Day: February 17, 2021

Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K

by Coindesk

Bitcoin broke above $52,000 Wednesday, with a market capitalization nearing $1 trillion.

  • Bitcoin (BTC) trading around $52,231.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.16% over the previous 24 hours.

  • Bitcoin’s 24-hour range: $48,430.80-$52,536.47 (CoinDesk 20)

  • BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Feb. 15.

Source: TradingView

Bitcoin trading volume on major exchanges.

Source: CoinDesk

Bitcoin is in “uncharted territory,” said Hunain Naseer, senior editor at OKEx Insights, after its price surged to a new all-time high above $52,000, only a day after it passed the key psychological threshold of $50,000.

Price volatility remains high when compared with major macro assets including the Standard & Poor’s 500 Index of stocks, gold and bonds.


Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

“We can expect some consolidation between $50,000 and $52,000, with a possible retest of the $49,000 support,” Naseer added.


Read More: Bitcoin Poised for Short-Term Gains Past $51K as MicroStrategy Upsizes Debt Deal

One bullish signal: a large amount of stablecoin reserves on cryptocurrency exchanges, according to data from South Korea-based crypto data firm CryptoQuant. That could show traders moving stablecoins into place so they can buy quickly if the price is right.


“So many stablecoins in exchanges” compared with bitcoin held on exchanges, Ki Young Ju, CEO of CryptoQuant, told CoinDesk, pointing out that selling pressure is relatively low.

The ratio of bitcoin reserved on all exchanges and all stablecoin held on all exchanges has declined since the beginning of the year.

Source: CryptoQuant

In the derivatives market, bitcoin futures on the Chicago-based CME logged a record high single-day trading volume and total interest on Tuesday, according to data from blockchain analytics site Skew. The elevated activity could be an indicator of rising bitcoin demand from institutional investors.


Source: Skew

Institutional interest in bitcoin is also reflected in another market indicator called the Coinbase premium, a measurement of the price difference between Coinbase Pro’s BTC/USD pair and Binance’s BTC/USDT pair, said CryptoQuant’s Ki. The number flipped positive on Wednesday.

“Coinbase [U.S. dollar] whales are like gatekeepers” of the bull market, Ki said of investors with large holdings.

Ether consolidates, institutional interest in futures rises

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday, trading around $1,828.15 and climbing 4.45% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

On the technical side, ether is in a consolidation phase after losing short-term momentum, according to Katie Stockton, a technical analyst for Fairlead Strategies.

“I view the consolidation as healthy within the context of its steep uptrend,” Stockton said. “The 20-day moving average at $1,556 is a gauge of initial support.”


Read more: Coinbase, Readying for Public Listing, Gets $77B Valuation From Nasdaq Private Market

Ether’s correlation with bitcoin has been flat this month at around 0.68, after it moved down to as low as 0.55 in January.

“As long as bitcoin stays above $49,000 we can expect a rally in the altcoins, including ether,” OKEx Insights’ Naseer said. “But that will only happen when bitcoin’s volatility drops a little.”


Source: CoinDesk

At the same time, institutional interest in ether futures has grown significantly, according to data provided by blockchain analytics firm Glassnode.


Source: Glassnode

“One week after ether futures launched on CME, daily trading volume reached a total of $75.8 million yesterday – almost doubling Friday’s volume of $40 million,” Glassnode wrote in a tweet Wednesday. “Meanwhile, open interest has increased to $62 million.”

The launch of the CME’s new ether futures contract last week might be one reason why ether’s price has underperformed, said trader and analyst Alex Kruger.

Read more: Ethereum’s Favorite Lossless Lottery Will Airdrop Its POOL Token Today


“Ether is a high beta asset to bitcoin, and it is supposed to move in line,” Kruger said. “Sometimes its own set of technical and or fundamental drivers kick in and make price trajectories or performance differences.”

Other markets

Digital assets on the CoinDesk 20 are mostly in green Wednesday. Notable winners as of 21:00 UTC (4:00 p.m. ET):


Notable losers:




Commodities:

  • Oil was up 0.37%. Price per barrel of West Texas Intermediate crude: $61.22.

  • Gold was in the red 1.09% and at $1775.03 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield fell Wednesday dipping to 1.286%.

