This Week in Crypto
April 28, 2023
Welcome to this week’s episode of This Week in Crypto, where we capture some of the most attention-deserving chatter in the crypto and larger Web3 industry. Today, we are taking a look at the following:
Key Takeaways
- NEO shipping begins
- BTC estimated leverage ratio reaches a 16-month low
- Binance witnesses 50,000 BTC increase in deposit
- MXC AMA on Twitter Space with See DAO
NEO Shipping Begins
The wait is over. MatchX NEO — the multi-token mining rig — is now being shipped to thousands of eager miners around the world. As revealed in the MXChats yesterday, all NEO miners are also eligible to claim their exclusive NFT. If you have not claimed it yet, make sure to check your inbox.
As MatchX is processing an extremely large volume of orders, it may be possible that your tracking number may arrive slightly later in case more orders were processed before yours. So sit back, relax, and be excited!
BTC Estimated Leverage Ratio Reaches a 16-Month Low
Even though the price of Bitcoin has gone through some fluctuations recently, signals are indicating that the volatility may come to an end soon. The estimated leverage ratio is an indicator of how much leverage futures traders are using in their trades. When the ratio is high, it indicates that significant price volatility is around the corner. When the ratio is low, it means the opposite. This week, the estimated leverage ratio for Bitcoin has reached a 16-month low.
While this signal indicates that a sense of price stability is on the horizon for Bitcoin, traders should still take extreme caution as the overall market conditions seem to have an increased impact on price.
Binance Witnesses 50,000 BTC Increase in Deposit
While technical indicators are suggesting stability in Bitcoin price, Binance may disagree. During the last week, there has been an increase in Bitcoin deposits into Binance — by more than a whopping 50,000 BTC. Even though this movement of Bitcoin serves as a sign of high confidence in the ability of Binance to honor trades and withdrawals, it also means that there is a large amount of Bitcoin that could be sold at any moment.
Traders should be highly vigilant of a possible mass sell-off at the psychological level of the $30,000 price point for Bitcoin.
MXC AMA: April 30, 6PM CEST
MXC has partnered with See DAO to co-host an AMA on April 30, at 6pm CEST on Twitter Space. Our CEO Xin Hu will be joined by See DAO to share more about the vision of the MXC zkEVM, current phases, and what users can expect in the immediate future.
Follow MXC Foundation, Xin Hu, and See DAO on Twitter, and don’t miss out!
