What is the price of Bitcoin and Ether?

After struggling to maintain the $25,000 mark yesterday, Bitcoin (BTC) fell to an overnight low of $23,788. Perhaps this is an indication that the world’s largest cryptocurrency by market capitalization has come to an end to its two-month rally.

Meme token dogecoin has risen 15% in the last 24 hours. An analyst said the token is surging ahead of the launch of “Dogechain,” which requires wrapped doge for trading.

Unlike BTC, Ether (ETH) was up a bit on the day, trading at around $1,900. According to a report from research firm FSInsight, Ether has a good chance of surpassing Bitcoin in market cap over the next 12 months because Ethereum- the blockchain’s transition to a proof-of-stake (PoS) mechanism will reduce both the production of tokens and selling pressure from miners.

A report from CoinShares showed that crypto funds saw $17 million in outflows in the seven days to August 12, ending six consecutive weeks of inflows. Bitcoin (BTC) investment products saw $21 million in outflows, and short Bitcoin positions, which bet on a decline in the largest cryptocurrency by market capitalization, had $2.6 million inflows.

Cryptocurrency exchange Huobi Global announced that it will stop offering derivatives trading services to users in New Zealand starting next week, just a couple of months after expanding operations to the country. The Seychelles-based cryptocurrency exchange cited “local compliance policies” as the reason for withdrawing margin trading services, options and ETPs from next week.

Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be in even worse financial trouble than previously signaled. A new filing Monday from Kirkland & Ellis, a law firm the crypto lender hired to lead the restructuring effort, included financial projections that Celsius will run out of cash by October.

In Latin America, Brazil’s largest brokerage, XP, launched Bitcoin and Ether trading. The company, which has 3.6 million customers, hopes to reach 200,000 active crypto users by the end of 2022.

Market movements

Is this the most reliable BTC bottom signal?

The Puell Multiple, a bottom signal for Bitcoin, is currently at 0.54, and values ​​below 0.50 have historically marked price bottoms and are considered good accumulation zones.

The indicator fell to 0.34 in July – the lowest it has been since 2019, according to data from Delphi Digital.

The Puell multiple is the daily issuance of BTC (in USD) divided by the 365-day moving average of the daily issuance of BTC (in USD). It compares the short-term earnings of BTC miners with its long-term trend. A lower score equals lower earnings for miners.

Since 2014, the Puell multiple has dipped below 0.50 just four times: during the previous market bottoms in 2015 and 2019, the Covid-induced crash in spring 2020, and most recently in July 2022, according to Delphi Digital.

Delphi Digital notes that while the Puell multiple appears to indicate a market bottom, other indicators must be used in tandem to conduct a meaningful analysis.