First Mover Asia: Bitcoin Continues to Look East for Strength: Bitcoin and ether (ETH) remained flat as they started their trading day in Asia despite concerns over future access to banking rails in the US.
First Mover Asia: Bitcoin Continues to Look East for Strength:
First Mover Asia: Bitcoin Continues to Look East for Strength: Bitcoin is trading at $23,441, down 0.9% over the past 24 hours, while Ether is down 1.2% at $1,646. Over the past 24 hours, access to banking has become a major concern for crypto companies in the US. Silvergate, which has marketed itself as a crypto-friendly bank, has seen most of its customer base depart for rival Signature following a delay in filing its annual report with the US Securities and Exchange Commission.
First Mover Asia: Bitcoin Continues to Look East for Strength:: In late December, Signature said it was looking to reduce its crypto-related deposits by $10 billion and that FTX was being sued for “substantially facilitating” the funds. All of this is coming after a January 3 joint press release from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), which expressed concern over the risks crypto assets pose to banking organizations.
First Mover Asia: Bitcoin Continues to Look East for Strength: At the same time, optimism continues to come from the East. It’s going to be a busy week in China for data releases. On Tuesday it is set to release data on the balance of trade figures for January and February. Analysts expect revenue to rise to $100 billion from $78 billion in the previous period.
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Prices
First Mover Asia: Bitcoin Continues to Look East for Strength: A busy economic week in China with lots of data releases scheduled could be just what it will take for bitcoin to break out of its slump.
insight
First Mover Asia: Bitcoin Continues to Look East for Strength: On-chain indicators show that the current price of bitcoin (BTC) is the above-cost basis for 70% of unique addresses.
Most bitcoin addresses are profitable:
First Mover Asia: Bitcoin Continues to Look East for Strength: According to data from on-chain analytics firm Glassnode, a full 70% of bitcoin addresses are profitable. The indicator “Percentage of addresses in profit” shows the percentage of unique addresses whose average buy price sits below the current price for bitcoin. Historically a reading below 50 has indicated that BTC is oversold, and thus, represents a potential bottom. A reading above 95% indicates a potential top. Bitcoin’s current reading is in line with an asset that is trading in a tight range, as BTC has done recently.
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