Crypto Whales Reportedly Buy The Dip On Coinbase
The crypto market has been extremely fluctuating these days.
It’s been just reported that a lot of investors with large Bitcoin holdings are buying the dip instead of selling their coins, said that latest data coming from Coinbase, according to Daily Hodl’s reports.
Crypto researcher Larry Cermak addressed all the data on Twitter. This is available via Coinbase’s new trading signals initiative.
Coinbase users’ reaction to the market
The signals were launched last month, and they are designed to offer some new insight on trading activity and the way in which Coinbase users react to the markets.
The “top holder activity” signal is analyzing the biggest holders of a certain digital asset on Coinbase and this reveals how many users in the group have brought or sold heir positions in the past 24 hours.
Coinbase also shows average hold times – this is the median number of days that a crypto stays in a Coinbase customer’s account before it gets sold/sent to another wallet or address.
There’s a new popularity signal that shows how many customers are holding each crypto.
Interestingly, according to Coinbase's data, 67% of customers with large BTC holdings (top 10%) are buying rather than selling in the last 24 hours. pic.twitter.com/mOfNMbscuc
— Larry Cermak (@lawmaster) August 15, 2019
According to the Daily Hodl, the last signal is a price correlation metric that’s designed to give traders a look at whether the price of a certain crypto asset is linked to another.
The online publication mentioned above notes that “Fear & Greed Index, a measure of how fearful or confident Bitcoin traders might be, has recently dropped.”
Coinbase stops a serious attack
In other Coinbase-related news, it has just been reported that the exchange was able to prevent a dangerous attack.
In a new blog post, Coinbase said that the hacker began sending emails to more than 12 of its employees back in May.
The Daily Hodl writes that the emails seemed to be from Gregory Harris – a research grants administrator at the University of Cambridge.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.