Tag: Buyers

NFT Market Facing Persistent Selling Pressure

by Blockchain News

According to the data provided by the analytics platform NFTGo during the month of April, the market for nonfungible tokens (NFTs) has been regularly seeing a greater amount of selling pressure than purchasing. There were only 7,907 purchasers on April 26, although there were 8,641 vendors trying to sell their NFTs. On April 19, there were just 5,893 purchasers, which led to the market reaching its second-lowest point in the preceding year.

There were 18,495 buyers in the market on April 5, but there were also 36,423 sellers, and there hasn’t been a single day in April in which the number of buyers has outweighed the number of sellers. Even with the rise on April 5 to 18,495 buyers, the market still had 36,423 sellers. Those who have their sights set on selling their NFTs in the near future could find this consistent selling pressure to be reason for alarm.

NFT trade volumes on March 10 were between $68 million and $74 million before the collapse of the bank; nevertheless, they dropped to $36 million on March 12. In addition, between March 9 and March 11, there was a reduction of 27.9% in the number of daily sales of non-fungible tokens (NFTs).

Twitter users have expressed their opinions on a wide variety of topics in response to the volatile circumstances in the NFT market. The co-founder of Canary Labs, Ovie Faruq, said in a tweet on April 26 that the NFT market is “not functioning” at the present time.

The amount of wash trading on the top six NFT markets increased to a total of $580 million in February, according to a research that was published by CoinGecko on March 20. This was the fourth consecutive month that wash trading increased. According to the findings of the research, the volume of the NFT marketplace increased by 126% from the previous month’s level of $250 million. The rise may be attributed to the general recovery of the market for non-traditional financial assets.

Despite the fact that the NFT market has been under pressure to sell during the month of April, it is important to keep in mind that the NFT market is still a relatively young and emerging business, and it is not unusual for the market to be volatile. Despite this, the consistent selling pressure may indicate to sellers that they need to change their pricing strategy or explore the possibility of hanging onto their NFTs for extended periods of time.

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Bots Inc Starts Accepting Dogecoin And Other Cryptocurrencies from Tesla Vehicle Buyers

by Blockchain News

BOTS Inc. global blockchain technology firm has announced that it has started allowing local car dealerships to accept cryptocurrencies like Dogecoin to buy used Tesla vehicles.

As the popularity of crypto assets like Bitcoin and Dogecoin continues to rise, several car dealers and manufacturers have identified that as an opportunity to reach and even attract new clients. BOTS will be providing Dogecoin merchant processing services to pre-owned Tesla dealers and individuals first.

The move, therefore, makes Bots one of the first publicly traded companies to accept Dogecoin as a payment method for its services and products.

BOTS Inc. is an international information technology firm specialising in blockchain-based solutions, cryptocurrency, fintech, cybersecurity solutions, insurance, mining equipment repair, consulting, and decentralised finance application solutions. On August 16, the firm said that it has started allowing local dealerships to accept cryptocurrencies like Dogecoin for used Tesla vehicles.

Since the demand for Tesla cars is exceptionally high, some clients would rather purchase a used Tesla car than wait many weeks to deliver a new one. Thus, the dealer customer base continues growing steadily.

Since last year, the global shortage of microchips has caused vehicle manufacturing companies to minimise new production, causing increased prices of used cars. As a result, the prices of some popular models of used cars are higher on second-hand markets than the brand-new cars.

SeeCars Executive Analyst Karl Brauer talked about the development. He said: “Buyers are willing to pay extra for a used Tesla Model 3 because the Model 3 is still relatively uncommon in the used car marketplace. And despite the high resale value of its used versions, it is the most affordable Tesla available. It appeals to a wide audience from tech enthusiasts to eco-minded consumers to those who want a fun-to-drive sporty car.”  

Elon Musk Still Supporting Bitcoin

In February, Tesla began accepting Bitcoin as a payment method and even bought $1.5 billion worth of Bitcoin as part of its treasury reserve. But after three months, Elon Musk, Tesla CEO, stated that the automaker would no longer accept Bitcoin as a payment for its vehicle sales, citing environmental concerns.

The announcement by BOTS to begin offering Dogecoin merchant processing services to pre-owned Tesla vehicle dealers and individuals first comes a few weeks after Musk hinted that Tesla might resume accepting Bitcoin payments. Last month, July 20, Musk said at the B-Word conference that: “Tesla will ‘most likely’ restart accepting bitcoin as payments”.

Musk stated that he personally owns Bitcoin, Ether, and Dogecoin, apart from Bitcoin that SpaceX and Tesla own.

Musk, one of the critical drivers of the cryptocurrency boom during this year, often expresses support for Dogecoin. Last week, Musk backed Mark Cuban’s claims that Dogecoin is the best cryptocurrency as a medium of exchange.

Image source: Shutterstock

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Coinbase Trends On Twitter For Downtime During Bitcoin Break Above $40K

by NEWSBTC

Bitcoin momentarily blasted above $40,000 today, doubling its previous peak set back in 2017. A huge rejection took place shortly after the level was overcome, prompting a $4,000 drop near instantly.

But as eager buyers stepped in to “buy the dip” on Coinbase, they were met with frustration and disrupted services. And because Bitcoin is trending on Twitter, Coinbase is now also but for all the wrong reasons. Here’s why Coinbase needs to shape up its act before the bull run enters the next phase.

Bitcoin Bull Run Then And Now: 2017 Versus 2020

Coinbase was the poster child of the 2017 bull market. The iOS app was trending on the Apple App Store for iPhone as the top way many investors were buying Bitcoin back in 2017.

