On June 10, 2022, the CoinPanel team visited the Google office in Istanbul for a discussion regarding the latest technologies offered by the Google Cloud Platform (GCP).

CoinPanel was built by Google-certified experts and has been running on the GCP’s secure cloud infrastructure since our platform’s launch. During this visit, the CoinPanel team explored what Google can offer for business in terms of one of the latest services it has recently implemented. One of the key highlights of the discussion was the “ Security Command Center.”

CoinPanel leverages Google’s smart services to securely deliver services to users efficiently and with high reliability and to quickly detect, investigate and prevent potential cyber threats.

CoinPanel continues to reinforce the standards of security, integrity, and reliability (SIR) by utilizing the cloud-based network with Google.

Originally published at https://blog.coinpanel.com on June 26, 2022.

Bitcoin price recently hit a new 52-week low at $17,600, suggesting the start of the next leg in the strong downtrend. With the bulls failing to register a reversal yet again, will we have a new low set by Bitcoin next week? Let’s take a look.

In last week’s analysis, we had expected Bitcoin to form a zone near the $20,000 level which seems to be the case as it has consolidated in this area in the past week.

Bitcoin price hit a new 52-week low of $17,600 on Saturday as it pierced through the support at $20,100. However, the bulls were quick to return to help the price climb back above $20,000. A worrisome sign for investors is the support of the altcoins being slowly broken as Ethereum sliced below the $1,000 mark and traded in three figures for the first time since January 2021.

Fortunately, a great sign for traders is that we can see a reverse head and shoulders pattern being formed, this could help Bitcoin flip the resistance at $22,500. Traders should wait for a confirmation of the pattern once a break-out from the base is seen as the buying volumes are still lacking.

This is why a confirmation should be awaited before any fresh buys. If Bitcoin is not able to register a strong bounce to $22,500 soon we may see yet another retest of the low set at $17,600.

Another reason why traders should be extra cautious is due to the expiry of $2.25B worth of options. After the deep sell-off seen on June 12, the expiry will mark huge profits for the bears (Put holders).

With the option chain showing interest with levels over $50,000, it has become clear that these calls will become worthless. With a close below $20,000, the bears expect a handsome profit of $620 million.

Traders can expect a volatile session soon as the bears will be trying to push the price below $20,000 for the ideal expiry whereas the bulls must be able to mark a close above $22,000.

With a close of above $22,000 at the time of expiry the bulls will save $140 million in losses.

However, it is not likely as the bulls do not have too much leverage available. This is because over $500 million in longs got liquidated on June 12 and 13 which will make it very tough for the bulls to push the price over $22,000. This is why we are expecting a close below $20,000 in favor of the bears.

Traders should be cautious of the last standing level of Bitcoin set at the current low of $17,600 as we may see yet another steep sell-off if Bitcoin is not able to sustain over the support level in the coming days.

It is still too early to say if this is the bottom as we are yet to see any bullish confirmations. We may see another round of ruthless selling in the coming days.

Bullish or bearish, you can still trade effortlessly and safely on CoinPanel, setting a Buy Full Trade (going long) if the market is expects an uptrend, or a Sell Full Trade (going short) if there is an indication of a downtrend.

Originally published at https://blog.coinpanel.com on June 24, 2022.

In this week’s post, we will be discussing Layer-1 altcoins, crypto cards for Ukrainian refugees, Stripe’s crypto payments and, the hot story-Elon Musk’s Twitter buyout.

Let’s take a look at what you might have missed:

• Layer-1 altcoins have seen an influx of institutional investors: Investors stocked up on $3.5 million worth of Avalanche (AVAX), Solana (SOL), Terra (LUNA), and Algorand (ALGO) funds last week (ending on Friday), according to CoinShares’ Weekly Digital Asset Fund Flows report.
• Crypto cards for Ukrainian refugees: Binance is collaborating with several organizations, including Contis, a European banking-as-a-service platform, and Rotary and Palianytsia, to provide refugees affected by the Ukrainian conflict with a way to send and receive funds and make purchases within the European Economic Area (EEA).
• US payments giant Stripe is testing a system for a limited number of creators on Twitter to get cryptocurrency payouts. Creators who make money using the platform’s monetization tools may now get their revenue in USD Coin (USDC).
• The latest “Elon effect” on Dogecoin (DOGE) started a few days before the buyout, affecting the volume of transactions. After the Twitter buyout announcement, the volume of on-chain transactions reached over $100k, the highest since March 24th. Also, the coin’s price soared 25% to $0.15 on a 24-hour adjusted timeframe.