The CoinDesk 20: The Assets That Matter Most to the Market




Disclosure

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Bitcoin Shoots Through $52,000: Here Are What Analysts Are Saying

by NEWSBTC

Bitcoin just shot through $52,000 despite weakness in the altcoin market over the past day. The cryptocurrency is up 7.5% in the past 24 hours, outperforming a majority of other large-cap altcoins as the spotlight focuses back on BTC.

This rally in the Bitcoin price comes on the back of strong institutional support for the leading cryptocurrency.

Related Reading: Wall Street Veteran Kickstarts Own BTC Fund With $25m Investment

Bitcoin Shoots Higher: Here’s What Analysts Are Saying

Long-time technical analyst Peter Brandt says that Bitcoin is in the midst of a longer-term parabolic advance, potentially meaning there is upside from here.

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Commenting on the chart seen below, Brandt, who has been a trader in the futures markets for decades, said:

“Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”

Bitcoin is also likely to benefit from fundamental trends, too.

Charles Edwards, a crypto-asset investor and analyst, recently said that today has been a serious day for the fundamentals of BTC. Positive fundamental events include:

  • MicroStrategy may be buying $900 million worth of BTC, pending the sale of corporate bonds to qualified institutional buyers.

  • BlackRock has announced that it has started to dabble in BTC, confirming sentiment that has been floating about over the past few weeks.

  • Digital asset firms have begun to file for Bitcoin ETFs once again.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Shoots Through $52,000: Here Are What Analysts Are Saying

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Evolve’s Bitcoin ETF Filing Gets Approved by Canadian Regulators

by Btcmanager

Evolve Funds Group Inc., has gotten the approval of the Ontario Securities Commission (OSC) to launch its bitcoin exchange-traded fund (ETF) dubbed EBIT. The team says the new ETF is designed to provide investors with exposure to the daily price movement of the U.S. dollar price of bitcoin (BTC), according to a prospectus document dated February 12, 2021.

Canadian Regulators Greenlight Second Bitcoin ETF

In another exciting development for Canada’s cryptocurrency ecosystem, the Ontario Securities Commission (OSC) has approved the bitcoin exchange-traded fund filing of Evolve Funds Group Inc, barely two weeks after giving Purpose Investment Inc. the go-ahead to launch the world’s first physically settled bitcoin ETF. 

It will be recalled that on January 29, 2021, Evolve Groups Inc., one of Canada’s fastest-growing ETF providers with $1.6 billion in assets under management, filed a preliminary prospectus for its EBIT bitcoin ETF with the OSC, in a bid to make it easier for Canadians to jump onto the bitcoin bandwagon.

“Historically it has been difficult to gain exposure to bitcoin. EBIT aims to provide Canadian investors with a simple and effective way to access the price of bitcoin. Typically viewed as a non-correlated asset, bitcoin is gathering institutional interest and being viewed as an alternative to traditional investments, such as gold and a potential hedge against inflation,” declared Evolve at the time.

Canada Outpaces the U.S in Bitcoin Innovation

Fast-forward to February 12, 2021, and Evolve has now gotten the full backing of the OSC to execute its mission of providing Canadians with exposure to bitcoin, the fastest horse in the global financial ecosystem, via its physically-settled EBIT ETF.


Evolve wrote:

“The ETF’s investment objective is to provide Unitholders with exposure to the daily price movement of the U.S. dollar price of bitcoin while experiencing minimal tracking error by utilizing the benefits of the creation and redemption processes offered by the exchange-traded fund structure.”

While a good number of crypto-focused asset management firms in the neighbouring United State, including Grayscale, have launched bitcoin-linked investment products in recent times, the Securities and Exchange Commission (SEC) has, however, been reluctant to give any company its stamp of approval to roll out a bitcoin ETF, despite several attempts by highly reputed firms like VanEck and others.

Evolve has made it clear that its EBIT ETF, which will be available on the Toronto Stock Exchange (TSX), will not seek exposure to bitcoin via derivatives products or futures contracts. Instead, it will purchase real BTC from its partner exchanges and store it directly in its cold wallet.

At press time, the price of bitcoin (BTC) is hovering around $51,470, with a market cap of $956 billion as seen on CoinMarketCap.


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This Month In Bitcoin And Central Banks

by Bitcoin Magazine



Listen To This Episode:


In this episode of Bitcoin Magazine’s “Fed Watch” podcast, Christian Keroles and Ansel Lindner gave an update on central bank news in relation to bitcoin. This is the only podcast that tackles this intersection of macro and bitcoin from a realistic and skeptical point of view. The cracks in the legacy financial system are fairly evident at this point, but it is not going to be a quick and easy transition to what is next. Bitcoin’s niche is growing and muscling into the territory of the legacy system. But it will happen in phases, without a centralized plan. This podcast examines that point friction.

