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Bolivar To BTC Volumes Reach Record Highs As The Crisis Continues

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Bolivar to BTC volumes in Venezuela reach record highs as the economic crisis in the country intensify and people turn to Bitcoin to find refuge. Following the latest cryptocurrency news coming from the South American country, a record amount of Bolivars were spent buying bitcoin.

In the last week of April, about 36.5 billion worth of Bitcoin was bought only that week which shows that the Bolivar to BTC volumes continuously increasing. The previous record reached 31.3 billion bolivars last month. The record numbers come as the political and economic tensions grown in the Latin American country. Over the past week, the opposition leader Juan Guaido started a military coup to help the civilian protestors in overthrowing the current president Nicolas Maduro.

This is the third time Guaido is trying to take Maduro out of the game but so far he has not achieved his expected plan. The opposition leader is supported by more than 50 countries including the US and the UK. However, Maduro has the support of China, Cuba, Russia, Turkey, and other countries. However, people are still changing their bolivar to BTC trying desperately to get some extra cash.

The violence in the country is only likely to continue and the changes of Bolivar to BTC volumes increasing are really high. As it was reported in the coming altcoin news, the number one cryptocurrency can serve as a buffer against the inflation in the country since it spiked over 12,000 last year. About 87 percent of the population in Venezuela is living in poverty and studies show that people are becoming more and more hungry.

On the other hand, we have the Petro cryptocurrency which according to Amberes, Venezuela’s National Superintendency of Crypto Asset and Related activities, the activity of the altcoin shows that the sales are growing constantly. According to the exchange, the trading volumes of Bolivar to BTC or bolivar to petro are on the rise. Most of the trading is happening online where buyers and sellers interact over social media. Other exchanges that offer Petro trading include Sunacrip, CryptoEx, Bancar, Afx, Criptolago, and CriptoMundo.

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Bitcoin News

Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point

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One of the most followed cryptocurrency critics in the space, Nouriel Roubini with an alias 'Dr. Doom' has called out for attention, noting that the bears are poised. It seems like the sentiment around the market is divided as some are arguing that Bitcoin will rise to new highs and others think that the correction is not over. The Bitcoin price, known for its extreme volatility, is the new topic of discussion for Dr. Doom. In times when a lot of best cryptocurrency news sites are reporting that there are wild swings on the crypto markets as evidence of price manipulation, analysts confirmed that Bitcoin lost more than 25% in a single week. A few have been as outspoken against Bitcoin and cryptocurrencies in general. Obviously, one of them is Dr. Doom or Nouriel Roubini, a professor of economics at the New York University Stern School of Business. Because of his pessimistic outlook, he is known as 'Dr. Doom'. Recently, Roubini has stepped up his feud with the Bitcoin and crypto exchange BitMEX, suggesting that it and other major exchanges are involved in "systematic illegality."
"BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere," Roubini wrote in a blog post. "The exchange does nothing to stop this, as it profits from these transactions."
Roubini (Dr. Doom) also clashed with the chief executive of BitMEX, Arthur Hayes, at the Asia Blockchain Summit earlier this month. At the time, he branded Bitcoin "overhyped" and a "cesspool."
"Some of the biggest crypto players may be openly involved in systematic illegality," Roubini wrote, adding: "BitMEX [is] an unregulated trillion-dollar exchange of crypto derivatives that is domiciled in the Seychelles but active globally ... involves peddling to 'degenerate gamblers' (meaning clueless retail investors) crypto derivatives with 100-to-one leverage."
On the topic of margin trading which is hot in the latest cryptocurrency news, Dr. Doom is again pessimistic. However, there are many other analysts which are optimistic on crypto. One of them is Simon Peters, analyst at eToro. As Peters said:
“Crypto bears are poised to pounce, after several high-profile U.S. government officials took aim at bitcoin and Facebook's Libra this week."
Currently, Bitcoin is eyeing $10,000 in a new upward run which stabilized the market overnight.
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Altcoin News

Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors

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One of the largest cryptocurrency exchanges in the world, Coinbase, is apparently launching new tools that will help entry-level crypto users to understand what seasoned traders do. Coinbase is rolling out the new data tools now - in a suite of signaling tools which broadcast the activity of the platform's top traders. The news are all over many best cryptocurrency news sites.
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”
Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.
Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.
Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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Bitcoin News

Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run

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The price of Bitcoin is all over the latest cryptocurrency news for its bleeding over the past few days. On July 11, a lot of analysts warned investors that the price of BTC could decline due to the Senate hearings and related things. However, now that Bitcoin bounces back, the same analysts are questioning themselves if the bear market is over. Currently, Bitcoin is at $9,872 and the market participants are still optimistic for a new 2019 high. However, the price of BTC is far from those levels and needs to regain position first. As Bitcoin continues to show signs of weakness, it could drop by another 20% approximately - and could even hit $7,400 before resuming its uptrend. Bitcoin bounces back which is the only thing that is important and re-shared on many best cryptocurrency news sites. It seems like the momentum is strong despite the difficulties encountered over the week. Analysts immediately sounded the alarm about a possible sentiment change for Bitcoin but found it hard to reach consensus about whether the price declines were part of a long-term bearish trend.
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his Bitcoin price update on Twitter late Wednesday.
In the altcoin news, we can see that the increased momentum and the fact that Bitcoin bounces back has made a lot of altcoins wake up. It seems like Bitcoin's move to the upside has a more profound impact on the altcoin markets which had long failed to halt their declines. A lot of tokens in the top 20 cryptocurrencies by market cap showed improved performance on Thursday, with Ethereum (ETH) gaining 6.1% to hit $217. Litecoin (LTC) has also been growing as Bitcoin bounces back - it managed to post 15% gains while the embattled Bitcoin SV (BSV) also achieved double-figure growth. Previously, the bearish warnings had appeared - specifically from Brandt - suggesting that altcoin markets would not recover at all after the Bitcoin gains eclipsed them in 2019. The price of Bitcoin is stormy and its dominance sits at 65.3%. The total market cap has also regained a bit, and is currently at $268 billion.
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Bitcoin News

Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion

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Bitcoin 30-day trading volume reached a record high back on June 26 but the indicators are still managing to keep the record level in terms of monthly volume as we can read in the latest cryptocurrency news below. The number one cryptocurrency is trying to break past the support level at $9,000 and the trading volume is keeping a steady level. This shows that the bears are very strong and the number one cryptocurrency on the market has still not found the temporary low yet. According to the data from CoinMarketCap, Bitcoin’s trading volume from June 17 to July 16 was standing at $769.8 billion which was the biggest 30-day figure recorded. The daily average for the same period was about 25.6 billion. In comparison, the daily average volume year-to-date stands around 42% lower which is at $14.8 billion. The monthly volume figure from the recorded daily high that was reached on June 26 was over $45 billion. The lowest daily volume figure was also in June at more than $15 billion. Year-to-date, January has been the worst month regarding the Bitcoin price and the trading volume since the latter indicator was at 167.3 billion over the month with a $5.4 billion daily average. Despite the current high-level monthly volume recorded, bitcoin is far away from the traditional forex market which has an average daily turnover of over $5 trillion since 2016. It is worth to mention that the volume data from Coinmarketcap does not include the volume from BitMEX which boosts the highest bitcoin trading volume. The users at the exchange are allowed to engage in margin trading which means that the volume figures are slightly distorted and the platform’s XBT/USD pair is acting more like a derivative product than something else. BitMEX total trading volume in the last 30 days was standing at 207.2 billion and it was mainly driven by XBT/USD. Over the past week, the exchange has liquidated over $1 billion of long positions against the $174.4 million. This could impact the position on Bitcoin’s current price and could expect to extend the losses of the asset even further. The Bitcoin 30-day trading volume is expected to also increase steadily as noted in the altcoin news previously.
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