Why Bidens exit from the elections briefly pushed Bitcoin price to $68K

Bidens exit from the presidential race helped Bitcoin recover, but analysts expect the decision to cause more uncertainty in the crypto market.

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Bitcoin Recovery Stalls As HODLers Apply Selling Pressure

On-chain data shows that Bitcoin long-term holders have potentially been selling recently, something that may explain BTC’s continued bearish momentum. Bitcoin Exchange Inflow CDD Has Registered Huge Spikes Recently As an analyst in a CryptoQuant Quicktake post explained, old cryptocurrency tokens have recently been deposited in large quantities in centralized exchanges. The on-chain metric of interest here is the “Exchange Inflow Coin Days Destroyed (CDD).” A “coin day” refers to a quantity that 1 BTC accumulates after staying dormant on the blockchain for 1 day. Related Reading: Bitcoin Crash Forced Weak Hands Into Largest Loss-Taking Since 2022 Lows: Report When a coin that had been sitting still inside a wallet is finally moved, its coin days counter naturally resets back to zero, and the coin days it had been carrying before the move are said to be “destroyed.” The CDD keeps track of the total amount of coin days being reset in this manner across the network. In the context of the current topic, though, the general CDD isn’t the one of focus, but rather the Exchange Inflow CDD, which only keeps track of the coin days being destroyed through transactions into wallets connected to exchanges. Now, here is a chart that shows the trend in the Bitcoin Exchange Inflow CDD over the past month or so: As is visible in the above graph, the Bitcoin Exchange Inflow CDD has registered some spikes of considerable scale this month. This would imply that many dormant coins have recently seen deposits into exchanges. Generally, spikes in the CDD correlate to movement from the long-term holders (LTHs), as these HODLers tend to accumulate large amounts of coin days. Therefore, the recent spikes in the Exchange Inflow CDD suggest that these diamond hands have been transferred to exchanges. Holders make transactions into exchanges when they want to use one of the services these platforms provide, which can include selling. The chart shows that the spikes earlier in the month had come when Bitcoin had plunged towards its lows, implying that the selling pressure from this cohort may have played a role in the crash. The latest spike, larger in scale than the others, has come while BTC has been trying to start a recovery rally from these recent lows. So far, BTC has had no luck, suggesting that the selling from the LTHs has potentially been holding the coin back. Related Reading: Chainlink Traders Capitulate After 10% Plunge: Bottom Here? It remains to be seen how the Exchange Inflow CDD behaves in the coming days and if any potential further spikes would impede Bitcoin in its path to recovery. BTC Price At the time of writing, Bitcoin is trading at around $57,900, up more than 4% over the past week. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Mt. Gox trustee to start Bitcoin, Bitcoin Cash repayments in July

After a decade of anticipation, July might finally bring restitution to the users of the now-defunct Mt. Gox exchange.

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Bitcoin (BTC) Jumps To $82,000 As Trump Announces 90-Day Pause On Tariffs Except China

Crypto and stock prices have surged in the past hour after US President Donald Trump announced a 90-day pause for tariffs on multiple nations, except China. Bitcoin (BTC), the flagship crypto, now eyes the $83,000 barrier after jumping 6.1% following the news. Related Reading: Bitcoins Next Big Move? Open Interest Says Get Ready Trump Authorizes 90-Day Pause On Tariffs In a Truth Social post, President Trump announced he was raising China tariffs to 125% effect immediately due to a lack of respect shown to the Worlds markets. This move follows Chinas recently announced reciprocal 84% tariff rate on US goods, starting April 10. Based on the lack of respect that China has shown to the Worlds Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable, Trump explained. In the Wednesday post, the US President also revealed he had authorized a 90 days PAUSE for other countries, as 75 nations reached out to multiple US Representatives, including the Departments of Commerce, Treasury, and the US Trade Representative, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non-Monetary Tariffs. Additionally, he authorized an immediate substantially lowered Reciprocal Tariff of 10% during the 90-day pause. In a second post, the President stated, This is a great time to buy. Following the news, stock prices surged, with the S&P 500 (SPX) surging around 6% since the announcement. Meanwhile, the crypto market saw its total market capitalization jump around 5%, with assets like Bitcoin, Ethereum (ETH), XRP, and Solana (SOL) increasing 6%-12% in an hour. Bitcoin Price Surges To $82,000 The flagship crypto climbed from the $76,000-$77,000 range to the $82,000, momentarily reclaiming this level for the first time since Sunday. Its 6% surge has sparked optimism among investors, who saw Bitcoin fall to a five-month low over the weekend. BTC dropped nearly 10% between Sunday and Monday, fueled by the ongoing tariff war. Amid the correction, Bitcoin hit the $74,000 support zone for the first time since November. Related Reading: Solana (SOL) Needs 15% Bounce After Multi-Year Support Retest, Recovery Ahead? On Monday, BTC also saw a brief recovery of the $80,000 barrier after major media outlets reported the White House was considering a 90-day pause on tariffs. However, the cryptocurrency erased most gains after the news turned fake. According to online reports, todays surge triggered $75,000,000 worth of Bitcoin shorts being liquidated in the past 60 minutes. As of this writing, Bitcoin trades at $82,444, a 4.1% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