This episode started with a review of Federal Reserve Chairman Jerome Powell’s comments over the last week. The hosts dove into its dual mandate of stable prices and maximum employment, and the Fed’s focus is switching to employment. Powell also implied a slight change to its policy on inflation “running hot” over 2 percent in an attempt to target an average of 2 percent inflation. He said that stimulus results in temporary shocks of inflation, and it is those temporary shocks over 2 percent that is is willing to allow.

Next, the hosts moved onto the European Central Bank (ECB), which has been the center of a majority of central bank news over the last six months. Lindner read through some comments by Fabio Panetta, member of the ECB’s executive board and chair of the task force on a digital euro, from last week. He was very negative on corporate stablecoins while dismissing bitcoin completely. Then, out of the other side of his mouth, he proclaimed the progress they are making on the digital euro. 

However, Panetta lastly spoke about tradeoffs in the design of the digital euro, between functionality and privacy. This is interesting because accepting there are tradeoffs is something that comes after a learning process for Bitcoiners and still evades many people involved with altcoins. Bankers at the ECB seem to be progressing along the typical learning curve of others as they enter this space, and are ahead of most altcoin folks already. It is only a matter of time until they come around to the fact they cannot compete head-to-head with bitcoin.

See Also


The hosts finished up the central bank news by talking quickly about the People’s Bank of China (PBoC) and the Bank of Japan (BOJ). Here, the only news is a lack of news from China around Lunar New Year and the BOJ announcing a review of their policies starting in March as its economy looks to be heating up slightly.

In typical “Fed Watch” fashion, the hosts spent the last few minutes talking about bitcoin and some of the broad developments over the last month. All together, another great episode.

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Motley Fool Drops $5 Million in Bitcoin, Aims to 10X in 15 Years

by Decrypt

Despite its name, The Motley Fool is known for dispensing sage investing advice. Today, it advised readers to buy Bitcoin.

Not only that, but the private investing advice firm is buying $5 million of the rapidly appreciating asset, which is currently trading at a record high above $52,000.

“While Bitcoin may very well continue to be volatile in the short term, we think it has 10x potential from today’s levels over the long term as part of a diversified portfolio,” said the website in a post today. “We plan to hold this Bitcoin investment for many years.”

It mentioned three reasons for its Bitcoin investment. First, it believes Bitcoin will eventually become a better store of value than gold. Second, if the price stabilizes, BTC can also be used as a medium of exchange. Last, the company sees it as a hedge against inflation.

Unlike business intelligence firm MicroStrategy, which has pursued an aggressive Bitcoin buying strategy, The Motley Fool is not going all in on BTC.

As part of its 10x campaign, so named because it focuses on investments that have the potential to produce 1,000% returns, it recommends holding 30 separate stocks for at least five years. With a diverse portfolio, the thinking goes, even if some assets don’t pan out, the big winners will produce a big bump in return.

Those who hold Bitcoin are surely hoping The Motley Fool is serious.

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99Bitcoins Takes Over the Dead Coins Project to Become the Cryptocurrency Undertaker

by Dailyhodl

February 17, 2021 – Singapore, Singapore

99Bitcoins, an educational website that maintains a list of Bitcoin obituaries made by the media, has taken over the Dead Coins project as well. This move effectively crowns 99Bitcoins as “the undertaker of the cryptoverse.”

Deadcoins.com was established in late 2017 to document the death of thousands of altcoins that popped up during the cryptocurrency mania of that time. The idea was simple – create a list of coins that have ceased to exist after the hype died down.

A coin can become “dead” due to a variety of reasons such as its development being halted, having no one that uses or trades it, being exposed as a scam and more. While the project was initially maintained only by its founders, it was later outsourced to the cryptocurrency community which was allowed to add their own dead coins.

