Bitcoin Price Analysis: Wash Trading & Rising Volume
In recent weeks there has been noticeably more volume on two of the major bitcoin exchanges: Bitstamp & OKcoin. The two charts below show the big increase in volume with very little price movement on both of these exchanges. After speaking with self proclaimed “degenerate gambler” and one of the most respected bitcoin traders of the space, BTCVIX, most of this volume appears to be wash trading. “And now we are even seeing some of this interest wane as I believe the ramping up volume washing bot activity is the Casino trying to keep the lights flashing and the sounds blasting so that we....
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The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade. Why is wash trading a problem for the NFT space?NFT wash trading is a problem for investors, the global community, collectors and traders because these participants use less liquid nonfungible tokens to manipulate the price of an asset.Due diligence has become more difficult as investors have been forced to rely on measurable statistics, making wrong investment decisions. To encourage NFT investments and prevent NFT scams, discrepancies in the data must be....
The daily bitcoin trading volumes come out into billions of dollars every day, with hundreds of thousands of daily transactions being carried out. It is one of the reasons why bitcoin draws the most investors, given such high trading volume and good depth across all exchanges. However, some on-chain analyzers have been diving into the blockchain to explore the daily BTC volume, and the findings of this study have been alarming. More Than 50% Fake Volume Mostly, in the present market, there is always some amount of volume for digital assets that are actually fake. These fake trading volumes....
LooksRare aims to be an alternative to OpenSea, but the amount of wash trading on the platform raises questions on whether users really view it as a viable competitor. LooksRare made its debut on Jan.10 and the recently launched NFT marketplace has drawn a lot of attention, not only because its daily trade volumes were more than double Opensea’s on the second day of trading, but also because it has become the new playground for wash traders.Wash trading is a series of trading activities involving the same trader buying and selling the same instrument simultaneously, creating artificially....
Last week’s article stated: Well the sharp move came, and instead of rejecting resistance the price shot sharply above it to a high of around US$273. The RSI did get overbought and price sharply snapped back. It is now consolidating above the 200 day EMA, which it broke above in the latest rally. OBV continues to remain at elevated levels (see chart below), in fact it hasn’t been this high since October of 2014 when price was above US$440. A lot of this volume still appears to be wash trading, however as volume has picked up so has the price. The big problem here is that price is not....
The Solana layer-1 blockchain network has risen to third place all-time in total NFT sales and now sits just behind Ronin and Ethereum, each of which have a commanding lead. The Solana network is gaining traction among nonfungible token (NFT) traders as total sales have surged past $1.6 billion, making it the third most active blockchain by NFT sales volume.Data from NFT transaction tracker CryptoSlam confirm that total sales on Solana has reached the milestone. Solana’s visibility among traders is clear as it has also ranked second behind Ethereum (ETH) in total sales over the last 30....