- Bitcoin has a higher daily low of USD 8,047
- Binance’s Australia Bushfire fund gathers steam, collecting USD 1.021 million
- Arcane Research notes 126% in Bitcoin trading volume amid sentiment shift to bullish
Bitcoin markets continued in more or less the same uncertain fashion as it had been yesterday. The bulls from the Americas did not show up for a Sunday romp, although they did prevent another daily break of support at USD 8,000. Asian traders similarly kept Bitcoin firmly above that support, though Europe threatened at the opening when they recorded a daily low of USD 8,047 (CoinDesk).
Most other alts have followed Bitcoin’s retracement over the past few days, but it does appear that Ether at least has gained a bit more than Bitcoin has lost, with prices climbing back up over USD 140.
Whatever the mood, it appears that crypto charity is not dead. While Bitcasino made headlines on BitcoinNews.com recently with a USD 101,010 donation to the viral #teamtrees effort weeks ago, now it seems that another blockchain firm has jumped on to show support to the planet.
This time, it is the world’s biggest exchange by Bitcoin daily trading volume, Binance, whose Charity Foundation has announced a donation of native tokens BNB worth USD 1 million to the Australia Bushfire Donations project.
Join us. https://t.co/6CSom9fKy5
— CZ Binance (@cz_binance) January 8, 2020
The Charity Foundation has made pledges before but this time the crisis in Australia, that has already caused the unfortunate loss of human and animal life, in addition to the destruction of thousands of homes and acres of forests, has caught Binance’s attention. Its CEO Changpeng Zhao a few days ago had urged the other members of the crypto sphere to step up and offer support as forest blazes in the world’s largest island continue to rage. In a statement on Binance blog, Zhao said:
“It is painful to see the bushfires burning across Australia as well as the devastating effects on the ecology and local community. We want to help this urgent crisis. Donating for Australia Bushfires charity program is the most direct and effective approach to make an impact, and we are also calling for the whole crypto community to join us in supporting Australia.”
His call was immediately taken up by Bitcoin travel agency Travala, who has announced a percentage of its proceeds to the same cause:
Others have also joined. To date, 39 donations of BNB have been received to the fund totaling BTC 125.93 or USD 1,021,033 at time of writing.
If charity doesn’t get your juices flowing, then maybe that of Bitcoin trading volumes doubling this week will. According to crypto market data analysts Arcane Research, Bitcoin has seen a 126% increase in the 7-day average for Bitcoin daily trading volume since the turn of the new year. The report states:
“The market recovered sharply from the disappointing USD 192 million that were traded on Jan. 1… Although falling back to fear in the last couple of days, the market is certainly getting more bullish.”
Notably, the paper also looks at a rising Bitcoin sentiment, as characterized by the Crypto Fear & Greed Index with data provided from Alternative.me. In fact, buying sentiment has been on the rise ever since mid-December where is has been negative, and last week was finally neutral for the first time since October, before creeping into positive territory.
Probably good news for speculators also is that Bitcoin’s volatility is simultaneously increasing, moving into 3% levels from 1% weeks ago. its price and is currently climbing the 3% level. The document reads:
Basically, negative on the index means investors are worried, typically signalling lows and buying opportunities. On the greed side of the index, markets tend to be looking for a correction. A few data variables build the index, including volatility, market momentum and volume, action and sentiment from social media plus Google trends.
Yesterday, we talked about how some experts were on opposite ends of the spectrum when discussing if Bitcoin had become a safe haven asset, but Arcane Research analysts seem to be on the same page: it has yet to have enough evidence of such claims.
They point to how recent geopolitical tension between the US and Iran have resulted in Bitcoin’s rise correlating with that of gold — something that last happened in August 2016. They do advise caution in assuming the causation, however, but conclude:
“The ‘safe haven’ narrative for Bitcoin is starting to become true. However, this short-term price action could also just be spurious correlation and a long-term evaluation must be taken into consideration.”
Image Courtesy: Pixabay