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Bitcoin’s Address Growth Plateaus as BTC loses $30k Support

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Bitcoin’s Address Growth Plateaus as BTC loses $30k Support
  • The growth of Bitcoin addresses has hit a plateau phase
  • Bitcoin’s daily active addresses have also dropped from April’s peak of 1.366 million
  • There are currently 845k daily active Bitcoin addresses, a drop by 38% from the aforementioned peak
  • Bitcoin has lost the crucial $30k support to post a local low of $29,278
  • A loss of the $28k support will open the door to more losses to $23k or even $24k

The growth of addresses on the Bitcoin network has plateaued. This milestone was identified by Bitcoin and Crypto analyst, Timothy Peterson, of Cane Island Alternative Advisors, who shared his observation through the following tweet.

#bitcoin address growth has completely stopped. pic.twitter.com/EVyoyAAbD4

— Timothy Peterson (@nsquaredcrypto) July 18, 2021

Bitcoin Addresses Peaked at 38.88 Million in Late April

Further investigating Mr. Peterson’s observation by taking a glance at Coinmetrics, reveals that the address growth on the Bitcoin network had been increasing steadily since early 2018 to hit a peak value of 38.88 million in April of this year. The chart below courtesy of the tracking website further demonstrates this fact.

Bitcoin's Address Growth Plateaus as BTC loses $30k Support 17

Bitcoin Daily Active Addresses Drops by 38% from April’s Peak Value

Also from Coinmetrics, it can be observed that the Bitcoin network has also experienced a 38% drop in active addresses since the April peak value of 1.366 million. At the time of writing, there are currently 845k daily active addresses on the Bitcoin network as highlighted in the following chart.

Bitcoin's Address Growth Plateaus as BTC loses $30k Support 18

Bitcoin Loses $30k Support to Post a Local Low of $29,278

With respect to price action, earlier today, Bitcoin lost the crucial $30k support to post a local low of $29,278 – Binance rate.

Bitcoin losing the $30k support is due to two reasons.

Firstly, the on-chain metrics on the Bitcoin network highlighted above point to a scenario whereby the demand for BTC has dropped thus affecting its value. Secondly, and through technical analysis, Bitcoin is in bear territory as explained by the team at Crypterium analytics through the following statement and accompanying chart.

…the chart continues to move inside the descending channel. Now the price is trying to approach the lower border, and, most likely, it will be able to do it in the near future. Moreover, the bottom line is almost perfectly aligned with the $28,800 mark.

In the event of a breakdown of the $28,800 level, a cascade closing of stop-losses will occur, which will lead to an acceleration of the fall. On this wave, the price can reach the $26,000 level within a few hours. From this area, we can see a bounce back up. But if the market will remain weak and buyers will not be active, then the price can quickly go even lower to the range of $23,000 — $24,000.

Bitcoin's Address Growth Plateaus as BTC loses $30k Support 19

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Ethereum

Binance Reduces Daily Withdrawals for Unverified Accounts to 0.06 BTC

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Binance Reduces Daily Withdrawals for Unverified Accounts to 0.06 BTC
  • Binance has reduced daily withdrawal limits for unverified accounts from 2 BTC to 0.06 BTC
  • Binance has also reduced leverage on new futures accounts to 20x
  • There is also a new tax reporting tool on Binance for users who are obligated to report their capital gains
  • The exchange has implemented the new changes as it works towards complying with regulators globally

The popular crypto exchange of Binance has lowered the daily withdrawal limits for accounts that are not fully verified, from 2 BTC to 0.06 BTC.

The team at the exchange made the announcement of the new changes earlier today further explaining that they will take effect immediately for new accounts, and be implemented gradually for existing ones.

Existing users who have not verified their accounts will see their daily withdrawal limits adjusted to 0.06 BTC starting ‘ from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).’ Furthermore, verification was encouraged by the team at Binance for it would increase the daily withdrawal limits to 100 Bitcoin.

Leverage on Binance Futures Reduced to 20x For New Users

Hours ago, the exchange had also announced new limits on the amount of leverage available for new futures accounts. According to the official announcement, futures accounts that are less than 60 days old will have a maximum leverage limit of 20x.

Existing accounts that fall under this category will see their leverage reduce effective immediately. Existing trading positions will maintain their leverage until closed after which leverage will drop to 20x.

The leverage limits for new accounts will begin to increase gradually after 60 days.

Binance Introduces a New Tax Reporting Tool

Also today, Binance announced the launch of a new tax reporting tool that will assist traders in declaring capital gains or losses to their respective regulatory bodies. The new tax reporting tool is available via the ‘Account > API Management‘ feature on both the Binance website and mobile application.

Binance Implements Changes to Adhere to Various Regulatory Bodies

The aforementioned changes at Binance come in the wake of the exchange being pressured by various global regulatory bodies, to abide by existing rules in the various jurisdictions. Chances are, that Binance will continue to add new changes and policies in the days to follow.