Bitcoin on-chain data suggests a historical support line may have helped the coin once again as the asset has recovered toward $28,000 today. Bitcoin Short-Term Holder Cost Basis May Still Be Active As Support According to data from the on-chain analytics firm Glassnode, the BTC price approached the cost basis of the short-term holders recently. The relevant indicator here is the “realized price,” which is a metric derived from the “realized cap.” The realized cap refers to a capitalization model for Bitcoin that says that the value of each coin in the circulating supply is not the current spot price, but the price at which it was last transacted on the blockchain. In this way, the model accounts for the price at which each investor acquired their coins. That is, their “cost basis.” When the realized cap is divided by the number of coins in circulation (to find a sort of average value), the aforementioned realized price emerges. Related Reading: Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting? This realized price signifies the average value at which each holder in the market bought their coins. The metric can also be defined for only partial segments of the market, like the “short-term holders” (STHs), in which case, the indicator will tell us about the average cost basis among this group only. The STHs are all those investors who bought their coins less than 155 days ago. The BTC holders outside this group are termed the “long-term holders” (LTHs). Now, here is a chart that shows the trend in the Bitcoin realized price for the STHs over the past couple of years: The value of the metric seems to have been climbing in recent days | Source: Glassnode on Twitter In the above graph, Glassnode has marked the various instances where the Bitcoin STH realized price has apparently interacted with the spot price of the asset. Back when the 2021 bull run topped out in November, the cryptocurrency’s value dropped below this indicator, signaling a change of trend. From this point on, as the bear market took over, the STH cost basis started providing resistance to the asset. Back in January of this year, though, the price finally managed to break through this resistance as the rally began to take place. Related Reading: Bitcoin Bulls Push BTC Back Up To $28K Amid Surging Address Activity This break lead to another change in the wider trend, as the line seemingly turned into support for the asset. However, this isn’t an unusual pattern, as bullish periods have historically observed the metric helping the price. Recently, Bitcoin found some struggle, as the price plunged towards the $26,000 level. The consolidation near this level meant that the price was fast approaching the STH realized price, which was slowly going up. When Glassnode posted the chart yesterday, it described this current state as a “decision point” for the market. According to the analytics firm, a successful retest here would be a sign of strength in the bullish trend, while failure would imply weakness. Over the past day, Bitcoin has enjoyed a rebound, with the price briefly breaking above the $28,000 level. But it may perhaps not be a coincidence that the uplift has come right as the price was nearing a retest of this historical level. Naturally, a sustained move away from the STH realized price now would confirm that the level is still active as support, a sign that would be positive for the rally’s sustainability. BTC Price At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week. BTC has surged in the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com

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Bitcoin price is Consolidating! Here’s why this is a good thing

Will Bitcoin go up again after this slight halt? In this Bitcoin price prediction, we assess why the Bitcoin consolidation is a good thing.

