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CATEGORY: 2020


Aug 30, 2022 12:25

Crypto Investment Products Volume Hits 'Lowest Since October 2020'

<p class="MsoNormal text-align-justify">Volumes in digital asset investment products remained very low and generated US$901 million last week, the lowest since October 2020.</p><p class="MsoNormal">This is according to the new digital asset fund flows reports from CoinShares, as shared with Finance Magnates.</p><p class="MsoNormal">According to CoinShares, digital asset investment products saw minor outflows last week totalling US$27 million. Two weeks ago, recorded weekly crypto outflows <a href="https://www.financemagnates.com/cryptocurrency/news/weekly-crypto-outflows-reach-9-million/">stood at $9 million</a>.</p><p class="MsoNormal">The digital asset management firm explained that this gives a total outflow of US$46 million in the last three weeks.</p><p class="MsoNormal">“While history indicates this is in part due to seasonal effects, we believe it also highlights continued apathy following recent price declines,” CoinShares said.</p><p class="MsoNormal text-align-justify">Outflow by Asset</p><p class="MsoNormal">Meanwhile, CoinShares explained that in terms of crypto investment products in the last three weeks, Bitcoin “was almost solely the focus of the outflows”.</p><p class="MsoNormal">During the period, outflows from investment products in the foremost digital asset totalled US$29 million.</p><p class="MsoNormal">Furthermore, the firm observed, investors have continued to add to short-Bitcoin investment products. This form of investment generated US$1 million last week, CoinShares said.</p><p class="MsoNormal">“Both imply minimal but continued caution from investors which we believe is due to the ongoing hawkish rhetoric from the US Federal Reserve,” the firm, however, pointed out.</p><p class="MsoNormal">Away from Bitcoin, CoinShares said Ether recorded minor outflows last week. Outflows in the second-biggest cryptocurrency totalled US$1 million.</p><p class="MsoNormal">The investment firm explained that this implies that despite increased confidence in the upgrade to the Ethereum network or <a href="https://www.financemagnates.com/thought-leadership/how-the-merge-will-impact-defi-and-dapps-on-ethereum/">The Merge</a> expected in September, most investors are opting to wait for the transition to proof-of-stake to happen first.</p><p class="MsoNormal">“Very minor inflows were seen in Solana, Cardano, XRP, Tezos, Chainlink and Uniswap,” CoinShares added.</p><p class="MsoNormal text-align-justify">Regional Outflow</p><p class="MsoNormal">According to CoinShares, minor outflows were recorded in digital asset investment products from various regions of <a href="https://www.financemagnates.com/cryptocurrency/news/global-crypto-aum-drops-to-30-billion/" target="_blank">the world</a>.</p><p class="MsoNormal">The firm, however, pointed out that by way of comparison, outflows primarily emerged from the United States (US$20 million), Sweden (US$4.2 million) and Germany (US$2.3 million). </p><p class="MsoNormal text-align-justify">CoinShares noted that Brazil sat on the extreme or “was the only outlier,” and recorded minor inflows that totalled US$1.2 million.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

Jun 14, 2022 04:55

Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

According to Tradingview, the world’s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value. Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.   Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes Bitcoin’s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling. In addition, it reflects global financial uncertainty driven by increasing inflation as investors seek to sell “riskier assets” such as cryptocurrencies. The Bitcoin 3-Day Chart Indicates March 2020 Crash The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin’s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days. After opening the week above $9,000, the cryptocurrency suddenly fell below $4,000 on March 13, 2020. However, as of the end of U.S. markets, it had returned to around $5,400. Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com For the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said that the global pandemic of the coronavirus caused investors to move their money into cash as a form of protection. He further added that Bitcoin’s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin and other asset classes. Reason Behind Bitcoin Plunging To New Lows One factor contributing to bitcoin’s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius. Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin market.  Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin’s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days. As the company’s announcement stated: Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations. Featured image from Flickr and chart from TradingView.com  

Feb 21, 2025 01:25

The Next Decade, Part 4: Actual Predictions

A republication of a series of posts by Shinobi from January 2020, predicting the course of Bitcoin through the 2020s.

Feb 20, 2025 01:25

The Next Decade, Part 3: The Road Blocks(And Roads Around?)

A republication of a series of posts by Shinobi from January 2020, predicting the course of Bitcoin through the 2020s.

Feb 19, 2025 01:25

The Next Decade, Part 2: The Road Ahead

A republication of a series of posts by Shinobi from January 2020, predicting the course of Bitcoin through the 2020s.

Feb 18, 2025 01:25

The Next Decade, Part 1: The Road Behind

A republication of a series of posts by Shinobi from January 2020, predicting the course of Bitcoin through the 2020s.

Apr 01, 2023 10:30

March Bitcoin Mining Stats Show Climbing Revenue and Hashrate Highs

According to statistics, 4,498 blocks have been mined in the last 30 days, creating 28,112 new bitcoins over the past month. Bitcoin’s network hashrate has been around 341 exahash per second (EH/s) during the last 2,016 blocks or the last two weeks. This month, the mining pools Foundry USA and Antpool dominated the pack, accounting [...]

The post March Bitcoin Mining Stats Show Climbing Revenue and Hashrate Highs appeared first on Crypto Breaking News.

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