Following the ongoing rally in the crypto market, the stocks of the top five leading Bitcoin mining companies have surged in value, amassing solid gains.Major crypto stocks are also rising and have recorded massive gains in recent weeks.Though investors are still skeptical if this is genuinely the real bull run they have been anticipating, major assets in the crypto industry have been in the green for the past weeks regardless of some negative news spreading in the industry.Bitcoin mining companies Riot Blockchain, Hive, Marathon Digital, Hut8, and Bitfarms have so far been in green since the beginning of this week, with each gaining at least 10% in value.According to data from MarketWatch, Riot Blockchain (RIOT) value has seen gains of up to 43% this week.The shares saw a closing price of $6.13 in after-hours trading on Thursday, following a 14.5% increase on the same day.Related Reading: Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet Hive Blockchain Technologies was in green yesterday.HIVE value surged nearly 40%, up by 37.6% in the last 24 hours.
It closed with a trading price of $3.21, and so far, its weekly gain has amassed to about 76%.Marathon Digital stock, with the ticker MARA, saw significant gains on Thursday and went up by 30.9%, closing the day at $6.76.The mining firm is up by 65% since the beginning of the week, according to MarketWatch.Following its recent announcement of having mined 3,568 BTC throughout 2022 and increasing its reserves by 65% to 9,086 BTC, Hut8 Mining Corp (HUT) stock skyrocketed by 22.2% on Thursday, ending the day with a $1.38 trading price.Bitfarms (BITF) was not left out of the ubiquitous rebound, as its share prices have been up by 73% since Monday.BITF gained 44.3% on Thursday to end the day’s trading session at $0.94.
However, despite the bullish trend with these Bitcoin mining stocks, they are still far from their peak value, given the 2022 impact on asset value.Crypto Stocks Are On The Rise Not only are mining firms experiencing a bullish cycle at the moment, but prominent bitcoin investor MicroStrategy (MSTR), is also up 30% since Monday morning and eventually ended Thursday’s trading session at a $208 trading price.
Coinbase’s COIN also amassed 8.6% in value yesterday and currently trades at $47.55.Meanwhile, the global cryptocurrency market capitalization has seen massive gains over the past few days, adding nearly $100 billion to its total capitalization.Crypto pioneer Bitcoin has been printing greens since the beginning of this year, adding to the demand for mining stocks.Featured image from Freepiks, Chart from TradingView On-chain data shows the Bitcoin spot and derivative exchange reserves have both shot up recently, a sign that could be bearish for the price.
Bitcoin Spot And Derivative Reserves Register Growth As pointed out by an analyst in a CryptoQuant post, the open interest and the funding rates are also heating up in the BTC market.The “exchange reserve” is an indicator that measures the total amount of Bitcoin that investors are depositing into wallets of centralized exchanges right now.This metric has two versions; one is for the spot exchanges, while the other is for the derivative platforms.Usually, investors deposit to spot exchanges for selling purposes, so an increase in the reserves of these platforms can suggest selling pressure is rising in the market.And as holders use derivative exchanges for opening positions on the futures market, a rise in this reserve can lead to higher volatility (the effect on the price can be in either direction).
Now, here is a chart that shows the trend in these Bitcoin exchange reserves over the last month: The values of all the metrics seem to have seen a rise in recent days | Source: CryptoQuant As displayed in the above graph, both the spot and derivative exchange reserves have increased in value recently, suggesting that investors have been making deposits to these platforms.The increased spot reserves suggest an elevated selling pressure in the market, while the derivative reserves imply an overheated futures sector.The chart also includes data for two other metrics, the open interest, and the funding rates.The “open interest” is an indicator that measures the total amount of futures positions currently open on derivative exchanges.This metric takes into account both short and long contracts.
The graph shows that this metric has also trended up recently, further suggesting that the futures market is currently overheated.The other indicator, the “funding rates,” tells us whether there are more shorts or longs in the market.The Bitcoin funding rates are favorable now, implying that the longs are overwhelming the shorts.Generally, whichever way this metric swing tells us which of these contract holders is more at risk of a liquidation squeeze.So far, there hasn’t been any long squeeze in the market, but rather a short squeeze as the price has been able to keep up the momentum.
There have been some high liquidations during the past day that may have helped calm the overheated futures market for now, but since there is increased selling pressure on the spot exchanges, BTC is still at risk for a short-term pullback.BTC Price At the time of writing, BTC is trading around $19,100, up 14% in the last week.Looks like the value of the crypto has surged in the last few days | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, CryptoQuant.com – On-chain analyst predicted a $32,000 BTC halving price and a new ATH in 2025.- The coin’s uptrend could be halted due to its correlation with the traditional markets and the UTXO condition.The optimism behind Bitcoin [BTC] has been unusually high since the coin began 2023 on a bullish note.
Having hit $18,000 on 11 January, the number one cryptocurrency in market value followed through with an unexpected landmark.Read Bitcoin’s [BTC] Price Prediction 2023-2024 In the late hours of 12 January, BTC hit $19,000, driving conversations around a possible bull market return.
However, the move only lasted a few hours as the coin retraced to $18,807 at press time.Bitcoin halving is a cheat code Amid the discussions, Plan B tweeted his opinion of the potential BTC price.According to him, the $15,500 region of November 2022 was the bottom of this cycle.
