Tag: BTCEUR

Bitcoin Rejected at $46K, Market Cap Loses $100B in a Day (Market Watch)

by CryptoPotato

After tapping a new five-week high at nearly $46,000, bitcoin was rejected and driven south vigorously. Most altcoins are deeper in red, with substantial price losses from Ripple, Solana, Polkadot, Shiba Inu, and others. THETA is among the few exceptions with a double-digit surge.

Bitcoin Stopped Ahead of $46,000

Earlier this week, bitcoin spiked to above $45,000 for the first time since early January after previously reclaiming $40,000. However, the bears didn’t allow any further increases, and they pushed it south to below $43,000.

After a few days of relatively stagnant movements, BTC tapped $45,000 once more yesterday before reminding of its volatile nature in the following hours. After the US released its highest inflation rate numbers in 40 years (again) of 7.5%, BTC dumped by nearly $2,000.

Yet, it started to gain value just as fast and spiked by almost $3,000 to just shy of $46,000. This became its new highest price tag since January 5th while also causing pain for leveraged traders.

The bears came out to play once more at this stage, and BTC dumped by another $3,000 to below $43,000 hours later. As of now, the asset has recovered some ground and stands around $43,500, and its market capitalization is well above $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace: Market Cap Down $100B

As it typically happens when enhanced volatility reaches BTC, the altcoins experience even more substantial losses.

Ethereum exceeded $3,200 at one point yesterday before a 3% daily decline drove it south. As of now, ETH stands beneath $3,100. Similar decreases are evident from Binance Coin, Cardano, Terra, and Dogecoin.

Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%), and Shiba Inu (-5%) are even deeper in red. THETA is among the very few exceptions, as a 15% surge has driven it to $4.2.

Ultimately, though, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day and is down beneath $2 trillion now.

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

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Over $200 Million in Liquidations Amid Massive Bitcoin Volatility

by CryptoPotato

The liquidations in the crypto market skyrocketed to $200 million on a daily scale as bitcoin, and most altcoins, dumped and pumped in a matter of hours. This came following reports about the US inflation rates, which spiked to a new 40-year high.

  • CryptoPotato reported earlier today when the primary cryptocurrency had reclaimed $44,000 and seemed rather calm around that level.

  • However, BTC neared $45,000 in the following hours, but the bullish run was stopped in its tracks after the US showcased its latest inflation rate numbers.

  • After the Consumer Price Index displayed its highest percentage in over 40 years for the month of January of 7.5%, bitcoin headed straight south.

  • In a matter of minutes, BTC dumped by nearly $2,000 to just over $43,000. Most alternative coins followed, but this retracement was short-lived.

  • Bitcoin reacted well and initiated a leg up that drove it upwards by $2,000, thus breaching $45,000 for the second time in a few days. Somewhat expectedly, most altcoins followed suit.

  • This enhanced volatility caused mass pain for some leveraged traders. Data from Coinglass shows that the liquidations shot up to over $200 million on a daily scale and more than $120 million in the past four hours.

  • So far, the number of liquidated traders stands close to 70,000, while the single-largest liquidation order happened on FTX and was worth $1.5 million.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Bitcoin’s Price Drops $1K in Minutes as January CPI Comes at 7.5%

by CryptoPotato

Bitcoin’s price tumbled by about $1,000 in less than a few minutes as the numbers for January’s consumer price index came on.

  • The Consumer Price Index (CPI) is used to gauge the average change over time in the prices that are paid by urban consumer for a basket of consumer goods and certain services.

  • Many people also refer to it as an approximation of the current inflation rates.

  • There are indexes available for various states and geographic areas.

  • For January, the Consumer Price Index for All Urban Consumer increased to 7.5% from 7% for December – not seasonally adjusted.

  • February 2022 CPI information is scheduled for release for March 10th.

  • With this in mind, a lot of polls expected an increase in the CPI, and it turned out to be a “sell-the-news” event for BTC’s price, which lost about $1,000 at the time of this writing – minutes after the numbers were released.

photo_2022-02-10_15-44-08
Chart by TradingView

  • At the time of this writing, bitcoin’s price sits at around $44K, down 1.7% in an hour and about 0.4% in 24 hours, but still up 19% on the weekly.

