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Ethereum’s price has been oscillating in a very tight range over the past couple of weeks as the markets were heading into the new year’s holidays. However, a decisive move may be on the horizon, as the cryptocurrency now resides in a critical area. Technical Analysis By: Edris The Daily Chart: On the daily chart, […]
Court filings from Tuesday show that Sam Bankman-Fried’s lawyers have requested the court conceal the identities of his…
Bitcoin and Ethereum were both down roughly by 0.4% and 0.8%, respectively. The post Bitcoin, ether down alongside traditional markets as new year starts appeared first on The Block.
The collapse of Sam Bankman-Fried’s crypto empire impacted several divisions of the crypto ecosystem. The retrospective liquidity crunch…
Hex cryptocurrency was launched on December 16, 2019, at a modest price of $0.000015. The asset made the…
BTC/USD Seeking More Upside:  Sally Ho’s Technical Analysis – 4 January 2023 Bitcoin (BTC/USD) extended recent upside progress early in the Asian session as the pair traded above the 16700 area after trading as high as the 16789.99 area, a level that represents the 61.8% retracement of the depreciating range from 17070.86 to 16326.16.  Additional retracement levels in this depreciating range include the 16887.47 and 16903.63 areas.  Stops were elected above the 16693.51 area during the recent move higher, a level that represents the 50% retracement of the same depreciating range.  Traders recently drove BTC/USD as low as the 16326.16 area after Stops were elected below the 16375.18 area, a downside retracement level related to selling pressure around the 18385.36 and 17525 levels.  Additional related downside price objectives related to these areas of selling pressure include the 15900, 15313, and 14364 levels.  If BTC/USD reclaims some upside momentum, additional technically significant upside retracement levels include the 18495, 19199, 20070, and 20201 levels.  BTC/USD depreciated approximately 64% in 2022, and it was off more than 3% in December.  Below current price activity, BTC/USD bears are eyeing a possible test of recent two-year lows around the 15460 area, established after Stops were elected below the 15512 area.  Notably, the 15512 level represented an exact bearish price objective based on selling pressure that strengthened around the 21478.80 and 18495.50 areas.  Below these areas, technically significant levels include the 14613, 14500.15, 13369, 10432.73, 10727, 9682, 8837, and 7538 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 100-bar MA (4-hourly) at 16738.04 and the 50-bar MA (Hourly) at 16664.93.   Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below. Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 with Stops expected above.   On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage. On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                      Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Data from Santiment reveals both Bitcoin and Ethereum currently lack the trading volumes to justify their market caps. Bitcoin And Ethereum NVT Ratios Are Both Bearish Right Now According to the on-chain analytics firm Santiment, both the bitcoin and ethereum networks will need to see a pickup in activity this year. The relevant indicator here is the “Network Value to Transaction” (NVT) ratio, which measures the ratio between the market cap of any crypto and its transaction activity. Usually, the trading volume is considered as the transaction activity of a coin, but Santiment’s NVT ratio works differently. Instead of dividing the market cap by the volumes, this version of the metric makes use of the “daily circulation,” a measure of the total number of unique coins that have seen some movement in the past day. The advantage of the circulation indicator is that transactions, where the same coins jump through several wallets, are only counted once towards the measurement, while the normal trading volume metric would have counted them as many times as they were transferred. This helps eliminate duplicate transactions and gives a more accurate idea about the market activity. Now, what the NVT ratio tells us is how the market cap of Bitcoin or Ethereum currently compares against the activity on the respective networks. High values of the metric suggest the volumes are much lower than the cap right now, and hence the coin may be overvalued at the moment. On the other hand, low values suggest the price may be undervalued. Related Reading: Litecoin Whale Withdraws $32M In LTC From Binance, Good Sign For Rally? Now, here is a chart that shows where the NVT ratio has been valuing Bitcoin and Ethereum during the past few years: The value of the metric seems to have been bearish for both the coins recently | Source: Santiment As the above graph shows, the NVT ratio has been bearish for Bitcoin since August 2022. This means that in the last few months, the circulation on the BTC network has remained pretty low when compared to the market cap of the crypto. For Ethereum, the indicator’s value had been switching between bearish and bullish throughout 2022, but the coin seems to have ended the year being overvalued as the circulation was bearish in December. Related Reading: Bitcoin Taker Buy/Sell Ratio Can’t Give Any Clear Signals As Demand Remains Low If the cryptos continue to be overvalued according to the NVT, then a correction may be imminent for them. “The circulation rate of both networks need to pick up in 2023, and this week will be telling as non-holiday days begin,” explains Santiment. BTC Price At the time of writing, Bitcoin’s price floats around $16,700, down 1% in the last week. Looks like BTC has surged in the last couple of days | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, Santiment.net
The failure of the FTX empire, which was formerly the third-largest cryptocurrency exchange in the world, has apparently affected a significant number of crypto firms and products, the ripples of which are still being felt throughout the industry. As a result of the occurrence, the values of cryptocurrencies have significantly decreased, which in turn has The post Grayscale Ethereum Trust (ETHE) Hits Record 60% Discount; Filecoin & ChainLink Still Up appeared first on CoinGape.
Mining company Stronghold is looking to extinguish $17.9 million in debt with an equity deal. The post Bitcoin miner Stronghold to convert $17.9 million of debt into equity appeared first on The Block.
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