Market analysis

BTC sinks below $40K, Bitcoin inflows to centralized exchanges surge.

Related product: Forex

Market analysis: BTC sinks below $40K, Bitcoin inflows to centralized exchanges surge. Bitcoin inflows to centralized exchanges have surged, prompting bearish speculation the crypto markets could be building up to a violent wash-out. Lex Moskovoski, CIO at Moskovoski Capital, shared data showing that 22,917 BTC was transferred onto centralized exchanges in a single hour on May 18. Moskovoski noted the hourly inflow was the largest since the March 2020 “Black Thursday” crash. With outflows from exchanges typically being inferred as indicating crypto assets are being moved into cold storage for security or DeFi protocols for yield generation, inflows are interpreted as assets being moved onto centralized platforms to be sold. Data compiled by on-chain crypto analytics firm Glassnode shows the past two days have seen consecutive all-time highs produced for net transfer volume onto Bitcoin on to leading centralized exchange, Binance. The data was shared by Twitter analyst William Clemente III to his 70,400 followers, triggering bearish price predictions on social media. The chart indicates roughly 35,000 Bitcoin worth more than $1.4 billion has been deposited on Binance in the past 48 hours. “Feels like capitulation,” said Kraken’s growth lead, Dan Held. Clemente replied: “Let’s see one final nasty liquidation wick.” Reasons to be cheerful Despite Bitcoin’s price grinding down to post local lows below $40,000, some analysts are finding reasons to be bullish. Popular analyst, Lark Davis, noted the recent downturn has pushed Bitcoin’s 14-day relative-strength indicator into oversold territory for the first time since March 2020, suggesting the crash may be nearing its plateau. Others are welcoming capitulation as a likely catalyst for a bullish recovery, predicting a swift return to upward momentum once selling has become exhausted. Twitter user “YHRW80” noted surging flows into Bitcoin’s spot and derivatives markets during 2021, concluding that the dominant emotion gripping the markets is “greed” rather than fear. However, Bitcoin’s Fear and Greed Index disagrees with YHRW80’s analysis, describing current Bitcoin market sentiment as “extreme fear.” There was some welcome news today, with Indian media reporting the country's government is set to rethink its planned crypto ban and form a new panel of experts to explore regulating crypto assets in India. Some analysts suggest the catalyst for the surging inflows is tomorrow’s looming deadline for controversial stablecoin issuer Tether to disclose its quarterly financial records as part of its settlement with the New York Attorney General’s office. Last week, Tether posted a breakdown of its reserves for the first time, asserting three-quarters of the assets backing its stablecoin are cash, cash equivalents, and other short-term deposits and commercial paper.

2021-05-19 13:38

10

11

MarketBTC sinks below $40K, Bitcoin inflows to centralized exchanges surge.

