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How to Buy Property in Cyprus

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The property buying process in Cyprus is clear, simple, straightforward and transparent. This makes it an incredibly attractive choice for foreign nationals looking for the best place to buy a property abroad. What’s more, because Cyprus is so keen to attract and retain foreign direct investment, not only is the buying process easy, the ability to get a mortgage is simple and the local regulations governing developers are strict.

Before you buy a home in Cyprus it is important to do your research and due diligence not only on the country and location but also on the developer you are thinking of buying through. Established and reputable developers will have all the appropriate permissions and permits in order to legally build, plus adhere to quality standards such as ISO 9001. When you are researching, familiarise yourself with the build regulations, even down to the type of concrete that is typically used, understand what the minimum build standards are and ensure your developer is meeting and/or exceeding these. Look for historical evidence that your developer is financially secure and has a track record of developments, you can then view the quality of finish of the properties and check to see if they were completed on time and to the planned specifications.

There are two types of title deed to be aware of in Cyprus, freehold and leasehold. The system of leasehold ownership is very uncommon, but where it does exist the buyer will own the right to the real estate for a fixed number of years. Most people prefer and even insist on buying freehold property. You should always check with your estate agent, developer and ultimately your solicitor that your property is freehold.

The property buying process in Cyprus works like this: –

1) A buyer identifies a property that they would like to purchase and a price is agreed. A Reservation Deposit Agreement is then signed and a deposit paid. The deposit will vary but will be at least 1% of the purchase price and this money is paid ‘subject to contract,’ meaning that the deposit is lost if the buyer withdraws from the sale but would be returned if the vendor withdrew or the buyer’s solicitor found something wrong when conducting searches.

2) The property is withdrawn from the market for an agreed period that is usually a month whilst the buyer’s solicitor conducts all searches to ensure that clean title will be passed to the buyer, that the vendor has the legal right to sell and that there are no debts on the property for example. When all searches have been carried out satisfactorily, the sale proceeds to signing the Contract of Sale. The buyer then has a fixed period in which to make payment to the vendor.

3) Possession of the property comes when the home is passed to the buyer and it is at this stage that utilities are connected and the buyer can officially establish their rights in Cyprus and obtain residence etc. The title deed transfer follows. If the property is a resale then the transfer is usually immediate, if the property is a new build then the process can take a number of years but the home is secured as being owned by the buyer because the purchase contract is signed, stamped and registered with the land registry.

Those who require a mortgage to buy a property in Cyprus will be pleased to learn that the commercial banks in Cyprus lend to overseas buyers with a loan to value rate of up to 80%. More good news comes in the form of a double taxation agreement in place between Cyprus and the UK and most other European nations too. This is especially good for pensioners retiring to live in Cyprus from Britain because, according to tax experts Grant Thornton, the first EUR3417 of their pension income is tax exempt and then the rest is only taxed at 5%. Alternatively expat retirees can opt to be taxed under the standard tiered rules, resulting in the first EUR19,500 being untaxed, rising to a rate of 30 per cent on pension income above EUR36,301 and because of the double taxation agreement, no additional tax is required to be paid in the UK.

As you can see, not only is buying a property in Cyprus incredibly straightforward and simple, the most experienced, longest standing and best developers on the island guide and assist their clients through the entire process – whether they are buying a brand new home from the developer or purchasing a resale property.

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TA: Bitcoin Sets New Monthly Low, What Could Trigger A Comeback

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Bitcoin price extended its decline below the $40,000 level against the US Dollar. BTC is now recovering and it could climb higher if it clears the $42,500 resistance.

  • Bitcoin settled below the $44,000 and $43,000 support levels.
  • The price is still trading below $43,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if it settles above $42,500 and $43,000.

Bitcoin Price Attempts Fresh Recovery

Bitcoin price failed to recover above the $43,500 and $43,650 resistance levels. As a result, there was a fresh decline in BTC below the $42,000 support zone.

The price extended its decline below the $40,200 and $40,000 support levels. A was formed near $39,579 before the price started an upside correction. It is back above the $40,000 and $41,000 levels. However, the price is still trading below $43,000 and the 100 hourly simple moving average.

Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low. It is now consolidating below the $42,500 resistance.

There is also a key bearish trend line forming with resistance near $42,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the recent decline from the $43,624 swing high to $39,579 low.

