Bitcoin (BTC) hit an all-time high of the past three years, hitting $ 18,476. However, prices quickly fell below $ 18,000 and have fluctuated around the key level for the past few hours. We wonder if it is possible that Bitcoin is forming a bubble.
A bubble in sight?
Right now, the price of the leading crypto stands at $ 17,876, according to the CryptoTrend tool, Crypto Online.
Nonetheless, Bitcoin tried to settle above $ 18,000, but received a strong pushback and plummeted. Now the questions are: Will you try again? Will you be able to do it?
Just yesterday Nic Carter, co-founder of CoinMetrics, pointed out in a Medium publication a series of graphs that suggest that this bull run is very different from that of 2017.
Nonetheless, crypto investors suffered in 2017 and are evidently afraid that it will happen again. In general, all indicators appear to be bullish.
Still, there is a specific indicator, the Fear & Greed Index, that has raised concerns. This indicator takes into account a variety of variables, such as the movement of the crypto market, volatility, among others. The problem is that the crypto indicator leaned in the direction of ‘extreme greed’.
We can also look at the Mayer Multiple, which shows how common a certain price level is relative to history. The two specific values to pay attention to are 1 and 2.4.
Some members of the crypto community have used this as an indicator of speculative bubbles. Basically because historically above 2.4 means the beginning of a speculative bubble for Bitcoin.
At this time, the indicator stands at 1.76, very close to the previously mentioned number. Remember that this indicator is not a sell, buy, or hodl signal. However, whether there is a bubble or not, the advice is to proceed with caution in Bitcoin.
A crypto mistake cost $ 47,000 in Bitcoin
An account on Twitter, called the Bitcoin Block Bot, reported that apparently a crypto user paid 2.66038352 Bitcoin (over $ 47,000) for fees to send 0.01088549 BTC (or $ 194.66).
At the moment the reason behind this transfer is unknown. However, it was most likely a mistake as a result of a crypto user having to manually set the crypto transaction fee.
25,000 Bitcoin crypto addresses in an hour
Glassnode reported Today that almost 25,000 new Bitcoin addresses were created for an hour, the last time we saw this situation was in January 2018.
Watch out! This does not necessarily translate into an increase in the number of new users. Let us bear in mind that the same crypto user can create thousands or millions of Bitcoin addresses.
Binance sues Forbes and two crypto journalists
Do you remember when in CryptoTendencia we reported the conflict that occurred between Forbes and Binance? Well, the crypto exchange decided to take action on the matter and file a lawsuit in the United States.
Basically on October 29, Forbes published an article where it claimed that Binance had designed a document called Tai Chi that contained details of a scheme designed to “intentionally mislead regulators” in the United States.
Immediately after its publication, Changpeng Zhao, CEO of Binance, denied the allegations that Binance will design or follow the strategy that was leaked.
Apparently, according to the complaint filed, the crypto exchange asked Forbes for the removal, retraction and apology, however, the article remains public, according to CoinTelegraph.
Binance alleges that the article contains “contains numerous false, misleading and defamatory statements about Binance.”
In a few lines …
- Grayscale now holds more than $ 10 billion in Bitcoin and other crypto on behalf of its clients, it said in a tweet.
- Ricardo Salinas Pliego, the second richest man in Mexico, has revealed that 10% of its liquid portfolio is invested in Bitcoin.
- Jamie Dimon, CEO of JPMorgan, is still not attracted to the crypto leader. Will it be someone else to retract?