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Bitcoin: On-chain metrics to consider in this bear cycle before going…

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Bitcoin: On-chain metrics to consider in this bear cycle before going…

The crypto market has had quite a ride this month after bearish waves struck down major cryptocurrencies. The global crypto market capitalization also fell below $1 trillion leading to failing crypto institutions such as 3AC and Celsius. Bitcoin also suffered heavy drawbacks during the period.

BTC reached its lowest levels since December 2020 after dropping below $17,750. Starting the month at around $32,200, the largest-sized crypto has taken a lot of heat and at press time, it was trading at $21,000. The king coin was up by more than 2% in the past day and was just down 0.05% during the week. This was a good signal of recovery after treading through bearish downturns early in June.

Nearing market bottom

On-chain data analytics platform CryptoQuant released the latest update surrounding Bitcoin. It stated that the current BTC price is undervalued. Most on-chain indicators indicate that we are close to a market bottom for Bitcoin.

BTC’s indicator of Net Unrealized Profit/Loss was hovering around -0.06, at press time. This is the initial signal for nearing a market bottom. In the latest crypto crash, there were many addresses that recorded losses when BTC reached the 18-month bottom of $17,744.

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Source: CryptoQuant

According to CryptoQuant, the MVRV ratio has fallen significantly during the current run. At press time, it was estimated at around 0.93, suggesting an undervaluation of BTC.

Source: CryptoQuant

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There was, however, a little spike in Miner’s Position Index but it was still estimated at -0.6. This means that miners are circulating more than their daily distribution in the moving average of the YTD.

Miners have also increasingly offloaded their holdings to exchanges. This can indicate that some miners’ revenue cannot meet the break-even point.

Source: CryptoQuant

For many investors, this is a good time to start accumulating again if they want to recoup their losses. With the regulatory proposal for digital assets already in place in the United States, there is still hope for a bullish surge in the coming months.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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Analysis

Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 For First Time Since May

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Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 For First Time Since May

Ethereum was trading above $2,000 to start the weekend, as the token hit its highest point since May. Crypto markets were back in the green, after marginally consolidating in Friday’s session. Bitcoin moved closer to $25,000 on Saturday, however has still yet to breach this ceiling.

Bitcoin

Bitcoin (BTC) was marginally higher on Saturday, as the token once again attempted to climb above the $25,000 level.

Following a low of $23,657.27 on Friday, BTC/USD hit an intraday high of $24,860.05 to start the weekend.

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The move saw bitcoin briefly break out of its resistance level of $24,600, and near a two-month high above $24,900 in the process.

BTC/USD – Daily Chart

Looking at the chart, today’s gains come as the 14-day relative strength index (RSI) finally broke out of its long-term resistance point at the 60.32 level.

As of writing, the index is currently tracking at 61.60, which is slightly below another point of uncertainty, at 61.80.

Overall, earlier gains have somewhat eased, with BTC currently trading at $24,407.29, as bulls seemed to have abandoned previous positions in order to secure profits.

Ethereum

Whilst BTC was struggling to break out of a key point at $25,000, ethereum (ETH) raced past its own ceiling in today’s session.

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On Saturday, prices of the world’s second-largest token moved above $2,000 for the first time since May.

Following a low of $1,868.42 on Friday, ETH/USD moved to a peak of $2,013.76 earlier in today’s session.

ETH/USD – Daily Chart

This is the highest point ethereum has traded at since May 23, and comes as price strength also surged past a ceiling of its own.

Looking at the chart, the RSI also raced past its resistance level at 68, and is currently tracking at 71.55, which is its strongest reading since April 4.

As of writing, ethereum is now overbought, which could see bears gradually look to position themselves for entries back into the market.

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Will ethereum climb to further highs this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Philippines’ Unionbank To Support Cryptocurrency Exchange Via Mobile App

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Philippines’ Unionbank To Support Cryptocurrency Exchange Via Mobile App

Union Bank of the Philippines, commonly known as Unionbank, has announced the upcoming launch of another crypto service for its clients. The financial institution will offer select users of its mobile app the option to exchange bitcoin and other digital currencies without a separate wallet.

Unionbank to Add In-app Crypto Exchange Feature, Reportedly a First in the Philippines

The Union Bank of the Philippines (Unionbank) is working to become the first universal bank in the country to facilitate cryptocurrency exchange within its mobile application. Users will be able to buy and sell cryptocurrencies such as bitcoin directly from the banking app, the lender said, doing away with the need to have a third-party wallet.

