Binance, the largest cryptocurrency exchange in the world, has once again highlighted its importance to the cryptocurrency industry. The Changpeng Zhao-led exchange released a list of 11 Blockchain Pioneers in its maiden “Binance for Children Ambassadors.”
Announced on April 30, the list includes a slew of cryptocurrency proponents within the industry. The statement read,
“The eleven new ambassadors will champion Binance Charity’s initiatives, which call for action on leveraging efforts from the crypto space for transparent donations that will improve children’s nutrition, health, and education.”
The list had a mix of prominent cryptocurrency influencers as well as up and coming stars, sending a clear signal to the rest of the community as to where the future of the decentralized currency world lay. Mainstays like TRON Founder Justin Sun, Da Hongfei, NEO founder, Jihan Wu and Michael Arrington, Partner at Arrington XRP Capital were the standouts in the list.
Indian CryptoGirl, a cryptocurrency influencer voicing the concerns of the Indian cryptocurrency community, was also mentioned on the list, affirming the importance of the oft-overlooked cryptocurrency community in India. Notably, Indian CryptoGirl was the only “influencer” on the list, with other inductees either crypto-executives or columnists.
Other prominent people on the list were Dovey Wan of Prime Ventures and Rachel Wolfson from The Crypto Chick podcast, known for disseminating information within the cryptospace to the larger public.
Despite this list being solely for the exchange’s charitable aspirations, it does point to how the exchange is viewing the cryptocurrency space. The list includes a staple mix of proponents representing large companies like Neo, Tron, and Bitmain, while also representing cryptocurrency funds.
Binance’s charitable wing, Binance Charity Fund [BCF], was launched in October 2018, with the objective of providing relief to the victims of floods and landslides in Africa.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
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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