Categories
Allgemein

Bitcoin Price Unfazed By Genesis Bankruptcy, Setting Up for More Gains

– Genesis, one of the largest crypto lenders in the world, has filed for bankruptcy, however this news has not had a negative effect on Bitcoin’s price.
– This suggests that the news of the bankruptcy was already priced into the asset and the fear of a downward trend has already been digested by participants in the space.
– This means that a fall below $20,000 could be farther away than the bears would like, putting the cryptocurrency in a position for more upside rather than decline.

Despite the dreaded news of Genesis, one of the largest crypto lenders in the world, filing for bankruptcy, the price of bitcoin has barely responded and continues to trade around the $20,900 level. This lack of negative movement could cement the digital asset’s path to the upside in the coming weeks and suggest that the news of the bankruptcy was already priced into the asset.

The fear and bias that such news would carry has already been digested by participants in the space, which is understandable given that the crypto lender had been considering filing for bankruptcy for quite some time and has been exploring its options. This suggests that the current price of Bitcoin is where it is supposed to be and that to trigger another downtrend for BTC, it would have to be a true market-disrupting event.

The lack of a deep pullback from a market correction due to the news of Genesis’ bankruptcy means that a fall below $20,000 could be farther away than the bears would like, putting the cryptocurrency in a position for more upside rather than decline. This could result in more gains for Bitcoin in the near future, as the digital asset continues to remain unfazed despite the news.

The resilience of Bitcoin in the face of such news further cements its status as a reliable store of value and digital asset, and could be a sign of more growth to come in the future. As investors continue to flock to Bitcoin, the digital asset could be on the path to a new all-time high in the coming months.

Categories
Allgemein

Monero (XMR) Price Rally Continues Despite Lateral Trading

• Monero (XMR) has seen a price rally in the past week as the broader market recovered.
• Monero has been consolidating over the last 24 hours, with technical indicators siding with the bulls despite lateral trading.
• Accumulation remains high on the chart despite a downtick in demand, and the coin must stay above its immediate support line to prevent considerable loss.

The past week has been an exciting one for the crypto space, with the broader market recovering from its recent slump. One of the coins that has seen significant price growth is Monero (XMR). The privacy-focused digital asset saw its price rally over the course of the week, before consolidating over the past 24 hours.

From a technical standpoint, XMR looks relatively strong, with indicators siding with the bulls despite lateral trading. Accumulation of the asset is still high on the chart, suggesting that the recent downtick in demand could be attributed to a price correction. Furthermore, XMR remains far from its all-time high of $455.18, which was set in 2021.

In order to prevent considerable loss, Monero must stay above its immediate support line. If it fails to do so, it could experience a steep fall in its price. On the other hand, if the coin is able to hold above the support line, it could resume its upward price movement.

Overall, the Monero market remains largely bullish and the coin could continue to gain traction in the market if it maintains its current momentum. With the crypto space continuing to evolve, it is important for investors to keep a close eye on the market and remain vigilant.

Categories
Allgemein

Bitcoin Market Sees Increase in Spot & Derivative Exchange Reserves

• Bitcoin Spot and Derivative Exchange Reserves have recently shot up, a sign that could be bearish for the price.
• Open Interest and Funding Rates have also been heating up in the BTC market.
• The increase in Spot Exchanges suggests an elevated selling pressure in the market, while the Derivative Reserves imply an over-speculation in the futures market.

The Bitcoin market has been seeing some interesting activity lately, as on-chain data shows that the Spot and Derivative Exchange Reserves have experienced a significant increase. This is a sign that could potentially be bearish for the price, as it suggests that investors have been depositing large amounts of Bitcoin into wallets of centralized exchanges.

The “Exchange Reserve” is an indicator that measures the total amount of Bitcoin that investors are depositing into wallets of centralized exchanges. There are two versions of this metric, one for the Spot exchanges and another for the Derivative platforms. Usually, investors deposit to Spot exchanges for selling purposes, so an increase in the reserves of these platforms can suggest selling pressure is rising in the market. On the other hand, when investors use Derivative exchanges to open positions on the futures market, a rise in this reserve can lead to higher volatility (the effect on the price can be in either direction).

The Open Interest and Funding Rates have also been heating up in the BTC market. Open Interest is a measure of the total number of open contracts in the Bitcoin futures market. An increase in Open Interest could be a sign that more traders are entering the market, which could further add to the volatility. Funding Rates, on the other hand, are the rates that traders have to pay when they open a position in the futures market. A rise in Funding Rates could indicate an increase in demand for the futures market, which could be a sign of an impending price movement.

The chart below shows the trend in these Bitcoin Exchange Reserves over the last month:

As displayed in the chart, both the Spot and Derivative Exchange Reserves have increased in value recently, suggesting that investors have been making deposits to these platforms. The increased Spot Reserves suggest an elevated selling pressure in the market, while the Derivative Reserves imply an over-speculation in the futures market.

It is difficult to predict how this will affect the price in the short-term, as the situation could change quickly. However, it is important to keep an eye on these metrics as they can provide valuable insights into the state of the Bitcoin market.