Sensei will have limitations compared to other AI tools. Mainly, these are fonts limited to Academy and others, which pale in comparison to the fonts of other chatbots. However, the potential of the Academy, which has been in operation for half a decade, should not be underestimated.

By Audy Castaneda

Prices of Uniswap, Helium, and Idex Cryptocurrencies

Audy Castañeda
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Prices of Uniswap, Helium, and Idex Cryptocurrencies

An analysis of the most interesting cryptocurrencies of the month, examining prices and market statistics, as well as providing the latest news on Uniswap, Helium, and Idex.

The analysis begins with the most important project, that is, Uniswap, in position number 20 in the ranking of the most important cryptocurrencies. Next is Helium Network, a decentralized wireless network that allows devices to communicate with each other using LongFi, a wireless technology that operates on unlicensed spectrum. Finally, Finally, IDEX, an Ethereum-based decentralized exchange (DEX) launched by a group of cryptocurrency traders in 2017, is examined.

Uniswap V3 Ready to Release on Polygon zkEVM

Uniswap, the leading decentralized exchange (DEX) by trading volume, recently announced plans to deploy its highly anticipated V3 iteration on Polygon’s recently launched zkEVM Layer 2 network. The decision was made after the unanimous vote of the governor, which indicates the support and confidence of the community in this initiative. Such a move is expected to bring significant benefits to both Uniswap and Polygon.

Uniswap will be able to take advantage of Layer 2 scaling technology provided by Polygon’s zkEVM, which enables faster and cheaper transactions on the Ethereum network, whose early implementation will allow Uniswap to establish itself as a leader in the decentralized finance (DeFi) industry and cement its position as the number one DEX.

Polygon, on the other hand, will benefit from increased adoption and use of its recently released Layer 2 scaling solution. This will help attract more users to the Polygon network, thereby increasing its overall ecosystem and value proposition.

Uniswap’s decision to implement Polygon’s Layer 2 network comes after its successful implementation on the Polygon Proof-of-Stake (PoS) chain. The PoS chain remains the third largest implementation of Uniswap, with a total value locked (TVL) of $98 million. This further demonstrates the strong partnership and collaboration between Uniswap and Polygon.

Helio Successfully Migrates to Solana

This migration marks a significant milestone for the world’s largest decentralized wireless network, as well as the beginning of a new era of scalability, expansion, and reliability.

As the network continues to grow, the need to scale to meet user demands becomes increasingly clear. This led to the decision to migrate to the Solana blockchain.

Such a migration is expected to bring several benefits to the Helium network. For starters, it will significantly improve the scalability of the network, allowing it to handle a much higher volume of transactions.

Additionally, migrating to Solana will help reduce transaction fees, which are a major problem for users of the Helium network. By taking advantage of Solana’s low transaction fees, users will be able to access the network more conveniently, thereby increasing its accessibility and attractiveness.

IDEX’s Excellent Performance

As far as market statistics are concerned, Helium has a market capitalization of $265.3 million with a trading volume (in the last 24 hours) of $5.6 million. The pending offer is HNT 143.9 million.

Taking a look at its all-time high of $55.2, we can definitely say that there is still a long way to go to reach it.

Even the IDEX cryptocurrency can boast an excellent performance in the last month, with an increase of 24.1%, bringing its price value to 0.0654. The market capitalization is $44 million and the current trading volume is $86 million.

The current offer is IDEX 673.9 million with an average waiting time of 6 days. Idex is also a long way from its all-time high of $0.97.

By Audy Castaneda

Bitcoin Approaching $27,000, Down 9% for the Week

Marina Meza
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<strong>Bitcoin Approaching $27,000, Down 9% for the Week</strong>

Bitcoin Approaching $27,000, Down 9% for the Week

Bitcoin’s price has dropped significantly over the past week caused of macroeconomic fears and the Fed’s hawkish stance.

According to data from CoinGecko, Bitcoin’s downtrend continues to bite, with the cryptocurrency currently trading around $27,500, down more than 9% in the past week.

The drop in BTC erased early April gains above $30,000, moving below the previous month’s closing value of around $28,500.

Other leading cryptocurrencies also declined over the past week, with most of the 10 largest cryptocurrencies by market capitalization, except stablecoins, dropping by double digits on the week.

A strengthening U.S. dollar drove the decline as the U.S. Central Bank is expected to raise the benchmark interest rate by another quarter basis point at the upcoming May policy rate meeting. A higher-yielding dollar makes non-yielding assets such as cryptocurrencies and gold less attractive.

Lately, Bitcoin has had a stronger correlation with gold than with stock market indexes, according to data from Valkyrie Fund, especially after the collapse of Silicon Valley Bank, which triggered fears of bank failures.

Over the past 6 months, Bitcoin’s correlation with the S&P 500 and Nasdaq has decreased considerably. Correlations with Gold were also diminishing over the same time period until the SVB collapse and US gov intervention as reported by Valkyrie (@ValkyrieFunds) on April 19, 2023

Another factor supposedly brewing in the US economy is the debt ceiling crisis. The U.S. Treasury has historic amounts of debt; current debt exceeds the $31.4 trillion debt limit, with about $31.46 trillion already borrowed.

The U.S. Treasury debt ceiling is the maximum amount of debt the U.S. government can borrow to meet its financial obligations. Congress determines the debt ceiling, and a majority vote can change it.

Failure to raise the debt could lead to an economic crisis in the U.S. as the government will delay interest payments on U.S. Treasury bonds. Market apprehension was evident as the value of credit default swap contracts to bet against the U.S. dollar soared to 2008 levels.

Believing in a Rise in the Cryptocurrency Market

While some Bitcoin advocates believe that the price of Bitcoin could rise if confidence in the U.S. economy falters, the knee-jerk reaction of a global economic crisis has created much uncertainty in the markets.

In this sense, memecoins has also suffered a drop on Sunday amid a broader market decline that saw Bitcoin fail to regain the $28,000 level, fueling bearish sentiments in the market.

The frog-themed PEPE token, which saw one lucky buyer turn a $250 investment into a paper profit of more than $1 million, has lost 30% of its value since its April 20 peak and is down 13% on the day, according to CoinGecko.

Low liquidity conditions have also been instrumental in moving markets with relatively small order sizes. Last week, two April 20 sell orders worth $5.97 million triggered a bearish breakout in the Bitcoin price, according to Riyad Carey, a researcher at Kaiko Data.

In a tweet, Carey highlighted the dangers of “thin order books” and low liquidity conditions causing significant drops, due to orders of magnitude around 199.2 BTC, worth around $5.97 million, with BTC at $30,000.

Thin order books mean that there are relatively fewer buy and sell orders around the market trading price, making it easier for high-volume traders to move prices in both directions.

By Marina Meza

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