Market Watch: Bitcoin at $50K Again as Rollercoaster Continues; Cardano Still Top 3

Following another sharp price decline to $47,000, bitcoin has bounced off and trades around $50,000 once more. The altcoin market is also well in green, with Ethereum targeting $1,600 and DOT aiming for $40.

Bitcoin Has $50K In Sight Again

The primary cryptocurrency reacted rather positively after last week’s steep price drops when the asset dumped to a low of $43,000 as the bulls interfered at that point and provided a new trajectory.

As reported yesterday, bitcoin even breached $50,000 briefly but failed to sustain its movement. The subsequent rejection drove the cryptocurrency south again, leading to a drop to $47,000 (on Bitstamp).

Nevertheless, BTC bounced off once more and added about $3,000 of value in the following hours. As of writing these lines, the cryptocurrency trades around $50K.

In fact, the technical indicators suggest that this particular price level is the first key resistance line in bitcoin’s way up. Only after BTC overcomes it decisively could it go for the next ones at $52,500 and $55,000.

If another rejection arrives, the support levels at $47,200, $46,600, and 44,750 could assist.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Reaches for $1,600, ADA Still Top 3

Most altcoins also felt the adverse price developments last week but they have regained some traction in the past few days. Ethereum dropped to $1,300 but has jumped by almost $300 since then and is currently close to the $1,600 mark.

A 2% increase for Cardano has helped ADA to remain in the top three digital assets by market cap. Binance Coin (1%) and Ripple (2.5%) are also in the green on a 24-hour scale. Chainlink has added 6% of value since yesterday and is currently north of $30. Polkadot has jumped by 6.5% and trades at $38.

Nevertheless, Litecoin is the most impressive gainer from the top ten with a 12% surge. As a result, LTC has neared $200.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More double-digit gains come from lower- and mid-cap altcoins. Energy Web Token leads with a 32% increase to $18. Ocean Protocol (22%), NEM (19%), Basic Attention Token (19%), Enjin Coin (18%), Fantom (13%), Decentraland (12%), and Ontology (11%) follow.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has remained well above $1.5 trillion.

Source: Crypto Potato

Calls for Bitcoin Breakout Above $50,000 Grow; 3 Reasons Why

A recent runup in the Bitcoin market has prompted many analysts to see BTC/USD pair closing above $50,000 in the coming daily sessions.

The market strategists see the pair doing extensively well despite the sell-off that crashed its prices by more than 21 percent last week—its worst weekly performance since March 2020. This renewed optimism comes on the back of a flurry of supportive technical and fundamental catalysts. Here are three among them:

#1 Those Bitcoin Whales Return

Ki-Young Ju, chief executive officer at CryptoQuant—a South Korea-based blockchain analytics firm, highlighted a spike in whale activity on the Bitcoin network in a tweet published earlier Wednesday.

The analyst alerted that the outflow of more than 10,000 BTC per block from Coinbase, a US-based cryptocurrency exchange, has surged. He added that larger transactions from Coinbase wallets typically end up in the custody addresses for over-the-counter transactions.

“Whales [are] accumulating BTC,” wrote Mr. Ju. “They are making many bear traps lately, but the price seems to recover the institutional buying level, 48k. Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Coinbase Pro Outflow. Source: CryptoQuant

If true, the accumulation near the $48,000-level serves as a natural support for Bitcoin. The cryptocurrency could use it as its price floor to form new sessional highs above $50,000. The next point doubles down the theory further.

#2 Accumulation Evidence

IntoTheBlock, another data analytics firm, put forth evidence regarding a higher buying activity near lower bitcoin levels. Their so-called IOMAP indicator showed that traders bought the cryptocurrency en masse when trading between $46,200 and $47,700.

“The IOMAP indicator reveals that Bitcoinis now sitting on the strongest level of support,” said IntoTheBlock. “This level of on-chain support is located between $46,2k and $47,7k. Here, more than 1.66 million addresses previously acquired roughly 878 thousand [bitcoins].”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

In/Out of the Money Around Price. Source: IntoTheBlock

That further provided a psychological support area to Bitcoin as it targets levels above $50,000. A pseudonymous analyst confirmed that traders increased their long exposure near $47,795, with targets lurking near $52,000.

“Still liking targets of $52,000 after seeing both 1h and 4h super-trends are now bullish,” he added.

#3 Institutional Boom

More tailwinds for Bitcoin’s bullish bias come from mainstream finance. Reuters reported that Goldman Sachs would launch its bitcoin trading desk three years after closing it down on Monday. The next day, a team of researchers at Citi published a report that concluded that Bitcoin is on the verge of massive adoption and that it could one day become a currency of choice for international trade.

