2024

Bitcoin

when

WazirX

Retail investors could be making a steady return to the crypto market after a notable upward trend in the number of daily new addresses being created, an intelligence platform has speculated.&nbsp;
In an Aug. 8 <a href="https://x.com/intotheblock/status/1821593270314791072" target="_blank" rel="noopener nofollow">post</a> on social media platform X, market <a href="https://cointelegraph.com/news/new-memecoin-traders-hit-record-high">intelligence platform IntoTheBlock</a> said that recent data on Bitcoin “new addresses” could suggest renewed interest from retail investors.
“Since November 2023, the number of daily new addresses has trended downward, a bearish signal indicating fewer new participants, particularly on the retail side,” it said. 
<blockquote data-ct-non-breakable="true">
 “However, the trend seems to be shifting, with the number of new addresses trending upward in more recent weeks.”
</blockquote>
According to the crypto analysis platform Glassnode, the number of new <a href="https://cointelegraph.com/learn/types-of-bitcoin-addresses">addresses</a> for 2024 <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=addresses.NewNonZeroCount&amp;s=1714995905&amp;u=1723075200&amp;zoom=" target="_blank" rel="noopener nofollow">hit</a> a low of 203,536 on June 7. 
But since the start of August, the number of new Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) addresses has <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=addresses.NewNonZeroCount" target="_blank" rel="noopener nofollow">hovered</a> between 286,000 at the lowest and 337,000 at the highest.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/206a6325-2415-414f-a788-dc5d2ed9b0d3.jpg" alt="Bitcoin new addresses hint at ‘renewed interest’ from retail investors" title="">
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 The number of new daily Bitcoin addresses has been trending upward recently. Source: IntoTheBlock&nbsp;
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“This shift suggests renewed interest from retail investors, potentially leading to a more balanced market and a stronger foundation for the next growth phase,” IntoTheBlock said.
<h2 data-ct-non-breakable="true" id="bitcoin-death-cross-before-super-rally">Bitcoin “death cross” before super rally</h2>
On Aug. 5, BTC prices experienced double figures losses, falling to $49,221, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko. The price has already <a href="https://cointelegraph.com/news/bitcoin-price-62k-bullish-chart-pattern-bull-hammer-crypto-traders">shown signs of recovery</a>, though, reclaiming over $62,000 on Aug. 8.
ITC Crypto founder Benjamin Cowen <a href="https://x.com/intocryptoverse/status/1821676892904423486" target="_blank" rel="noopener nofollow">said</a> in an Aug. 8 post on X that, in his view, the market may be entering a death cross.
He thinks its “durability” will likely depend on the price surpassing $62,000 and then holding “it as support as it did in 2023.”
Related: <a href="https://cointelegraph.com/news/bitcoin-bull-run-retail-investor-demand-cryptoquant">Bitcoin ‘real bull run’ out of reach as retail demand metric hits 3-year low</a>
“If it fails to hold as support like 2019, then the slow grind down continues until a sufficient pivot from the Fed IMHO,” he said.
A <a href="https://cointelegraph.com/explained/golden-cross-vs-death-cross-explained">death cross occurs</a> when the 50-day simple moving average (SMA) of an asset’s market price falls below the 200-day SMA.
However, Bitcoin analyst Timothy Peterson&nbsp;<a href="https://x.com/nsquaredvalue/status/1821218189445046718" target="_blank" rel="noopener nofollow">stated</a>&nbsp;that a <a href="https://cointelegraph.com/news/bitcoin-s-impending-death-cross-might-not-be-so-deadly-for-btc-bulls-analyst">death cross</a> may not be “so deadly.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/3f20ede8-8384-4f63-8804-6b6c55500cff.png" alt="Bitcoin new addresses hint at ‘renewed interest’ from retail investors" title="">
 <figcaption style="text-align: center;">
 A Bitcoin analyst predicts a death cross for Bitcoin and a resulting rally. Source: Timothy Peterson
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“Bitcoin faces an imminent Death Cross where the 50-day average crosses below the 200-day average,” he said.
“This has happened only 8 times since 2015. What happens next? 60 days later, Bitcoin was up 62% of the time.” 
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-tapper-cults-scam-wazirx-asia-express/">Chinese boomers joining crypto tapper cults, WazirX fallout worsens: Asia Express</a>

Bitcoin new addresses hint at ‘renewed interest’ from retail investors

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