Source: BTCUSD on TradingView.com

To start a strong recovery, the price must clear the $42,500 resistance. The next major resistance is near the $43,000 zone, above which the price could rise towards the $45,000 resistance.

More Losses In BTC?

If bitcoin fails to clear the $43,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $41,600 level.

The next major support is near the $41,000 zone. A downside break below the $41,000 zone could trigger a fresh decline towards the $40,000 level or even $39,500. Any more losses may possibly lead the price towards the $38,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level.

Major Support Levels – $41,000, followed by $40,000.

Major Resistance Levels – $42,500, $43,000 and $45,000.

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After SEC Pressure, Coinbase Decides To Drop Interest Product

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After SEC Pressure, Coinbase Decides To Drop Interest Product

It was just a couple weeks ago that Coinbase posted a blog post, paired with a hefty Twitter thread from CEO Brian Armstrong highlighting recent challenges with the SEC.

Armstrong described the agency’s behavior as “sketchy” after the SEC seemingly threatened the exchange that a lawsuit would be impending should Coinbase launch their expected interest-yielding product, Lend. If Armstrong’s tweet thread didn’t give it away, the company’s blog post, spearheaded by Chief Legal Officer Paul Grewal, was undoubtedly lined with some of the firm’s frustrations.

Now, less than a month later, reports have emerged that Coinbase has elected to halt it’s plans to launch Coinbase Lend.

A Threat To DeFi?

The news comes less than a week after SEC Chairman Gary Gensler told CNBC that his commission is under-staffed. Gensler echoed those sentiments in a Senate testimony last week, stating that the SEC “needs a lot more people.” He added in the testimony that he believed previous judiciary decisions established that many cryptocurrency tokens “do come under the securities law.” Gensler took the role with the SEC earlier this year, and came in with high expectations from retail investors.

Elsewhere in the market, some state regulators seem to be working to try to fill the SEC’s role with interest-yielding products already on the market. A handful of state regulators in recent months started legal action against BlockFi for it’s lending products. In the past week, some state regulators have shifted focus to pursue action against Celsius as well. New Jersey, Texas and Alabama are three states that are pursuing both BlockFi and Celsius with claims that the firms are offering residents unregistered securities.

Regardless of the eventual outcome, the growing popularity of yield-generating tokens and stablecoins are becoming of increased importance to regulators, and are likely bound to be responsible for federal oversight at a higher level than currently seen. The timetable and degree of oversight remains to be seen.

Coinbase is the first crypto exchange to be publicly traded on a major U.S. stock exchange, but has posted modest results in it's short time on the market. | Source: COIN - NASDAQ on TradingView.com

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Elsewhere In The Coinbase Rumblings

The powerhouse exchange continues to build on their flagship products to deliver business growth. Last week, the exchange issued a high-demand junk bond with orders amounting to $7B. In recent months, the company announced it’s intent to launch a “crypto app store” and added payment support for Apple Pay.

Safe to say it’s been a busy quarter for the bustling exchange. However, it remains to be seen what the end result is for competitors like BlockFi and Celsius. In the meantime, it seems that Coinbase may be working to try to propose regulatory framework that can help the SEC and other regulatory figures embrace the market without overstepping boundaries for crypto consumers.

Related Reading | Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

Featured image from Pexels, Charts from TradingView.com
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Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

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Picture of a Cardano coin above the clouds

Smart contracts have been in the crypto space for quite a while now, most recently debuting on Cardano. With the rise of decentralized finance (DeFi), smart contracts have become even more important to the entire industry. This is because they are required to build the protocols on which these decentralized applications (DApps) run on. As they have grown in popularity, smart contracts platforms like Ethereum and Solana have recorded great success with them.

Cardano has been working on bringing smart contracts to its network for a while and on September 12th, that dream became a reality with the final launch of the Alonzo Hard Fork Combinator (HFC). The arrival of smart contracts capability on the network was widely celebrated in the industry. But now, Founder Charles Hoskinson does not believe the term does justice to what Cardano actually does.

Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

The disagreement with the term smart contracts comes after a user pointed out that what Cardano does is actually very different from smart contracts. The user, @_KtorZ_, pointed out that the network deviates from what established smart contracts platforms do, referring to the network as “atypical.”

Cardano Does Not Have Smart Contracts

Hoskinson posted a tweet wherein he agreed with the user pointing out that the term smart contracts do not do justice to what the platform does. Instead agreeing that a new term is needed instead of smart contracts to describe the network’s capabilities. This new term which the founder had agreed with is programmable validators. Agreeing with the user who pointed it out, this term better describes Cardano’s programmability.

