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Investors Investing in Bitcoin amid Price Slump to Around $10,000 0 760

Investors Investing in Bitcoin amid Price Slump to Around $10,000

In spite of significant losses for BTC since mid of August, the “buy the dip” trend in the cryptocurrency markets is yet strong, as per the blockchain data.

While the BTC has declined from $12,500 to $10,000 and once even under $10K in the past 3 weeks, a growth in the number of “accumulation addresses” has been observed. The increase is by 2% to 513,000, as per the data source Glassnode.

“Lots of new daily buyers are coming in to absorb supply,” Su Zhu, CEO of Singapore-based Three Arrows Capital, CoinDesk stated in a Telegram chat.

Accumulation addresses have been those that are with at least 2 incoming non-dust transfers (demonstrating minuscule amounts of bitcoin) and have never been spending funds.

The metric discounts addresses that belong to exchanges and miners, and addresses active more than seven 7 ago to exclude the lost coins.

The deviation between accumulation addresses and prices suggests that investors view the latest price drop as a distinctive bull market pullback and they expect the prices to rise again.

“Markets typically retrace one third or more in a bull market after local euphoria,” Zhu wrote on his Twitter account this Friday, suggesting prices might drop to as low as $8,800 but still will be a “healthy target.”

Bitcoin fell by more than 10% last Thursday, which confirmed a head-and-shoulders breakdown – also known as a bearish reversal pattern – it was a violation of the 6-month-long bull market trendline.

Normally such patterns tend to invite more considerable chart-driven selling, causing deeper price drops.

To this point, Bitcoin has been managing to defend the $10K support – probably a sign of an essential bullish tone in the cryptocurrency market.

Zhu said in another tweet, “I am flabbergasted by the strength shown at $10,000, and it probably means $100,000 is more likely than $5,000 at this stage”.

At this time, Bitcoin is changing hands near $10,120, showing a 1.59% decline on the day.

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Performance of Bitcoin, Ethereum, Binance Coin, and more Major Cryptocurrencies in Past 7-Days 0 88

Among major cryptocurrencies, the cryptocurrency on top of the list is Bitcoin (BTC), demonstrating a 7.73% plunge in the past 7-days. In addition to the past 7-days, BTC has demonstrated a 0.88% plunge in the past 24-hours, bringing its price down to $54,367.96 per BTC. In the past 7-days, the trading volume presented by BTC is $301,590,859,341, and as for the past 24-hours, the trading volume has been $27,123,144,567. Bitcoin’s market capitalization is $1,025,528,906,349.

The next cryptocurrency after BTC is Ethereum (ETH) that has demonstrated a 6.72% plunge in the past 7-days. In addition to the past 7-days, ETH has demonstrated a 1.43% plunge in the past 24-hours, bringing its price down to $4,069.74 per ETH. In the past 7-days, the trading volume presented by ETH is $153,390,144,193, and for the past 24-hours, the trading volume has been $14,288,475,596. ETH’s market capitalization is $482,536,352,740.

The next cryptocurrency after ETH is Binance Coin (BNB) that has demonstrated a 1.25% surge in the past 7-days. In addition to the past 7-days, BNB has demonstrated a 0.36% plunge in the past 24-hours, bringing its price down to $594.64 per BNB. In the past 7-days, the trading volume presented by BNB is $11,052,991,055, and as for the past 24-hours, the trading volume has been $2,624,786,716. BNB’s market capitalization is $99,339,989,069.

The next cryptocurrency after BNB is Solana (SOL) that has demonstrated an 11.31% plunge in the past 7-days. In addition to the past 7-days, SOL has demonstrated a 4.70% plunge in the past 24-hours, bringing its price down to $188.92 per SOL. In the past 7-days, the trading volume presented by SOL is $17,623,413,018, and for past 24-hours, the trading volume has been $1,532,855,227. SOL’s market capitalization is $57,691,831,963.

The next cryptocurrency after SOL is Cardano (ADA) that has demonstrated a 19.82% plunge in the past 7-days. In addition to the past 7-days, ADA has demonstrated a 3.38% plunge in the past 24-hours, bringing its price down to $1.50 per ADA. In the past 7-days, the trading volume presented by ADA is $10,794,051,803, and as for the past 24-hours, the trading volume has been $1,576,176,273. ADA’s market capitalization is $50,142,620,175.

The next cryptocurrency after ADA is XRP (XRP) that has demonstrated a 13.32% plunge in the past 7-days. In addition to the past 7-days, XRP has demonstrated a 2.03% plunge in the past 24-hours, bringing its price down to $0.934 per XRP. In the past 7-days, the trading volume presented by XRP is $21,134,881,131, and for past 24-hours, the trading volume has been $2,324,678,870. XRP’s market capitalization is $44,036,264,454.

The next cryptocurrency after XRP is Polkadot (DOT) that has demonstrated an 18.52% plunge in the past 7-days. In addition to the past 7-days, DOT has demonstrated a 4.19% plunge in the past 24-hours, bringing its price down to $33.81 per DOT. In the past 7-days, the trading volume presented by DOT is $14,474,918,716, and for the past 24-hours, the trading volume has been $1,197,508,287. DOT’s market capitalization is $33,318,274,781.

Paytm Founder Believes Crypto is Here to Stay 0 84

One of the most prominent digital payment companies based in India is Paytm and its founder recently shared his views about the cryptocurrency space. He appears to be quite positive about crypto and notes that it is here to stay. As a matter of fact, he thinks that crypto will become a mainstream technology in a couple of years. The Indian Chamber of Commerce (ICC) organized a virtual conference on Thursday that provided Vijay Shekhar Sharma the opportunity to speak. Paytm’s founder said that cryptocurrency will stay and is the answer Silicon Valley has to Wall Street. 

A multinational technology company, Paytm is based in India and specializes in digital payments. Last week, the company completed its Initial Public Offering (IPO). Paytm disclosed in its IPO filing that its total number of registered users has reached an impressive 337 million and is dealing with 22 million merchants. Sharma opined that he was very positive about cryptocurrencies because they are based on cryptography and in a couple of years, they would also become a mainstream technology very much like the internet that has now become a part of our daily lives. The Paytm founder did admit that currently, people were only using crypto as a means of speculation.

He elaborated that right now, every government appears to be confused about cryptocurrency, but in a time span of five years, crypto would become mainstream technology. Sharma thinks that people will come to see what the world will be like without crypt. But, he was quick to add that this doesn’t imply that digital currency would actually replace sovereign currencies, such as the Indian rupee. The Paytm founder also added that once his company’s revenue goes past the $1 billion thresholds, he will launch the service in some developed countries as well. 

Currently, he said that Paytm was running the largest payments system in Japan in a JV, but they would go without a partner later on. The Chief Financial Officer (CFO) of Paytm, Madhur Deora had said early this month that his company was considering offering bitcoin services to people, if cryptocurrencies are to be legalized in India. However, this does not seem to be likely any time soon because the Indian government has certainly not taken a positive stance towards these crypto assets. As a matter of fact, the government recently made headlines as it is pushing for crypto legislation in the country and not the good kind.

It is expected that a crypto bill will be introduced and passed in the parliament’s winter session that will begin next week. The purpose of the bill is to impose a ban on private cryptocurrencies, but there are expected to be some exceptions. But, since the bill has not been published, it is not clear as to what kind of exceptions will be applicable. There have been conflicting reports and debates, as some people believe that it just might legalize a few cryptocurrencies, while others believe it will ban them completely in favor of the digital rupee to be introduced by the Reserve Bank of India (RBI). 

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