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On-chain data shows the Bitcoin Interexchange Flow Pulse is about to see a trend reversal, here’s what it may mean for the crypto’s price.
Bitcoin Interexchange Flow Pulse Is Crossing Over Its 90-Day MA
As per CryptoQuant’s on-chain year-end dashboard release, the trend shifts in this metric have historically occurred with phase changes in the market. The “Interexchange Flow Pulse” is an indicator that measures the 1-year cumulative net flows between Coinbase and derivative exchanges.
When the value of this metric rises, it means investors are transferring more coins from spot to derivative exchanges right now, and are hence willing to take up more risk. On the other hand, low values suggest not much capital is flowing into the derivative exchanges at the moment.
Now, here is a chart that shows the trend in the Bitcoin Interexchange Flow Pulse, as well as its 90-day moving average (MA), over the last few years:


As you can see in the above graph, a pattern seems to have historically followed with the Bitcoin Interexchange Flow Pulse during bull-bear trends in the price of the crypto. Whenever the coin has observed a bullish period, the indicator has seen a constant climb and has stayed above its 90-day MA.

The reason behind this is that investors are generally willing to take more risk during bull markets, and hence send increasingly large amounts to derivative exchanges for setting up leverage positions.
However, whenever the metric has reversed its direction and crossed below the 90-day MA, a top formation has taken place in the price of BTC, and the bullish trend has ended. In the bear markets that have followed such periods, the Interexchange Flow Pulse has usually continued to go down and has remained below its 3-month average. Once again, why this happens is simple; bear markets are when the average holder is unwilling to take any risks, and hence capital flow into derivatives dries up.
This trend in the indicator continues until the turning point once again takes place, where the price forms its bottom and the metric starts moving back up the opposite way (crossing above its 90-day MA in the process).

In the current bear market as well, the Bitcoin Interexchange Flow Pulse has consistently moved down while staying under its 90-day MA. Most recently, however, the decline seems to have stopped, and now the indicator is retesting its long-term average.
If the historical pattern is anything to go by, a successful crossover and reversal in the Interexchange Flow Pulse’s trajectory here would mean the bear bottom is in for the current cycle, and a slow transition towards a bull market could follow.
BTC Price
At the time of writing, Bitcoin’s price floats around $16,600, down 1% in the last week.





On-chain data shows the Bitcoin Interexchange Flow Pulse is about to see a trend reversal, here&#8217;s what it may mean for the crypto&#8217;s price. Bitcoin Interexchange Flow Pulse Is Crossing Over Its 90-Day MA As per CryptoQuant&#8217;s on-chain year-end dashboard release, the trend shifts i...

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Bitcoin Interexchange Flow Pulse About To Reverse, What Does It Mean?


Nigeria plans to regulate cryptocurrency to be up to date with global practices. The African nation once banned the trading of crypto in 2021.



The Nigerian government might amend the Investment and Securities Bill 2007 to allow the recognition of cryptocurrency as capital for investment, according to the Punch report. The Central Bank of Nigeria (CBN) banned banks from facilitating crypto trades or serving crypto users in 2021.



Nigeria to Regulate Crypto to Stay up to Date With Global Practices 



Ibrahim Babangida, in an interview, mentioned that Nigeria must flow with global economic innovations. He is the former President of Nigeria and the current chairman of the House of Representatives Committee on Capital Markets and Institutions.



“We need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date with global practices. In recent times, there are a lot of changes within the capital market, especially with the introduction of digital currencies,” the chairman commented.



The community celebrates and believes it is time for the world of finance to step up its game.



Crypto Popular in Nigeria Despite the ban.



Nigeria banned trading cryptocurrencies in 2021. Despite the ban, the country ranks second highest in the search term “Bitcoin,” after El Salvador. 



Source: Google Trends



According to a BloombergOpinion source, Nigeria has the third highest crypto transactions in the world, with 56% of its adult population participating in the transactions.



Source: Bloomberg Opinion



Additionally, 20% of Nigeria’s Internet user has exposure to crypto. Due to such popularity, the CBN could not contain the crypto ban. 



Ibrahim Babangida said, “They are digital. That is why – if you remember – when cryptocurrency was initially banned in Nigeria, the CBN discovered that most of these investors don’t even use local accounts. So, they are not within the jurisdiction of the CBN. Because they are not using local accounts, there is no way the CBN can check them.”



Due to such reasons, they find it needful to review the Act and regulate cryptocurrencies. However, he further clarified that “It is not about lifting of the ban, we are looking at the legality.”



Got something to say about the Nigeria crypto regulations or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.



For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
The post Nigeria to Regulate Cryptocurrency to Flow With Global Economic Innovations appeared first on BeInCrypto.