Related Reading | Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents

ADA price falls to $2.1 range | Source: ADUSD on TradingView.com

Explaining further, the user pointed out that unlike existing platforms like Ethereum and Solana, one could not just deploy a smart contract on Cardano. “Instead, validators are implicitly referred to by hashes prior to their use, and they are disclosed upon activation,” the user said. Meaning that the validators do not produce anything on the network. All they actually do is “just validate.”

In closing, KtorZ explained that the term “smart contracts” felt like an imprecise term. “I’d prefer more specific terms such as ‘on-chain validators’ and ‘off-chain code.’ If anything, ‘smart-validators’ sounds already much better to me,” they added.

Featured image from Coingape, chart from TradingView.com

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Soccer Craze NFT Platform Sorare Bags $680M

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Soccer Craze NFT Platform Sorare Bags $680M
  • Sorare NFT platform raises about $680 million in Series B alone 
  • The firm’s valuation now stands about $4.3 billion
  • Plans integrating more sports like baseball, American soccer into its NFT platform

Amidst the peaking up non-fungible token (NFT) market, the Sorare platform has its very own role to play. The blockchain based collectible digital assets firm, solely based on NFTs, the Sorare platform has a separate value share upon the overall NFT market. Such is its current valuation though. 

In spite of such profuse rise in its market, the Sorare platform bags about $680 million in the series B fundings alone. Also, the news has been announced officially on September 21. 

Moreover, the platform’s foremost financiers and investors upon this series B were, LionTree, SoftBank Vision Fund, IVP, HillHouse, Atomico and Bessemer Ventures. In addition, after the series B fundings, now the current value of the Sorare platform is to a whopping $4.3 billion. This accounts to the highest upon the NFT market. 

History of Sorare’s Surge

Besides, taking into account from the start of this year, the overall sales of digitized collectibles by the platform accounts to $150 million. Also, the total number of users on the platform is over 600,000 roughly.

Furthermore, the overall sales for the company has multiplied to about 54 times , comparing the March of 2020 and to the March of 2021. In addition, it’s evident that the profuse fundings catapulted the platform’s growth in a prolific way. 

The Official’s Views

The CEO of Sorare, Nicholas Julia states that they are indulging themselves in using the same strategy to other sports too. And so, in near future, the Sorare platform will contain collectibles of baseball, American football, and much more, he adds. 

On the other hand, the head of operations of Sorare, Thibaut Predhomme, utters that their firm plays a major role in establishing a connection between real sports and the collectibles NFTs and so they are extremely proud of it. 

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Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin (BTC)

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Picture of a standing bitcoin with two bitcoins lying on either side of it, with a black background

Bitcoin kicked off this week on the red, and the rest of the crypto market followed. In the top 10 cryptocurrencies by market cap, BTC and Ethereum are amongst the most resilient for the weekly chart.

In that time, the market has been hit by a succession of “buy the rumor, sell the news” events, and one major macro factor with the potential default of Chinese real state giant, Evergrande. Thus, the levels of uncertainty have been on the rise.

Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400?

In the middle of this storm impacting Bitcoin and other major cryptocurrencies, there is a select group that has managed to stay in the green. According to a recent report by Arcane Research, the assets that comprised their middle-cap altcoins index recorded some profits as the bearish trend unfolded.

For the 30 days chart, the Mid Cap Index comprised of cryptocurrencies such as Tezos, Algorand, and Avalanche showed small profits. These tokens have seen a massive rally during Q3, 2021, and were amongst the biggest losers during this week’s bearish trend, but they are still up 5% in the monthly chart, as seen below.

Source: Arcane Research

In opposition, Bitcoin records a 9% loss in the 30-day chart with similar losses for Ethereum, Cardano, Solana, Binance Coin, and other major cryptocurrencies. Smaller assets experienced the highest losses for this period with a 14% loss by September 21. Arcane Research noted:

As often happens during market turmoil, the Bitcoin dominance increases, as altcoins often act as high beta play on the crypto sector. The last week, bitcoin’s market share increased by 1.14% grabbing market share from the other big coins like ETH, ADA, and SOL.

Bitcoin Reacts To Macro Factors, What’s Next?

