Santiment, a blockchain analytics company, posted yesterday on Twitter (NYSE TWTR), that Nexo had pulled almost 50% of the Wrapped bitcoin (WBTC), held in MakerDao. Accordingly, approximately $120 million is still in CDP’s.
NEXO receives 50% of MakerDao’s WBTC
The chart shows that the WBTC in CDPs has fallen to its lowest point in 2022, as can be seen in the graph.
The price of NEXO dropped by 3.23% over the 24-hour period, bringing it down to $0.9128. It also fell against two of the top crypto market leaders, Bitcoin and Ethereum. This is a decrease of 2.46% and 2.78 respectively.
NEXO is ranked number 71 in CoinMarketCap’s list of largest cryptos by market capital. It now has a market cap of $511,160,000.182. As the weekend begins, the coin’s 24-hour trading volume also fell 44.39%. This brings the daily trading volume up to $8,794,157.
Daily chart of NEXO/USDT
According to the daily chart of NEXO/USDT, the price of NEXO appears to be in the beginning stages of transitioning into a bearish short-term to medium-term cycle. This is evident in the relative positions of the Exponential Moving Averages (EMA) 9 and 20 to each other.
Currently, the margin between the 9 EMA and 20 EMA lines is very narrow. The 9 EMA line is located below the longer 20 EMA.
Next is the Relative Strength Index, (RSI), which recently crossed below the RSI SMA Line. This is a bearish flag.
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The first Coin Edition article was Nexo Withdraws Nearly 50% of MakerDAO’s Wrapped BTC Holdings.