Nigeria plans to regulate cryptocurrency to be up to date with global practices. The African nation once banned the trading of crypto in 2021.
The post Nigeria to Regulate Cryptocurrency to Flow With Global Economic Innovations appeared first on BeInCrypto.


beincrypto.com

Nigeria to Regulate Cryptocurrency to Flow With Global Economic Innovations

The past few days have seen a decline in the price of crypto assets such as Shiba Inu (SHIB), with inflation and other macroeconomic factors in play, as other cryptocurrencies registered gains.

Macroeconomic factors have historically impacted crypto prices. Recently, the FUD (fear, uncertainty and doubt) levels in the market were high, taking a toll on crypto and investor sentiment. Meanwhile, the Binance vs. Reuters tussle sparked a considerable amount of withdrawals from the exchange.
However, anxiety is reducing, and normalcy has returned to the market. Bitcoin and other altcoins have recorded gains in the past 24 hours as the market looks to recover. But Shiba Inu has dipped in the last 24 hours, losing above 7% of its value to trade at $0.0000088.

Whale Transfers Over 210 Billion SHIB
Lookonchain, an on-chain analysis platform, reported that a whale transferred 207.2 billion SHIB tokens valued at $1.9 million to Binance.
The transfer took place at 01:54 PM UTC. This whale also dumped close to 4 billion tokens in a 7-day timeframe pushing the sell-off figures to more than 210 billion.
This transfer affected the price, making it lose 3% a few hours after the transfer. The ripple effect of this activity also caused the asset to fall below its support level by another 3%. The coin price decreased by 6% before the U.S. Federal Reserve revealed its rate hike decision.
Whale In Control Of SHIB Price Momentum
The controversial whale had moved 3.49 trillion SHIB for 2.37 ETH, valued at $2,233 via Uniswap in 2020. It spent 1.83 ETH on 2.27 trillion SHIB tokens and 1.22 trillion using the addresses 0x5952 and 0x92f2.
The whale made its last purchase on February 9, 2021, and has only sold Shiba Inu since then for profit. After the token rallied in 2021, the whale took short positions for its holdings.
Lookonchain places the total token sold by this whale since April 13, 2021, at 2.94 trillion SHIB. The whale will make close to $18.3 million if it sells at the current market price.

With much holdings and financial might, this whale can influence the price of SHIB at will whenever it decides to resume selling.
The wallet address reveals that this particular whale has 546 billion in store, valued at $4.84 million. The sell-off has increased the circulating supply and has consequently reduced its value. Investors will watch this whale closely as the general crypto market gears up for a revival.


The past few days have seen a decline in the price of crypto assets such as Shiba Inu (SHIB), with inflation and other macroeconomic factors in play, as other cryptocurrencies registered gains. Related Reading: Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally? Macroeconomic ...

Shiba Inu (SHIB) Price Continues To Decline – What’s Causing The Drop?

On-chain data shows the number of stablecoin transactions going into spot exchanges have risen recently, something that could help fuel a Christmas Bitcoin rally.
Stablecoin Deposits To Spot Exchanges Have Shown Increasing Demand Recently
As pointed out by an analyst in a CryptoQuant post, there has been an increasing demand on spot exchanges recently. The relevant indicator here is the “stablecoin exchange depositing transactions,” which measures the total number of transfers involving these fiat-tied tokens that are heading towards exchanges.
Investors usually use stablecoins whenever they want to escape the volatility associated with coins like Bitcoin. Once the holders feel the prices are right to re-enter into these volatile markets, they transfer their accumulated stables to exchanges for swapping them into their desired cryptocurrency. So, a large amount of these tokens entering into exchanges can act as buying pressure for other markets, and thus provide a bullish effect to the prices of Bitcoin and other assets.
Unlike the normal inflow metric, which simply measures the total amount flowing into exchanges, this indicator paints an idea about the actual demand in the market since it counts individual transfers, which can’t be inflated by a few large investors as their transaction count will be much lesser than their inflow values.

Now, here is a chart that shows the trend in this metric, as well as the opposite one that keeps track of withdrawal transactions:


As the above graph shows, the stablecoin exchange depositing transactions metric has observed some growth recently, and at the same time, the withdrawing transactions have gone down instead. This means that there is demand to buy with stables right now, while there isn’t much interest in exiting from volatile markets using these fiat-tied tokens.

Such a situation has proved to be bullish for the price of Bitcoin in the last few months, as the previous instances of this trend in the chart display. “With the number of stablecoin deposits up-trending & the number of stablecoin withdraws down-trending, the capitulation events could be reaching an end,” notes the quant.
The analyst believes these inflows can fuel a new rally, saying “such pick up in retail investor sentiment could potentially lead to a Christmas rally.” It now remains to be seen whether these stablecoin inflows will turn out to be constructive for the price this time or not.


