Tanya Abrosimova
Independent Analyst
- Grayscale has been buying 1.5 times the amount of Bitcoins mined.
- The bullish trend is gaining traction after a period of consolidation.
The cryptocurrency investment company Grayscale ramped up its Bitcoin purchases, according to the data, provided by the Independent researcher Kevin Rooke. The expert found out that since the halving company has been buying BTC at a rate equivalent to 150% of the newly-minted BTC. Only 12,337 Bitcoins have been mined after the reduction of the block reward, while the Bitcoin Investment Trust added 18,910 BTC.
The industry players believe it is a sign that the demand exceeds the supply. Thus, the head of Binance, Changpeng Zhao, commented:
There isn't enough new supply to go around, even for just one guy.
Earlier the FXStreet reported that an average weekly investment into Grayscale Bitcoin Trust reached $29.9 million in the first quarter of 2020, which is an 800% increase on a year-on-year basis.
Top-3 cryptocurrencies price updates
Bitcoin (BTC) moved above to $9,300 and hit the intraday high at $9,454. By press time, the coin retreated to $9,400. The first digital coin has gained over 2.5% both on a day-to-day basis and since the beginning of Thursday. The next critical resistance is created by $9,500-$9,600 area. This barrier stopped the upside momentum during the previous recovery attempt. The support is created by $9,000.
Ethereum tested the intraday high of $210.93 during early US hours on Thursday, but retreated to $209.50 by the time of writing. The second-largest digital asset has gained 1.5% higher from this time on Wednesday and stayed unchanged since the beginning of the day. The price needs to gain ground above $210.00 to further improve the short-term technical picture and allow for the recovery above $215.00. The critical support is created by $200.00.
XRP/USD is hovering in the middle of $0.2000-$0.1900 range amid bearish momentum on the short-term time frame. The recovery attempt above the upper border of the range failed, which brings its lower line back into focus. At the time of writing, XRP/USD is changing hands at $0.1970.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Hedera price surges more than 25% following a spike in trading volume
Hedera price surges more than 25% on Monday after rallying 64% last week. The rally was fueled by Canary Capital, which submitted an S-1 registration to the US SEC for an HBAR ETF, offering investors exposure to the crypto asset’s price.
Robinhood CEO calls UK approach to crypto “backwards”
Robinhood CEO Vlad Tenev criticized the UK’s restrictive crypto policies, comparing them to regulated gambling. Concerns grow over crypto trading addiction, with a significant amount of traders relating it to gambling.
Bonk holds near record-high as traders cheer hefty token burn
Bonk (BONK) price extends its gains on Monday after surging more than 100% last week and reaching a new all-time high on Sunday. This rally was fueled by the announcement on Friday that BONK would burn 1 trillion tokens by Christmas.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates after a new all-time high
Bitcoin price consolidates between the $87,000 to $93,000 zone. Ethereum's price is nearing its support level of $3,000; a close below would cause a further correction.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.