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2023-01-11 19:48:57 2022 was the cheapest year to use the Bitcoin network if to calculate costs in Satoshi (SATS).

In the dollar equivalent, the cheapest year was 2012, when the network could be used almost free of charge.

The highest level of block space utilization was recorded in 2017 (over 90%).

@coinbissupport Open / Comment

2023-01-10 15:31:39 Bullish Triple Bottom

A Triple Bottom is a chart pattern that consists of three equal lows followed by a break above resistance.

The chart pattern is categorized as a bullish reversal pattern.

In the case of a Bullish Triple Bottom chart pattern, the stop loss should be placed at the previous low of the pattern.

The limitation for the target will be the previous resistance level which was formed before by the price action.

@coinbissupport Open / Comment

2023-01-10 11:01:04 CPI Numbers Coming on Thursday, What to Expect?

History suggests that bitcoin could be heading for a volatile week.

The consumer price index excluding food and energy (core CPI) numbers will be released by the United States government on Thursday, January 12.

Although the most recent months saw a decline in the inflation rates compared to the peaks in the summer of 2022, the estimates still show a painful picture.

Here Are the Expectations
The upcoming CPI numbers will play a crucial role in the US Federal Reserve’s decision on whether to continue its current monetary policy of raising interest rates. Given how 2022 went and the increase to 4.5% within a year, it would be wise to assume that more hikes are coming.

This is also supported by the general estimations of what the CPI numbers for December will be. According to the Cleveland Fed, the month-over-month for December could clock in at 0.5%, while the YoY should go above 6%.

Bloomberg quoted more modest data, saying the MoM increase will be 0.3%, which would put the yearly rise at 5.7%. Nevertheless, this would still represent the highest CPI jump for December in over 41 years.

What About Bitcoin?
Bitcoin has had a favorable start in 2023, gaining almost $1,000 in just over a week. This resulted in the asset breaking above $17,000 for the first time in about a month.

Given its history with major US announcements, including the CPI numbers, though, it’s safe to assume that BTC could face a volatile end of the working week. In fact, there are some analysts predicting that bitcoin could head toward $20,000 on better-than-expected CPI numbers, especially if the US stock market pumps as well.

Whether higher or lower, each previous example has shown that bitcoin reacts with immediate price movements, which makes the Thursday announcement even more important for the entire cryptocurrency market. Open / Comment

2023-01-10 10:44:24 Liquid Staking Platforms Surging Ahead of Ethereum Shanghai Upgrade

There has been a great deal of momentum for liquid staking derivatives and platforms in the run-up to Ethereum’s next big upgrade.

Crypto’s newest narrative is liquid staking, as platforms and tokens have been taking off recently.

Ethereum will go through the Shanghai upgrade in March, which releases ETH staked on the Beacon Chain. Industry analysts believe this will be good news for liquid staking protocols as they offer better incentives and yields. As opposed to direct staking, they provide a more flexible way to stake and earn without having to lock up the collateral.

Liquid Staking Surging
“Accessibility, immovability, and illiquidity are the top drawbacks of crypto staking,” the analyst added. Liquid staking platforms provide a staking token that can also be used in other DeFi protocols to generate additional yields.

Lido is the industry’s leading staking platform, with 4.8 million ETH staked, representing 30% of the total amount.

Its governance token, LDO, has been on fire in recent weeks, gaining a whopping 57% over the past seven days. Other staking platform tokens, such as StakeWise (SWISE), have also performed well.

The amount staked on platforms such as Lido, Rocket Pool, StakeWise, and Frax has also been steadily increasing as this new narrative gains momentum.

Unlike Lido, Rocket Pool is permissionless and highly decentralized leading analysis to predict that it could become a market leader.

On the flip side, there are a couple of risks to liquid staking pools, such as smart contract risk, de-peg risk (which happened to Lido’s stETH last year), and slashing risk.

However, with staked ETH about to be slowly released, a lot of it may be moved to more lucrative liquid staking platforms this year. Not all of the staked ETH will be available at once, as current specifications allow a maximum of 57,600 partial withdrawals per day, according to CoinMetrics.

Ethereum Price Outlook
Ethereum has not performed as well as liquid staking tokens with a gain of just 10% since the beginning of the year.

