Short Commentary on the Currency Market | Bitcoin Lost Addresses Break 18.8 Million, a Record High!Ethereum gas fees drop to two-year low

July 4, 2022 Katie Roh Market Analysis
Binance
Short Commentary on the Currency Market | Bitcoin Lost Addresses Break 18.8 Million, a Record High!Ethereum gas fees drop to two-year low
Coinbase


Bitcoin continued to fluctuate around $19,000 for several days. According to the data on the chain, the number of Bitcoin addresses currently in loss has exceeded 18.8 million, a record high; in addition, the gas price of Ethereum has recently dropped to 19.37 Gwei, a new low in more than two years. (Recap:Bitcoin whales are actively increasing their holdings!Those holding more than 1,000 pieces control 45.6% of the supply; Babel Finance hires an investment bank or will restructure) (relevant additions:Author of Rich Dad: When Bitcoin drops to $1,100, I will hunt for the bottom; netizens are sour)

CompareBitcoin (BTC) once again tried to stand above the $20,000 mark this morning, touching $19,647 at one point, but the rally could not be sustained and fell, and it has continued to fluctuate in a narrow range around $19,000 for four consecutive days. Before the deadline, it was reported at $19,292, up 0.24% in the past 24 hours; Ethereum was reported at $1,072, up 0.8% in the past 24 hours.

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BTC loss-making addresses hit record highs

According to the on-chain analysis company Glassnode’s tweet on the evening of yesterday (3), the number of BTC addresses that have not realized losses (7-day average) has reached 18,809,386, a record high; it should be proved that Bitcoin is experiencing the worst one in 10 years. quarter.

Crypto Tony, a trader with 207,000 followers on Twitter, also posted earlier that the price of BTC may drop to the support of $18,000 again:

With us below $19,300 (BTC), look for a pressure to push it down to the lower support area of ​​$18,000.

Ethereum gas fees drop to two-year low

The downturn in the market has also reduced the scale of users using Ethereum for transactions or Defi operations. According to data from the on-chain data analysis platform ycharts, the gas price of Ethereum as of the 3rd was 19.37 Gwei, a new low since May 2020. ; Compared with the high of $218.55 in January this year, a drop of more than 90%.

Source: ycharts

Etherscan’s current estimates state:

Average Gas Fee for OpenSea transactions: $1.96 Average Gas Fee for currency exchange on Uniswap V3: $2.38 Average Gas Fee for USDT transfers: $0.7

Source: Etherscan

Analyst: BTC is approaching peak opportunity area

However, not all analysts are pessimistic. Analyst Rekt Capital, which has 321,000 followers on Twitter, tweeted on the 2nd:

Historically, the 200-week MA has been seen as BTC the bottom indicator, butDuring this cycle, things may be different.

BTC will notAt the bottom of the 200-week SMA, it could form amacro range.Anything below the 200MA could represent a peak opportunity

Indicating that it may currently be at a bottom indicator, or facing sell-side exhaustion, long-term investors can reap the rewards.

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Zhu Su borrowed money to buy a “$50 million yacht” to show off his wealth? Voyager Digital borrowed over 650 million magnesium from Three Arrows Capital, and its stock price plummeted 60%

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