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Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push

On-chain data shows that Bitcoin whales have continued to accumulate recently as the asset has been trying to make a push toward recovery. Bitcoin Whales Have Continued To Add To Their Holdings Recently According to data from the on-chain analytics firm Santiment, the whales have bought around $3.5 billion in the digital asset since the first week of April. The relevant indicator here is the “BTC Supply Distribution,” which tells us about the total amount of Bitcoin that each wallet group in the market is holding right now. The wallet groups here refer to cohorts of addresses divided based on the total number of coins that they are carrying in their balances currently. In the context of the current discussion, the 1,000-10,000 coins group is the one of interest. Naturally, this cohort would include all addresses or investors who are holding at least 1,000 BTC and at most 10,000 BTC. As the only holders that own such large wallets would be the whales, this group can provide insight into the behavior of these humongous investors. If n the Supply Distribution is applied for this specific cohort, it would track the combined amount of Bitcoin that all the whales falling inside this range are holding currently. Now, here is a chart that shows the trend in the BTC Supply Distribution for the whales over the last few months: The value of the metric seems to have been going up in recent days | Source: Santiment on Twitter As displayed in the above graph, the 1,000-10,000 coins group has registered an increase in its supply recently. More specifically, since the first week of April (that is, just before the rally had hit what has so far been the top), the whales have added around 131,600 BTC (worth about $3.5 billion at the current exchange rate) to their wallets. Related Reading: Stablecoins Supply Finally Shows Rise, Here’s Why This Is Bullish For Bitcoin It would appear that these humongous Bitcoin investors were constantly adding to their addresses as the price was going down, perhaps hoping to catch the bottom. Recently, however, the group had slowed down as the decline was showing no signs of stopping, and fresh FUD like the SEC charges against Binance and Coinbase had emerged in the market. But a few days back, when Bitcoin had plunged below $25,000, the supply of the whales had started showing a rapid rise, implying that this cohort was heavily bought at the low prices. Related Reading: Bitcoin Short-Term Holders Still Bullish, Will Rally Restart? Generally, while buying is a bullish sign for the price, it would appear to have held up for the asset this time as well, since the coin has shown some recovery efforts since this latest buying spree from these holders began, with the price even going above $27,000 for a brief period during the past day. So far, the whales haven’t shown any signs of stopping their latest accumulation streak, as their supply has now risen to a seven-month high of 4.65 million BTC. BTC Price At the time of writing, Bitcoin is trading around $26,700, up 2% in the last week. BTC has been making a recovery push | Source: BTCUSD on TradingView Featured image from Swanson Chan on Unsplash.com, charts from TradingView.com, Santiment.net

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Confirmed Bitcoin payments hit yearly low due to holiday illiquidity

Metrics like the number of confirmed payments can be used to gauge investor activity on the Bitcoin network.

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All I wanted for Christmas was my $773M BTC back

Speaking to Cointelegraph, James Howells shares an update on his ongoing battle with legal and environmental challenges to recover a landfill hard drive containing $773M in lost Bitcoin.

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ApeCoin (APE) Analysis: Ascending Channel Points to $2.10 Target

ApeCoin (APE) recently faced significant turbulence, experiencing a sharp decline amidst a broader market downturn. Over the past week, APE plummeted by 26%, driven by Bitcoin’s sharp fall, which triggered widespread fear and uncertainty across the cryptocurrency market. The negative sentiment caused a cascading effect, pulling down altcoins, including APE. However, the market is now […]

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From landfill to lawsuit: James Howells quest to reclaim lost Bitcoin

James Howells has expressed his frustration with Newport City Council for refusing to allow him to retrieve a Bitcoin hard drive from a local landfill, pushing him to take legal action.

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British man sues council for $647M over lost Bitcoin in landfill

James Howells continues his legal battle for 495 million British pounds ($647 million) in damages after Newport City Council blocked his landfill excavation request.

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Bitcoin Coinbase Premium Surges, Recovery Being Driven By US Investors?

Data shows the Bitcoin Coinbase Premium Index has recently seen a surge, a sign that buying from US investors may contribute to the recovery. Bitcoin Coinbase Premium Index (7-Day SMA) Has Been Going Up Recently According to data shared by Julio Moreno, the Head of Research at CryptoQuant, the Coinbase Premium Index has been sharply [...]

The post Bitcoin Coinbase Premium Surges, Recovery Being Driven By US Investors? appeared first on Crypto Breaking News.

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