Find me on Steemit: www.steemit.com/@heiditravels Twitter: @blockchainchick Instagram: @hheidiann Bit.tube: RealCryptoTips Get that BRAVE Browser! : https://brave.com/cry258 Check out the new hardware wallet Ellipal HERE: https://order.ellipal.com/?ref=5c08236b8e68e Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828d LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW: More on Cryptopia Hack: https://youtu.be/zKmZ4rMaETc And Here: https://youtu.be/q67lSg-j9ZA Cryptopia: Giving Back
https://cryptonews.com/news/hacked-cryptopia-plans-compensation-scheme-3540.htm Analyzing BTC Price Movements: https://www.coindesk.com/bitcoins-price-and-network-activity-one-is-outpacing-the-other Understand TAAR Here: https://www.coindesk.com/the-case-for-a-2020-bitcoin-bull-run OTC trade Secrets: https://www.youtube.com/watch?v=iAcoS88Gsgo&feature=youtu.be 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 in the video description. 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: https://youtu.be/iAcoS88Gsgo
Why Is Bitcoin Pumping??