{"id":48990,"date":"2020-07-17T09:07:15","date_gmt":"2020-07-17T09:07:15","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=48990"},"modified":"2020-07-17T09:07:15","modified_gmt":"2020-07-17T09:07:15","slug":"market-outlook-crypto-economy-sheds-10b-overnight-exchange-inflow-and-sell-pressure-rises","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=48990","title":{"rendered":"Market Outlook: Crypto Economy Sheds $10B Overnight, Exchange Inflow and Sell Pressure Rises"},"content":{"rendered":"

\"Market<\/p>\n

The overall market capitalization of all 5,700+ cryptocurrencies in existence lost around $10 billion during the overnight trading sessions. Most crypto assets have lost 2-5% in value during the last 12 hours, and a number of speculators blame the recent Twitter hack. <\/strong><\/p>\n

The price of bitcoin (BTC<\/a>) and a number of other digital assets worldwide slumped in value, a few hours after the massive Twitter breach<\/a> that took place on Wednesday. Since the incident, the overall valuation of all the coins in existence has lost roughly $10 billion and most of the top coins are down a few percentages. At the time of publication, the market capitalization for every coin market is hovering just above the $270 billion range losing 1.47% during the last 24 hours.<\/p>\n

\"Market<\/p>\n

Bitcoin (BTC<\/a>) is swapping for $9,083 per coin and the market is down 1.56% today. The second-largest market ethereum (ETH<\/a>) has lost over 3% and each ETH<\/a> is trading for $232. The stablecoin tether (USDT<\/a>) is capturing more than two-thirds of the global trades today with nearly every coin as a pair. The USDT<\/a> market valuation is hovering around $9.64 billion on Thursday and there’s roughly $5.9 billion in global trade volume.<\/p>\n

\"Market<\/p>\n

Behind USDT<\/a>, is XRP<\/a> and each token is currently trading for $0.19 per coin. XRP<\/a> has lost over 3.6% during the last 24 hours. Bitcoin cash (BCH<\/a>) holds the fifth position as far as market valuation is concerned. BCH<\/a> is swapping for $221 per coin and markets are down over 2.9%. USDT<\/a>\/BCH<\/a> trades are hovering just above the 58% zone, while BTC<\/a> is capturing 21% of all bitcoin cash swaps. This is followed by KRW (4.88%), USD (4.82%), GBP (2.74%), ETH<\/a> (1.41%), and EUR (1.07%).<\/p>\n

\"Market<\/p>\n

Selling Pressure and Bitcoin Options<\/h2>\n

According to a recent tweet from the popular Twitter account @cl207,<\/a> the range of bid and asks (sellers) is at a “multi-month high.” On July 15, cl207 told<\/a> his 9,800 Twitter followers: “3% range bids\/asks shows that the amount of asks on Bitmex is at a Bitmex multi-month high.” Essentially, it means the price of bitcoin (BTC<\/a>) has a great number of sell orders to eat through in order to break upper resistance. He added:<\/p>\n

\n

Eat through approximately $150,000,000 of sell orders to and we won’t even be at $9,400.<\/strong><\/em><\/p>\n<\/blockquote>\n

\"Market<\/p>\n

Additionally, data from the market research firm Skew.com<\/a> indicates that BTC<\/a> options show traders are expecting a temporary dip. Data from the web portal shows that bitcoin options, specifically one-month put-calls, are leaning toward a bearish downswing in price. On Twitter Skew wrote: “Bitcoin options term structure is record steep. Market pricing-in a quiet summer.” The research team’s official Twitter account also tweeted:<\/p>\n

\n

Yesterday is the first day on our record where Okex USDT-margined bitcoin futures had more volumes than BTC-margined bitcoin futures. The shift towards stable coin margining is a big story for crypto markets this year. <\/strong><\/em><\/p>\n<\/blockquote>\n

Stablecoin Madness<\/h2>\n

Stablecoins have been extremely popular during the last two years, and the current supply recently crossed $12 billion in value, according<\/a> to a recent tweet from the cryptocurrency analysis firm Unfolded. Sharing data from the company Coin Metrics, the Unfolded researchers highlighted<\/a> a quote from a recent Coin Metrics report: “After it took five years for stablecoin supply to reach $6 billion, it only took another four months for it to grow from $6 billion to $12 billion following the March 12th crypto crash.”<\/p>\n

\"Market<\/p>\n

Bitstamp and Coin Metrics published a report recently called “The Rise of Stablecoins,” which highlights that tether (USDT<\/a>) captures a great majority of the $12 billion aggregate stablecoin valuation.<\/p>\n

“As crypto matures, stablecoins will mature as well,” the researchers wrote. “If crypto assets are eventually used at a large scale for purposes like international payments and global remittances, stablecoins are a natural candidate for a true crypto medium of exchange.”<\/p>\n

Traders Expect a Bitcoin Price Dip Due to Exchange Inflow Metrics<\/h2>\n

Data from the research and analysis company Cryptoquant<\/a> and the popular full-time crypto trader on Twitter with 40,000 followers, “Traderxo” (@pandilladeflujo<\/a>), shows that the price of BTC<\/a> may see a temporary drop below the $9k range.<\/p>\n

\"Market<\/p>\n

Cryptoquant notes that a “small” retracement may take place due to the spike in exchange inflows, which means a great number of traders are depositing coins to possibly sell. Traderxo noted the trend on July 15 when he tweeted<\/a>:<\/p>\n

\n

Inflows showing constant spikes – and some decent amounts being sent to derivatives exchanges. Yet outflows remain relatively flat. Something, something on derivatives while something, something on spot exchanges. Its been a consistent pattern for the last several weeks.<\/strong><\/em><\/p>\n<\/blockquote>\n

What do you think about the recent cryptocurrency prices on July 16? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

The post Market Outlook: Crypto Economy Sheds $10B Overnight, Exchange Inflow and Sell Pressure Rises<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n

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The overall market capitalization of all 5,700+ cryptocurrencies in existence lost around $10 billion during the overnight trading sessions. Most crypto assets have lost 2-5% in value during the last 12 hours, and a number of speculators blame the recent Twitter hack. The price of bitcoin (BTC) and a number of other digital assets worldwide […]<\/p>\n","protected":false},"author":2,"featured_media":48991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-48990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/48990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48990"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/48990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/48991"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}