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Binance announces ATOM trading pairs with stablecoins; abstains from pairing with Tether [USDT]

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Binance announces ATOM trading pairs with stablecoins; abstains from pairing with Tether [USDT]
Source: Pixabay

While the Tether/Bitfinex fiasco continues to boil over with allegations and counter-allegations from all involved parties, a major cryptocurrency exchange has reportedly tried to dodge the Tether bullet, at least until the controversy cools down.

In a new development, leading crypto exchange platform, Binance, announced the addition of trading pairs ATOM/USDC, ATOM/PAX, and ATOM/TUSD. Notably, ATOM was not paired up with Tether [USDT]. In a blog post, the exchange specifically mentioned,

“Binance will make best efforts to choose high-quality coins, but will not be responsible for your investment losses.”

Following the announcement, many in the crypto community noticed the absence of the USDT pairing. A Twitter user, @KZŁi, posted,

“Obviously, USDT is out?”

Tether [USDT] was dominating the stablecoin trading market for a long time. According to Exchange review for March 2019, BTC trading in USDT accounted for $8.9 million BTC in March, a surge of 43% since the previous month.

Even as Bitcoin [BTC] trading in fiat currencies declined, Tether [USDT] continued to be the most popular stablecoin for trading with Bitcoin. USDT was followed by PAX, USDC, and TUSD. As the news of the alleged cover-up broke out, the collective cryptocurrency market cap dropped by a massive $10 million. The latest Tether and Bitfinex episode hints at the cryptocurrency community losing some faith and trust in the whole market.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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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