Citi researchers also noted that the entry of big players like Tesla and PayPal into the cryptocurrency space validated Bitcoin’s growth case among institutional investors.

Source: Bitcoininst

Curve (CRV) Up 30%: A Still Undervalued DeFi Project?

Curve Finance’s governance token CRV (not to be confused with CURV – recently acquired by Paypal) token has shot up to $2.46 on March 2nd from its monthly low of $1.80.

Even with this recent jump, there is much evidence pointing to CurveDAO still having room to increase. 

First, what is Curve?

Curve describes itself as a place to “exchange stablecoins (DAI to USDC for example) through it with low fees and low slippage.” But instead of peer-to-peer transactions, it uses liquidity pools to achieve this. 

DeFi Integrations

The stablecoin token pools in Curve, of course, generate revenue from more than just platform fees. The tokens (such as DAI/USDC) in the pools are lent to practically all other major interest-paying DeFi protocols such as AAVE, UniSwap, and recently Synthetix.

In this regard, Curve serves as the backbone of DeFi infrastructure. Other than these protocols, Yearn Finance, Badger, SushiSwap, Pickle…etc. Rely on Curve’s stablecoin pools. 

Another of Curve’s competitive advantages is its ability to handle cross-asset swaps up to 100m in a single transaction with no slippage. Cross asset currency swaps are an OTC derivative in TradFi, but Curve eliminates this need completely.

This function also provides resilience against Binance Smart Chain products – as a performer of an eight-figure swap can easily absorb high ETH gas fees for zero slippage.

Volume of Transactions

Volume on Curve, a driver of fees and APY adds further to its undervalued status.

According to CoinGecko, In the past 24 hours, Curve has more than double the trading volume of AAVE – a DEX with almost 10x the market cap. And its most traded pair DAI/USDC has 54M in volume compared to AAVE’s AUSDC/ETH $49M. Ranking 7th on the list of total volume, it appears that the market does not price this into its value – a realizable opportunity for savvy investors.

“veCurve” yield

One final reason Curve may appreciate is simply the yield offered for holding its governance token compared to other protocols. The metrics now are:

  • veCRV holder APY: 15.58%
  • AAVE holder APY: 6.22% 
  • xSushi holder APY: 7.285%

 From these (24hr) numbers, it is clear that Curve is able to offer better alpha. And veCRV has typically surpassed these other two major protocols in yield, indicating it may be a more attractive hold than other yield-bearing DeFi assets.

Featured Image from Unsplash

Source: Bitcoininst

Fed’s Brainard Speech Offsets Bitcoin Crash Fears against Rising Yields

Bitcoin held onto its key technical support area despite a concerning sell-off on Tuesday, raising hopes that it might survive the bearish assault that brought its prices down by 21.32 percent last week.

The benchmark cryptocurrency reported early gains on Wednesday, surging by up to 2.72 percent to $49,470 after bouncing off its 20-day exponential moving average support. Its move upside accompanied little volumes, alerting bulls to wait for a confirmation before extending their upside bias.

Bitcoin Holds Firm

Tuesday was all about profit-taking. Bitcoin’s wild upside move of 9.74 percent at the start of this weekly session prompted traders to minimize their risks. Concerns that the Federal Reserve would raise its benchmark lending rates in the wake of rising Treasury yields drove investors to the safety of cash. US stocks also reacted negatively to investors’ anxiety.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin maintains its weekly bullish setup as yields rise calm. Source: BTCUSD on TradingView.com

The 10-year US Treasury yield surged to 1.6 percent last week, its best level in a year, raising doubts among investors about higher inflation and borrowing costs. Meanwhile, the US real yields, which are adjusted per inflation expectations, also surged as investors expect President Joe Biden’s $1.9tn coronavirus stimulus package would fuel powerful US price growth.

Bitcoin does not provide steams of interest payments. Therefore, it tends to perform poorly against rising yields—the same as gold does. Nonetheless, with the yields rally showing hints of calming down, the cryptocurrency is gaining back its upside bias.

Fed’s Intervention

The rise in the Bitcoin prices on Wednesday also took cues from Lael Brainard, one of the Federal Reserve’s Washington-based governors, who offered the first major hint about the central bank’s potential intervention in the ongoing bond market sell-off.

Ms. Brainard cautioned market participants that the Fed is far from the place where it can start dialing back its expansionary policies, further noting that she would be concerned if she sees any “disorderly conditions or persistent tightening and financial conditions” that could hamper the Fed’s goals.