Elon Musk’s Twitter Buyout and What it Means for Crypto

Twitter has had a long relationship with the crypto world. Jack Dorsey’s Bitcoin endorsements already made headlines and when he stepped down as CEO, some said Dorsey “ditched Twitter for Bitcoin.”

But when Elon Musk started to appear on Twitter as a “crypto influencer”, it was a game-changer for the platform. Some dubbed his tweets about various cryptocurrencies-from Bitcoin to Doge and anything in between-the “Elon effect.” So, when Musk’s Twitter buyout was announced yesterday, it caused a lot of speculation about what his crypto strategy for Twitter would be.

One of them is that Musk will first push for a solution to the problem of crypto scammers and bot accounts spamming Twitter-something that has plagued the platform since its inception.

Another point is the better use of the “tipping jar” function used by Twitter. The platform had already announced BTC tipping and then ETH. Would Elon open the tipping function to other coins, especially Dogecoin? Well, at this point, it’s all speculation.

Have we missed out on any major news? Follow and Tweet your ideas to us @coin_panel!

Originally published at https://blog.coinpanel.com on April 26, 2022.

After climbing to $47,000, Bitcoin price dropped to $46,000 and has been ranging between $45,772 to $46,442. Altcoins prices also climbed as investors now forecast that Ethereum price could reach even higher levels in the near future.

Let’s take a look at some of the major events that happened last week:

• The 19 millionth Bitcoin was mined on April 1, and the leading cryptocurrency’s network mining difficulty also reached an all-time high of 28.587 trillion.
• Solana price reached $136 last week and investors forecast that it could reach $150 by the end of April. Investors expect SOL to rise further due to the ‘golden cross’ forming as the 20-day EMA crosses above the 50-day EMA.
• Another tax regulation came from Indonesia this week putting capital gains tax on crypto earnings starting from May 2022. The country will also put a VAT tax on crypto income next. The Ministry of Trade categorized crypto as a ‘commodity’ rather than a ‘currency.’
• Cardano recently revisited $1.22, while the low-mid and high-mid tiers are the groups accumulating consistently, as these 100 to 100k ADA holders now own an all-time high of 16.8% of the available token supply.

Top 10 Cryptocurrencies by Market Capitalization:

Are Ethereum bulls gearing up for a rally?

IntoTheBlock data states that since the creation of Ethereum in the summer of 2014 the number of people who gained profit is steadily increasing. As of March 22, 70% of all coin holders were in profit, and on April 4, this number surged to 83%.

Ethereum dominance has been on the rise against Bitcoin, as the ETH/BTC price ratio nearly reached an eight-week high. The top 10 whale addresses remain to hold a significant percentage of ETH supply.

In addition, since March, a total of 1.268 million ETH has been withdrawn from centralized exchanges. The large outflow from exchanges to wallets occurred after Ethereum price climbed 32%.

Ethereum also witnessed its highest ratio of transactions in profit vs. loss since Ether reached its all-time high price in November 2021. For the first time since then, there were three times more transactions that made a profit vs a loss.

Still on the fence about entering a trade? On CoinPanel, you can pre-set your entry, target, and stop-loss all at the same time, so you never have to worry about monitoring the market to stop out a trade or rushing to log into your exchange to take some profit on your trade.

Instead, CoinPanel automates the predefined trades that you’ve set, allowing you to focus on planning your trading strategies while we focus on executing them. No more losing sleep!

Originally published at https://blog.coinpanel.com on April 5, 2022.

