Over the last couple of days, there have been several instances of traders on Telegram advertising the sale of Bitcoin, Ethereum and Dash. This is actually a pretty normal occurrence, as cryptocurrencies can be hard to trade, especially in smaller volumes. However, these trades are normally negotiated in private, and only the parties involved know of the trade.
The dash treasury is instrumental in helping to manage the overall dash ecosystem. In particular, the treasury has been dedicated to ensuring that the Dash network is well-funded for development. In recent months, the treasury has been instrumental in helping to fund the implementation of the blockchain 2.0 upgrade previously known as “Evolution”, which has now been renamed “Core”.
While the digital currency industry is still basking in the afterglow of the recent bull run, an interesting trend has emerged in the world of cryptocurrency exchanges. While most investors are scouring the major exchanges and their accompanying charts, a significant portion of the market is actually looking at the underlying order books. The most recent example of this was earlier this week, where traders noted that trading activity for Bitcoin was down across the major exchanges.
Technical Bitcoin analyst Willie Wu believes this is not a bear market, as indicators within the chain point to recovery and the asset is still being bought by long-term players.
The popular analyst’s comments were made during an interview on the What Bitcoin Did podcast on the 28th. June. Wu said he doesn’t think bitcoin is in a typical bear market, as signs of accumulation on the blockchain are evident.
Wu was referring to the 1980 song Never Gonna Give You Up by British pop singer Rick Astley:
Rick Astley is a stayer who keeps buying and never tends to sell much…. And indeed, Rick was very active during 2021, and then suddenly all of Rick’s coins went into weak hands – to speculative traders who bought and sold. Now we see how that translates to Rick.
He added that we are now in a speculative phase and the coins that were sold earlier this year are starting to be picked up by long-term holders.
Podcast host Peter McCormack revealed that he hasn’t sold any crypto assets yet, but remains confident in them because there’s still too much going on and too much good stuff.
On topic: 3 things traders say about bitcoin and the state of the bull market
Analyzing the current chart of the bitcoin price, Wu noted that this is a cycle like we have never seen before because the underlying structure is completely different. He said:
Price is now moving sideways in a bearish direction, this looks like a Vickoff price accumulation pattern and if it works we should get a final wick around $28K-$29K, which should have been the final test of the bottom. Everything on the network seems to be rebuilt.
Analyst firm Santiment seems to have noticed similar data, noting that the supply of bitcoins on exchange markets is steadily decreasing and they are being transferred to traders to be stored.
After bitcoin’s plunge in mid-May, the supply of $BTC on exchanges has steadily declined and been trapped by hodgers. This is a good sign for #bulls as the withdrawal of funds from the exchanges reduces the risk of large sales. https://t.co/ABkcih9ea1 pic.twitter.com/NqU3ljRyIH
– Santiment (@santimentfeed) 30. June 2021
Commenting on the current regulatory pressure, which has increased in China, the US and the UK, Wu said:
It’s, like, Bitcoin fighting the boss in a video game…. The situation is really going against the central bankers, and much faster than we imagined.
At the time of writing, bitcoin was trading in its six-week range, 3.7 percent lower over the past 24 hours at $34,653, according to CoinGecko. According to Cointelegraph, traders have their eyes on three key monthly candlestick closing ranges.Over the past six months, the dash treasury (DAO) has shown significant signs of recovery, as demonstrated by a recent rise in the number of proposals and votes, and a rise in DAO tokens held by the DAO. The dash treasury began to return to its former glory in March when the DAO saw a 23.8% increase in the number of proposals voted on over a 12-month period, and the DAO saw a 23.7% increase in tokens held by the DAO.. Read more about rick astley net worth and let us know what you think.
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