ETH prices are currently up 1% on the day at $1,323 at the time of writing, according to CoinGecko. The asset has been slow to move out of the shadow of its big brother and remains down 73% from its November 2021 all-time high. Open / Comment

2023-01-10 10:16:41 #Bitcoin reached the resistance zone as expected and rejected from the mentioned area as well. Now, a deep pullback is expected back to $17,000 mark as hourly structure is bullish. Overall, market will remain bullish and healthy above $17,000 support. Open / Comment

2023-01-09 21:39:43 Crypto:
Nearly 65% of USDC reserves are held in US Treasury bills.
U.S. Government seizes SBF's Robinhood shares.
Hong Kong set to enforce crypto regulation from June.
Metropolitan Commercial Bank to close crypto vertical.
U.S. subpoenas hedge funds in probe of crypto exchange Binance.

Forex & Stocks:
Oil jumps 2% on demand optimism as China's borders reopen.
Brazilian troops clear Bolsonaro supporters' camp after capital stormed.
Amazon partners with EVgo to ease EV charging pain.
European shares rise on China reopening optimism, tech stocks lead gains.
Nasdaq leads gains on Wall Street as interest rate worries ease. Open / Comment

2023-01-09 18:17:56 Inflation rate updated.

Argentina 92.4
Turkey 84.39%.
Russia 12%
Italy 11.8
United Kingdom 10.7%
Euro area 10.1% Germany 🇩🇺 11.7% Italy
Germany 10%
The Netherlands 9.9 percent
Mexico 7.8
United States 7.1 percent
France 6.2
Brazil 5.9
India 5.88
Spain 5.8
Japan 3.8
Switzerland 3%.
China 1.6%.

(Official government data, real inflation is probably much higher) Open / Comment

2023-01-09 17:48:28 [1 Min Read]

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In nine months, FTX spends $40 million on fine dining and hotels. Open / Comment

2023-01-09 17:43:16 Bitcoin Price Reclaims $17K But Final Capitulation May Not Be In Yet: Analysis

Bitcoin could be nowhere near finding a bottom yet, said a CryptoQuant analyst.

Bitcoin’s price is already down by over 75% since its peak in November 2021, and there’re multiple reports claiming that the bottom is in.

However, a popular analyst warned that we could be in the middle of the bear market and hinted that there might be more pain around the corner.

The Worst Is Yet to Come?
While analyzing the current bitcoin landscape and focusing on the Stock to Flow ratio, the strategist (Gigi Sulivan) opposed some of the claims that BTC’s price might have already bottomed. Recall previous such assumptions based on miner capitulation, strong holder behavior, and long-term supply reaching a new all-time high.

However, Sulivan believes bitcoin could be heading into the S2F green zone (picture below) if its price gets to $20,000 – $22,000, which could trigger another imminent sell-off. He added that such an increase could come later this week if the US CPI numbers are better than the overall estimations.He also warned that 2023 could be worse for bitcoin depending on the macroeconomic environment and whether the US and other countries enter into long recessions.

The analyst predicted back in March 2022, when BTC’s price was still well above $40,000, that it could drop all the way down below $16,700, basing his gloomy but correct forecast on the same S2F ratio.

Fear and Greed Doesn’t Move
The index, which calculates the overall sentiment toward BTC from different data such as surveys, volatility, and social media comments, doesn’t paint a bright picture either.

It generally moves depending on bitcoin’s price swings from 0 (extreme fear) to 100 (extreme greed). Given the state of the market for the past year or so, it’s no surprise that it hasn’t been in the latter for a long time.

However, it has dipped into extreme fear territory quite regularly and is there now as well, even though the cryptocurrency spiked overnight and charted a monthly high above $17,000. This only goes to show that such minor price increases are not fooling the community yet, and there’s still a long way to go before the overall perspective changes. Open / Comment

2023-01-09 15:43:57 Bearish Rectangle Top

The bearish rectangle top pattern functions as a reversal pattern when it occurs in a uptrend and the breakout happens to the downside.

The price rise in a strong uptrend and then starts to consolidate between support and resistance levels.

The consolidation marks a period of equilibrium when neither buyers nor sellers are stronger than the other party.

This up-down struggle continues for a while and the pattern begins to exhibit the shape of a rectangle.

In the case of a Bearish rectangle top chart pattern, the stop loss should be placed at the previous high of the pattern.

The limitation for the target will be the previous support level which was formed before by the price action.

@coinbissupport Open / Comment