Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

After being in the red for over a month, the largest digital currency by market capitalization, Bitcoin BTC/USD, has pared some of its losses and is trading up about 12% higher over the past week, making a brief high of $22,527 along with a spurt in volumes on July 8, before settling back to around $21,700 levels.

Experts caution the unexpected price uptick as a “one-off event” that is most likely a reaction to crypto exchange Binance’s decision to eliminate fees on BTC spot trading, and that it in no way signals a price reversal.

No substantial reason for price surge

Anndy Lian, Chief Digital Advisor to the Mongolian Productivity Organization, tells Benzinga the sudden price surge in BTC is unsustainable as there is no catalyst for the move.

“The only piece of good news that is closely linked to the surge would be Binance’s zero fees Bitcoin promotion. There were many people who were trying to gain VIP tiers, which resulted in a massive transaction volume. That volume can be subjected to wash trading and manipulations,” he says, adding that the incident is one-off.

Liquidation of leveraged short positions

Even as the price of BTC surged despite the lack of any significant announcement, Glassnode’s futures shorts liquidations metric reveals a substantial number of liquidations of leveraged short positions – from $10.23 million to $29.42 million between July 6 and 7, which could have exerted bullish pressure to propel BTC above the $22,500 level.

BTC price likely to fall back down

Raj Kapoor, founder and CEO of India Blockchain Alliance says given the crypto’s history of volatility, this uptick is in no way a long-term reversal and that BTC’s price is likely to fall back down.

“The uptick was accelerated when Binance put an offer [of] zero-fee trading for Bitcoin, with plans to eliminate the charges for more tokens in the future.  This was followed up with a stock market rally following the release of the Federal Reserve’s minutes,” Kapoor said.

Experts point out that the crypto market may not have hit the bottom as yet due to fears of a recession, several crypto deals falling apart, surging inflation, geopolitical crises, and rising interest rates. These concerns continue to drive extra short-term volatility in the crypto and stock markets.

Higher currency outflows

Exchange outflows have risen from 20,495 BTC against 18,648 exchange inflows on July 3, according to Glassnode. While on July 7, there were 50,966 BTC in exchange outflows against 43,601 BTC in exchange inflows.

Higher exchange outflows have led to higher buying pressure for BTC, with most of the volumes coming in from the retail segment. Metrics from Santiment, point to a significant downside in the supply held by whales since July 4, indicating that whales have been gradually reducing their positions as the price of BTC climbs higher.

Economic downturn priced in

Sharat Chandra Vice President of Research and Strategy at EarthID, says BTC has begun exhibiting decisive price action as investors have priced in the incoming data about an economic downturn.

“Lack of liquidity coupled with lower trading volume accounts for Bitcoin’s intraday activity. Bitcoin prices will continue to be volatile depending on the incoming data about the impending recession,” Chandra says.

BTC surge with high volumes increases optimism

Jenny Zheng, NFT Business Development Lead at Bybit, tells Benzinga that BTC’s hourly chart gives an optimistic outlook and a 4-hour chart suggests a double bottom formation, signaling a bullish price movement ahead.

“The volumes were only on Binance. This could be because of the removal of Bitcoin spot trading fees on its anniversary. But such action has certainly triggered more buys for Bitcoin on other exchanges too. This is reflected in various communities that I am in,” Zheng says.

 

Original Source: https://uk.investing.com/news/cryptocurrency-news/massive-volume-pushes-bitcoin-briefly-above-22500-heres-why-theres-a-spike-in-activity-2683826

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

After being in the red for over a month, the largest digital currency by market capitalization, Bitcoin BTC/USD, has pared some of its losses and is trading up about 12% higher over the past week, making a brief high of $22,527 along with a spurt in volumes on July 8, before settling back to around $21,700 levels.

Experts caution the unexpected price uptick as a “one-off event” that is most likely a reaction to crypto exchange Binance’s decision to eliminate fees on BTC spot trading, and that it in no way signals a price reversal.

No substantial reason for price surge

Anndy Lian, Chief Digital Advisor to the Mongolian Productivity Organization, tells Benzinga the sudden price surge in BTC is unsustainable as there is no catalyst for the move.

“The only piece of good news that is closely linked to the surge would be Binance’s zero fees Bitcoin promotion. There were many people who were trying to gain VIP tiers, which resulted in a massive transaction volume. That volume can be subjected to wash trading and manipulations,” he says, adding that the incident is one-off.

Liquidation of leveraged short positions

Even as the price of BTC surged despite the lack of any significant announcement, Glassnode’s futures shorts liquidations metric reveals a substantial number of liquidations of leveraged short positions – from $10.23 million to $29.42 million between July 6 and 7, which could have exerted bullish pressure to propel BTC above the $22,500 level.

