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There’s now 3.0M Bitcoin wallets holding over 0.1 BTC; Pointing to mass retail accumulation

Bitcoin’s bout of consolidation has caused investors to grow increasingly fearful that its recent multi-month uptrend is in peril.

The post There’s now 3.0M Bitcoin wallets holding over 0.1 BTC; Pointing to mass retail accumulation appeared first on CryptoSlate.

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Bitcoin’s bout of consolidation has caused investors to grow increasingly fearful that its recent multi-month uptrend is in peril.

Despite this, retail investors still seem to be busy at work accumulating and gaining increasing exposure to the benchmark cryptocurrency.

Recent data shows that the number of BTC wallet addresses holding over 0.1 BTC just reached an all-time high.

Retail investors heavily accumulating Bitcoin as active wallet count rockets

Ever since Bitcoin posted its first rejection at $10,500 earlier this year, the benchmark cryptocurrency has largely been caught within a bout of sideways trading within the $9,000 region.

Each venture below this region has proven to be short-lived, although its stability has not provided it with enough momentum to surmount the massive selling pressure existing around $10,000.

It does appear that retail investors have taken this opportunity to build greater exposure to Bitcoin.

This is elucidated by the number of wallets holding over 0.1 BTC – worth just under $1,000 – which has just rocketed to fresh all-time highs.

Data from research firm Glassnode shows that the previous all-time high was set in late-May, and that a total of 3.05 million addresses have now crossed this threshold.

“BTC Number of Addresses Holding 0.1+ coins just reached an ATH of 3,054,282.000. Previous ATH of 3,054,070.000 was observed on 21 May 2020.”

Bitcoin
Data via Glassnode

Other data from Glassnode also reveals that Bitcoin’s daily active address count has also been trending upwards throughout 2020, with there currently being somewhere between 800,000 and 900,000 active wallets on a day-to-day basis.

Data via Glassnode

This points to heightened usership amongst BTC’s market participants.

Institutions still remain more bullish on BTC than retail traders

There’s no doubt that the accumulation trend seen amongst retail traders points to an underlying bullishness amongst this Bitcoin investor group.

That being said, data suggests that institutional investors still remain even more bullish on the benchmark digital asset.

CryptoSlate reported last week that the premiums seen on the CME’s BTC futures product does indicate that those using this platform are more eager to gain long-exposure to the crypto than their retail counterparts.

Arcane Research spoke about this, saying:

“After a strong rise in BTC futures premium rates over the last couple of weeks, we got a pullback this week… Traders on retail-focused are still less bullish than CME traders, and in now back below the average level since January.”

Bitcoin
Data via Arcane Research

The culmination of accumulation between both institutions and retail traders does seem to bode well for the cryptocurrency’s mid and long-term outlook.

The post There’s now 3.0M Bitcoin wallets holding over 0.1 BTC; Pointing to mass retail accumulation appeared first on CryptoSlate.

Source: https://cryptoslate.com/theres-now-3-0m-bitcoin-wallets-holding-over-0-1-btc-pointing-to-mass-retail-accumulation/

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I Disagree With Armostrong: Ripple CEO on Coinbase Apolitical Policy

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Ripple CEO Brad Garlinghouse is the latest popular individual to criticize the apolitical approach recently taken by the cryptocurrency exchange Coinbase. Just the opposite, Ripple has offered employees paid time off to vote and volunteer in the upcoming US Presidential elections.

Ripple CEO Disagrees With Coinbase CEO

Brian Armstrong, the Chief Executive Officer of the veteran US-based digital asset platform Coinbase, raised lots of controversies recently after a blog post. He argued that his company should remain laser-focused on its mission to ascend as a cryptocurrency exchange and its employees need to avert from any political discussions or endeavors.

This so-called “apolitical” approach received reactions from people within and outside of the cryptocurrency space. Most, such as Twitter’s CEO Jack Dorsey, criticized Armstrong’s actions.

The latest to join the “I don’t agree with Armstrong bandwagon” is Brad Garlinghouse – the CEO of the payment protocol Ripple. He asserted that technology companies have the “obligation” to assist with solving social issues.

“We think about our mission as enabling an internet of value, but we seek positive outcomes for society. I think tech companies have an opportunity – but actually an obligation – to lean into being part of the solution.”

Ripple CEO Brad Garlinghouse. Source: Fortune
Ripple CEO Brad Garlinghouse. Source: Fortune

He called some of these social problems “exacerbated” by the tech sectors. As such, Ripple has decided to take the precisely opposite approach. The Silicon Valley-based company will offer its employees paid time off to volunteer and vote in the upcoming US Presidential elections.

It’s worth noting that Coinbase has seen at least 5% of its staff leaving following Armstrong’s apolitical urge. The exchange offered “generous exit packages” to all that disagreed with its politics.

