Did the title of this post get you? Good!
You're about to learn to about the similarities between Bitcoin's price and network activity and understand their differences. This is a very helpful tool for traders to have to make smarter trades, and also for HODLERs to HODL harder.
I'll share that information and my own opinions on it towards the end of this post, but first up:
Cryptopia is in the news again!
VIEW VIDEO HERE
The New Zealand exchange is now offering rebates to those who have lost funds due to the hack that occurred earlier this year.
Back in January Cryptopia suffered a hack that resulted in the loss of about $23M.
I’ve made a few videos that followed this story, if you’re curious what happened, check out the links down below.
Rob Dawson the co-founder refutes claims that this latest hack was an exit scam and he says they have plans to not only return but to be better as well.
For now there are hopes that trading can continue by the end of this month (that is March.)
In the meantime they are issuing rebates in the form of CLM coins, which stands for Cryptopia Loss Maker coins.
These coins are planned to represent the New Zealand Dollar amount of coins that the user had lost due to the hack.
For those of you who it may concern, you can now cancel any standing orders that you may have had on your account there.
And as always, please refrain from sending any funds to any wallets you had there prior to the hack, especially Ethereum. The hacker still is in full control of those private keys.
Which is a perfect example of the tried and true phrase here in CryptoLand:
Not your keys, not your coins. The hacker got the keys and you better believe they are happy about all of the coins they can now control.
Now let’s take a look at BTC prices and its network activity to find the similarities and understand the differences.
There’s an article you can find on coindesk, and I’ll also provide a link to it down below, that declares the creation of new (ACTIVE) Bitcoin wallets isn’t necessarily an indication for an increase in price in the very near future.
It certainly seems logical that new wallets which interact with the Bitcoin network in the form of transactions would coincide nicely with a bump up in price.
But why would this NOT be the case?
The article does not make any real explanations in this regard as to why, but today I want you to explore this scenario with me.
I want to give you a moment to ponder why this might be.
Are you ready for a hint?
Here it comes:
Think OTC Trades.
Here’s why, this article describes what is called a TAAR ratio, which stands for transaction amount to active addresses ratio.
As it turns out, this particular ratio is proving to be more accurate than taking into account only the number of new active wallets. More accurate meaning that this TAAR ratio follows more closely to the price action of BTC than just the rate of new active wallets.
This TAAR ratio takes into account not only transactions occurring on the network, but the amount of funds being transferred.
This to me just SCREAMS over the counter trading.
OTC trades explain why new wallets are created. But these types of trades also certainly boost the amount of funds involved in transactions on the BTC network. Although these types of trades do not occur on public exchanges and therefore do not immediately affect the price of Bitcoin, they do affect the price albeit in a less volatile way. Which explains why this TAAR ratio closely follows the price of Bitcoin.
Want to learn more about OTC trading any why it doesn’t immediately affect the price? Want to learn how to identify the signals of whales and their movements regarding OTC trades? Check out this helpful video who’s link:
Additional Reading/VIDEOS/Links:
More on Cryptopia Hack:
And Here:
Wow ur title actually got my heart pumping for real! ❤️💕 I guess I was surprised to hear it was pumping again so fast! Thanks for the updates! Geez, wow thanks for the news about Cryptopia. I guess I lost those coins, but now I get new ones to replace them just like BFX! Lol ! Wow had no idea to the extent of the crypto scams still going on out there! Thanks again for the heads up!
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It's my pleasure!
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I thought Crypto, bitcoin, and blockchain is secured. But with all these scams we have to think again and ask "is it really secure?" Investing in Crypto made few people rich but many have lost money. It always makes sense to invest what you can lose, in these types of investments.
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haha click bait.... I agree with your anylsis however the fundamentals have been getting stronger during the last 8 weeks and throughout the bear market in general.. so much is been built and has been built... looking forward to the next wave of adoption
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BUIDL :)
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Thanks for the info @heiditravels!
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Happy to provide it @avellana :)
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It Seems that Cryptopia is now open for trading.
https://www.cryptopia.co.nz/Exchange
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Do you have much confidence in it?
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Hello friend, thank you for publishing this kind of interesting information. Blessings.
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Thank you for taking the time to comment.
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Been a while since I've seen one of your video Heidi, glad to see your still being consistent with content, I have a lot of videos to catch up on :)
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Thanks for the words of encouragement, there's always more to come!
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Slightly more interesting post, good job. Dont have the time to watch. 😐👍
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Busy guy!
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