BTC/USD analysis from Wednesday with a summary of the traditional analysis on . series From Glassnode, the kind words of Michael Saylor and Christine Lagarde’s announcement of the European Mica 2 bill in person…
Glassnode’s Weekly Report Summary
GlassNode states up front that Bitcoin “Suffered a massive drop in leverage on which most of the last bullish cycle has been based”. this is “Debt Reduction” related to “Bankruptcy and Illiquidity or Liquidation of Certain DeFi, Hedge Funds, and Exchange Players.” “We are starting to see signs of surrender from a number of entities, including miners and bearers.”
One of the metrics highlighted in the report is real loss This indicator shows the difference in value between when BTC is acquired and when it is sold. We hit an all-time high with a loss of sales representing an average of $2.4 billion per day:
GN then looked at the share of BTC showing an unrealized gain or loss. This metric calculates the average price of all BTC at the time of its last trade. Seems to be average, even pregnant The term is now underwater.
Overall, 51% of BTC was at an unrealized loss when BTC/USD fell to $17,600. Historically, GN notes that the . file lower It is reached when 55% to 60% of BTC shows latent loss.
About BTCs from pregnant In the long-term (more than 155 days), the underlying loss relates to 35% of BTC. The pain is less than it used to be Bear markets (Between 42% and 51% of Bitcoin’s loss).
The pile held by these pregnant In the long run, it has fallen by 178,000 BTC over the past week, which is 1.31% of the total.
However, GN believes that it is possible that we have already reached a significant historical level of financial pain. The reason is that losing so many bitcoins forever blurs the stats a bit.
Regarding the miners surrendering, GN was interested in the index called Tape segmentation. This metric combines the 30 and 60 day moving averages of Hash rate Bitcoin to determine if miners have surrendered:
The tick bar It actually shows that miners are currently turning off their machines. Some are even forced to sell some of their BTC cache.
GN reports that ” BTC folders leave miners’ addresses [pour être vendus] Ranging between 5000 and 8000 bitcoins per month “. This situation can now be compared to the surrender of 2018-2019.”
Conclusion of the report:
Investors have either reached or are very close to historically high financial pain thresholds. forced sales [parce qu’utilisant un effet de levier] It seems to be driving a lot of recent sales. So we should start to see signs of weary selling pressure in the coming weeks and months.”
It’s time to organize
Definitely a Ponzian DeFi explosion, jack center filtering and NFT bubble emptying and the like chetcoins The largely useless has affected Bitcoin which is unfortunately linked in the collective consciousness to the rest of CrYpTo. We previously discussed shitcoinesque ponzi schemes for this latest round.
abuse and tricks Absolutely amazing this latest course won’t leave the authorities unaffected. The financial police and lawmakers are now in a strong position to regulate the “ecosystem” that has become a giant casino.
That’s what Michael Saylor recommended yesterday on Bloomberg Microphone. The latter provided a list of things preventing Bitcoin from reaching 10 trillion.
- The 520 stock exchanges are not registered with the market authorities
- The wash trade
- Benefit from 20x and more
- The 19,000 cryptocurrencies (which are “non-SEC registered securities”)
- Unregulated wannabe banks like Celsius (DeFi)
- Terrorists are Luna
- Unregulated stablecoins
- No instant ETFs
- Accounting lack of clarity that prevents banks from holding BTC
For the CEO of Microstrategy, these issues will not be resolved in the next 10 weeks, but in the next 10 years:
“Bitcoin has been hampered by its association with the CrYpTo ‘everything that happens’ industry. Regulating this market will be a green light for investment funds that can invest in bitcoin. This will be the catalyst for the next bull run.”
Let’s bet that stopping the fictitious effects of leverage for Binance users in France and Germany will reduce this brutal volatility that is hindering the adoption of BTC by large institutions.
However, while the “Bitcoin Code” is in good hands in the US (Cynthia Lummis), it does not appear to exist in Europe. Indeed, Christine Lagarde came to put a grain of salt on her during her hearing with the European Parliament’s Committee on Economic and Monetary Affairs.
She is the one who said last month that cryptocurrencies “Not worth anything In the Netherlands. This can be understood on the condition that Bitcoin is not put in the same bag as chetcoins…
Let’s skip the fact that MEP Aurore Lalucq compulsively questioned Christine Lagarde about the impact of the cryptocurrency crash on financial stability. It was particularly interesting to see the president of the European Central Bank take it easy and make recommendations for a new law (MICA II) that will specifically address bitcoin:
“Mica 2 should regulate crypto-asset issues where there are no specific issuers, which is the case for bitcoin.”
I remember that the German Finance Ministry recently opposed the ban on exchanges To convert bitcoins to governor As stipulated in MiCa Law 1. It is very likely that this MICA II Law will be an opportunity to return to a case “non-hosted wallets”.
At the same time, Mrs. Lagarde’s grand design is advancing. We want to talk about CBDC. The Bank for International Settlements (BIS) is overseeing the project by encouraging all central banks to work on this programmable “currency” that is already shaping up to be the most terrifying totalitarian instrument the world has ever known.
However, on Thursday the Bank for International Settlements published the portion of its annual economic report titled: CBDC, an opportunity for the monetary system. We will soon be doing a synopsis of it on Cointribune.
Meanwhile, note that the number of addresses holding at least 0.01 BTC has just reached 10 million, an all-time high.
In spite of shitcoinerie subordinate scammers And central banks, bitcoin will triumph over this massive purge caused by phantom leverage. Its 21 million encoded capacity will make the whole world go round.
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Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic, and libertarian leaflets.