Bitcoin Crypto News

Fashion Company Farfetch Joins Other Luxury Giants In Crypto Payment Adoption

Farfetch is the most recent premium fashion brand to experiment with digital currencies. Later this year, the luxury apparel business will begin taking bitcoin payments on its marketplace. The cryptocurrency payment feature will be tested at luxury boutiques across the European Union before being extended out to the United States, Europe, and the United Kingdom. Cryptocurrency […]

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The crypto market downturn explained

Around the Block from Coinbase Ventures sheds light on key trends in crypto. Written by Connor Dempsey. Data by Mike Cohen. TLDR: Central Banks and governments responded to the March 2020 COVID market shock with unprecedented interest rate cuts, money printing, and stimulus These easy money policies kicked off a multi-year bull run for equities and crypto, […]

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Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

With the market in turmoil, digital assets such as Bitcoin and Ethereum are seeing their prices challenged in ways that have sent shivers down the spines of investors. The downtrend had triggered massive sell-offs that had sent prices towards yearly lows. Despite the volume already being sold off, sellers look to not be done yet. This is evidenced by the volume of Bitcoin and Ethereum that has been making its way to centralized exchanges recently. Bitcoin, Ethereum Rocked By Inflows The inflows had been growing steadily recently and given the volume that has been going into exchanges, this growth is alarming. Top coins Bitcoin and Ethereum usually hold up best when it comes to markets like this, and though they have held up, investors seem unconvinced that they would continue to do so. This is one of the reasons why the inflows have been massive. Data shows that more than $1.4 billion worth of Bitcoin has flowed into centralized exchanges in the last 24 hours alone. Although this is a decline from the previous day when $1.7 billion in BTC had been moved into exchanges, it significantly surpassed the outflow rate compared to the previous day. Related Reading | How The Tether Peg Could Predict Raging Bitcoin Volatility Outflows for bitcoin for the last 24 hours came out to $1.2 billion. What this led to was a positive net flow of $233 million.  Ethereum was not left out of this either. If anything, the second-largest cryptocurrency by market cap has been worse hit by exchange inflows. For the previous day, its inflows had touched $569 million. But unlike Bitcoin, it did not record enough outflows to offset this figure. BTC continues downtrend | Source: BTCUSD on TradingView.com This would continue into the Wednesday market which saw $658.2 million flowing into centralized exchanges. In the same time period, there was $651.1 million flowing out of the exchanges, which left a positive network of $7.2 million. USDT Outflows Spell Selling One way to indicate if investors are selling or buying Bitcoin, Ethereum, and other digital assets is through the stablecoin inflow, and lately, this flow rate has been anything but encouraging. Tuesday saw $1.1 billion USDT flowing into exchanges, marking a significant figure but the outflows came out higher. In total, there was $1.7 billion in USDT leaving exchanges, resulting in a negative $612.1 million net flow. Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 What metrics like this show is that investors are likely turning their volatile cryptocurrencies into these stablecoins and moving them out of the exchanges for safekeeping. Mostly to provide shelter from a highly volatile market. Nevertheless, the USDT volumes from the last 24 hours are beginning to paint a slightly better picture. While outflows had reached as high as $738.5 million for the past day, inflows were $871.4 million, a positive net flow of $132.9 million. If this trend continues, then the current selling trend could well be turned around into a buyer’s that would hopefully trigger a recovery in the market.  📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $1.4B in⬅️ $1.2B out📈 Net flow: +$223.0M#Ethereum $ETH➡️ $658.2M in⬅️ $651.1M out📈 Net flow: +$7.2M#Tether (ERC20) $USDT➡️ $871.4M in⬅️ $738.5M out📈 Net flow: +$132.9Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) May 19, 2022 Featured image from News Central TV, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

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Institutional Investors Are Accumulating a Top Ethereum Rival and Stockpiling Bitcoin, According to Crypto Asset Firm CoinShares

A leading crypto asset manager says institutional investors bought Bitcoin’s (BTC) low last week, giving digital investment products their first week of inflows since early April. In the latest edition of their weekly Digital Asset Fund Flows Weekly Report, CoinShares finds institutions invested $45 million in BTC products despite the market crash. “Bitcoin saw inflows totaling […]

The post Institutional Investors Are Accumulating a Top Ethereum Rival and Stockpiling Bitcoin, According to Crypto Asset Firm CoinShares appeared first on The Daily Hodl.