Here are some of last week’s major crypto events:

• Bitcoin has reached its highest weekly close year-to-date as well as weekly gains for two consecutive weeks. This recovery was likely due to two main factors: An increase in demand for both spot markets and crypto-based funds.
• The Secretary of Economic Development of Brazil, Chicão Bulhões announced that Rio de Janerio will officially accept Bitcoin for real estate payments starting from 2023. In addition, Binance CEO Changpeng Zhao stated that he will open an office in Rio making it the first Brazilian country to make BTC payments mainstream.
• On March 14, the Ukrainian government launched their first-ever NFT collection named “Museum of War.” The main aim is to raise funds for its defense against Russia. The sales are expected to be raised around $3 million, from selling 5,000 to 7,000 NFTs for $450 a piece.
• Indian parliament increased its regulation on cryptocurrencies by enforcing a 30% tax on crypto trading profits and a 1% tax on all kinds of crypto transactions. The regulations will be effective after April 1 and several parliament members are concerned that it will decrease the market demand as it makes it more expensive to trade.
• The White House signed an executive order for examining the ‘implications of digital assets’ for several federal agencies. This specific measurement will focus on six main points: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation.

Top 10 Cryptocurrencies by Market Capitalization:

What were some factors behind the Bitcoin price climb?

Bitcoin price has been experiencing some price fluctuations in the past few weeks. Over the weekend, BTC surged to $45,000 and closed the week at $47,000, marking the highest weekly close year-to-date.

Bitcoin price has been moving sideways around the $40,000 psychological level for an extended period of time.

The recent $7,000 surge extended on the back of BTC’s upswing two major events:

• The US Federal Reserve announced that it would increase interest rates by 0.25%, marking the central bank’s first such rate adjustment since 2018.
• US President Joe Biden’s initiative to sign an executive on increasing the efficiency of using crypto in different areas demand BTC has increased.

Recent data by CoinShares revealed that institutions have been heavily investing in cryptocurrencies, as inflows in digital asset funds are at the highest levels in three months.

Bitcoin remained in the spotlight, with over 50% of last week’s institutional capital going into products based on BTC. Total inflows reached $98 million.

Bitcoin was a popular choice among European investors with 76% of inflows coming from the region, after the news that the bill banning proof-of-work (PoW) mining did not pass.

Investors should also pay attention to Bitcoin’s break above its 50-day Simple Moving Average (SMA). According to to historical trends as suggested by Bespoke Investment Group this could signal further price surges.

Are you ready to take advantage of the next market movements? To profit in either a bull or bear market, CoinPanel’s Full Trade is your best tool to automate your take-profit and stop-loss orders so you don’t need to monitor the market 24/7.

Originally published at http://blog.coinpanel.com.

Read more about how you can take advantage of a crypto bear market in our latest blog.

Let’s take a look at some of the past week’s major events.

• Ethereum’s migration to proof-of-stake is progressing steadily as over 10 million Ether, equivalent to approximately $26 billion has been staked on the blockchain since November 4 last year.
• Chainlink whale addresses-holders of 10,000 to 10 million LINK- have accumulated 17.1 million tokens in less than a month, an encouraging sign for the altcoin.
• US President Joe Biden issued an executive order requiring government agencies to explore the issuance of a central bank digital currency and to consolidate a national framework for cryptocurrencies.
• The European Commission stated that digital assets will fall under additional sanctions targeted against Russia and Belarus amid the military conflict in Ukraine.
• Elon Musk stated that he does not have any plans to sell his crypto as inflation rises.
• The Federal Reserve in the United States is expected to increase the key rate in the country and could greatly affect both the equity and cryptocurrency markets.

Could a correction be in store?

Interest in inflation and FED rate hike are currently the two main narratives in the digital asset industry this week as investors are expecting increased volatility when the decision is announced.

The FED previously announced that citizens should expect a rate hike in March. When the announcement was made, crypto prices and equities markets also suffered a correction.

The Bitcoin Illiquid Supply Shock Ratio has increased significantly, suggesting that investors have not been spending much of their BTC.

The current illiquid supply of Bitcoin is 3.2 times larger than the liquid supply and the highly liquid supply combined.

The crypto market appears to be giving mixed signals on the upcoming trends, therefore it is essential to have stop-losses set in place as increased volatility could be on the horizon.

With the new Sell Full Trade feature, CoinPanel traders can now take advantage and profit from when the market moves up AND when the market moves down.

Originally published at https://blog.coinpanel.com.

