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According to data from Skew, CME Bitcoin futures volume has plunged from $1.1 billion on Feb. 18 to $204 million on Feb. 28 and the open interest has dropped from $329 million to $210 million during the same period. This suggests that speculative volume has reduced and the short-term traders are likely to have closed their positions. However, the remaining open interest indicates that investors are still holding on to their positions.
It may potentially test the upper limit, which could bring the coin to around $10,600. Bitcoin posted a similar move in mid-December, when it breached its lower band and rallied more than 10% in the ensuing week.
Bitcoin’s price action throughout last week was strikingly similar to that seen by the global equities market, with the benchmark cryptocurrency declining from highs of $10,000 last Sunday to lows of $8,400, before climbing to $8,900 today.
Crypto Michaël, a prominent cryptocurrency analyst on Twitter, spoke about Bitcoin’s correlation to the global markets in a recent tweet, noting:
The blockchain intelligence firm Glassnode says a key Bitcoin indicator suggests the crypto market remains in the early days of a long-term bull run.
According to Glassnode, the number of BTC addresses with unrealized profit is at similar levels to the start of three major rallies.
Unrealized profit is calculated by taking the difference between the current price of Bitcoin and the price at the time that BTC in a given address last moved. It’s a sign of how many traders are determined to hold on to their investment.
On the bright side, the recent price surge has also benefited the crypto market at large, with major gains seen by Bitcoin SV, Ethereum Classic and Chainlink (from the top 20 currencies).
Now, moving forward, it will be interesting to see how Bitcoin consolidates. We can expect the price to fluctuate between $9,200 and $8,900, provided BTC manages to surpass $9,000. On the downside, the 150-day moving average support is still intact.
- Bitcoin price recovery from last week’s low close to $8,400 steadily rises to test $9,000.
- A correction from the weekly high of $8,970 finds support above the 23.6% Fibo, enabling another shot towards $9,000.
Option market probabilities should come as no surprise to litecoin (LTC) investors, who saw the value of their holdings fall sharply following the reward halving, which took place on Aug. 5, 2019.
On that day, the cryptocurrency was trading just above $100. However, by December, the price of single litecoin had dropped below $50.
Its hash rate, or the computing power needed to validate transactions on the blockchain, also tanked by 70 percent in the five months to December, as reward halving and the subsequent drop in prices whitted away mining profitability. That forced small and inefficient miners to shut down operations or move on to mining other currencies.
Google’s Play Store for Android smartphone apps seems to have taken an issue with reporting on cryptocurrencies and blockchain news, taking down several notable apps, including ours.
As of 2:00 PM EST, apps of crypto news sites including Cointelegraph and CoinDesk were unavailable on the Play Store.
Robinhood trading app crashed today and customers were unable to take profits even before the app’s crash. Now, users have taken to social to voice their outrage.
Ethereum is gaining traction and it recently recovered above the $225 resistance against the US Dollar. ETH price could rally if there is a clear break above $238 and $240.
- Ethereum is slowly gaining momentum above the $220 and $225 levels against the US Dollar.
- The price must climb above the $238 and $240 levels to start a significant and steady rise.
- There was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is also recovering and it is now trading above the $8,800 level.
For a large blockchain company like Ripple to stay afloat, it necessitates money-inflow to fund its operations. However, it’s where this money comes from that has people talking. In a recent statement, Ripple’s CEO Brad Garlinghouse intimated that the company largely depends on XRP sales to stay bustling.
“I can assure you that when any of these central banks actually launch these [CBDCs] they will not be capping the supply of the digital currency. Central banks love to print money, and I can also assure you that they will absolutelyrequire users to use and engage with the existing financial system. And, obviously, therefore be subjected to all the associated cost and restrictions.”
In a blog post released on March 2, Bitfinex stated that it will delist 46 cryptocurrency trading pairs starting on March 6 as a result of low liquidity within the platform. The exchange platform also stated that the removal of the said trading pairs is a normal procedure that is meant to enhance the platform’s liquidity. The blog post also stated that the exercise will streamline as well as optimize the trading experience of the platform’s clients.
A new report from KPMG says one reason institutional investors haven’t been embracing cryptocurrency is because its difficult to secure and store.
The report says that institutional investors won’t risk investing in cryptocurrency if they can’t be guaranteed their investments will be safeguarded.