The creator of the stock-to-flow model also opined that the five-month Short Term Holder (STH) count had already crossed into the having billed for 2024.For context, the STH refers to the cohort of investors who have been holding BTC for less than 155 days.Due to the condition, Plan B noted that BTC would only have minimal pullbacks and would most likely be worth over $32,000 after the 2024 halving.
He projected that the bull market could return to occur in the following year, predicting the coin price hits $100,000.My 2 sats on #bitcoin price: – November 2022 low of $15,5K was the bottom – BTC has crossed Short Term Holder (STH) and will rise into 2024-halving and subsequent 2025 bull market.Several on-chain signals confirm STH signal.– 2024 halving will be>$32K – 2025 bull market>$100K pic.twitter.com/0QtbeOXwsG — PlanB (@100trillionUSD) January 12, 2023 In a follow-up conversation, the on-chain analyst responded that he was only being modest about his prediction.
Referring to his 2025 projection, he said, “In fact I think the bull market range will be $100K – $1M but many people don’t understand the wide margins (or the volatility that creates them) so I pinned it at the indeed comfortable $100K.” Premature jubilation could end in… Despite the over 15% increase in value since the year began, some analysts agreed that it was not yet time to celebrate just yet.CryptoQuant analyst Elcryptotavo suggested that a retracement could happen in the short term.He concurred that although there were some metrics that indicated long-term respite, like the spike in spot and derivatives reserves, investors should lower their expectations with respect to a continual uptick.Another analyst on the comprehensive crypto data platform, Ghoddusifar aligned with Elcryptotavo’s point of view.
Citing that the current trend could be a bull trap, Ghoddisufar noted if BTC hits $19,300, it could retrace.This was due to the resistance around that region.Is your portfolio green? Check out the Bitcoin Profit Calculator Moreover, the Bitcoin correlation with the U.S.stock market could also impact the downturn.
While Bitcoin has recovered in double digits, the average S&P 500 index (SPX) performance was a 4.5% increase within the same period.Hence, the analyst noted the SPX respecting a projected resistance could send the BTC price downwards.Besides the stock market influence, the Bitcoin Unspent Transaction Output (UTXO) was still below the one million to three million resistance.The UTXO measures the number of coins left after a crypto transaction has taken place.
Since it was in the aforementioned region, it implied a possible bearish crossover.After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan.12, 2023.An archived snapshot of Nexo’s real-time attestation shows that the company held 133,263 bitcoin on that day.As of Jan.13, 2023, Nexo’s attestation indicates that the company now holds 124,939 bitcoin, with $157.21 million worth of bitcoin having been withdrawn during the past 24 hours.Customers Withdraw $157 Million Worth of Bitcoin From Nexo’s Platform in 24 Hours Last year, a number of exchanges experienced withdrawal stress tests, and after Nexo‘s office raid on Thursday, the crypto lender is dealing with similar issues.Reports on Jan.
12, 2023, disclosed that Nexo is under investigation by Bulgaria’s attorney general and roughly 300 investigators from various agencies.The company is accused of violating tax requirements, participating in money laundering, and bypassing financial sanctions associated with the Russian Federation.Nexo has denied any wrongdoing and immediately issued a statement on Twitter to the community that the company adheres to “very stringent anti-money laundering and know-your-customer policies.” Following the incident, the company has seen a flurry of withdrawals according to its real-time attestation website.For example, on Jan.
3, 2023, Nexo held around 134,203 bitcoin, valued at $2.5 billion using current BTC exchange rates.By Jan.12, 2023, the crypto lender’s BTC stash had decreased to 133,263 bitcoin.Twenty-four hours later, on Friday, Jan.
13, 2023, Nexo’s BTC stash had decreased by 8,324 BTC to the current level of 124,939 BTC.This means that using current BTC exchange rates, $157.21 million was withdrawn from Nexo’s cache of bitcoin.Nexo’s withdrawals follow a number of other exchanges that have experienced large withdrawals in a short period of time.After the collapse of FTX, users withdrew a significant amount of digital assets from exchanges such as Binance, Kucoin, and Crypto.com.
It is unclear what will happen with the case against Nexo in Bulgaria, but with the rate of withdrawals over the past day, it appears customers are concerned.
When speaking with The Block’s reporter Yogita Khatri, Nexo’s co-founder Antoni Trenchev said the withdrawals represented only 2% of the company’s assets under management (AUM).“Nexo can confirm that all systems are up and running and everything is being processed in real-time as always,” Trenchev told Khatri on Friday.“Activity is orders of magnitude smaller than post-Celsius and post-FTX,” the Nexo executive added.
Tags in this story Activity, Assets, Attorney General, Bitcoin, Bulgaria, Bulgaria Offices, Bulgaria Raid, concern, Crypto lender, Crypto Lenders, Customers, denial, Exchanges, Executive, Financial Sanctions, Investigation, magnitude, Management, Money Laundering, Nexo, post-Celsius, post-FTX, processing, Raid, real time, real-time attestation, Russian Federation, Sofia Raid, Stress Test, systems, tax violation, withdrawal What are your thoughts on the recent withdrawals from Nexo and the ongoing investigation in Bulgaria? Share your opinions in the comments below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: FellowNeko / Shutterstock.com Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
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