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Bank of America secures crypto-patent, new headache for Bitfinex and more

Jibin M George

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Crypto News- 02 May

Binance celebrates World Password Day: Binance’s native token, Binance coin, surged by over 5% in 2 hours as the exchange celebrated World Password Day

Read more at https://bit.ly/2PN7N3S

BitPay-Refundo partnership: Bitpay announced its partnership with Refundo, a collaboration that will enable customers to receive U.S Federal and State tax refunds in Bitcoin [BTC]

Read more at https://bit.ly/2PH8go2

Ripple at IFGS 2019: Ripple’s Head of Regulatory Relations, Europe, made news after he claimed that UK’s FCA had made the country more conducive to crypto-businesses

Read more at https://bit.ly/2VbYwrK

Jack Dorsey’s Square Inc. posts record revenue: Square Inc. released its Q1 report for 2019, stating that it posted record revenues and profits, with many attributing it to the #stackingsats movement

Read more at https://bit.ly/2WhRJta

Good news for Dogecoin: Fans of the meme-coin were elated after the popular coin was given support on Coinbase Wallet, after noting a 17% hike in 2019

Read more at https://bit.ly/2Ws9cPy

Brian Armstrong gets called out: Coinbase’s Brian Armstrong got called out by many in the Twitterverse for ‘shilling’ USDC Coin so soon after the Bitfinex/Tether episode

Read more at https://bit.ly/2IXuK3J

Binance stablecoin in the cards?: The online cryptoverse was rife with speculation after Binance’s CZ hinted at possibly developing a stablecoin of its own, in response to a user’s tweet

Read more at https://bit.ly/2Y1eeTK





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Jibin M George is a graduate in International Relations and Law with a growing interest in the world of cryptocurrency and blockchain technology

Bitcoin

Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000

Akash Anand

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Bitcoin's on-chain/off-chain valuation indicators they key point of focus as crypto heads towards $13,000
Source: Pixabay

With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.

The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.

Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”

At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,

“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”

The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.





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