In a separate report, investment firm QCP Capital analyzed the bigger picture for Bitcoin and the crypto market. Although mid-caps preserved part of their gains in higher timeframes, they will most likely follow BTC’s price trajectory in the short term despite their fundamentals.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?

The first cryptocurrency by market cap faces September, a month that has historically been bearish for the asset, and potential complications from regulators in the U.S. and the performance on the Asia markets due to Evergrande.

As QCP Capital noted, tomorrow September 22, will be crucial to determine the trend in the short term. Bitcoin must hold the $40,200 support in case of more downside pressure when the market re-open after a long weekend.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The firm expect some government intervention to rescue the real estate company. This could result in the best-case scenario for Bitcoin and the crypto market, but there is a lot of fear and uncertainty about China’s approach. QCP Capital said:

(…) the lack of guidance so far from Chinese regulators is scaring the market. The fear here is that President Xi could allow. Evergrande to fail as an example to the other real estate players ahead of the 100th anniversary of Chinese Communist Party (CCP) in 2022. He has already taken draconian steps with Big Tech and Education. At this point, the market has already priced in Evergrande’s equity as worthless (…).

At the time of writing, Bitcoin trades at $42,814 with a 2.6% loss in the daily chart.

Bitcoin BTC BTCUSD
BTC with small losses in the daily chart. Source: BTCUSD Tradingview
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Turkey President Says ‘No’ to Crypto!

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Turkey President Says ‘No’ to Crypto!
  • Turkey President Erdogan terms the nation is against cryptocurrency
  • Former Prime minister states crypto leads to grievances 
  • Turkey plans to restrict crypto and initiate new regulations upon it

Turkey being a country full of promises, however is not so fair when it comes to its crypto industry. Besides being a well developed nation of the Ottomans, Turkey seems to avoid cryptocurrencies since long back. 

Furthermore, the interview took place in Mersin port city of Southern Turkey, which was actually a program for the youth, ‘Meeting with Youth’. This program saw students from various universities across the country in a meeting with the President and other higher officials of the nation. 

Besides the president being bombarded with numerous questions, one student asked the President regarding  the future of cryptocurrency in Turkey. This question is in contradiction as true to the fact that the Central Bank of Turkey  launched the Lira platform, for cryptocurrency of its own. In spite of this, the President and the officials gave their views evidently to surprise. 

The President’s Statements

Accordingly, the President of Turkey, Reccep Tayyip Erdogan expresses that the whole nation is against crypto and in a profuse war with it for a long time. 

Also, he adds the nation is in a complete struggle with the crypto industry. Moreover, such an abrupt answer gave all the students a thrill as they expected quite a different answer from the President.

Furthermore, the President took upon the former prime minister and deputy chairman of the Justice and Development party, Binali Yildirim to comment his opinions on cryptocurrency.

In spite of this, Binali Yildirim states that the crypto industry is nothing but full of grievances and bad remarks. Also, he adds that the crypto industry of the nation has to be controlled adversely. 

In addition, he points out various instances when various fraud and scams upon the crypto exchanges took place. This contradicts the scams of crypto exchanges of Turkey such as the Thodex and Vebitcoin, and both these exchanges are shut down now.

Also, he pointed out the Dogecoin (DOGE) investment scam, which led to the loss of assets of  nearly 1500 investors.

Moreover, he states the government has to take certain actions and decisions upon the crypto industry. Accordingly, it’s already known that the Turkish government is in preparation and development of its rules and regulations for the crypto industry.  

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Binance Smart Chain (BSC) Based Crypto-Alitas (ALT) Upsurges 120% in a Week

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Binance Smart Chain (BSC) Based Crypto-Alitas (ALT) Upsurges 120% in a Week
  • Binance Smart Chain is a blockchain technology that Binance has created.
  • Consider BSC as a supplementary network to BC.

Volatility spiked in the last 24 hours, causing popular cryptocurrencies to plummet. The majority of altcoins collapsed owing to market weakness. Still, BSC Alitas has risen 120% in the last seven days.

Binance Smart Chain (BSC) is a blockchain technology that Binance has created. BSC, intended to enable decentralized trading, Dapp development, blockchain interoperability, smart contracts, and other DeFi products.

BSC is a dual-chain system that enables several DeFi features. Thus include asset exchanges across blockchains and complete smart contract support. Consider BSC as a supplementary network to BC.