“The economy remains far from our goals in terms of both employment and inflation, and it will take some time to achieve substantial further progress” Ms. Brainard clarified. “We will need to be patient to achieve the outcomes set out in our guidance.”

She noted that the Fed would continue its bond-buying program amid a near-zero rates environment. And more so, any rate hikes—should they come—would be gradual to ensure minimum volatility across the bonds and stock market.

The US 10-year Treasury yield fell to 1.393 overnight Tuesday after Ms. Brainard’s comments. US stock futures rose, indicating an upbeat start when the market opens on Wednesday.

“They’ll likely respond through treasury purchases at the 10, 20, or 30-year bond since those rates can hurt corporations the most,” said Ben Lilly, the author of the crypto-focused ChainPulse newsletter. “And in the mid to long-term, this is great for bitcoin… At the expense of some short-term pain.”

Source: Bitcoininst

ECOMI to List OMI Tokens With BitMax

ECOMI to List OMI Tokens With BitMax

PRESS RELEASE. BitMax.io (BTMX.com), an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of OMI Tokens (OMI) under the trading pair of OMI/USDT on March 2nd at 9:00 a.m. EST.

ECOMI is leading the way in the mass market digital collectible space. Its app, VeVe, offers the most comprehensive digital collectible experience, with premium format 3D digital collectibles from the world’s leading brands. The OMI token underpins the economy of ECOMI Collect and is needed for the sale and purchase of digital collectibles and other digital goods within the VeVe App.

Digital streaming, gaming, in-app purchasing are all multibillion-dollar markets, and the next one to join this digital trend is the pop culture and collectibles industry. VeVe brings the physical world of collecting into the digital realm and offers collectibles in premium digital format as limited- edition 3D models, which users can place in virtual showrooms, trade or sell on a secondary market, share on social feeds, and view all 3D content in AR.

VeVe works with leading licensors offering digital collectibles from 70+ brands including Batman, Superman, Harley Quinn, Wonder Woman, Ultraman, Back to the Future, NFL, MLB, Ghostbusters, and many more.

With so much happening in the NFT space, BitMax is excited to be listing the OMI token for use in the VeVe app. This listing highlights BitMax’s commitment to supporting the rapid growth of the NFT ecosystem.

 

About BitMax.io

Launched in August 2018, BitMax.io is a leading digital asset trading platform with a broad range of financial products and services for both retail and institutional clients, with robust design ranging from cash to margin trading, derivatives trading, staking products, and other investment solutions.

 

For more information and updates, please visit:

Website: https://bitmax.io/

Twitter: https://twitter.com/BitMax_Official

Telegram: https://t.me/BitMaxioEnglishOfficial

Medium: https://medium.com/bitmax-io

 

About ECOMI

ECOMI is leading the way in the mass market digital collectible space. Their app, VeVe, offers the most comprehensive digital collectible experience, with premium format 3D digital collectibles, from the world’s leading brands.

 

For more information and updates, please visit:

 

Website: https://www.ecomi.com/

Twitter: https://twitter.com/ecomi_

Telegram: https://t.me/ecomi

Medium: https://medium.com/veve-collectibles

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Source: Bitcoinnews.com

SEC Nominee Gary Gensler’s Hearing: What’s Good and Bad for Bitcoin and the Crypto Industry

Gary Gensler’s statements to the U.S. Congress on March 2, 2021, were beautiful to the ears of crypto enthusiasts. Still, a small part raised red flags and contributed to the markets closing the day with a red candle just when bitcoin seemed to be recovering from a monstrous crash.

Gary Gensler is nominated by U.S. President Joe Biden to be the next SEC Chairman. His testimony before Congress is a formality that made it possible to probe his opinion and knowledge on various issues inherent to his appointment. The boom of cryptocurrencies is one of them.

Bitcoin closed the day with a red candle of about 2.3% loss in 24 hours, but 6% down between its high and low. Gensler’s statements seemed to have catalyzed this reaction, although a few hours later, the eastern markets seem to have brought things back to normal.

Bitcoin dropped a little bit after Gary Gensler's hearing
BTCUSD. Image: Tradingview

Gary Gensler Means Good News…

Gensler is a well-known financial and cryptocurrency expert. Not only does he study cryptocurrencies from a legal standpoint, but he also teaches on the subject at the MIT.

During previous years, Gary Gensler worked on the famous Dodd-Frank Act, which helped shape the U.S. financial system after the 2008 crisis.

In his hearing, Gary Gensler asserted that cryptocurrencies “have been a catalyst for change.” He called for creating new legal instruments that protect investors without affecting innovation, arguing that cryptocurrencies “have brought new thinking to payments and financial inclusion.”