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Who Gets the Bitcoin Fortune? Everyone Lays Claims on Bitfinex’s Recovered $3.6M BTC

by CryptoPotato

Barely two days after the U.S. Department of Justice (DOJ) seized about $3.6 billion worth of BTC related to the 2016 Bitfinex hack, dozens of individuals have started laying claims on the bitcoin fortune.

According to a Bloomberg report, the DOJ has seen a massive surge in the number of people who wish to regain their funds after it revealed plans to set up court proceedings for victims of the hack.

Speaking to Bloomberg, David Silver, a lawyer who specializes in financial and crypto-related fraud, noted that since the DOJ recovered the $3.6 billion worth of BTC on Tuesday, he has been approached by dozens of people claiming to have been affected in the hack.

“The world has changed dramatically since 2016, and everyone is going to lay claim to this newfound bag of Bitcoins,” Silver noted.

Bitfinex Wants it

Bitfinex has also joined the long list of those vying for rights to the recovered bitcoins. The exchange noted that it had fully settled all affected users after the hack.

Following the attack, which led to the theft of over 119,000 BTC from Bitfinex, the exchange generalized the losses to more than 30% of all users’ accounts and moved to compensate the victims.

It created and issued BFX coins to customers, one BFX token for every $1 lost, and they could either exchange the tokens for the U.S. dollar or the company’s stock.

Bitfinex also created a Recovery Right Token (RRT), which will allow customers who had converted the BFX coin to the company’s shares to lay claims on the stolen bitcoins if they were ever recovered.

According to Bitfinex, there are currently about 30 million RRT tokens outstanding. With a ratio of one RRT to $1, the exchange has to reimburse $30 million to holders of the RRT token.

In a statement on Tuesday, the crypto exchange explained it would ensure that it solidified its rights to the recovered funds.

“Bitfinex will work with the DOJ and follow appropriate legal processes to establish our rights to a return of the stolen bitcoin,” the company said.

Affected Users Disagree

Several customers have expressed their opposition to Bitfinex getting rights to the recovered bitcoins, considering how much the asset has appreciated over the past five years.

The stolen bitcoins, which were worth an estimated $71 million at the time of the hack, are now more than $4.5 billion.

Speaking on this, Alan Aronoff, a victim of the hack who claims to hold about $50,000 worth of Bitfinex stock, said,

“I think that’s ridiculous. That’s my Bitcoin that they took from my multisig wallet. I would like my Bitcoin back… They can have their equity back. I’ll take my Bitcoin, thank you very much.”

Who Gets the Bitcoin Fortune?

With many people seeking to get the funds, former assistant U.S. Attorney Kellen Dwyer noted that the legal processes involved in the case could likely take a couple of years.

“That process could take the heck of a long time. It certainly could be multiple years before anybody sees any cash,” he said.

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Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

by CryptoPotato

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

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

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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World’s Largest Asset Manager BlackRock to Launch Crypto Trading Services (Report)

by CryptoPotato

The world’s largest asset manager plans to double down on its cryptocurrency engagement by launching such trading services, asserted a new report. This comes a year after the company dipped its toes by trading bitcoin and reporting owning stocks of BTC mining companies.

  • Citing people familiar with the matter, CoinDesk informed that BlackRock aims to enter the digital asset space with “client support trading and then their own credit facility.”

  • This will allow investors to borrow from the asset manager by providing cryptocurrencies as collateral.

  • Another source claimed that public pension organizations, endowments, and sovereign wealth funds will have the option to trade cryptocurrencies through BlackRock’s integrated investment management platform – Aladdin (Asset, Liability, Debt, and Derivative Investment Network.)

  • The NYC-based behemoth with over $10 trillion in AUM sampled the cryptocurrency industry last year by making a profitable short-term bitcoin trade through the Chicago Mercantile Exchange (CME).

  • Later on, reports emerged indicating that the firm owned nearly $400 million worth of shares of Bitcoin mining companies.

  • In the meantime, the organization’s executives, such as CEO Larry Fink and CIO Rick Rieder, praised bitcoin and some altcoins. Fink even predicted that BTC could become a great asset class and a threat to the US dollar, but it still has to prove itself.

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Ukraine Received Over $570k in Bitcoin Donations to Support Fight Against Russia

by CryptoPotato

A recent report from blockchain analytics company Elliptic revealed that Ukrainian volunteer groups and non-government organizations (NGOs) received more than $570,000 in Bitcoin donations throughout 2021.

