Kategorie: Bitcoin News

• LocalBitcoins to shut down peer-to-peer (P2P) crypto platform
• Finland-based Bitcoin trading service has been in operation for over 10 years.
• The team cites a difficult crypto winter for the reason the exchange is calling it a day.

LocalBitcoins, a peer-to-peer (P2P) cryptocurrency exchange that counts as one of the oldest crypto platforms in the world, has announced that it is shutting down.

LocalBitcoins shuts down following crypto winter

A notification the Finland-based P2P platform sent to customers on Thursday says services will be discontinued beginning 9 February 2023, with customers then having up to 12 months to withdraw their funds.

Per the LocalBitcoins team, the decision to shut down the Bitcoin trading service relates to the challenges that have befallen the crypto market amid a “very cold crypto winter.”

“Regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service,” the P2P trading provider noted.

Customers are thus being encouraged to withdraw their funds from the exchange, and although LocalBitcoins will make this process available for the next twelve months, it has advised that customers begin doing so immediately.

The shutdown starts with a halt to new sign ups as from today, 9 February 2023, while trading will be suspended on 16 February 2023. The platform will also discontinue its wallet next week, with only withdrawals allowed.

The post Bitcoin exchnage LocalBitcoins is shutting down appeared first on CoinJournal.

• Bitfinex market report points to bullish metrics for BTC
• Supply in Profit, Bitcoin Realised HODL (RHODL) Multiple and Reserve Risk ratio are all flashing green.
• Bitcoin has traded to above $23k again after slipping on Monday following broader market reaction to economic news.

Bitcoin is trading around $23,360 at the time of writing, about 2.4% up in the past 24 hours as cryptocurrencies flash green on Tuesday amid an improving market sentiment.

For the world’s leading cryptocurrency by market cap, it appears on-chain metrics are ticking further north to suggest a strengthening bullish case.

Supply in Profit up 20%, points to buy signal

According to analysts at Bitfinex, one of Bitcoin’s on-chain metrics suggesting fresh upside momentum is likely the Supply in Profit indicator. Data shows bulls look to have successfully absorbed selling pressure as short-term and some long-term HODLers turn profitable.

An observation of the metric on the 90-day time frame highlights a 20% jump for the “supply in profit” chart in January 2023, the analysts wrote in the report released on Monday.

“This implies that larger and longer-term investors currently hold profitable on-paper spot positions. This is healthy for the latter half of a bear market as a sustained 30-day uptrend after an extensive downtrend on this indicator has historically provided a good buy signal for the following two years,” the Bitfinex team noted.

As far as markets are concerned, the above scenario doesn’t mean that the crypto market is set for an “up-only” move. However, the outlook does suggest bulls have an upper hand in the spot markets, a scenario that’s historically reflective of “late bear and early bull markets.”

The Bitcoin Realised HODL (RHODL) Multiple, historically also bullish, has also been in an uptrend. According to data, the RHODL Multiple has remained positive over a 90-day window, to also suggest profitability for HODLers.

#Bitcoin balance statistics now favour the HODLers! 🙌
On-chain metrics are flipping bullish as we see profitable selling by both short-term & long-term HODLers.
Dive into the details in our latest Bitfinex Alpha:https://t.co/aBJ2teTpVM pic.twitter.com/lBvlb4o43A

— Bitfinex (@bitfinex) February 6, 2023

Key metrics suggest a 10x jump for BTC price

Apart from the 90-day EMA, other technical indicators flipping green include the net adjusted Spent Output Profit Ratio. Per on-chain data, the indicator is currently above one, which suggests that net sales across the Bitcoin market are profitable.

Also, the Realised Profit to Losses (RPLR) ratio is above zero, which also confirms the profitable selling observed in past few weeks. The metric is currently moving towards 0.2, a reading comparable to the RPLR measure when Bitcoin price fell to lows of $3,600 in 2019. After the RPLR hit 0.2, BTC price flipped green and rallied 19x, hitting its all-time high in November 2021.

Bitcoin’s reserve risk ratio suggests HODLer conviction is high

Looking at a longer time frame, Bitcoin’s on-chain metrics are also pointing to a bullish outlook. One odf these technical indicators is the Reserve Risk ratio.

According to on-chain analytics platform Glassnode, Bitcoin’s reserve risk ratio has fallen to its all-time low. This puts the metric lower than when markets bottomed in 2019 or 2020, Bitfinex analysts pointed out.

As the ratio is a cyclical oscillator that highlights price vs. HODLer conviction, with incentive to sell factored against opportunity cost, a very low ratio translates to a higher conviction among investors.

A positive outlook for Bitcoin is also seen in the Market Value Realised Value (MVRV) ratio, which has recovered and has often coincided with historically bullish returns.

The post Bitcoin’s on-chain metrics are flipping bullish: Bitfinex report appeared first on CoinJournal.

• Lightning Network has reached over 5,490 in Bitcoin payments capacity, an all-time high.
• Transactions in BTC on the layer-2 payments network have increased roughly 63% since January 2022.
• The increased Bitcoin micropayments via Lightning Network comes as BTC price retreats below $23k after a great rally to start 2023.

Lightning Network’s capacity in terms of Bitcoin across payment channels has hit a new all-time high, according to the latest data on usage for this major payment network.

The Block Research shows the critical layer-2 network, which is built on Bitcoin, has seen its capacity grow to over 5,490 BTC. That’s nearly 160 BTC more than what was observed on 4 February 2023, according to details shared by Lightning Network statistics.

