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Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up

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Bitcoin Miner

On-chain data shows Bitcoin miner reserve has showed a sharp spike recently, suggesting that miners are currently loading up on the crypto.

Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From Last Year Continues

As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend from the last year.

The “miner reserve” is an indicator that tells us the total amount of Bitcoin currently stored in the wallets of miners.

When the trend in the metric is towards up, it means miner inventories are growing as they stock up on more of the coin. Such a trend can be bullish for the price of the coin as it shows miners are currently accumulating BTC.

On the other hand, a downtrend in the indicator implies miners have started to dump their Bitcoin. This kind of trend is naturally bearish for the price of the crypto as miners usually sell in big amounts.

Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022

Now, here is a chart that shows the trend in the BTC miner reserve over the past couple of years:

Looks like the value of the indicator has showed sharp uptrend recently | Source: CryptoQuant

As you can see in the above graph, the miner reserve has been gradually moving up since May. A few days back, when the price of Bitcoin dropped down to $39k, the metric showed a huge spike up as miners bought the dip.

Related Reading | Jack Dorsey’s Block To Democratize Bitcoin Mining With Open Source Mining System

Miners have traditionally been big sellers in the market as they have had to sell some of what they mine to keep their operations running. However, as BTC’s price has risen, and their machines have gotten more advanced and efficient, miners have started selling lesser as it’s enough to sustain electricity and other mining costs.

Miners, who have originally always brought selling pressure to the market, have been shifting towards becoming hodlers for a coupe of years now. This can be quite bullish for the price of the coin in the long term.

BTC Price

At the time of writing, Bitcoin’s price floats around $42k, down 0.6% in the last seven days. Over the past month, the crypto has lost 10% in value.

The below chart shows the trend in the price of BTC over the last few days.

Bitcoin Price Chart

BTC's price plunges down after breaking above $44k | Source: BTCUSD on TradingView

BTC managed to reach as high as $44.4k in its recent move up, but today the crypto has once again come back down, erasing the gains of the past couple of days.

Featured image from Unsplash.com, charts from TraadingView.com, CryptoQuant.com
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Crypto Market Falls With Cardano (ADA) Losing 10% In Last 24 Hours

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Crypto Market Falls With Cardano (ADA) Losing 10% In Last 24 Hours
  • In January, ethereum is down more than 18 percent.
  • Cardano’s market capitalization fell to $41.27 billion.

The worldwide cryptocurrency market capitalization has fallen by 7.75 percent in the previous 24 hours to $1.83 trillion. A decrease in investors’ confidence sent Bitcoin’s price down to $39,000 today, continuing the downward trend. The most popular and most valuable cryptocurrency in the world fell by almost 7% to $38,802. Since the beginning of this year, the value of Bitcoin has fallen by more than 14%.

Meanwhile, the second most popular cryptocurrency, Ethereum, fell below the $3,000 barrier. At $2,861, it’s down by more than 8%. Compared to Bitcoin’s 60 percent rise last year, the token gained nearly 400 percent. However, in January, the token is down more than 18 percent.

Since October 27, 2021, Cardano’s (ADA) one-day percentage loss has been the highest. Cardano’s market capitalization fell to $41.27 billion, or 2.22 percent of the overall cryptocurrency market capitalization, following the downward trend. At its peak, Cardano’s market capitalization was $94.80 billion dollars. The preceding twenty-four hours have seen Cardano move between $1.2117 and $1.2802.

Read More: Cardano Price Prediction

60.90% Down From All-time High

Cardano’s price has been stagnant for the previous seven days, moving only 1.19 percent. The last seven days have seen this currency fluctuate between $1.2113 and $1.6349. Cardano is now trading at a loss of 60.90 percent from its all-time high of $3.10 reached on September 2, 2021.

ADA/USDT: Source: TradingView

Cardano’s price is now $1.23 USD, with a 24-hour trading volume of $2,814,126,246 USD, according to CoinMarketCap. Compared to the previous day, there has been a 9.99 percent decline in the price of Cardano.

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Crypto Market Fumbles Yet Again, Global Market Cap Shrinks by 7.67%

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Crypto Market Fumbles Yet Again, Global Market Cap Shrinks by 7.67%
  • The market’s momentum might be influenced after the FOMC meeting.
  • An 8-10% drop in the price of almost all of the top ten cryptocurrencies.

During the past three hours, the crypto market has seen a 7.67 percent drop, resulting in the loss of more than $150 billion in investors’ capital. Bitcoin (BTC), the world’s most popular cryptocurrency, has fallen 7 percent. Since August 2021, Bitcoin has been trading below the $40,000 mark for the first time. Bitcoin now has a support level at $37,500. It might fall below $30,000 or even lower. 

