Brian Armstrong, the CEO of the San Francisco-based Coinbase, revealed an upgrade of the existing price alert notification on the platform in a recent AMA session. Talking about the price alerts for coins already listed on Coinbase’s platform, he hinted at the roll-out of a new, but similar feature in the near future.
Armstrong stated that previously, users had to manually set alerts for a coin reaching a particular price. However, the CEO revealed the crypto-exchange’s plans to revamp the notification feature by leveraging Machine Learning [ML]. The upcoming price alert feature will have push notifications for price movements and relevant market changes for users on its platform, said the CEO.
Additionally, he also speculated that in a few years, five or six major cryptocurrencies would execute huge payment volumes. There would be a need for reviewing and rating potential coins out of a million tokens, he said. According to the CEO, this would mark the beginning of pages made specifically for reviewing and rating crypto-assets, a feature similar to that of PageRank.
Taking the opportunity, he also highlighted the need for cryptocurrencies to become seamless and accessible so that people from different backgrounds can use the technology. He added,
“.. we do two things we try to make products that are the most trusted and that could mean security and compliance and all that stuff and we also try to make products that are easy to use and crypto is so complicated that the vast majority of people out there actually still find it way too difficult to use”
The US-based crypto giant was also reportedly in talks to acquire Xapo, the Hong Kong-based Bitcoin [BTC] custody provider for $50 million. Coinbase has also launched the stablecoin USD Coin [USDC] in over 85 countries recently, adding 50 more jurisdictions under its hood.
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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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