Welcome back to the channel everybody. My name is Arty with CoinCasso. And in this episode, we go over the top news articles written last 24 hours so that you guys can stay-up-to-date and informed on everything going on cryptocurrency. Now we’ve seen a lot of negative move-in in the cryptocurrency space in the last 24 hours.
Let’s get into this news and find out why the first article is titled bitcoin price volatility declines in contrast to the S&P 500, you know, things are getting weird when Bitcoin gets less volatile and stocks aren’t after surging about a month ago during the Frantic sell off the thirty-day volatility of daily returns from the leading cryptocurrency has dropped in recent days and is almost back to where it was before the Panic started in early March right here.
You can see the 30-day historical volatility daily returned in Bitcoin meanwhile the volatility of S&P 500 index of large US Stocks, which also skyrocketed in March as the coronavirus paralyzed the world’s economies has plateaued you can see here the 30-day historical volatility daily returns of the S&P 500 still peaking here at about point eight.
This is really interesting to see that the S&P 500 is still maintaining very high volatility. While Bitcoin is actually going down and I think this is because a lot of people are actually holding on to their Bitcoins just in case there is a big spike in price during the May having that’s about to happen is right here investors are generally looking for stability and volatile assets will be sold. No matter what they are. Go check out this article.
It’s got a lot of references lot of links lot of charts and statistics basically just going over the historical data of how the S&P 500 compared to bitcoin and gold now, let’s jump into our second article which is titled more investors are holding Bitcoin ahead of the having data suggests the seven days moving average of the total number of Bitcoins held in exchange addresses felted 2214000 on April 14th.
The lowest level since last June according to the numbers from blockchain intelligence firm glass note the decline in exchange balances suggest a shift to long-term holding strategies, and that’s because investors usually withdraw coins from Changes to hold in their personal wallet when prices are expected to rise conversely.
They tend to move their balances to exchanges in preparation to sell when a price drop is expected ordering a price crash, for instance, bitcoin’s price fell by 33% in 7 days to March 15th at that time. The 7-Day average of coins held on exchanges Rose from 2.33 million to 2.35 million. However, the spike was short-lived and the downturn in exchange valances resume from March 19th, essentially miners will be adding fewer coins that the ecosystem following the having some analysts think this will create a supply deficit and push up prices.
Once Bitcoin has had it’s having next month. We expect prices to Rally caring the rest of the market with it meanwhile some stock to flow models indicate the having could send bitcoin’s price to $100,000 as noted in the cryptocurrency platform lungs weekly Market. There’s a lot of things in motion right now in the cryptocurrency space and with Bitcoins having come up next month.
I’m very curious to see how the markets going to react because everybody knows the price of something is always determined by supply and demand if there is less supply on the market the demand will go up like crazy causing the price to Skyrocket and if these miners are actually holding onto their coins and not injecting it back into the system into circulation, we should see a huge spike in Bitcoin now on to my last article which is titled blockchain gaming platform Enjin updates wallet ahead of China expansion blockchain gaming platform Enjin is opening.
Its wallet to Chinese users ahead of a planned expansion into the Asian nation in an announcement on Monday. The project revealed its wallet for the Enjin coin cryptocurrency is now certified and compliant in China start upset approval for the wallet had come from the nation’s Ministry of the industry in information technology.
Watched over two years ago Enjin wallet made headlines in 2019 when it partnered with technology Giants Samsung that news boosts the price of the Native Enjin coin by More than 70% in addition to ens support engine wallet also now has the ability to send and melt up to 100 distinct PRC 1155 blockchain tokens in one transaction melting refers to the burning or destroying of unused or unwanted collections of er c1155 blockchain asset in exchange for Eng tokens previously, the multiple token transfer feature was only available to developers, but now is accessible to all users.
Basically, this mobile game is based on cryptocurrencies. So when you want to do in-app purchases instead of spending 99 Cents for a booster upgrade program or something, you’re basically going to sacrifice your ER c1155 tokens and exchange them for their engine tokens.
Allow you to buy new levels of new games and new booster packs inside of this app. It’s really interesting to me how these new companies are utilizing cryptocurrencies to help promote their product as well as being more functional across the globe instead of dealing with hundreds of different Fiat currencies.
They’re actually centralizing it to one cryptocurrency making the platform available to everybody globally and that’s it for the news guys. I hope you guys enjoyed this video. I hope you feel inform now, please don’t forget to like the Facebook page subscribe to the YouTube channel come back tomorrow when we go over the top cryptocurrency prices as well as the 24-hour news.
Thanks for watching and we’ll see you in the next video.
Read More: What is Enjin Coin (ENJ)?