Its complete programmability and interoperability with the Ethereum Virtual Machine —EVM— makes BSC an appealing option for developers. This enables developers to convert ETH to BSC. BSC can use Ethereum’s tools and Dapps, like MetaMask, by implementing the EVM.

TPS Can Reach 30,000+ Per Second

Alitas committed to providing trustworthy network protocols to customers worldwide with an efficient, simple, secure, and dependable development and deployment environment. In the design, no conventional chain structure was involved.

The “Tolerance Algorithm” and “Star Drop” effects, technically pioneered. The “Star Drop effect” significantly enhances the random characteristic of the node’s legal reference and achieves the high security of transaction privacy.

Tolerance replaces consensus to solve data consistency. Moreover, the original Alitas framework allows for complete decentralization. Furthermore, like the star drop, randomness adds nodes to verify the transaction providing high transaction privacy security.

The blocks are organized using the Alitas structure. Moreover, with its Alitas architecture, TPS can reach 30,000+ per second while achieving complete decentralization. Thus, breaking the consensus mechanism performance bottleneck. According to CoinMarketCap, Alitas price today is $7.87 USD with a 24-hour trading volume of $3,483,429 USD.

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Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

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bitcoin harvest full moon astro crypto

The stars are older than all of us, and older than history itself. Yet bring up astrology with the Bitcoin crowd, and for the most part the response is skepticism or even mockery. Both the study and the cryptocurrency itself share several similarities, such as a mathematical foundation, cyclical behaviors, and unusual financial applications.

If you are the type to believe, or are just curious, a notable full moon is passing, leading into the autumnal equinox tomorrow. How might this seasonal shift impact the cryptocurrency market trend, and how does math apply to what many believe to be pure myth?

September Harvest Moon Could Bring Bounty For Hard Summer Work

Planets all revolve around the sun. Their position at the time each person is born and there forth is believed to instill certain influences at distinct moments. Depending on the rotation and layout of the planets, it can have all kinds of seasonal impacts. The Farmer’s Almanac uses such cycles to predict how much snow each winter holds, for example.

Certain conjunctions are said to bring about famine, drought, or worse. For example, historians believe that a a triple conjunction of Saturn, Jupiter and Mars caused the Black Death plague.

Related Reading | Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology

The late WD Gann used planetary influences along with math to predict tops and bottoms with “legendary” precision. He taught no one his tricks, but left all kinds of bizarre mathematical tools behind that few know how to take advantage of.

So how does this all impact Bitcoin?

The Harvest full moon hasn't appeared on the chart yet its so fresh | Source: BTCUSD on TradingView.com

The new moon and full moon chart alone shows significant correlation with Bitcoin price action. Just last night as BTC plunged near $40,000, the full Harvest moon and last full moon of the summer was passing. The moon was named for the fact that farmers used the moon’s light to work late into the night on annual harvests ahead of colder months.

It has been a long, arduous summer for crypto holders, but this moon could be a sign that its time to reap the fruit of one’s labors as the autumn equinox hits.

Could The Fall And Golden Ratio Be The Key To The Next Bitcoin Peak?

The equinox signals change is coming. Change in the season; change in the way humans behave based on those seasons. Seasonality in finance is real, hence the phrase “sell in May, and go away.” The opposite idea is called the Halloween Effect, where investors buy up assets big time to sell around the holidays when enthusiasm is highest.

Seasonality and equinoxes don’t always work with the first ever cryptocurrency, but when combined with the power of the Harvest full moon and other favorable mathematical positioning, there is a recipe for something special.

BTCUSD_2021-09-21_11-17-42

After holding above the golden ratio, the final leg up comes in the autumn | Source: BTCUSD on TradingView.com

Each final leg up in each Bitcoin bull run has begun at the autumnal equinox, driving to new all-time highs until the winter equinox arrives. Since fall arrives each year, but the same effect doesn’t occur, the necessary ingredient for liftoff is a pullback to the golden ratio.

Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event

Bitcoin price has always retraced back to the golden ratio, before blasting off to the end of the cycle. Below it has never been filled no matter the cycle. If the same scenario plays out, anyone that has survived the summer’s bearish heat, will have a very happy holiday season.

To be fully clear, everything written here is pure conjecture based on correlation and past cycles and performance. These aren’t a guarantee of future results. But when the math adds up and Fibonacci is everywhere in nature, why wouldn’t the sum of the full moon, autumnal equinox, and Bitcoin be something very interesting.