BTC/USDT: Source: TradingView

According to CoinMarketCap, the Bitcoin price today is $38,857.07 USD with a 24-hour trading volume of $33,829,769,732 USD. Bitcoin is down 7.16% in the last 24 hours.

Read More: Bitcoin Price Prediction

Bitcoin critic Peter Schiff writes:

“Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.”

Efforts by the Federal Reserve to curb inflation have begun to impact the equities and crypto markets. The market’s momentum might be influenced after the FOMC meeting next week.

Altcoin Market Witnesses Significant Correction

Ethereum, a Bitcoin rival, is down by 9% and has fallen below its critical support level of $3,000. Ethereum (ETH) has a market capitalization of $341 billion. The altcoin market has seen a significant correction. 

1642745542 700 Crypto Market Fumbles Yet Again Global Market Cap Shrinks by
ETH/USDT: Source: TradingView

According to CoinMarketCap, the Ethereum price today is $2,855.69 USD with a 24-hour trading volume of $17,850,250,761 USD. Ethereum has been down 8.43% in the last 24 hours.

Read More: Ethereum Price Prediction

There has been an 8-10% drop in the price of almost all of the top ten cryptocurrencies. For the first time in a long time, Polygon’s MATIC has fallen below $2.0. As bears seize power, it’s tough to predict what will happen in the near term.

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GARI’s First-day Trading Volume Exceeds $100m on 12 Major Exchanges

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GARI's First-day Trading Volume Exceeds $100m on 12 Major Exchanges

On the first day of trade, Chingari, an Indian-based short video-making app, revealed that its native token, GARI, has reached the $100 million mark in trading volume. The “Indian Tiktok” reached the milestone just hours after being launched on Huobi Global, Kucoin, OKEx, FTX, MEXC Global, and Gate.io, among others.

BTXEC, CoinW, BitMart, Zebpay, Hotbit, Bitbns, and LATOKEN are among the 12 biggest centralized crypto exchanges that presently list the GARI coin. During its first listing on January 18, 2021, GARI became the first of its sort to be listed on more than 10 exchanges at the same time.

The Chingari app, which is accessible on iOS and Android app stores, was launched in 2018 and has quickly received attention in India and South Asia, paving the way for the shift to decentralized social media platforms. The GARI token was unveiled three years later to great hoopla, with Salman Khan, the iconic Bollywood actor-turned-brand ambassador, revealing the token in front of millions of Indians last October. 

The GARI token was introduced to the public only about two months after its creation in an oversubscribed initial decentralized exchange (DEX) offering, IDO, on Solana’s SolRazr launchpad, raising $4 million dollars in a matter of minutes. Republic, Galaxy Digital, Alameda Research, Solana Capital, and Kraken Ventures are among GARI’s major investors.

Later, as Chingari surged to the top of India’s social media app rankings, media exposure and market for the token skyrocketed to great heights. While the country’s prohibition on Facebook and Tiktok aided Chingari’s rise to fame as a leading social media app, the app’s success is mostly due to its creator benefits and censorship-free network to all its users. The app was named “India’s #1 application on Google Play Store” in 2021, with more than 32 million active monthly users and more than 100 million downloads.

The recent achievement demonstrates Chingari’s and GARI’s ability to transform the video-sharing market, with the goal of defeating Web2 large tech behemoths like Tiktok, Youtube, and Instagram. Furthermore, such high volumes demonstrate traders’ and investors’ excitement about what is yet to come on Chingari’s platform.

Despite this success, the GARI token will be merged into the Chingari app, giving the game’s 30 million users access to a whole new world. The token, which is based on Solana, allows users to tip their favorite creators and artists instantly, efficiently, and affordably. Participants who make, post, and watch videos on the app will also be rewarded with GARI.

Ultimately, the token strives to allow artists to create, share, buy, and sell on the Chingari e-commerce arena, due to its strong community. On the platform, users can also make NFTs (short films) that allow users to buy products from or communicate with their favourite content providers.. 

About Chingari

Chingari, which launched in 2018, is a platform for creators that allows them to upload short films and earn money through merchandise shops, subscriptions, and unique ways to communicate with their followers. Chingari has been branded the “TikTok of India,” and it has more than filled the void left by the banning of TikTok and a number of other social media applications in India. The app has exploded in popularity after it was updated in June 2020 to better fit with their crypto and creator focus. The number of active users on Chingari has grown at an exponential rate, reaching milestones of 100,000, 1 million, 10 million, and finally 100 million.

About GARI

GARI, the Chingari app’s native token, debuted in October 2021, with a creator-centric strategy and additional incentives to encourage content creation. The token became the first cryptocurrency to be listed on all six major centralized crypto exchanges at the same time, including FTX, Huobi, and OKEx.

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