At the time of writing, Bitcoin’s price is floating around $16,900, down 1% in the last week.


On-chain data shows the number of stablecoin transactions going into spot exchanges have risen recently, something that could help fuel a Christmas Bitcoin rally. Stablecoin Deposits To Spot Exchanges Have Shown Increasing Demand Recently As pointed out by an analyst in a CryptoQuant post, there ...

Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally?

BeInCrypto looks at five altcoins that decreased the most from the entire crypto market last week, specifically from Dec. 9 – 16. 


These digital assets have taken the crypto news and crypto market spotlight:




Chain (XCN) price decreased by 21.83%



Trust Wallet Token (TWT) price decreased by 21.32%



Flow (FLOW) price decreased by 17.91%



Dogecoin (DOGE) price decreased by 16.13%



Filecoin (FIL) price decreased by 13.07%




XCN Leads Altcoin Losers With New All-Time Low



The XCN price has fallen underneath a descending resistance line (dashed) since Sept. 27. The downward movement accelerated on Nov. 1, creating an even steeper descending resistance line (solid). This led to a new all-time low price of $0.03 on Dec. 16. 



No reversal signs are in place, suggesting that the downward movement will continue. This bearish projection would be invalidated with a breakout from the descending resistance line.



XCN/USD Six-Hour Chart. Source: TradingView


TWT Falls After Double Top



TWT is the utility token of Trust Wallet, a cryptocurrency wallet that supports various crypto assets on the Binance, Tron, and Ethereum blockchains. The digital asset has increased sharply since Nov. 9. 



However, the TWT price created a double top on Nov. 14 and Dec. 14 (red icons). The double pattern is considered a bearish pattern, meaning that it leads to breakdowns most of the time. On Dec. 16, the altcoin broke down from an ascending parallel channel, confirming the bearish pattern. 



If the downward movement continues, the closest support area would be at $1.65-$1.86. 



Reclaiming the channel would invalidate this bearish price projection.



TWT/USDT Six-Hour Chart. Source: TradingView


FLOW Price Falls To New All-Time Low



FLOW is a utility token for the Flow blockchain network. The FLOW price has decreased underneath a descending resistance line since the beginning of Aug. The line caused a rejection in Nov. (red icon), accelerating the rate of decrease and causing a breakdown below $1.22.



Similarly to XCN, there are no bullish reversal signs in place yet, since the daily RSI is decreasing and has not generated any bullish divergence. 



 As a result, the downward movement is likely to continue. If so, the next support level would be at $1.60, created by the 1.27 external Fib retracement of the most recent upward movement.



Conversely, breaking out from the resistance line and the $1.22 area would invalidate this bearish projection.



FLOW/USDT Daily Chart. Source: TradingView


DOGE Completes Correction



Dogecoin is Elon Musk’s favorite cryptocurrency and one of the two best-known meme coins alongside Shiba Inu. The altcoins price has fallen below a descending resistance line since Nov. 1. More recently, the line caused a rejection on Dec. 5. 



The movement between Nov. 11 – Dec. 11 resembles a completed A-B-C corrective pattern. This supports the current bearish outlook. 



As a result, a drop toward the support line at $0.06 is the most likely scenario. Breaking out from the resistance line would indicate that the trend is bullish instead.



DOGE/USDT Daily Chart. Source: TradingView


FIL Price Breaks Down Below Crucial Support



On Nov. 9, the FIL price broke down below the $5 horizontal support area. This was an important development since the area had provided support since the beginning of June. 



The downward movement has been ongoing since. On Dec. 16, FIL reached a low of $3.76. The trend is considered bearish until FIL reclaims the $5 area. 



If the downward movement continues, the closest support level would be at $3.60, created by the 1.61 external Fib retracement level. 



FIL/USDT Daily Chart. Source: TradingView


For BeInCrypto’s latest crypto market analysis, click here.
The post XCN, TWT, FLOW, DOGE, FIL Are The Worst Performing Assets In The Crypto Market appeared first on BeInCrypto.


A look at five altcoins that decreased the most from the crypto market during the previous week.
The post XCN, TWT, FLOW, DOGE, FIL Are The Worst Performing Assets In The Crypto Market appeared first on BeInCrypto.


Flow price	$1.08
Low - High 24H	$1.07 - $1.13
Market cap	$1.12B
Volume 24H	$36.69M
All time high	$42.40 -97.43% April 5th 2021
All time low	$0.646701 68.59% January 2nd 2023
Genesis date	N/A

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