The regulation may bring the sign for investors to get into the market
Daily trading volumes — Bitcoin
The daily trading volume went up first to 350,000 and then down to 260,000. The daily trading volume has been on a slow increase since February 2018. It shows the core value of Bitcoin and is the fundamental support for Bitcoin price.
Daily trading volumes — Ethereum
The daily trading volume on Ethereum kept fluctuating last week which has 713,000 at the highest point and 596,000 at the lowest point
Daily Average Hashrate
The fluctuate on Bitcoin’s daily average hashrate was bigger than the previous weeks, which was 106.7EH/s at the top, 78.3EH/s at the bottom and went back to 91.9EH/s yesterday. Computing power (aka mining hashrate) is a key market metric as it illustrates the networks transaction demand. It has been on a steady rise since last year, which lays the foundation for the value of Bitcoin.
Active & New Adrress
Active Addresses refer to the number of unique “from” or “to” addresses used per day. New Address refer to the number of addressed used for first-time transaction per day. We saw a slight decrease last week, which was 667K at high and 522 at low, shows the less active market.
USDT Snapshot
USDT saw some slight increase last week and back to the normal price then, the negative premium appeared in the entire USDT market. This indicates that the fund in the filed was limited. There were also another set of data shows the percentage that USDT participates in BTC transaction has increased to 79%, which is another proof in showing the fund is limited.
Google Search Trend
Looking at the past-30 day Google search trend for “Bitcoin” and related terms, we found that the global search for “BTC” has decreased.
Fear & Greed Index (FGI)
FGI was 38, meaning that the fear sentiments shown in the market.
Long/Short Position Ratio
The newest long/short position ratio was 1.7, which is still high. If the long/short position is high, then it means that there were fewer people who would go long than those would go short. According to the past experience, if the ratio is too high it is highly likely that we will see a market condition.
Conclusion
In sum, all the fundamental indexes have shown the signs of bottom fishing, indicates the sign of the purchasing sign after another price drop appears. Furthermore, Shanghai, a top 4 city in China has just announced that the stronger regulation will be focused on the scam which is disguising as the legit Blockchain project. The strict regulation means the short-term short and long-term long, since the regulation brings the healthy investment environment to purchase safely.
