• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Wednesday, May 21, 2025
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Market Wrap: Bitcoin Hits $10.4K; Ether Balances on Exchanges Fall to 7-Month Low

10 September 2020
in Market
Reading Time: 12 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT
Cryptohopper
ADVERTISEMENT


Bitcoin was trending upward before losing momentum; ether holders are moving their cryptocurrency off exchanges.

  • Bitcoin (BTC) trading around $10,284 as of 20:00 UTC (4 p.m. ET). Slipping 0.12% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,174-$10,488
  • BTC below its 10-day but above 50-day moving averages, a sideway signal for market technicians.

Bitcoin trading on Coinbase since September 8.
Source: TradingView

Bitcoin continued its upward momentum from Wednesday, with the world’s oldest cryptocurrency rising as high as $10,488 on spot exchanges such as Coinbase before losing some steam and now moving in a sideways pattern. 

Constantin Kogan, partner at crypto fund of funds BitBull Capital, points to bitcoin’s relative strength index, or RSI, as an indicator of where the market might be headed. RSI measures price changes to indicate market conditions, such as “overbought” when there has been too much buying or “oversold” when there is too much selling. 

Read More: Structural Issues May Be Causing BitMEX’s Low Bitcoin ‘Cash and Carry’ 

“The relative strength index has shifted in favor of growth after the price climbed to $10,355,” said Kogan. “There is a chance to return to the pivotal area of $10,756, but not everything is as rosy as we would like to see.”

btcsep20
Bitcoin trading on Coinbase since Sept. 1, 2020
Source: TradingView

Kogan said bitcoin price action will depend on the global economy’s performance for the balance of 2020. 

“Many analysts predict that BTC will continue to rise in price in the long term,” Kogan added. “However, this year a breakthrough is unlikely. It is expected next year if we won’t see a global recession escalation.” 

Read More: Pandemic Will Speed Bitcoin Adoption, Says DBS Bank Economist

In bitcoin futures, open interest has been hanging around the $3.7 billion mark for the past week. 

skew_btc_futures__aggregated_open_interest-9-2
Open interest in the bitcoin futures market the past week.
Source: Skew

“This represents a lot of indecision in the BTC market,” said Daniel Koehler, liquidity manager for cryptocurrency exchange OKCoin, regarding the stasis in bitcoin futures. “I think many larger players hedged at these high price levels and are waiting for momentum to clearly go in one direction.”

Read More: YouTube Ignored Warnings About XRP ‘Giveaway’ Scams, Ripple Says

Henrik Kugelberg, a Swedish over-the-counter crypto trader, points to the longer-term outlook of bitcoin versus fiat’s performance. “The macro perspective is of course that all currencies will lose value and the only hedge in the currency market the coming months is bitcoin.” 

Indeed, the U.S. Dollar Index, a measure of the American currency against a basket of other fiat, is still in the doldrums, down 0.30% Thursday. 

dxysince18
The US dollar index since 1/1/18.
Source: TradingView

Italy-based over-the-counter crypto trader Alessandro Andreotti said he isn’t sure the bitcoin price can keep heading upward but he remains bullish. “Opinion seems split on whether this is just a ‘bear trap’ or the beginning of a new bull market,” he told CoinDesk. “I’m buying either way. Personally, I’m optimistic for the short term.” 

Ether balances on exchanges dropping

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Thursday, trading around $364 and climbing 2% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: Ether Traders May Be Hedging Against DeFi Slowdown: Analyst

The balances of ether on centralized exchanges is at a seven-month low. On Wednesday, 17,158,739 ETH sat on exchanges, the lowest it had been since Feb. 9, according to data from aggregator Glassnode. 

etherbalances
The amount of coins held in exchange addresses.
Source: Glassnode

“My immediate thought is that many people have moved their ETH off exchanges to be able to participate in yield farming,” said Andrew Tu, an executive at quant trading firm Efficient Frontier. “A load of other traders likely moved their ETH to be able to provide liquidity to Uniswap pools. SushiSwap is a prime example of this.” 

Read More: DeFi ‘Vampire’ SushiSwap Sucks $800M from Uniswap

Other markets

Digital assets on the CoinDesk 20 are mixed Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 

Read More: 1,000 New Token Pairs Added to Uniswap in One Week; Buyers Beware

Notable losers as of 20:00 UTC (4:00 p.m. ET): 

Read More: SushiSwap Migration Ushers in Era of ‘Protocol Politicians’

Read More: How to Watch INX’s IPO in Real Time on the Ethereum Blockchain

  • Oil is down 1.8%. Price per barrel of West Texas Intermediate crude: $37.06.
  • Gold is flat Thursday, in the red 0.10% and at $1,944 as of press time.

Read More: Uniswap September Volume Tops August’s $6.7B Record in 10 Days 

  • U.S. Treasury bond yields all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 5.3%.

Read More: Why Crypto Investments Are Less Vulnerable to US-China Tensions

https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Source link

Related articles

Juiced USDS Yields Woo Solana Traders to Sky’s Stablecoin

Juiced USDS Yields Woo Solana Traders to Sky’s Stablecoin

23 November 2024
Pro-crypto Legislation Could Usher in Renaissance for DeFi as TVL Rises 31%

Pro-crypto Legislation Could Usher in Renaissance for DeFi as TVL Rises 31%

23 November 2024
[crypto-donation-box]
Tags: 104K7MonthBalancesBitcoinEtherExchangesFallHitsMarketWrap
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Bitcoin and Altcoins Bulls Defending Crucial Breakdown Supports

Next Post

Bitcoin is the “best manifestation” of a native digital currency

Related Posts

Juiced USDS Yields Woo Solana Traders to Sky’s Stablecoin

Juiced USDS Yields Woo Solana Traders to Sky’s Stablecoin

23 November 2024
0

The heady growth is about as preordained as anything could be in DeFi. Sky is spending $2 million a month...