Crypto News

Ethereum Miners Surpass Bitcoin Miner Revenue By $224M

After the continuous sink in the mining profitability of both digital assets year-on-year, Bitcoin miners have been set back to seats as Ethereum miners consecutively surpassed them in mining revenue and recorded a gap of $224 million in April 2022. This month was not so good for Bitcoin miners as they were able to generate around $1.16 billion only. Notably, this figure is down by $44 million from the previous month’s mining revenue of Bitcoin. The last month saw $1.7 billion in recorded income. Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K Bitcoin miners’ total profitability was down by 31% from April 2021 to the present. In that time, $1.7 billion in revenue was recorded. Similarly, the single-day high of BTC mining revenue in April was 3% low than the peak value of March. As per YCharts, the best-day high in March 2022 lasted at around $47.54 million and $46.01 million in April. And it dropped 23% from the best-day high of January, which saw $60.16 million. Unlike Bitcoin, Ethereum mining revenue in April increased by 3% generating $1.39 billion. While Bitcoin, at the same time, recorded $1.16 billion in mining revenue. Still, the Ethereum mining revenue has decreased yearly from its previous marks recorded till April. The mining revenue of Ethereum in April 2022 is 17% below the previous year’s mining income of April 2021. Last year it was around $1.68 billion. Ethereum Becomes Preferred Choice Of Miners In 2022 Although Bitcoin stands as the largest and most popular digital asset, Ethereum has become the most preferred choice of the miners seeing a higher income generated in 2022. It was not the first time Ethereum outpaced Bitcoin in mining revenue; it surpassed BTC mining by $260 million in January, $190 million in February, and $130 million in March 2022. To understand the reason behind disparities in the mining incomes of two digital assets, first, it needs to consider the fact that mining revenue is calculated per the value of cryptocurrency and earned coins within a specific timeframe. Likely, Ethereum mining revenue increased in March 2022 and traded between $3,000 to $4,000 until most of April. And it traded in the range of $2,900 and $3,400 in March. On the other side, the Bitcoin price in April traded between $37,000 and $44,000. And in March, it had a higher trading value ranging from $43,000 to $48,000. Related Reading | Bitcoin Price Plummets To Lowest Point In 2022, Will $33,000 Hold? Crypto mining is the process of verifying and adding new transactions to the blockchain for a cryptocurrency. The miner who wins the competition gets rewards with some amount of the currency and/or transaction fees. Featured image from Pixabay and chart from TradingView.com  

Bitcoin Crypto News

What Sell Pressure? Bitcoin Exchange Reserves Hit 4-Year Low

Bitcoin has started a recent downtrend that is threatening its position above the coveted $40,000 level. This is presumed to be caused by major sell-offs in the market. However, exchange metrics continue to show that this is not entirely the case. Exchange balances have been plummeting for the past year pointing towards massive accumulation trends and this has come to a head after bitcoin exchange balances have touched a new 4-year low. Exchange Balances Plummet It is no secret that the bitcoin being left on centralized exchanges has been declining. However, the margin by which this has been on the decline is more important. Even during times when the price of bitcoin had been on a recovery trend and headed into a bull market, exchange balances continued to plummet. The result of this has been exchange balances hitting a new low, currently sitting at a four-year low. Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing This comes from months of consistent outflows that have been the order of the day. Even when bitcoin had reclaimed its position above $40,000 on several occasions, exchange outflows continued to surpass inflows, leading to the decline in the balances. BTC trading south of $40,000 | Source: BTCUSD on TradingView.com One of the most prominent outflows was recorded on April 14th when more than 25K bitcoin valued at $1.9 billion left centralized exchanges in a single day. The decline to 4-year lows was made public by on-chain data aggregation firm CryptoQuant in a tweet on Thursday.  $BTC Spot Exchanges' Reserve hits over a 4-year low Live Chart👇https://t.co/52cmYEeYFo pic.twitter.com/BqB7koB5i0 — CryptoQuant.com (@cryptoquant_com) April 21, 2022 Bitcoin Outflows Not Slowing Down Despite hitting a new low, bitcoin investors are not letting up in their outflow activities. Wednesday, April 20th saw bitcoin outflows touch as high as $1.3 billion, continuing the same trend as that recorded on April 15th.  Related Reading | Bitcoin Falls Back To $40,000 As Fed Mulls Faster Rate Bumps This carried on into Friday with a total of $1.7 billion in outflow already recorded for the digital asset in the last 24 hours. As the weekend draws close, a time when volatility can be quite low, the market may see the pioneer digital asset recover above $42,000 once more.  📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $1.4B in⬅️ $1.7B out📉 Net flow: -$315.5M#Ethereum $ETH➡️ $557.2M in⬅️ $524.1M out📈 Net flow: +$33.1M#Tether (ERC20) $USDT➡️ $647.2M in⬅️ $668.5M out📉 Net flow: -$21.4Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) April 22, 2022 The rate at which BTC is leaving exchanges suggests one thing and that is that investors are accumulating their cryptocurrencies. This has already been the case among whales but it seems like smaller investors are beginning to follow the same path. Featured image from IG, chart from TradingView.com