In a statement quoted by the ABS-CBN broadcasting network, Unionbank shared its view that blockchain is a technology that will power the future of banking. “At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and this demand was accelerated by the pandemic,” commented Cathy Casas, head of digital asset markets, blockchain and application programming.

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Unionbank, which is one of the top 10 banks by assets under management in the Philippines, has already established itself as a crypto-friendly institution. About a year ago, it announced preparations to pilot a custody service for cryptocurrencies, and in January of this year, the bank unveiled a plan to facilitate crypto trading.

The new exchange functionality will initially be offered to randomly pre-selected users of the banking app, Unionbank explained, but emphasized it will aim for a wider rollout in the near future. Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda has been quoted as saying:

Not only does this help us ensure that the bank is more future-ready, we are also able to serve the needs of our customers who use cryptocurrencies.

The top executive added that the in-app crypto exchange feature is among the projects the bank is working on as it prepares to enter the metaverse. Another initiative in the same direction is the partnership with NFT game Art of Dreams which was announced in April. The bank also intends to launch a Metaverse Center of Excellence in the coming months.

While the platforms of some digital banks in the Philippines, like Maya, are already offering exchange options for crypto assets, Unionbank will be the first major traditional lender to implement one. The bank is a licensed cryptocurrency exchange. Bangko Sentral ng Pilipinas, the country’s central bank, is the authority that issues licenses to crypto trading platforms and service providers in the Philippines.

Tags in this story

App, application, Bank, Bitcoin, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, Exchange, Feature, function, launch, Mobile App, Philippines, service, unionbank

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Do you expect other banks in the Philippines to offer crypto-related features in their mobile apps? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Walter Eric Sy

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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BTC futures market liquidation has these tips for BTC long-term holders

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BTC futures market liquidation has these tips for BTC long-term holders

Recently, Bitcoin’s [BTC] fight to reach $24,000 has been met with defeat. This was the case when it reached $24,800 on 11 August after an almost 10% uptick from Wednesday (10 August).

It was a similar case on 30 July when it hit $24,500 with investors hoping $25,000 was unavoidable. However, BTC investors may likely need to wait before the supply succumbs to investors’ expectations. 

According to a CryptoQuant analysis, the current market cycle could be far off attaining a long bullish momentum.

Notably, at press time, BTC declined 2.87% and was trading at $23,805 as per CoinMarketCap.

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But why?

The CryptoQuant analysis noted that it may not yet be time for investors to jubilate. The analysis used the Bitcoin futures market to maintain its position of a cautious take.  

Additionally, as of yesterday (11 August), BTC recorded its highest liquidation volume since late July. Reportedly, the exchange inflow spent output volume bands revealed that many Bitcoin addresses moved their holdings to exchanges. In this regard, the analysis stated,

“Exchange Inflow Spent Output Value Bands (%), which shows the percentage value of the coins moving into exchanges, indicate 1K to 10K BTC holders moved their coins to exchanges more than usual.”

Looking at CoinGlass data, BTC futures market liquidation amounted to $15.49 billion on the Binance exchange alone over the last 24 hours.

Long position liquidated was 48,72%, while shorts were 51.28%. On the other hand, the BTC futures open interest rate has increased since July, meaning that traders have been actively trading the BTC market.

Source: CoinGlass

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There has been a total of $13.81 billion in futures trades at press time. So does this interest uptick mean traders were shorting Bitcoin in line with the CryptoQuant projections?

$25,000? Not so fast

With BTC closing in on $25,000 for a while, investors may expect it to hit the milestone soon. However, the sentiment revealed by the Awesome Oscillator (AO) may be otherwise.

Although the AO remained above the histogram midpoint with a bullish edge, the current state also shows bearish twin peaks.

Source: TradingView

Interestingly, investors may need to halt BTC from reaching $25,000 optimism as the Bollinger Bands (BB) showed high volatility.

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With Bitcoin not entirely all over the bears, it may be time for investors in the overall crypto market to watch where the market movement resides next. 

Manisha is a News Editor at AMBCrypto. With a Master’s degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail. She is fascinated by new, emerging technologies and her interests lie in the regulatory implications of such tech.

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