BTC price likely to fall back down

Raj Kapoor, founder and CEO of India Blockchain Alliance says given the crypto’s history of volatility, this uptick is in no way a long-term reversal and that BTC’s price is likely to fall back down.

“The uptick was accelerated when Binance put an offer [of] zero-fee trading for Bitcoin, with plans to eliminate the charges for more tokens in the future.  This was followed up with a stock market rally following the release of the Federal Reserve’s minutes,” Kapoor said.

Experts point out that the crypto market may not have hit the bottom as yet due to fears of a recession, several crypto deals falling apart, surging inflation, geopolitical crises, and rising interest rates. These concerns continue to drive extra short-term volatility in the crypto and stock markets.

Higher currency outflows

Exchange outflows have risen from 20,495 BTC against 18,648 exchange inflows on July 3, according to Glassnode. While on July 7, there were 50,966 BTC in exchange outflows against 43,601 BTC in exchange inflows.

Higher exchange outflows have led to higher buying pressure for BTC, with most of the volumes coming in from the retail segment. Metrics from Santiment, point to a significant downside in the supply held by whales since July 4, indicating that whales have been gradually reducing their positions as the price of BTC climbs higher.

Economic downturn priced in

Sharat Chandra Vice President of Research and Strategy at EarthID, says BTC has begun exhibiting decisive price action as investors have priced in the incoming data about an economic downturn.

“Lack of liquidity coupled with lower trading volume accounts for Bitcoin’s intraday activity. Bitcoin prices will continue to be volatile depending on the incoming data about the impending recession,” Chandra says.

BTC surge with high volumes increases optimism

Jenny Zheng, NFT Business Development Lead at Bybit, tells Benzinga that BTC’s hourly chart gives an optimistic outlook and a 4-hour chart suggests a double bottom formation, signaling a bullish price movement ahead.

“The volumes were only on Binance. This could be because of the removal of Bitcoin spot trading fees on its anniversary. But such action has certainly triggered more buys for Bitcoin on other exchanges too. This is reflected in various communities that I am in,” Zheng says.

 

Original Source: https://www.benzinga.com/markets/cryptocurrency/22/07/28009285/bitcoin-briefly-above-22-500-experts-remain-wary

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

Crypto Markets News: Is Kyber’s Volume the Reason It Climbed 33% in 24 Hours?

Crypto Markets News: Is Kyber’s Volume the Reason It Climbed 33% in 24 Hours?

Thanks for the mention- Crypto Markets News.


Why Did Kyber Rally When Most Other Cryptocurrencies are in the Red?

Most cryptocurrencies are in the red today and are reporting minor losses. The majority have lost minor amounts which is on average less than 1%. This includes Bitcoin (BTC) which lost 0.46%, Ethereum (ETH) which took a larger hit at 0.94% and XRP which slid by 0.38%.

There were a few that managed to make some gains, such as Bitcoin Cash (BCH) which gained 1.10%. Others include Bitcoin SV (BSV) which grew by 6%, but today’s biggest surprise was Kyber (KNC). The Kyber Network rallied by 32% in the past 24 hours and is currently trading at $0.780758. This is the highest price Kyber has seen since mid-2018.

Kyber is part of Ethereum’s DeFi ecosystem and is a DEX of sorts that allows easy token ERC-20 swaps.

Kyber’s Volume Causing Rally?

Earlier today Kyber released a few tweets that might have strengthened the rally we’ve seen today. The timing of the first tweet is marked approximately by the red X and referred to Kyber’s volume as a DEX. It was originally tweeted by blockchain advisor Anndy Lian and was immediately retweeted by the Kyber Network.

Anndy Lian@anndylian

Amazed by the volume #DEX are doing in the last 29 days:@KyberNetwork at $138m@uniswapexchange at $132m@oasisdex close to $100m https://twitter.com/DexWars/status/1233729927603724293 …

DEX 24 Hour Volume Bot@DexWars

#Ethereum #DEX Volumes February 2020

1) @KyberNetwork – $138,191,045
2) @UniswapExchange – $132,370,243
3) @OasisDex – $99,743,278
4) @tokenlon (0x) – $32,741,114
5) @idexio – $22,311,156
6) @Bancor – $7,661,174
7) @airswap – $7,537,603

*will cover 0x API & RR March onwards

A few hours later Kyber tweeted regarding their pretty large volume. They tweeted that Kyber has facilitated $138 million in value in on-chain trades in February. This is Kyber’s all-time-high of activity and could be one of the reasons for its rally. Another possible reason is anticipation for Kyber’s Katalist upgrade which is due to release in 2020 and which contains many improvements to the network.

Kyber’s rise seems to be a sign that while Bitcoin seems a bit stuck in its tracks for now, Altseason seems to still be going strong.

by Jonathan Ganor

 

Source:

https://www.crypto-markets.news/news/kyber-climbs-33/449

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j