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Tron delays USDT incentive program, good news for Monero and more

Jibin M George

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Crypto News – 01 May

Binance releases Blockchain Pioneer’s List: Binance blessed India after it included India’s @DesiCryptoHodlr in its Blockchain Pioneers’ List

Read more at https://bit.ly/2DBAMmj

Winklevoss’ Gemini ramps up investment: Gemini is ramping up the investment avenues for its native stablecoin the Gemini dollar [GUSD] following its recent partnership Harbor

Read more at https://bit.ly/2DFjzZ4

Bitcoin’s Cobra on halving: BTC proponent Cobra is in the news after he claimed that Scaling and Halving will chart the course of Bitcoin’s next 100 years

Read more at https://bit.ly/2UUvurM

Tom Lee on Bitfinex-Tether episode: Fundstrat’s Thomas Lee raised many eyebrows online after he claimed that the way the cryptocurrency market reacted to the scandal was proof of the crypto-winter’s demise

Read more at https://bit.ly/2LjliJU

Bitcoin Cash introduces Schnorr signatures: Bitcoin Cash took a major step towards upping its privacy game after it announced that Schnorr signatures will go live on the mainnet within two weeks

Read more at https://bit.ly/2PEyyqZ

Matic network finds new investor: Coinbase made news again after Coinbase Ventures announced its investment in Matic Network; Matic will also be integrating USDC and DAI

Read more at https://bit.ly/2ISO6GW

Token Insight on mining difficulties: Token Insight’s new research into mining difficulties suggested that Bitcoin and Ethereum’s mining difficulties are set to rise by double-digits

Read more at https://bit.ly/2ZOXmBt





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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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