Although spot trading usually caters to the bulls, CoinPanel’s new Sell Full Trade function enables investors to be able to sell high, then buy back lower. Essentially, in a spot market, traders can still make money in a downtrend if they sell high, then buy back the crypto asset at a lower price.

The conventional way of spot trading, also known as going long, is when traders purchase a cryptocurrency with the expectation that it will go up-buying low and selling high. For example, if an investor were to benefit from a market uptrend, an entry order would be placed ideally at a local bottom-at a low price. A Full Trade cycle would not be complete with a Take-Profit order-selling at a price point higher than the entry order, and a Stop-Loss order-selling at a price at which the trader is willing to sell at a loss.

In a Sell Full Trade, a trader can set an entry order at a swing high, expecting that the cryptocurrency will drop, then set a Take-Profit order, also known as a Target order, at which the investor will buy back the crypto at a lower price. Last but not least, the Full Trade function also includes a Stop-Loss order, set to purchase the asset again to minimize potential losses.

Before the next crypto bear market occurs, you can ensure that you can be ready to profit with CoinPanel’s Sell Full Trade feature. Try out the new revolutionary feature today!

Originally published at https://blog.coinpanel.com.

Here’s a snapshot of the recent events that happened this week:

• The minister of digital transformation of Ukraine requested major cryptocurrency exchanges to block addresses of Russian users. However, most exchanges responded that they will not freeze accounts of innocent Russians’ crypto assets, but will comply if sanctions are imposed upon them.
• Stablecoin Tether (USDT) has recorded a new all-time high against the Russian ruble amid the rising inflation of the latter currency.
• Institutional investors are starting to accumulate Grayscale Bitcoin Trust (GBTC) shares as the crypto product’s discount has risen to almost 30%.
• The city of Lugano in Switzerland will start allowing its residents to pay taxes, and other goods and services in cryptocurrencies including Bitcoin, Tether and its LVGA token. However, unlike El Salvador, the city will declare certain cryptocurrencies only as “de facto” legal tender.

Top 8 cryptos by market cap

Did the Russian invasion of Ukraine affect the crypto market?

Data from Glassnode suggest that investors who purchased Bitcoin at nearly all-time highs have almost completely capitulated. Nearly 219,000 BTC wallets have been emptied over the past month while interest and demand have decreased for the leading cryptocurrency.

The spending behavior could be due to the financial cost and psychological pain of holding an asset that is in the red. In addition, the recent drop in Bitcoin price could also be due to the wider market uncertainty surrounding looming interest rate hikes by the Federal Reserve and the war in Ukraine.

While the Ukraine-Russia conflict continues to escalate, Bitcoin price and other large-cap cryptocurrencies witnessed a sharp recovery last week. However, the rebound in price was short-lived, and Bitcoin has dropped back to the $38,000 level.

The crypto market may continue to experience turbulence amid the ongoing conflict in Ukraine. Therefore, CoinPanel users have the unique opportunity to set stop-limit or stop-market orders to purchase assets at a lower price, without having their balance blocked.

In addition, CoinPanel traders can also set stop-losses and take-profit orders simultaneously without having to choose between either one. This will allow users to ensure that they can manage their risks while at the same time, having the possibility to profit.

CoinPanel is also introducing a new feature that will allow spot traders to profit by shorting-selling high, then buying back low, in addition to buying low and selling high. Stay tuned!

Originally published at https://blog.coinpanel.com.

Here’s what’s new on CoinPanel this week:

• Did you know? We’ve recently added a new feature — Import/Export Drawings — to allow you to backup your chart drawings.
• We’ve deployed an update to allow increased efficiency when switching between charts and exchanges.
• A new feature will be introduced very soon on our platform to allow CoinPanel traders to reap the benefits of both cryptocurrency market uptrends and downturns.
• If you haven’t joined our $10,000 giveaway yet, what are you waiting for! Simply connect your Huobi exchange and get a chance to win. For more details: https://blog.coinpanel.com/coinpanel-x-huobi-integration-get-a-chance-to-win-10000/

Take a look at our latest video highlighting the different updates we’ve made over the past few weeks:

Russia has announced a “special military operation” on early Thursday, sending the US stock market and Bitcoin price tumbling. The leading cryptocurrency fell under $35,000 following the announcement, resulting in an 8% drop.