Related product: Forex

Market analysis: BTC sinks below $40K, Bitcoin inflows to centralized exchanges surge. Bitcoin inflows to centralized exchanges have surged, prompting bearish speculation the crypto markets could be building up to a violent wash-out. Lex Moskovoski, CIO at Moskovoski Capital, shared data showing that 22,917 BTC was transferred onto centralized exchanges in a single hour on May 18. Moskovoski noted the hourly inflow was the largest since the March 2020 “Black Thursday” crash. With outflows from exchanges typically being inferred as indicating crypto assets are being moved into cold storage for security or DeFi protocols for yield generation, inflows are interpreted as assets being moved onto centralized platforms to be sold. Data compiled by on-chain crypto analytics firm Glassnode shows the past two days have seen consecutive all-time highs produced for net transfer volume onto Bitcoin on to leading centralized exchange, Binance. The data was shared by Twitter analyst William Clemente III to his 70,400 followers, triggering bearish price predictions on social media. The chart indicates roughly 35,000 Bitcoin worth more than $1.4 billion has been deposited on Binance in the past 48 hours. “Feels like capitulation,” said Kraken’s growth lead, Dan Held. Clemente replied: “Let’s see one final nasty liquidation wick.” Reasons to be cheerful Despite Bitcoin’s price grinding down to post local lows below $40,000, some analysts are finding reasons to be bullish. Popular analyst, Lark Davis, noted the recent downturn has pushed Bitcoin’s 14-day relative-strength indicator into oversold territory for the first time since March 2020, suggesting the crash may be nearing its plateau. Others are welcoming capitulation as a likely catalyst for a bullish recovery, predicting a swift return to upward momentum once selling has become exhausted. Twitter user “YHRW80” noted surging flows into Bitcoin’s spot and derivatives markets during 2021, concluding that the dominant emotion gripping the markets is “greed” rather than fear. However, Bitcoin’s Fear and Greed Index disagrees with YHRW80’s analysis, describing current Bitcoin market sentiment as “extreme fear.” There was some welcome news today, with Indian media reporting the country's government is set to rethink its planned crypto ban and form a new panel of experts to explore regulating crypto assets in India. Some analysts suggest the catalyst for the surging inflows is tomorrow’s looming deadline for controversial stablecoin issuer Tether to disclose its quarterly financial records as part of its settlement with the New York Attorney General’s office. Last week, Tether posted a breakdown of its reserves for the first time, asserting three-quarters of the assets backing its stablecoin are cash, cash equivalents, and other short-term deposits and commercial paper.

Rey

2021-05-19 13:38

Release
Forum category

Platform

Exhibition

Agent

Recruitment

EA

Industry

Market

Index

Hot content

Industry

Event-A comment a day,Keep rewards worthy up to$27

Industry

Nigeria Event Giveaway-Win₦5000 Mobilephone Credit

Industry

Nigeria Event Giveaway-Win ₦2500 MobilePhoneCredit

Industry

South Africa Event-Come&Win 240ZAR Phone Credit

Industry

Nigeria Event-Discuss Forex&Win2500NGN PhoneCredit

Industry

[Nigeria Event]Discuss&win 2500 Naira Phone Credit

Release
Select Country/District
  • Hong Kong

    hk.wikifx.com

  • Taiwan

    tw.wikifx.com

  • United States

    us.wikifx.com

  • South Korea

    kr.wikifx.com

  • United Kingdom

    uk.wikifx.com

  • Japan

    jp.wikifx.com

  • Indonesia

    id.wikifx.com

  • Vietnam

    vn.wikifx.com

  • Australia

    au.wikifx.com

  • Singapore

    sg.wikifx.com

  • Thailand

    th.wikifx.com

  • Cyprus

    cy.wikifx.com

  • Germany

    de.wikifx.com

  • Russia

    ru.wikifx.com

  • Philippines

    ph.wikifx.com

  • New Zealand

    nz.wikifx.com

  • Ukraine

    ua.wikifx.com

  • India

    in.wikifx.com

  • France

    fr.wikifx.com

  • Spain

    es.wikifx.com

  • Portugal

    pt.wikifx.com

  • Malaysia

    my.wikifx.com

  • Nigeria

    ng.wikifx.com

  • Cambodia

    kh.wikifx.com

  • Italy

    it.wikifx.com

  • South Africa

    za.wikifx.com

  • Turkey

    tr.wikifx.com

  • Netherlands

    nl.wikifx.com

  • United Arab Emirates

    ae.wikifx.com

  • Colombia

    co.wikifx.com

  • Argentina

    ar.wikifx.com

  • Belarus

    by.wikifx.com

  • Ecuador

    ec.wikifx.com

  • Egypt

    eg.wikifx.com

  • Kazakhstan

    kz.wikifx.com

  • Morocco

    ma.wikifx.com

  • Mexico

    mx.wikifx.com

  • Peru

    pe.wikifx.com

  • Pakistan

    pk.wikifx.com

  • Tunisia

    tn.wikifx.com

  • Venezuela

    ve.wikifx.com

Hong Kong
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;+44-7517747077
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:3313198376@qq.com