In closing, we’ll leave you with the JP Morgan quote:

Millionaires don’t use Astrology, billionaires do.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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XRP Prices Heads Into a Down Trend, Users Decline 8.15% in 11 Days

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XRP Prices Heads Into a Down Trend, Users Decline 8.15% in 11 Days
  • The US indices had their worst day since October.
  • The current RSI level is far from the oversold zone.

The XRP price is falling along with the crypto market this morning as a global risk-off hits markets. Ripple (XRP) is down 12% in early Asian trade.

For now, the 200-day moving average of $0.8804 is preventing a more severe decline. In the last 48 hours, cryptocurrencies have collapsed alongside Chinese equities as Evergrande, the country’s second-largest property collapses. The US indices had their worst day since October.

Bitcoin (BTC/USD) recently fell below the 200-day moving average at $41,823, further souring sentiment. The price of Ripple then briefly reached the 200 DMA at $0.8841. However, BTC has recovered $2,500 from the $40,255 low, assisting XRP in doing the same. Although still, this could impact the Ripple price.

Greedy Investors Drove XRP

However, if Bitcoin buyers emerge, the Ripple price should rise. If XRP closes above the 200-day moving average, a reversal may be underway. Until XRP clears the 100 DMA at $98.24 and trend resistance at $1.2000, it is cautious. XRP must rise above $1.2000 to be considered bullish.

Greedy investors drove XRP to a swing high of $1.41, far above the $1.35 swing high of August 15. The RSI formed a lower low during the August 15 and September 6 peaks, resulting in a bearish divergence. This barrier has been in use since early April. If this level is broken, any short-term buying pressure will be unable to reclaim it.

Also, the current RSI level is far from the oversold zone, indicating that the remittance coin has not yet bottomed. By the end of the first week of September, there were 31,316 daily active addresses. As XRP falls, so does the number of investors using the Ripple blockchain.

This metric hit a low of 28,761 on September 17, falling 8.15 percent in 11 days. As a result of the market participants’ lack of interest in the future of XRP, the price is likely to slip, leading to a downtrend. According to CoinMarketCap, XRP price today is $0.940204 USD with a 24-hour trading volume of $4,667,042,291 USD.

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Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

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On-chain data shows Bitcoin exchange reserves continue to decline despite the recent dips, as values reach lowest since 2018.

Bitcoin Exchange Reserves Continue To Go Down

As pointed out by a CryptoQuant post, the BTC all exchanges reserve is moving down despite the recent downtrend in the price of the cryptocurrency.

The Bitcoin all exchanges reserve is an indicator that shows the total amount of coins held on all centralized exchange wallets. A dip in the value of the metric suggests investors are transferring their BTC to personal wallets, either for holding or for selling through OTC deals.

On the contrary, an increase in the indicator implies investors are sending their coins to exchanges for withdrawing to fiat and stablecoins, or for purchasing altcoins.

Here is a chart showing how the Bitcoin exchange reserve has changed over the years:

The exchange reserve continues to decline

As you can see from the above graph, the BTC all exchanges reserve has hit lows not seen since 2018. Usually, during periods of big price swings, the indicator’s value shows a spike as investors look to shift their positions in the market.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

However, despite the recent dips, the metric has only been trending downward. What’s the reason behind this? Well, one possible scenario could be that there are now more long-term holders in the market that are waiting for the price to appreciate further before they make any moves.

A downtrend in the exchange reserve is often a bullish indicator as it shows buyers are accumulating Bitcoin, while an uptrend could lead to crashes in the crypto.

Below is another chart that shows the BTC netflow indicator over the last couple of days.

Bitcoin Netflow

Looks like the Bitcoin netflow showed a huge negative spike yesterday

The netflow indicator measures the net number of coins exiting or entering exchanges. As is apparent from the above graph, the metric had a big negative spike yesterday, which implies a large amount of BTC was pulled off exchanges.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

BTC Price

Yesterday, Bitcoin’s price crashed down to $40k after peaking just below $49k a few days back. But the price has since jumped back a bit as it floats around $43k at the time of writing. The crypto is down 7% in the last 7 days, while over the past 30 days, the value is 11% less.

Here is a chart showing the trend in the price of the coin over the last five days:

Bitcoin Price Chart

BTC's price crashes down to $40k, but quickly recovers back up a little | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant
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