From a flashing Bitcoin signal to a push to expand decentralized finance on the Ethereum network, here’s a look at some of the stories breaking in the world of crypto.
An analyst at the crypto data firm Glassnode says a sudden spike in a little-known Bitcoin indicator suggests crypto traders are currently taking profits at a higher rate than at any other point in 2019.
A chart of Bitcoin’s average spent output lifespan (ASOL) shows Bitcoin that has been dormant for as long as 250 days is now being moved.
According to Rafael Schultze-Kraft, the spike is a sign that traders may be moving their BTC to exchanges in order to cash out.
“There is a huge spike in the Average Spent Output Lifespan (ASOL) for Bitcoin today.
It’s the highest we’ve seen this year. On the hourly chart, bitcoins as old as 250 days are being moved. This corresponds to mid-March when the price was at ~$4,000. Profit taking here?”
Daily analyst Josh Rager says BTC now needs to stay above $8,325 in order to prevent a larger shift to the downside.
“[The chart shows a] bounce off of $8,370’s. This area acted as resistance for during the previous range (outside the fake-out pump in early Oct).
This area needs to hold, a weekly close below $8,235, in my opinion, would lead to more downside. Currently, every time frame under monthly looks ugly.
The Ethereum-based decentralized finance (DeFi) platform Compound just raised $25 million in a funding round led by venture capital goliath Andreessen Horowitz,