“(If confirmed) the SEC would work with fellow commissioners to both promote the new innovation, but also, at the core, ensure for investor protection.”

… But also Possible Bad News

However, Gensler’s interventionist approach may also be troubling to some hodlers and long-term investors.
He told the Congress that, in his view, the SEC should take a much more proactive role when it comes to regulating the markets for cryptocurrencies and other digital assets.

“(The SEC must ensure that crypto markets) are free of fraud and manipulation, and I think that’s the greater challenge, frankly, because some markets, usually operating overseas, have been rife with fraud,”

During his time at the CFTC, Gary Gensler hinted that in his view, Ether and XRP were securities. Although a former commissioner contradicted him on Ether (saying that Ethereum was decentralized enough not to be security), XRP is currently disputing this nature.

If Gary Gensler is confirmed, the situation could be an obstacle to Ripple’s pretensions of “saving” XRP. It could also set a precedent for other projects with similar conditions.

However, there is still much room for speculation. Gary Gensler still needs to act according to a specific set of guidelines —at least from a political perspective— and Joe Biden has not yet presented a strong opinion about cryptocurrencies. So nothing can be taking for granted, not even the trend Bitcoin will take after all these events.

Source: Crypto Potato

An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions

An Iranian Think Tank Recommends the Use of Cryptocurrencies in Circumventing Sanctions

A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year in direct revenue from cryptocurrencies.”

Employment Opportunities

Meanwhile, as reported by one local media outlet, the authors of the report say Iran can increase employment opportunities across its economy if it enables the creation of more bitcoin mining farms. In their report, the authors assert that:

If large mining farms are established, the need to employ manpower for monitoring and repair, security, electrical engineers and technical staff related to hardware and software equipment will increase, which leads to more job opportunities in other sectors.

The authors then go on to suggest that “for every megawatt of electricity consumption about nine people are directly employed.”

However, the report seemingly urges the Iranian government to consider regulating cryptocurrency activities. In justifying this recommendation, the report states that “regulated cryptocurrency activity in Iran might also help to prevent foreign currency from leaving the country.”

Beating Sanctions With Newly Extracted BTC

Predictably, the report also touches on why cryptocurrency mining provides a unique opportunity for the Iranian government to circumvent sanctions. The report explains:

As the newly-extracted bitcoins are not easily traceable, domestic economic actors can use newly-extracted cryptocurrencies, which are (more) preferable than (those already) existing on international exchanges.

Also in the report, the authors claim that the creation of more cryptocurrency mining farms will help Iran to “reduce electricity losses.”

In their conclusion, the authors urge the Iranian government to enable the “collective mining” of cryptocurrencies as well as the “creation of mining pools next to power plants where possible.”

Do you agree that newly created bitcoins are not easily traceable? You can share your views in the comments section below.

Source: Bitcoinnews.com

Thailand SEC Allays Fears Over Controversial Crypto Proposal

Thai SEC Begins Public Hearing On Proposed Cryptocurrency Regulations

Thai SEC Begins Public Hearing On Proposed Cryptocurrency RegulationsThailand Securities and Exchange Commission (SEC) has allayed concerns regarding some of the requirements in its crypto proposal draft plan. This was in response to the uproar from crypto stakeholders about certain aspects of the proposed crypto framework.  Thai SEC Responds to Crypto Regulatory Controversy The crypto proposal draft released in February had suggested that

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Source: BTC Manager

Monero (XMR) Plans for the Second Audit of Bulletproofs+ Code

Monero Announces Successful Completion of “Bulletproof” Protocol’s Audit

Monero Announces Successful Completion of “Bulletproof” Protocol’s AuditThe Monero development team is now crowdfunding to raise $13.5k in XMR for the second audit of the Bulletproofs+code. The review will be executed by JP Aumasson, a proposal published on Mar 2 shows. Bulletproofs+ for better Transaction Efficiency in Monero According to the proposal, Bulletproofs+ will be a drop-in replacement for Bulletproofs that Dr.

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Source: BTC Manager

‘Chain-Agnostic’ Orion Protocol Set to Expand to Binance Smart Chain

‘Chain-Agnostic’ Orion Protocol Set to Expand to Binance Smart Chain

‘Chain-Agnostic’ Orion Protocol Set to Expand to Binance Smart ChainMarch 2, 2021 — Orion Protocol, the liquidity aggregator building a decentralized gateway to the entire crypto market, has revealed Binance Smart Chain (BSC) as the latest chain to be integrated into the protocol, with more chains to be announced in the coming weeks. Phase One of Orion Terminal launched on Ethereum on Dec 15,

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Source: BTC Manager