Web3 Diaries-BTC’s Short-Term Holders Reap Profit
Bitcoin’s near-term outlook appears constructive as blockchain data show short-term holders of the cryptocurrency are moving coins at a profit.
The seven-day moving average of the short-term holder’s (STH) spent output profit ratio (SOPR) has recently moved back above 1, according to blockchain analytics firm Glassnode.
“After a brief stint of coins moving at a loss, STH-SOPR is now back above 1,” analysts at Blockware Solutions said in a weekly newsletter. “This is bullish for near-term price action as it shows capitulation from short-term holders.”
The short-term holder SOPR of more than 1 means the average short-term holder in the market is selling coins at a profit. A reading below 1 is considered a sign of capitulation, while a reading of 1 indicates the average short-term holder is just breaking even.
Russia Drops Plans For State-Run Crypto Exchange
Russian lawmakers have decided to end plans for creating a state-owned cryptocurrency exchange, planning instead to set rules and regulations for already existing enterprises, a Russian news outlet reported Sunday.
Colin Wu of Wu Blockchain broke the story on Twitter early Monday morning. He linked a translation of a Russian news outlet that explained that the country’s new focus would be to allow private companies to build crypto exchanges.
According to the news report, Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance for the Russian Federation, said, “The [Ministry] did not support the establishment of one national crypto-exchange.” The idea, instead, is to “legally regulate the possibility of creating such sites by business.”
Bali Guv Warns Against Using Crypto For Payment
Bali’s government is reportedly warning tourists that they will suffer harsh penalties for any payments made using cryptocurrencies.
According to a new report from Channel News Asia, Bali’s governor Wayan Koster is sending a firm message to foreign tourists that crypto is an illegal form of payment, including at hotels, restaurants, and small businesses.
Says Koster, “Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment and violate other provisions will be dealt with firmly.”
Joining Foster were other government officials, including Bali’s Police Chief Inspector General Putu Jayan Danu Putra.
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