Owner and founder of 99Bitcoins Ofir Beigel says,

“I think the Dead Coins project is a brilliant idea that needs a bit of polishing. The fact that anyone can add a dead coin themselves made the list of coins very inaccurate. We’ve spent days going through the complete list and sifted out all of the coins that were buried alive, so to speak. For example, Bitcoin, Tron, Dogecoin and Tether are just some of the coins that were listed when we took over the project.״

“I think the community sometimes mistakes a ‘shit coin’ for a dead coin. We’ve put clear death indicators in place so it would be easy for us to decide whether a coin is actually dead or not. This way we still use the community’s input, but we make sure it goes through another filter to verify the submission’s accuracy.”

In the future, the project is planned to automatically add coins to the list through the use of APIs to index sites such as CoinGecko and CoinMarketCap. With the latest rise in the cryptocurrency market, it seems only logical that a lot of new submissions are coming its way once the hype dies down.

Contact

CEO Zsofia Elek, 99 Coins LTD

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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SEC Will Approve Bitcoin ETF Under Gary Gensler, According to Galaxy Digital’s Mike Novogratz – Here’s Why

by Dailyhodl

Galaxy Digital CEO Mike Novogratz says the U.S. Securities and Exchange Commission (SEC) will green light a Bitcoin exchange-traded fund (ETF) under the leadership of Gary Gensler.

In a new iConnections interview, Novogratz argues that current investment vehicles in the crypto space such as the Grayscale Bitcoin Trust (GBTC) give retail investors a raw deal, and Gensler is unlikely to allow the status quo to remain unchallenged.

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“The biggest owner of Bitcoin in the world is the Grayscale Trust, right. It’s a closed-end fund run by Barry Silbert’s group. It is a brilliant piece of business. They have $25 billion worth of Bitcoin. They charge 2% annual fee. Plus, they make money on the way trading in. Most of that money comes from people putting Bitcoin in their fund, so borrowing Bitcoin, putting it in their fund, seasoning it for six months, and then getting shares of the trust.

So if you want to think about it, it’s hedge funds arbitraging retail. That’s what it is. There’s no other way to think about it. So you’re the SEC, you would not let an ETF through but you let this project through where retail is getting the short end of the stick. Makes absolutely no stinking sense. I cannot believe Gary Gensler will let that go on for that much longer.”

Novogratz adds that a Bitcoin ETF does not bode well for Grayscale.

“What is I think is going to happen is the SEC is going to allow an ETF which is better for retail. The ETF is going to drag all the new liquidity and that premium on the Grayscale Trust is going to collapse.”

The head of Galaxy Digital predicts a Bitcoin ETF will be approved within the next 12 months.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/astudio

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Bitcoin Cracks $52K On Coinbase As Momentum Gathers For $1 Trillion

by NEWSBTC

Bitcoin is about to perform its most important feat yet: achieve a market cap of over $1 trillion. And it just got past the first major hurdle at $52,000.

The $54,000 price level and above is the only remaining threshold in the way, and once past it, a flood of trillions in capital could follow after the milestone is set.

Bitcoin Takes Out $52,000 With No Ceiling In Sight

Bitcoin just took out $52,000 just a day after poking above $50,000 per coin for the first time ever. The price per BTC is now more than double the former bull market peak, and prices below five digits are now long gone.

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Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

And soon, if the momentum continues the cryptocurrency can say goodbye to five figures too.

bitcoin btc 52k

bitcoin btc 52k


Bitcoin breaks above $52,000 as it gears up for a push beyond $1 trillion | Source: BTCUSD on TradingView.com

The high was set on spot exchange Coinbase which has been leading the ongoing institutional buying trend. The exchange is said to be where Tesla and other big companies got their coins, which explains the constant premium per coin on that platform.

Consolidation around $50,000 was likely to build up enough momentum to push Bitcoin through the real resistance level: a $1 trillion market cap.

bitcoin trillion

bitcoin trillion


Here's how close Bitcoin is to $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com

Big investors could have ditched the price per coin as their chart of choice, instead focusing on the Bitcoin total market cap. At the current cost per coin, the cryptocurrency is less than 5% away from setting the record.

Related Reading | Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

At $1 trillion, Bitcoin will have “made it” in the world of finance and can no longer be denied. At that size of a market cap it will have enough liquidity for big investors to continue to buy, further supporting the ongoing parabolic price trend.

Featured image from Deposit Photos, Charts from TradingView.com

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Bitcoin (BTC) $ 44,246.85 1.76%
Ethereum (ETH) $ 2,366.01 0.26%
Litecoin (LTC) $ 78.82 5.59%
Bitcoin Cash (BCH) $ 255.54 2.91%