Despite Bitcoin (BTC) crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC.According to Glassnode’s Monday “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 … [Read more...] about Bitcoin crashes below $30K, but on-chain data suggests accumulation is brewing
Data
New data hints why Bitcoin price action has spent two months at $30K
Bitcoin (BTC) has seen almost two months of rangebound price moves after hitting $30,000 — and new data hints why.In a series of tweets on Thursday, popular Twitter commentator Nunya Bizniz presented multiple arguments supporting the significance of $30,000 for BTC/USD.All roads lead to $30,000?Despite rising fundamentals and ongoing adoption narratives, BTC price action has … [Read more...] about New data hints why Bitcoin price action has spent two months at $30K
China’s Bitcoin hash power fell before the crackdown: Cambridge data
China’s crackdown on Bitcoin (BTC) mining due to energy consumption concerns is widely regarded as the trigger for the miners’ exodus from Asia to Western countries. But new research by the Cambridge Centre for Alternative Finance suggests that the shift in mining power started before China’s renewed scrutiny.Reuters reported that China’s total computing power connected to the … [Read more...] about China’s Bitcoin hash power fell before the crackdown: Cambridge data
Data shows social metrics surge ahead of DeFi and NFT price rallies
A common saying in the investing world is “The trend is your friend,” a phrase that points to the idea that the majority of the time, sticking with the prevailing market trend will produce positive results.Some of the common metrics used to identify market trends include: technical analysis, which involves studying price charts to spot opportunities; fundamental analysis, which … [Read more...] about Data shows social metrics surge ahead of DeFi and NFT price rallies
Data shows Polygon (MATIC) has reversed PancakeSwap’s (CAKE) rise
Data from market data analysis tool Messari shows that Uniswap is winning the decentralized exchanges (DEXes) battle against PancakeSwap.Earlier this year, PancakeSwap briefly became the number one DEX by volume. But thanks to Polygon and its lower gas fee structure compared to layer 1 Ethereum, Uniswap has seen off the challenge.PancakeSwap unable to sustain its riseThe … [Read more...] about Data shows Polygon (MATIC) has reversed PancakeSwap’s (CAKE) rise