#LightningNetwork https://t.co/Q0CaYRhLWD observed:
16,093 nodes
76,322 channels
5,332.583 BTC capacity ($124,790,815)

median node capacity: 0.005 BTC ($117.01)

past 24h:
+27 nodes +409 channels +11.933 BTC ($279,240)#Lightning #LN #bitcoin $BTC

— Lightning Network statistics ⚡ (@LNstats) February 4, 2023

Lightning Network capacity up 63% since January 2022

The benefits of the Lightning Network technology, mainly around fast and low-cost micropayments, has increasingly attracted more people. According to the data, Lightning Network’s capacity in BTC terms is up approximately 63% since January 2022.

Approximately 3,350 bitcoin was recorded in payment channels on the protocol on 1 January last year. From the figures, it’s clear that total network value has declined compared to when Bitcoin price hit an all-time high in November 2021. The value of current Lightning Network capacity in USD is around $128 million – down from more than $216 million when BTC raced to highs of $69,000.

But as the on-chain metrics for the payment network’s daily usage shows, there has been continuous adoption even as the crypto winter saw crypto prices crash. Bitcoin is currently trading above $22,700 after a brief rally last week ended with bears mounting a wall near $24,000.

According to data from CoinGecko, BTC price remains roughly 67% off the ATH of $69.044 reached on 10 November 2021. In comparison, (as noted above) LN capacity has increased 63% since January 2022. 

Find out more about Lightning Network here.

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• Jasmy Coin price has jumped by over 152% from its 2022 low.

• The coin has more room to run but a short-term pullback can’t be ruled out.

The Jasmy Coin price rose on Monday, continuing a bullish trend that started in December when it dropped to a low of $0.0028. It jumped to a high of $0.0074, the highest point since September 18. It has jumped by over 152% from its lowest point in December, as we wrote here.

JASMY/USD daily chart analysis

The daily chart shows that the JASMY coin price has been in a strong bullish trend in the past few weeks. This recovery has been accompanied by elevated volume levels. At the same time, the coin has managed to move above the important resistance level at $0.0060, the highest point on January 24.

Jasmy also jumped to the 50% Fibonacci Retracement level. Also, it jumped above the crucial resistance point at $0.0068 (October 30 high). It has also jumped above the 50-day moving average and the Ichimoku cloud indicator. Jasmy, which is known as Japan’s Bitcoin, has also formed an inverted head and shoulders pattern, which is a bullish sign.

Therefore, it seems like Jasmy has the momentum it needs to continue rising in the coming days. If this happens, the next key resistance level to watch will be at $0.0086, the 61.8% Fibonacci Retracement point. This price is about 27% above the current level.

On the flip side, a drop below the important support level at $0.0060 will invalidate the bullish view. If this happens, it will signal that there are still sellers left in the market who will be keen to push it to the next key support level at $0.0050.

Jasmy price 4H chart analysis

On the 4H chart, we see that the Jasmy Coin price has made a spectacular comeback in the past feww weeks. As it rose, the token crossed the key resistance level at $0.0060, where it struggled to move above on January 24 and February 2. The coin is also above the 25-day and 50-day EMAs.

At the same time, a closer look shows that volume bars have started to drop. Therefore, this could be a sign that the bullish trend is fading, which could see it retreat in the coming days. But on a positive side, the coin has formed a small hammer pattern, which is a bullish sign. 

A reversal will be confirmed if JasmyCoin price plunges below the lower side of the hammer at $0.0065.

JASMY/USD chart by TradingView

The post Jasmy price technical analysis as rebound accelerates appeared first on CoinJournal.

• Bitcoin price fell slightly to retest support near $23,250 on Friday.
• The top cryptocurrency’s price action mirrored early trades on Wall Street as the market reacted to US economic data.
• The US added 517,000 jobs, against an estimated 188,000 and unemployment fell to 53-year low of 3.4%.

Bitcoin responded to Friday’s US jobs report by swinging nearly 2% lower to trade around $23,250 early morning. As CoinJournal reported, Bitcoin fell against the US dollar after it briefly touched highs of $24,086. 

Across crypto, Ethereum had slipped towards $1,600 with about 1.4% in losses.

Bitcoin and stocks react to US jobs data

As noted, early action across cryptocurrency prices mirrored the opening on Wall Street, where the three major US indices swung lower after the January jobs report showed a higher-than-expected rise in nonfarm payroll.

Data released by the US Bureau of Labor Statistics showed the labour market added 517,000 jobs in the first month of 2023. The statistic indicated an unexpected growth, exceeding the 188,000 estimated by economists.

The US economy added far more jobs in January than the 223,000 managed in December, with the unemployment rate falling to its lowest level in over half a century. Per the data, unemployment is now down to 3.4%, the lowest level for the US since 1969. Economists expected the unemployment rate at 3.5%

The market’s reaction to the economic data, together with sentiment around disappointing earnings results from across Big Tech, fueled an early sell-off on Wall Street. It’s also likely down to nervousness over what this means for the Fed’s inflation outlook.

The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average declined by 100 points before regaining some footing. The Nasdaq Composite, impacted by a decline across tech stocks, shed more than 1.3% in early trading.

The major indices are trying to recoup the early losses, as is Bitcoin that is trading near $23,500 as of 10.25 am ET. If bulls regain the upside momentum, BTC is likely to retest its intraday highs just above $24,000.

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