Garlinghouse On The Ongoing YouTube Legal Battle

As CryptoPotato reported in April, Ripple filed a lawsuit against the most widely used video-sharing platform – YouTube. Ripple claimed that the Google-owned giant hadn’t done enough to fight the growing number of fake giveaways impersonating company executives and duping thousands and thousands of dollars from victims.

During the CNBC interview, Garlinghouse used the opportunity to criticize YouTube and its lack of appropriate actions once more. He doubled-down that Ripple doesn’t do such giveaways, and people need to be extremely cautious when they see one, even if it’s on a trusted platform.

“We didn’t need to do that [giveaways]; it doesn’t help Ripple. But what it highlights is that platforms need to take ownership of the problems they are contributing to.”

Featured Image Courtesy of VOX

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Source: https://cryptopotato.com/i-disagree-with-armostrong-ripple-ceo-on-coinbase-apolitical-policy/

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The PayPal Effect: Billionaire Chamath Palihapitiya And Libra’s Chief Believe Banks Will Support Bitcoin

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PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya.

Banks Will Follow PayPal, Says Marcus

Arguably the most significant piece of news recently came last week when the giant online payment processor PayPal announced it will soon enable its US-based customer to purchase, sell, and store several cryptocurrencies, including Bitcoin and Ethereum. Clients based outside the US will have this option available next year.

Apart from the immediate price reaction the news had on the cryptocurrency market, the community also accepted the announcement as a significantly bullish development.

In fact, most believe that this is just the beginning, and more centralized and trusted establishments, such as banks, will follow suit. Co-creator and board member of Facebook’s future cryptocurrency Libra, David Marcus, also weighed in on the news.

He asserted that the cryptocurrency industry is “turning a corner” as banks will pursue Bitcoin and stablecoins support.

Bitcoin Is No Longer Optional

Another famous individual to comment on the PayPal developments was the Social Capital CEO and former Facebook executive, Chamath Palihapitiya.

Being also a vocal supporter of Bitcoin, Palihapitiya, similarly to Marcus, highlighted that “every major bank is having a meeting about how to support Bitcoin. It’s no longer optional…”

Palihapitiya recently said that his first BTC purchase came at the start of the previous decade. He bought one million bitcoins for $80. Later on, he outlined the primary cryptocurrency as his best investment bet.

Social Capital’s CEO has also urged the public numerous times to allocate at least 1% of their investment portfolio in Bitcoin. He said that having such allocation helps him sleep “soundly at night.”

He also advised that people should avert from short-term price actions. Instead, he focuses on the long-term, knowing that Bitcoin’s fundamentally different attributes will protect him against the falling current financial infrastructure.

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Source: https://cryptopotato.com/the-paypal-effect-billionaire-chamath-palihapitiya-and-libras-chief-believe-banks-will-support-bitcoin/

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BTC Price Analysis: Bitcoin Weakens As Wall Street In Deep Red, Is $14K Target Intact?

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Bitcoin’s price remains stuck under the key 0.618 Fibonacci level at $13,360 going into this week after little bullish momentum arrived during the opening of the US traditional markets. Wall Street, meanwhile, is painted in red.

Over shorter timeframes, it’s clear that the general sentiment is still bullish as the leading asset continues to print higher lows. However, trading volumes are beginning to decline, and there’s a growing divergence between the RSI and price action, which suggests things may turn bearish soon.

Since the Paypal news broke on October 21, over $33 billion has flooded back into the crypto space and helped the leading asset’s market dominance break back over 61% for the first time since August 2, 2020.

Price Levels to Watch in the Short-term

On the weekly BTC/USD chart, we can see that the main resistance area (red shaded zone) standing in the way of Bitcoin right now is the aforementioned Fibonacci level and the June 24, 2019 high at $13,950.

This top price point also overlaps with the upper resistance of the broadening wedge pattern (yellow lines) that BTC has been tracking inside of since April 27, which makes it a particularly strong level for bulls to overcome.

If momentum picks up again, however, and bulls manage to set a new 490+-day high, then the next likely areas of resistance will probably lie somewhere around the psychological $14K mark, the $14,400 level, and $14,600.

If the strong bearish divergence on the 4-hour timeframe plays out (light blue lines), we should expect the first area of support at the 50 EMA at $12,600, followed by the first major support zone (green shaded area) between $12,300 and $11,950. Under that, we also have the 0.5 Fibonacci level at $11,400 and the support line of the broadening wedge pattern approximately around $11K to catch any dips if prices decline further.

Total market capital: $401 billion
Bitcoin market capital: $243 billion
Bitcoin dominance: 60.5%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

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BTC/USD chart via Tradingview.

Bitstamp BTC/USD 4-Hour Chart

Bitcoin trading BTC
BTC/USD chart via Tradingview.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/btc-price-analysis-bitcoin-weakens-as-wall-street-in-deep-red-is-14k-target-intact/

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