Pro-crypto Legislation Could Usher in Renaissance for DeFi as TVL Rises 31%

Pro-crypto Legislation Could Usher in Renaissance for DeFi as TVL Rises 31%

23 November 2024
0

Historically, institutions have hesitated to move on-chain due to regulatory risks. However, with bitcoin ETF AUM inflows on track to...

Digital Currency Group’s Barry Silbert Bets Big on AI Blockchain Bittensor

Digital Currency Group’s Barry Silbert Bets Big on AI Blockchain Bittensor

23 November 2024
0

“If you ask five people: 'What is Bittensor?' You will get five different answers,” Silbert, a cryptocurrency OG investor and...

The Subtle Way AI Data Centers Boost Bitcoin Mining Economics

The Subtle Way AI Data Centers Boost Bitcoin Mining Economics

23 November 2024
0

“I don't think the competition for power from AI facilities will significantly impact hashprice,” Mellerud said. “The Bitcoin mining network...

Crypto Agents and Verifiable Systems Are the Future of Safe, User-Centric Tech

Crypto Agents and Verifiable Systems Are the Future of Safe, User-Centric Tech

23 November 2024
0

Applications for this technology span finance, data sharing, education, and beyond. For instance, platforms like Genius Terminal use agents for...

Load More
Next Post

Bitcoin is the “best manifestation” of a native digital currency

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Ethereum Exchange Supply Drops To Record Low Of 4.9%

Ethereum Exchange Supply Drops To Record Low Of 4.9%

21 May 2025
Near Protocol Price Prediction: 2025, 2026

Near Protocol Price Prediction: 2025, 2026

21 May 2025
SpacePay Lets You Spend Bitcoin and Ethereum Like Cash

SpacePay Lets You Spend Bitcoin and Ethereum Like Cash

21 May 2025
Ethereum Exchange Supply Hits Historic Low Below 4.9% — Is Price Breaking ,000 Soon?

Ethereum Exchange Supply Hits Historic Low Below 4.9% — Is Price Breaking $3,000 Soon?

21 May 2025

About Us

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Ethereum Exchange Supply Drops To Record Low Of 4.9%
  • Near Protocol Price Prediction: 2025, 2026
  • SpacePay Lets You Spend Bitcoin and Ethereum Like Cash
  • Ethereum Exchange Supply Hits Historic Low Below 4.9% — Is Price Breaking $3,000 Soon?
  • Solana Chain Extension Sonic SVM Introduces New Token Burn Program – Bitcoin.com News

Subscribe Now

Our Partner

Round Main Logo
  • About Us
  • Privacy Policy
  • Contact Us

© 2022-2025 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin (BTC) $ 106,716.00
  • ethereumEthereum (ETH) $ 2,555.30
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.35
  • bnbBNB (BNB) $ 653.97
  • solanaSolana (SOL) $ 168.92
  • usd-coinUSDC (USDC) $ 0.999827
  • dogecoinDogecoin (DOGE) $ 0.226937
  • cardanoCardano (ADA) $ 0.754528
  • tronTRON (TRX) $ 0.271263
  • staked-etherLido Staked Ether (STETH) $ 2,549.61
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 106,380.00
  • suiSui (SUI) $ 3.85
  • wrapped-stethWrapped stETH (WSTETH) $ 3,072.69
  • chainlinkChainlink (LINK) $ 15.88
  • avalanche-2Avalanche (AVAX) $ 22.60
  • stellarStellar (XLM) $ 0.289288
  • hyperliquidHyperliquid (HYPE) $ 26.29
  • shiba-inuShiba Inu (SHIB) $ 0.000015
  • hedera-hashgraphHedera (HBAR) $ 0.196815
  • leo-tokenLEO Token (LEO) $ 8.79
  • bitcoin-cashBitcoin Cash (BCH) $ 399.36
  • the-open-networkToncoin (TON) $ 3.05
  • litecoinLitecoin (LTC) $ 94.82
  • polkadotPolkadot (DOT) $ 4.69
  • usdsUSDS (USDS) $ 0.999881
  • wethWETH (WETH) $ 2,547.54
  • moneroMonero (XMR) $ 365.44
  • wrapped-eethWrapped eETH (WEETH) $ 2,728.66
  • bitget-tokenBitget Token (BGB) $ 5.16
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • pi-networkPi Network (PI) $ 0.801819
  • pepePepe (PEPE) $ 0.000014
  • ethena-usdeEthena USDe (USDE) $ 0.999823
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 106,505.00
  • whitebitWhiteBIT Coin (WBT) $ 30.25
  • aaveAave (AAVE) $ 260.74
  • uniswapUniswap (UNI) $ 6.34
  • bittensorBittensor (TAO) $ 419.84
  • daiDai (DAI) $ 0.999996
  • nearNEAR Protocol (NEAR) $ 2.81
  • aptosAptos (APT) $ 5.15
  • okbOKB (OKB) $ 52.08
  • jito-staked-solJito Staked SOL (JITOSOL) $ 203.61
  • ondo-financeOndo (ONDO) $ 0.945980
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • kaspaKaspa (KAS) $ 0.110691
  • tokenize-xchangeTokenize Xchange (TKX) $ 36.09
  • crypto-com-chainCronos (CRO) $ 0.096747
  • official-trumpOfficial Trump (TRUMP) $ 14.28