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Ethereum

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked

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Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked
  • The Ethereum 2.0 network now has over 200k validators
  • The Ethereum 2.0 deposit contract now has 6.42 million ETH staked worth $14.857 Billion
  • Kraken is the largest single depositor with 12.5% of all ETH in the contract
  • Ethereum is back to trading above the 200-day moving average and could keep pushing higher with the London Upgrade on the 4th of August

The Ethereum 2.0 network how has over 200k validators. The chart below courtesy of CryptoQuant further illustrates the increment of validators on the Ethereum 2.0 network since December 2020.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 17

Over 6.42 Million ETH is Currently Staked on the Ethereum 2.0 Deposit Contract

Furthermore, deposits to the Ethereum 2.0 contract continue to increase as the switch to a Proof-of-Stake algorithm, progresses on the network.

According to Etherescan, there is a total of 6,420,866 Ethereum on the ETH 2.0 deposit contract worth $14.857 Billion. The growth of deposits to the ETH 2.0 contract has been visualized through the following chart courtesy of CryptoQuant.com.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 18

Kraken Is the Single Largest Depositor of ETH to the Ethereum 2.0 Contract

In a similar analysis of the amount of Ethereum validators and deposits to the ETH2.0 contract, the team at Weiss Crypto Ratings pointed out that Kraken is the single largest depositor of ETH as explained in the following statement.

The largest depositor by far is Kraken which stakes 12.5% of all ETH. In fact, exchanges have deposited 24.9%, staking pools 21.8%, and whales 10.1% of all ETH into ETH2.

Ethereum Reclaims the 200-day Moving Average as Support

With respect to price action, Ethereum has benefited positively from Bitcoin’s impressive push to the $40.5k price ceiling earlier this week. The push to $40.5k by Bitcoin resulted in Ethereum hitting a local peak value of $2,433 and thus managing to recapture the crucial 200-day moving average as support.

Ethereum’s impressive rebound in the crypto market has been highlighted in the following ETH/USDT chart.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 19

At the time of writing, Ethereum is trading at the $2,300 price area with its bullish climb most likely to continue due to the following observations from its daily chart.

  • Ethereum is in bullish territory, trading above the 50-day moving average and the 200-day moving average
  • Trade volume is in the green for the last week
  • The daily MACD, MFI and RSI are yet to show exhaustion as investors anticipate the London Upgrade on the 4th of August
  • The 100-day moving average (yellow) provides an area of resistance around the $2,500 price area

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Zilliqa-Ethereum Bridge To Be Launched After ETH’s London Hard Fork

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Zilliqa-Ethereum Bridge To Be Launched After ETH’s London Hard Fork
  • Zilliqa’s bridge to Ethereum will wait for the successful launch of ETH’s London hard fork before going live
  • This is because the London hard fork changes Ethereum’s fee structure
  • Once implemented, the team at Zilliqa will observe the London hard fork before upgrading the Zilliqa mainnet to support the bridge
  • ZIL/USDT has escaped from the jaws of a descending triangle but still remains in bearish territory below the 50-day, 100-day and 200-day moving averages

The highly anticipated bridge between the Zilliqa network and Ethereum will go live after the successful launch of ETH’s London hard fork. This is according to the President at Zilliqa, Amrit Kummer who announced this fact through the following Tweet.

PSA: The $ZIL$ETH bridge unfortunately cannot go live before the Ethereum London hardfork currently scheduled to be around Aug 4, 2021.

— Amrit Kummer (@maqstik) July 25, 2021

The London Hard Fork Changes Ethereum’s Fee Structure

Mr. Kummer went on to explain that the delay till after the London hard fork, was due to the fact that the upgrade changes the fee structure on the Ethereum network. Consequently, the team at Zilliqa will wait till the London upgrade is implemented then observe the Ethereum network, before upgrading the Zilliqa mainnet to support the bridge.

He went on to Tweet the following timeline and steps before the Zilliqa-Ethereum bridge can go live.

Next steps to $ETH$ZIL bridge:

1⃣ Ethereum London hardfork (around Aug 4, 2021)

2⃣ Observe London hardfork

3⃣ Upgrade Zilliqa mainnet to support bridge

4⃣ Bridge 🚀

— Amrit Kummer (@maqstik) July 25, 2021

Zilliqa Breaks Above a Descending Triangle but Remains in Bearish Territory

With respect to price action, Zilliqa is trading at $0.06734 after a brief two days below a bearish descending triangle that had formed since mid-May. However, Zilliqa remains in bearish territory as ZIL/USDT is still trading below the 50-day, 100-day and 200-day moving averages as highlighted in the following chart.

Zilliqa-Ethereum Bridge To Be Launched After ETH's London Hard Fork 15

Also from the chart above, it can be observed that ZIL’s trade volume has been in the green for the last five days. In addition, the daily MACD confirms the renewed buying interest with a bullish cross below the baseline. The daily MFI and RSI are in neutral territory at values of 43 and 45, thus hinting at a possible continuation of ZIL’s current trajectory to higher levels.

Consequently, the 50-day moving average becomes a potential resistance zone at the $0.80 price area. If a pullback occurs during the weekly close, Zilliqa could find support at $0.059 which happens to be the base of the earlier identified descending triangle.

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