17% of the world's bitcoin reserves have not been moved for more than 7 years

17% of the world's bitcoin reserves have not been moved for more than 7 years

The Unfolded database announced yesterday that a high percentage of the world's bitcoins have not been traded for more than seven years. This data is extracted by the "HODL Wave" indicator, which is a practical tool in the analysis of chain data on the Glassnode website.

This indicator tracks the time between bitcoin transactions, giving an in-depth look at how long that bitcoin has been stored at an address before being moved across the network. The indicator is named after a popular post on the Bitcointalk forum that told bitcoin holders in 2013 to hodl their bitcoins and not sell them. .

The HODL Wave indicator shows that more than 3.3 million bitcoins have not been transferred on the network for more than 7 years. This amount of bitcoins is equal to 17.87% of the total bitcoins in circulation in the world and their value is estimated at the current price of bitcoins of about 160 billion dollars.

These bitcoins do not necessarily belong to whales. Large quantities of these bitcoins have been lost in recent years due to accidental deaths or password forgetfulness.

"Many of these wallets belong to people who bought or mined bitcoins at very low prices and then extracted them," said YIELD App CEO Tim Frost in a note. They are lost and do not have access to it. "Until 2013, many saw bitcoin as a monopoly currency and had no vision for the future and what bitcoin could become."

Last year, a report was published by the Chainalysis website that reported a slightly higher number of bitcoins lost in smaller timeframes. It reported that approximately 3.7 million bitcoins in the world (20% of circulating bitcoins) had not been traded for 5 years. The same report also noted that 3.5 million bitcoins worldwide are actively traded on the open market, while 11.4 million bitcoins are held as long-term investments in Chinese blockchain addresses.

However, Tim Frost believes that it is possible to provide access to these bitcoins to their owners. "These wallets are like hammers that can hit the market at any moment."

But this issue can also be traced. Glassnode has another indicator called Coin Days Destroyed that moves upwards when an old bitcoin is moved over the network.

As we can see in the chart above, in late 2018 and 2019, we see that the old currencies in the network have been transferred to the network for the first time and after a long time. We see such activity now and in 2021, but the level of these activities is almost the same and has not increased.

Dogecoin Analysis (DOGE) Wednesday, March 4

Dogecoin Analysis (DOGE) Wednesday, March 4

Following the fall of the Dogecoin digital currency this month, buyers are trying to form a corrective trend. However, we are seeing a slight volatility in the Dogecoin price.
On the other hand, by drawing two trend lines in a four-hour time frame, a regular triangle pattern is formed. If this pattern is broken from any side, an ascending or descending trend will be formed.
If the pattern breaks, the Dodge Quinn will rise 38% to $ 0.07. However, buyers should be able to push the price above the levels of the 100 and 200 moving average indicators in the four-hour time frame.

Another factor that has increased the probability of price growth is the uptrend of the MACD indicator. According to this indicator, the MACD line has reached the top of the signal line. This triggered a buy signal by the MACD.
On the other hand, the number of new daily addresses that are added to the network of this digital currency has now reached 42,000 after reaching 33,000 on February 23rd. The growth and expansion of the Dogecoin network is an important fundamental factor for price growth.

On the other hand, looking at the four-hour time frame, we see that the 50 moving average indicator in the range of $ 0.05 plays the role of a support. If the price penetrates below the level of this indicator, the price will fall to the downtrend line of the triangle pattern, and if this level is broken, we will see a strong downtrend to the target of $ 0.03.

Technical analysis of the global gold ounce Tuesday, March 2

Technical analysis of the global gold ounce Tuesday, March 2

The price of an ounce of global gold on Tuesday continued its downward trend for the fourth consecutive day after the increase in demand and the growth of the US dollar index.
The price of gold is currently affected by the trend of the dollar index and the rate of return of treasury bonds in the absence of important economic news.
Due to the four-hour time frame, the price of gold is breaking the downside channel. If a four-hour candle closes below the support level of the trend line at $ 1,712, we can expect the price to fall to the bottom of 2020, ie $ 1,671.
If this support level is not broken, the price will rise to the level of the moving average indicator 21 in the four-hour time frame, ie $ 1,755.

Economic calendar Monday, February 8

Economic calendar Monday, February 8

USDCHF Tuesday, January 26

USDCHF Tuesday, January 26

 

The short-term trend of the US dollar against the Swiss franc is neutral. From the buyers' point of view, a definite resistance break of 0.8925 could indicate the formation of a short-term price floor at 0.8756. In this case, the short-term trend of the USDCHF pair will rise to the level of 38.2% Fibonacci at 0.9193. However, if the USDCHF falls below the partial support of 0.8821, the pair can maintain its short-term downtrend and the USDCHF will be ready to re-hit the price level of 0.8756.