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With the cryptocurrency market reentering a bullish cycle, Bitcoin today set a high that is double the 2017 peak that put both the asset and the exchange on the map initially.

Related Reading | Bullish For Bitcoin: US Inflation Expectation Breaks Out From Decade Long Downtrend

Now the two are major brands in finance and are beginning to mature. Bitcoin is suddenly the investment focus of the ultra-wealthy, who are seeking to protect that wealth from the impact of inflation. Their money has pushed the cryptocurrency to recent highs and did so incredibly quickly.

The asset is now outperforming its 2017 rally by a large margin and is the second most powerful rally in history. It has resulted in dips being bought up much faster because institutions know they are in competition with others, and retail investors are fighting for their share too.

Which is why there’s so much outrage on Twitter regarding outages on Coinbase experienced today during Bitcoin’s pump.

bitcoin 40k coinbase twitter

bitcoin 40k coinbase twitter


Bitcoin shattered $40,000 briefly causing Coinbase to struggle | Source: BTCUSD on TradingView.com

Coinbase Can’t Keep Up With Crypto Volatility, Trends on Twitter

Bitcoin has grinded its way up steadily from $30,000 to $40,000 in just seven days to start 2021. The move culminated today with a strong push above $40,000, but it was rejected harshly after setting a peak of $40,412 on Coinbase.

Unless orders were already placed, however, few were able to actually buy or sell any BTC during the frenzy on Coinbase. Users report all kinds of issues, from server outages, an inability to log in, withdrawals not working properly, and much more.

Related Reading | Analyst: Bitcoin Parabolic Trend Is “Close To A Breakdown”

The issues were just as frustrating on the Coinbase Pro platform which is designed for institutional investors. Users were so upset about it all, they took to Twitter to vent.

coinbase bitcoin twitter

coinbase bitcoin twitter


Bitcoin and Coinbase were both trending in the US on Twitter | Source: Twitter

Bitcoin was trending on Twitter at the same time due to the strength of the record-setting move. Coinbase, however, was trending for its lack of performance during the high-volume blitzkrieg.

Coinbase continues to be the “go-to” for institutions, and are planning on launching an IPO this year. If they can’t get the most basic functionality of their platform to work regularly and during when it matters the most, they could squander what positive reputation they have with the public eye during this current crypto bull run.

Featured image from Deposit Photos, Charts from TradingView.com

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How massive Bitcoin buyer activity on Coinbase propelled BTC price past $32K

by Cointelegraph

Coinbase has seen a large spike in buyer activity overnight as the price of Bitcoin (BTC) surpassed $32,500 on Jan. 2. Analysts say the trend was reminiscent of MicroStrategy’s Bitcoin accumulation, possibly fueled by institutional buy orders. As a result, BTC surpassed $31,000, reaching a new all-time high.

BTC/USD daily candle chart (Coinbase). Source: Tradingview

Coinbase buyers were the catalyst for the Bitcoin rally

In the last 48 hours, Coinbase has continuously seen a high premium compared to Binance. At one point, Bitcoin on the exchange was $100 more expensive than on Binance.

When the price of Bitcoin surpassed $30,000, the premium reached as high as $350. For instance, when Bitcoin was trading at $30,000 on Binance, BTC was priced at $30,350 on Coinbase.

Prior to the rally, CryptoQuant CEO Ki Young Ju said that low Coinbase outflows posed a risk to Bitcoin’s rally. He said that outflows would have to increase for BTC to find new momentum, which it did. He said before the rally:

“We haven’t had significant Coinbase outflows since $23k, tokens transferred is decreasing, and the fund flow ratio for all exchanges is increasing. Still possible that institutional investors would join anytime soon, but we might face a correction if it continues like this.”

As Bitcoin neared $29,500, Coinbase outflows began to spike. Ki said that they are possible over-the-counter (OTC) deals, which are typically bullish for BTC and exemplifies a wider trend of dwindling BTC reserves on exchanges.

High-net-worth buyers use the OTC market to buy or sell large amounts of Bitcoin. Hence, when the signs of OTC deals emerged, Ki said this was positive for BTC. Merely two days after the outflows spiked, BTC surged past $30,000, reaching $31,400. Ki noted before BTC broke $30,000:

“12,063 $BTC just flowed out from #Coinbase. It went to multiple cold wallets. Possibly OTC deals. Breaking 30k is going to be tough, but institutions don’t care. They just buy it more.”

Coinbase outflows. Source: CryptoQuant

Why is BTC becoming so appealing?

According to Ashwath Balakrishnan, an analyst at Delphi Digital, Bitcoin became more compelling when it surpassed its all-time high.

When the price of Bitcoin was hovering at around $4,000, the risk of a significant downside was high, combined with high uncertainty around the medium-term prospect of BTC.

Hence, when Bitcoin surged past $20,000, the dominant cryptocurrency became more compelling for investors. He said:

“Buying $BTC post- ATH is actually superior than sniping the bottom from a risk adjusted lens If you bought at $20k you’re up 50% with minimal friction in between Bottom buyers ~$4k are up almost 8x but their risk of blowing up was much higher.”

In the near term, a popular narrative that could buoy the Bitcoin price higher is the prediction that institutions might not have bought BTC in December due to potential accounting issues.

As such, some analysts say that more institutions could jump into Bitcoin in the first quarter of 2021. If this happens, which would be evident through Grayscale’s assets under management and the CME Bitcoin futures market’s open interest, it would likely cause a broader BTC rally.