Bitcoin Buyers May Profit As Volume Declines

[ad_1]

Cryptocurrencies were mostly down on Tuesday as the drop in volume suggests a pullback is near. Bitcoin was trading around $ 45,418 at the time of publication and has fallen by around 1.6% in the past 24 hours.

Some analysts are bullish on the long-term recovery in crypto prices, although the pace of the rise is likely to slow in the near term.

While many technical and on-chain indicators confirm this rebound strength, it may still be early to say that we are out of the woods, Nathan Cox, chief investment officer at digital asset management firm TwoPrime, wrote on Tuesday. , in an email to investors.

Latest prices

Related: Bitcoin Holds Nearly $ 43,000 Support As Rally Halts

Crypto-currencies:

Bitcoin (BTC) $ 45,418, -1.59% Ether (ETH) $ 3,103.5, -1.98%

Traditional markets:

S&P 500: 4,448, -0.7% Gold: $ 1,785.01, -0.08% The 10-year Treasury yield closed at 1.263%, down from 1.268% on Monday.

Traders are also watching the ongoing regulatory crackdown in several countries, which could ease bullish sentiment.

The Shenzhen branch of the People’s Bank of China plans to quickly clean up and rectify 11 companies for their illicit crypto-exchange activities on Tuesday, the Shanghai Securities Journal reported.

Related: Bitcoin Price Bounces Back After Testing Nearly $ 44,000 Lower Supports As Ether Booms

In Spain, the National Securities Market Commission has issued a warning against 12 companies, including the Huobi and Bybit crypto exchanges, for providing investment services without being registered with the authorities, CoinDesks reported. Eliza Gkritsi.

And in South Korea, a crypto exchange affiliate of Japanese tech giant LINE, would limit its services next month, according to a Yonhap News report.

For now, technical charts suggest bitcoin remains in breakout mode with support around $ 42,000. Short-term loss of momentum could trigger a brief period of profit taking.

Rising Bitcoin Mining Revenue

Miners register higher income as Bitcoin blockchain hashrate recovers from July lows. This is a positive sign for the blockchain network and could indicate further accumulation of bitcoin by miners.

The story continues

Over the past two months, the hashrate has risen by around 25% from lows, suggesting that a hashrate equivalent to around 12.5% ​​of affected miners have returned online, Glassnode analysts wrote in a report. blog post.

The hashrate refers to the combined total computing power that is used to extract and process transactions.

In response, the Hash-Ribbons, who attempt to model the entry of stress into the mining market, have started another positive crossover, Glassnode wrote. Hash-Ribbons are formed by taking the 30-day, 60-day hashrate moving average with the following signals as shown in the chart below.

Decreasing volume

The volume of bitcoin trading on major spot exchanges has declined over the past week as the short-term rally comes to a halt.

After the average real seven-day BTC transaction volume reached $ 7 billion last week, it is now back to $ 5 billion, Arcane Research wrote in a report on Tuesday.

If bitcoin continues to trade higher on declining volume, it may signify a depleted market, and it likely won’t be a lasting move, Arcane wrote. We want to see a sharp increase in volume if the price of BTC climbs again towards $ 50,000.

Latest Poly Network Hack Info

The Poly Network cyberattack saga has entered its second week with the hacker (s) who have yet to provide the key to the multi-signature wallet needed to effect the full return of the estimated $ 600 million stolen, to the except for the $ 33 million. USDT stablecoin which was frozen by Tether, CoinDesks Nelson Wang reports.

China-based Poly Network previously offered the attacker (s) $ 500,000 as a reward for returning money taken from the Binance Smart Chain (BSC), Ethereum, and Polygon platforms in what is arguably the largest never realized hack of a decentralized finance (DeFi) place.

In a message posted on the Ethereum blockchain at 1:45 p.m. UTC on Monday, the attacker, whom the Poly Network calls Mr. White Hat but who some doubt is a true hacker, said he was considering taking the prime and use it to reward anyone else who can hack the cross-channel platform. A white hat attacker is one who tries to exploit vulnerabilities in a protocol to help expose and ultimately fix bugs or flaws in the underlying code.

MONEY MEANS LITTLE TO ME, SOME PEOPLE ARE PAID TO HACK, I WOULD Rather PAY FOR FUN, wrote the attacker (s).

Altcoin balance sheet

AUDIO Market Cap Exceeds $ 1 Billion: Prices of AUDIO, the governance token of the decentralized music streaming protocol Audius, nearly doubled in the past 24 hours, pushing its market cap above $ 1 billion dollars for the first time. The price spike comes after Audius announced its partnership with popular video-sharing app TikTok. Data from TradingView and FTX shows that the price of AUDIO started to climb around 4:00 p.m. UTC on August 16 and peaked at $ 4.04 around 6:00 UTC on August 17. News of the tie-up with TikTok first surfaced at 3:00 p.m. UTC August 16. Dfinitys ICP Rebounds: Blockchain company Dfinity made headlines in May when its Internet Computer Tokens (ICP) were officially launched for public commerce at a price of $ 630, giving the project a market cap of $ 45 billion. of dollars. The excitement quickly evaporated when the token plunged 95% over the next month to drop to $ 27. Since then, the price of tokens has doubled to over $ 60, according to data from Messari, signaling a surge in investor appetite. Some traders are feeling new enthusiasm for the token thanks to a recent increase in developer activity on the network. This is despite the continued unwillingness of some investors and developers, including dissidents who have formed a splinter group as well as plaintiffs in a class action lawsuit filed in U.S. federal court. 1inch Network launches on Ethereum Optimism: 1inch Network, a platform that aims to find the best deals on multiple decentralized exchanges (DEX), has expanded to the main Optimistic Ethereum network. The move to Layer 2 network makes 1inch Network the second decentralized finance (DeFi) application on Optimistic Ethereum, the first being Uniswap, 1inch spokesperson Sergey Maslennikov told CoinDesk.

Relevant news:

US mortgage lender UWM plans to accept payments in Bitcoin.

Other markets

Notable 9:00 p.m. UTC (4:00 p.m. ET) winners:

the graph (GRT) + 4.69%

Notable losers:

them (EOS) -6.86%

stellar (XLM) -6.56%

classic ethereum (ETC) -6.12%

Related stories

[ad_2]