900% Increase From 2020

Interestingly, the total Bitcoin donations made to Ukrainian NGOs in 2021 represent a 900% increase from the previous year.

These volunteer groups emerged in 2014 to support protesters during the Maidan Revolution, which led to the removal of the pro-Russia President Viktor Yanukovych from power.

Following Yanukovych’s ousting, Russia invaded and annexed the Crimean Peninsula from Ukraine, which led to a civil war. Since then, the two neighboring countries have been in a state of war, and the volunteer groups have been supporting the Ukrainian military by providing weapons and medical supplies.

Donors Choose Crypto

According to Elliptic, these organizations receive donations from private individuals and entities via fiat and cryptocurrencies. However, in 2021, the groups received more Bitcoin donations compared to fiat, as the cryptocurrency allows donors to make contributions without restrictions.

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“Bitcoin has also emerged as an important alternative funding method, allowing international donors to bypass financial institutions that are blocking payments to these groups,” the report stated.

The document further revealed that Come Back Alive, one of the largest non-government organizations supporting the Ukrainian Army, raised nearly $200,000 via Bitcoin donations in the second half of 2021.

Other volunteer groups like the Ukrainian Cyber Alliance and Cyber Partisans raised $100,000 and $84,000 respectively over the past year via crypto donations.

Mirotvorets, another group with strong ties to the Ukrainian government and law enforcement agencies, has raised over $268,000 through Bitcoin donations since it launched, the report said.

Crypto Donations on the Rise

Meanwhile, donating cryptocurrencies to volunteer groups and charity organizations is not a new concept.

In October 2020, the Feminist Coalition, an advocacy group in Nigeria, received over $165,000 via Bitcoin donations to support the fight against police brutality in the country.

In November 2021, CryptoPotato reported that Fidelity Charitable, the largest grantmaker in the United States, received more than $270 million in crypto donations last year, a 400% increase compared to 2017.

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Last Time This Cross Happened, Bitcoin Plunged 15% Immediately (BTC Price Analysis)

by CryptoPotato

The positive momentum in the crypto markets is now being shadowed by a cross of two significant moving average lines.

A death cross occurs when the MA-50 crosses below the MA-200 line. This time, the cross was between the MA-100 crossing below the MA-200 line.

Reviewing the historical incidents where this cross took place, the market has reacted negatively last time, causing a 15% correction in June – July 2021 following the previous incident of a death cross.

Technical Analysis

By: Edris

Long-Term – The Daily

Bitcoin has been moving upwards in the past few days. The positive signaling point is that the BTC price has already broken above the major descending trendline and shortly attempting at the 50-days MA resistance line.

However, the negative point to highlight here is that the 100-days MA crossed below the 200-days MA. The last time this cross happened was at the final phase of the mid-2021 heavy correction. The price declined more than 15% back then – below $30K, finalizing the last bearish leg before a significant rally that ended at November’s Bitcoin ATH of $69K.

Technical Analysis; D-TF

Short-Term – 4-Hour

On the 4-hour timeframe, it is evident that the price is currently being rejected at the $45k resistance area. Moreover, the RSI indicator shows that bitcoin has been “overbought” in the 4-hour timeframe, and a correction may be imminent.

From a technical perspective, there is a high chance for the price to experience a correction to the $39k range, completing the first-major pullback after breaking the major bearish trendline.

However, one should observe the price action, as a deeper correction to the $33k range (January’s lows) is feasible, especially with the daily MA100/200 cross.

Technical Analysis; 4H-TF

Onchain Analysis

By: Shayan

The NVT Ratio (Network Value to Transactions) illustrates the relation between market capitalization and transfer volume. It’s similar to the PE (Price to Earnings) ratio utilized in equities markets.

NVT is a metric that determines whether or not Bitcoin’s blockchain network is overvalued.

Historically, when the price dropped below the 90-day and the 28-day MA NVT price, it was an excellent opportunity to follow the DCA strategy to accumulate Bitcoin.

