Expect a Short-term Setback in Bitcoin Market, Asserts OKCoin Exchange

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Bitcoin is bracing for a bearish impact in the short- to medium-term, according to OKCoin. The San Francisco-based cryptocurrency exchange cited data from IntoTheBlock, a blockchain intelligence platform, that painted Bitcoin’s two out of seven on-chain fundamentals as bearish – and the rest as neutral. “The two “bearish” metrics [concern] the number of active Bitcoin addresses and the number of large BTC transactions,” read the OkCoin report. “IntoTheBlock data suggests that the number of active BTC users has decreased, as has the number of transactions over $100,000.” Bitcoin’s on-chain indicators spell trouble. Source: IntoTheBlock The Bitcoin-Stimulus Dilemma OKCoin’s statements followed an overnight sell-off in the Bitcoin market as negotiations for further stimulus aid to the US economy met an abrupt resistance. In a tweet published Tuesday, US President Donald Trump broke off talks with congressional Democrats on the second coronavirus fiscal package until after the November 3 presidential election. Unless…

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