EUR/USD 1.16463
0.131%
Gold 4531.57
1.045%
Oil 89.307
-1.775%
USD/JPY 159.714
0.030%
GBP/USD 1.34682
0.103%
GBP/JPY 215.111
0.134%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Bank of Englands mortgage lending approvals for April will be announced in ten minutes.On June 2nd, the Nansha District of Guangzhou held a press conference to release the "Implementation Opinions on Further Promoting the High-Quality Development of the Real Estate Market in Nansha District." The document outlines a special subsidy program for "trade-in" housing in Nansha District. For residents participating in the "trade-in" program between January 1, 2026, and June 30, 2027, a subsidy of 1% of the total purchase price of the newly purchased commercial residential property will be provided, with a maximum subsidy of RMB 20,000 per unit and a total subsidy amount of RMB 30 million, available on a first-come, first-served basis. The document also explores conditional exploration of school enrollment for those purchasing commercial or office properties. It mandates the normalization of "school enrollment through home purchase," allowing for coordinated enrollment upon completion of online contract signing. Each academic year, the district education administration department will coordinate the allocation of district-run public school places (including government-purchased private school places) for non-Nansha residents who purchase newly built commercial residential properties within the districts administrative area for the first grade of compulsory education.June 2nd - According to the "Interim Measures for the Administration of Generative Artificial Intelligence Services", as of June 2nd, 2026, Beijing has added 10 new generative artificial intelligence services that have completed registration, bringing the total number of registered generative artificial intelligence services to 241.June 2nd - According to preliminary statistics from China Index Academy, the transaction area of newly built commercial residential properties in 100 key cities increased by 7% month-on-month in May, but decreased slightly by 2% year-on-year. Among them, first-tier cities saw a year-on-year increase of 10% in May, marking the second consecutive month of growth, although the growth rate narrowed by 8.7 percentage points compared to April. Beijing, Shanghai, Guangzhou, and Shenzhen saw year-on-year increases of 15%, 2%, 7%, and 50%, respectively. Among second-tier cities, Fuzhou, Nanjing, Wuhan, and Ningbo all saw year-on-year growth. Cumulatively, from January to May, the transaction area of newly built commercial residential properties in the 100 cities totaled approximately 86.15 million square meters, a year-on-year decrease of 13%. According to preliminary statistics from China Index Academy, the approved listing area of newly built commercial residential properties in 50 key cities in May decreased by approximately 31% year-on-year. Although some cities still saw high-quality projects entering the market, the overall supply of new homes still declined significantly year-on-year. From January to May, the cumulative listing area of newly built residential properties in these 50 cities decreased by 23% year-on-year.Naftogaz, Ukraines state-owned gas company, stated that Russia launched a drone and missile attack on one of the companys key facilities in the Kharkiv region of Ukraine.

Analysis of Bitcoin Onchain as the Price Drops Below $37,000

Daniel Rogers

May 06, 2022 10:41

截屏2022-05-06 上午9.44.08.png


The only constants in the crypto industry are uncertainty and volatility. Once again, as the price of the world's most valuable cryptocurrency – bitcoin (BTC) – fell below the critical $37,000 level, bulls took a back seat, while bears appeared to cheer.

$40,000 – a distant dream no longer?

BTC's price briefly challenged the psychological barrier above $40,000 on May 4 amid expectations of a breakout over that level. However, such gains were just ephemeral, and on May 5, the king coin and the broader crypto market suffered a wave of losses.

 

After bouncing near the $1.7 trillion barrier, the global cryptocurrency market capitalization plummeted to $1.69 trillion, a decrease of 3.90 percent in the 24-hour period since the time of writing.

 

Notably, in tandem with BTC's plunge below $37,000, the majority of the biggest altcoins, including ETH, BNB, SOL, and ADA, saw their daily and weekly time frames painted in red.

 

BTC's price has been stuck in a relatively narrow range with little meaningful price action, while the top crypto's price has risen sharply in response to a weakening US dollar and stronger stock indexes, but the rally has been short-lived.

 

Analysts noted that around $82 million was lost in two hours in bitcoin long liquidations, with nearly $63 million lost in only one hour. The market's prolonged liquidations were suggestive of the bearish wave that appeared to overwhelm BTC's charts.

 

After bouncing near the $1.7 trillion barrier, the global cryptocurrency market capitalization plummeted to $1.69 trillion, a decrease of 3.90 percent in the 24-hour period since the time of writing.

 

Notably, in tandem with BTC's plunge below $37,000, the majority of the biggest altcoins, including ETH, BNB, SOL, and ADA, saw their daily and weekly time frames painted in red.

 

BTC's price has been stuck in a relatively narrow range with little meaningful price action, while the top crypto's price has risen sharply in response to a weakening US dollar and stronger stock indexes, but the rally has been short-lived.

 

Analysts noted that around $82 million was lost in two hours in bitcoin long liquidations, with nearly $63 million lost in only one hour. The market's prolonged liquidations were suggestive of the bearish wave that appeared to overwhelm BTC's charts.

 

Bitcoin fell to its lowest level in two and a half months on Thursday, as markets continued to digest the Fed's 50 basis point rate hike on Wednesday. At the moment, rate futures indicate a 75% probability of a 75 basis price hike in June.

 

At yesterday's Federal Open Markets Committee (FOMC) meeting, Federal Reserve Chairman Jerome Powell announced the first rate hike of 0.5 percent since May 2000, paving the stage for additional 50 basis point increases later this year.

 

The price of BTC went as low as $36,520. With bitcoin price breaching the lower support level of $37,200, market investors appeared to view the $40,000 level as a faraway short-term fantasy. Thus, what did on-chain indications indicate regarding the direction of BTC?

Analyses of the Bitcoin blockchain

The number of active addresses on a network indicates the network's vitality; for BTC, the change in new addresses and active addresses was negative, indicating a lack of fresh participants.

 

The change in new addresses during the last seven days was -14.95 percent, active addresses decreased by over 10.42 percent, and zero balance addresses decreased by 23.71 percent.

 

Additionally, prior to Bitcoin's slide below the $37,000 level, a short-term sentiment analysis conducted by Crypto Quant researchers indicated a favorable continuance of the present Funding Rate, indicating a predominance of long-position traders and a readiness to finance short traders.

 

Additionally, a significant increase in the Fees per Transaction (Mean) suggested an increase in transfer demand. However, there was concern about the effect on prices when demand for this transfer subsided and the price fell below the $37,000 mark.

 

For the time being, Global In/Out of the Money for Bitcoin indicated that bitcoin breached a critical support level at $38,670, where 2 million addresses together hold over 1 million BTC. In the short term, BTC needs to quickly retake $38,670 as support to prevent these addresses from liquidating portion of their holdings, as the next crucial support level is $28,500.

Suggestion