After attempting to maintain the $25,000 mark yesterday, Bitcoin (BTC) dropped to lows of $23,788 overnight. Perhaps this is an indication that the worlds largest cryptocurrency by market values two-month rally has come to an end.<\/p>\n
Meme-token dogecoin was up 15% over the last 24 hours. One analystsaidthat the token is rallying ahead of its launch of Dogechain, which requires wrapped doge for trading.<\/p>\n
Unlike BTC, Ether (ETH) was up slightly on the day, trading at around $1,900. According to areportfrom research firm FSInsight, Ether has a good chance of exceeding Bitcoin in market cap over the next 12 months because the Ethereum blockchains switch to a proof-of-stake (PoS) mechanism will reduce both the production of the tokens and selling pressure from miners.<\/p>\n
Areportfrom CoinShares showed that crypto funds had $17 million in outflows in the seven days up to Aug. 12, ending six consecutive weeks of inflows. Bitcoin (BTC) investment products saw $21 million in outflows, and short Bitcoin positions, which bet on a price decline of the largest cryptocurrency by market capitalization, had $2.6 million in inflows.<\/p>\n
CryptocurrencyexchangeHuobi Global announced it will stop offering derivatives trading services to users in New Zealand starting next week, just a couple of months after expanding operations to the country. The Seychelles-based cryptocurrency exchange cited local compliance policies as the reason for withdrawing margin trading services, options and ETPs as of next week.<\/p>\n
Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be in even worse financial straits than previously signaled. A new court filing Monday from Kirkland & Ellis, a law firm the crypto lender hired to lead its restructuring efforts, included financial projections that Celsius will run out of cash by October.<\/p>\n
In Latin America,Brazils largest brokerage, XP, launched Bitcoin and Ether trading. The company, which has 3.6 million customers, hopes to reach 200,000 active crypto users by the end of 2022.<\/p>\n
Is This The Most Reliable BTC Bottom Signal?<\/p>\n
Puell Multiple, a bottom signal for Bitcoin, currently sits at 0.54, and values under 0.50 have historically marked price bottoms and are considered to be good accumulation zones.<\/p>\n
The indicator fell to 0.34 in July the lowest it has gone since 2019 according to data from Delphi Digital.<\/p>\n
The Puell multiple is the daily issuance of BTC (in USD) divided by the 365-day moving average of the daily issuance of BTC (in USD). It compares the short-term revenue of BTC miners to its longer term trend. A lower score equates to lower revenue for miners.<\/p>\n
Since 2014, the Puell multiple has gone below 0.50 only four times: during the previous market bottoms of 2015 and 2019, the Covid-induced crash of Spring 2020, and most recently in July 2022, according to Delphi Digital.<\/p>\n
Delphi Digital notes that even as the Puell multiple seems to indicate a market bottom, other indicators must be used in tandem to conduct a meaningful analysis.<\/p>\n
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Ether is strong but Bitcoin drops below $24,000 - Fortune<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" After attempting to maintain the $25,000 mark yesterday, Bitcoin (BTC) dropped to lows of $23,788 overnight. Perhaps this is an indication that the worlds largest cryptocurrency by market values two-month rally has come to an end. Meme-token dogecoin was up 15% over the last 24 hours. Continue reading