Cryptocurrency prices plunged yesterday after the US inflation reading. Bitcoin, however, halted the declines and is currently trading above $20,000:
- The Starbucks chain has announced a partnership with the Polygon cryptocurrency to make the purchase and collection of unique NFT tokens available. Starbucks is pursuing a Web 3.0 program called “Odyssey”. The altcoin, however, was unable to sustain its gains and settled around $0.85.
- South Korean police have issued an arrest warrant for the creator of the Terra/Luna blockchain, DoKwon. In the Netherlands, in turn, the creator of the Electrum wallet was arrested and accused of “money laundering” via the decentralized exchange Bisq and the cryptocurrency allowing complete anonymity, Monero.
- Tether, the company behind the largest USDT stablecoin, has announced that it is collaborating and making USDT available under the NEAR protocol. To date, the largest “clients” of USDT are Tron and Ethereum, with approximately 65 billion USDT tokens currently circulating on both networks.
The chart shows that there have been three recent sales of UTXO (i.e. from wallets that never sold tokens after purchase). All of these tokens were bought in December 2013 when Bitcoin prices were just above $540 and were sold on August 28, 29 and September 04. On-chain data has so far only indicated 11 instances where tokens held for 7-10 years traded at more than 4,000 BTC per day. And no less than three of the 11 cases have occurred in the past 2 weeks. Source: Glassnode
When bitcoin fell below $24,500, on-chain data allowed token trading volume to take off, many investors’ gains (especially short-term investors) turned into losses, which were ultimately mostly unrealized. Strong price movements often provide important on-chain information, in this case we can determine the percentage of tokens that changed hands (profit supply percentage) within a given price range. On September 9, 48.1% of the total Bitcoin supply was in loss. With more losses related to short-term holders (9.3%) compared to long-term investors (2.5%). The difference underscores the demand dynamics that prompted short-term traders to enter the market when Bitcoin’s spot price fell below the realized price (the average buying price of Bitcoin on the blockchain). 11.8% of the market holds BTC bought between $18,500 and $24,500. At the same time, almost half of the supply is at a loss. All of this means that supply pressures could be felt as near-term investor sentiment deteriorates. Source: Glassnode
Chart Bitcoin, interval H4. Yesterday’s decline sent the price below the 200-session average, which sits at $21,300. The RSI indicator fell to 37, which in the past has been a harbinger of trouble for the queen of cryptocurrencies. Source: xStation5
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Bitcoin defends the $20,000 level
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