Bitcoin (BTC) Fades From Exchange as Outflows Hit New Highs

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9 Feb 2024

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Arman Shirinyan
Bitcoin melting away from exchanges, which is considered positive sign, especially amid its rise toward $50,000
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Fri, 9/02/2024 - 8:37
Cover image via www.freepik.com
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Bitcoin has seen a significant drawdown from exchanges, reaching a low not observed since December 2017. As of today, Bitcoin's market value has impressively surged to $45,500. Despite this bullish trend, traders have maintained a stance of skepticism for the third consecutive week, suggesting that a cautious sentiment prevails on the market.

Bitcoin's price trajectory has recently undergone a successful reversal pushing its dominance over altcoins. The reduction in Bitcoin's supply on exchanges, now at a mere 5.3% of the total supply, indicates a strong holding pattern among investors. This outflow from exchanges could be a reflection of the ongoing rise of self-custody among crypto investors.
BTC/USD Chart by TradingView
The market has witnessed Bitcoin's price cut through resistance levels, reaching an intraday peak of $46,225. This advance toward the upside signifies the asset's robust price breakthrough potential. However, the $47,000 threshold represents a massive resistance level on the chart and a historical point of breakdown. The ability of Bitcoin to breach and sustain above this price point would be an indicator of a rally continuation.
Related
$50,000 Remains Key Level for Bitcoin: Trader
Bitcoin's recent price action has seen it test key moving averages, with the asset currently trading above short-term averages, indicating the potential for continued upward movement. However, the looming resistance at $47,000 stands as a formidable barrier that the cryptocurrency must overcome to sustain its upward trajectory.
The outcome of the $47,000 threshold test will likely set the tone for Bitcoin's market behavior in the coming weeks and could either confirm the asset's bull trend or lead to a correction.
#Bitcoin
About the author

Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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Ripple CTO Explains Why This Robinhood Token Idea Is Not Good

Gamza Khanzadaev
Ripple's CTO dissects flaws in proposed Robinhood token concept, sparking debate on tokenomics
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Fri, 9/02/2024 - 8:18
Cover image via www.youtube.com
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The XRP Ledger blockchain has recently integrated a new amendment, dubbed Clawback (XLS-39), enabling issuers to reclaim tokens distributed to accounts. While this update has sparked various discussions within the XRPL community, one notable conversation revolves around the concept of a "Clawback-enabled tokenomics" proposed by Neil Hartner, a senior staff software engineer at Ripple.

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Hartner suggested the creation of a Robinhood (RHD) token, envisioning a redistribution of tokens from the top 10% holders to the bottom 90% at random intervals. However, Ripple CTO and co-creator of the XRP Ledger, David Schwartz, expressed skepticism toward this idea, stating sarcastically, "I love that idea."
Adding to the discourse, XRPL developer Wietse Wind questioned the necessity of accumulating large amounts of such a token, drawing parallels to the ethos of the legendary Robin Hood. Wind implied that a true Robin Hood token, like its namesake, would inherently possess value to its users, eliminating the need for excessive hoarding.
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Schwartz echoed Wind's sentiment, suggesting that individuals desiring substantial holdings of the token could easily distribute them across multiple accounts, thereby circumventing the proposed clawback mechanism.

Use authorized trust lines so people can’t just create accounts on their own.
— Neil Hartner (@illneil) February 9, 2024

In essence, the debate surrounding the feasibility and desirability of Hartner's proposition underscores broader questions about the effectiveness and practicality of implementing clawback mechanisms within token ecosystems.
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About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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