Since Russian President Vladimir Putin’s announcement, Russian forces have begun an attack on Ukraine, with reports of troops crossing the border to the north and south. Explosions have been noted in multiple cities in Ukraine, including its capital Kyiv.

Bitcoin price has recovered to reach $38,000 following the announcement of sweeping sanctions directed against Russia by the United States and the European Union. The crypto market recovery moved in lockstep with global financial markets.

Recent on-chain data suggests that Bitcoin could be in a sustained bear market as the prevailing downtrend has deepened.

Over a quarter of all network, entities are now underwater on their position and the recent sell-off leading to the Ukraine crash could be associated with financial cost and the psychological pain of holding an investment that is in a negative position.

While it is impossible to estimate when downtrends retreat, and when uptrends start, it is vital to be able to benefit from trading in the crypto market either way.

At CoinPanel, we are always looking at ways to improve the trading experience for our users, and we will soon introduce a new feature for traders to be able to utilize the Full Trade functionality to short cryptocurrency assets.

We’ll be announcing the new feature very soon, stay tuned!

Originally published at https://blog.coinpanel.com.

Bitcoin whales-addresses holding 1,000 or more BTC-have been accumulating more coins during last week’s market recovery. Bullish sentiment increased among the top Bitcoin investors during last week’s recovery when BTC bounced back from the swing low at $33,000 toward $43,5000 on February 11.

Let’s take a look at some of the past week’s major events.

• American credit rating agency Fitch Ratings has lowered El Salvador’s long-term user Default Rating to CCC from B-, stating the reason was due to “policy unpredictability” and the “adoption of Bitcoin as legal tender,” as a few of the major factors for the downgrade.
• Bitcoin network’s resilience against attacks has increased as the BTC hash rate surged 31.69% from 188.40 EH/s to 248.11 EH/s.
• Ethereum’s average transaction fees dropped roughly 75% to around $3, from highs seen in November 2021 at around $60 amid ETH price drop below $3,000. Ethereum transaction fees are now at its lowest level since July 28, 2021. Low fees usually maximize the chance of a rebound in prices.
• JPMorgan’s long-term target for Bitcoin price is at $150,000, an increase from $146,000 forecasted in January last year. However, the current fair value for the leading cryptocurrency is at around $38,000, according to JPMorgan strategists in the bank’s latest investor note published last week.
• Russia’s government and central bank are drafting a new law that will define cryptocurrencies as an “analog of currencies” rather than digital financial assets. Cryptos will function in the legal industry if they have complete identification through banking systems or licensed intermediaries.

Bitcoin whales sell on futures, on-chain investors are buying

Bitcoin price witnessed a mild drop over the weekend. However, on Saturday, February 12, the highest amount of active addresses was recorded in 2022 so far with 1.08 million transacting on the BTC network. The surge in participants transacting on the leading cryptocurrency network could signal increased utility, a predecessor to price rises.

Bullish sentiment experienced an uptick last week as the top crypto investors as the total supply in Bitcoin whale addresses increased to 8.10 million BTC last week compared to 7.95 million recorded on January 24.

It is also worth noting that smaller Bitcoin investors, addressed that hold less than 1 BTC also took part in the accumulation spree during the recent crypto market recovery.

Institutional interest in Bitcoin-focused investment products has also seen a rise as capital injections into crypto funds have reached $85 million.

The past three months of downward price action was initiated by selling pressure on futures markets, due to institutional investors holding onto their Bitcoin bags while shorting the futures.

Despite the optimism seen in the cryptocurrency market, it is still important to keep in mind best practices when it comes to crypto trading and proper risk management. If you trade across multiple crypto exchanges, keeping track of when to set take-profit orders and stop-losses can be difficult.

CoinPanel allows you to be able to connect your exchange accounts on one unified platform to allow for a seamless trading experience with the added benefit of setting entry, stop-loss and take-profit orders all at the same time.

Don’t forget to connect your Huobi exchange account today to get a chance to win $10,000.

Originally published at https://blog.coinpanel.com.