Currently, the price is below both NVT prices indicating the network is undervalued and is considered an ideal time to start a DCA accumulation. Moreover, a day trader can start realizing the profits whenever the price breaks above the NVT prices.NVT

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Market Watch: Bitcoin Retraced After Topping at $45K, Tezos Soars 12%

by CryptoPotato

After several consecutive days of marking impressive gains, bitcoin retraced slightly and lost around $2,000 since its local peak. The altcoins have calmed on a daily scale, except for a few lower- and mid-cap ones that surged, such as Tezos (XTZ).

Bitcoin’s Peak and Subsequent Retracement

Ever since February 4th, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been highly bullish. Bitcoin initiated an impressive leg up in which it reclaimed $40,000 for the first time in weeks and only kept climbing.

This resulted in touching $43,000 and $44,000 on February 7th before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag seen by bitcoin in over a month.

After gaining $8,000 in days, though, the community expected some kind of a retracement, and it arrived shortly after this peak. It drove the cryptocurrency down by about $3,000 to $42,500, but the asset reacted rather well and recovered $1,000 in the following hours.

As such, its market capitalization continues to stand well above $800 billion, and its dominance over the altcoins is close to 42%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Tezos on the Move

Most alternative coins registered similarly impressive gains in the past week or so. Ethereum went from struggling to remain above $2,000 to a multi-week high north of $3,100. The second-largest crypto has calmed since then, but it’s still around that line.

The remaining larger-cap alts have either stalled or retraced slightly. Binance Coin is down by 3%, Solana by 2.6%, Terra by 3.5%, Dogecoin by 3%, while Shiba Inu has lost the most (-6%). This comes despite the recent introduction of Metaverse real estate by the memecoin project.

LEO Token is the best performer on a daily scale with a massive 50% surge. This is perhaps a direct consequence of the positive development in regards to the Bitfinex hack.

Tezos is another impressive performer following a 12% surge. Consequently, XTZ now trades above $4.5.

The crypto market cap topped $2 trillion yesterday, but it’s slightly below that line after a minor daily decline.

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

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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SoftBank-Backed Startup to Offer Crypto Trading (CNBC Report)

by CryptoPotato

DriveWealth – a SoftBank-backed start-up that assists fintech firms in offering stocks – will reportedly provide cryptocurrency trading services to clients. To do so, the company will acquire Crypto-Systems – a separate digital asset organization based in the United States.

DriveWealth to Compete with Coinbase

CNBC reported that shortly after the acquisition, the start-up will launch two subsidiaries to offer Bitcoin and Ethereum trading opportunities to partners in April or May this year.

Bob Cortright – CEO at DriveWealth – raised hopes that the end-to-end crypto trading system and the algorithmic-trading platform, which his company utilizes, could bring greater transparency to the digital asset market:

“In the crypto space right now, it’s still the Wild West, prices are all over the place. There’s very little price discovery and there’s little consistency with spreads. We want to change that.”

Cortright, who has co-created Bank of America’s electronic-trading platform, believes that trade fees would collapse as watchdogs get involved, and competition increases. As such, DriveWealth aims to be a crypto liquidity provider to compete with Coinbase’s “unsustainable” transaction speed:

“We can’t continue in a world where you can charge 200 basis points on a transaction.”

Coinbase – a leading digital asset exchange – charges retail customers with fees as high as 4.5% and more. It also collects a spread on top of transaction costs.

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DriveWealth’s CEO opposed such a transaction policy. “It’s coming out of the wallets of the customers,” Cortright maintained.

Bob Cortright
Bob Cortright, Source: Meta Trader

The executive concluded that numerous companies across various fields are lining up to allow customers to earn rewards in digital assets:

“Even the established, large e-commerce players are finding that, when surveying their clients, a huge percentage want to own some crypto.”

Valued at $2.85 billion, DriveWealth is backed by the Japanese financial institution SoftBank.

Coinbase’s Recent Updates

Speaking of the US-based cryptocurrency platform, it is worth noting the latest developments around it.

Nearly a month ago, it partnered with Yield Guild Games (YGG) to bring more assets available for scholarships. At the same time, Coinbase acquired FairX – a CFTC-regulated trading venue – to offer crypto derivatives to retail and institutional investors in the States.

A week later, the platform joined forces with Mastercard to simplify purchasing non-fungible tokens (NFTs):

“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem.”

Subsequently, the trading venue appointed Tobias “Tobi” Lütke as its newest member of its Board of Directors. The German is the Chief Executive Officer of the e-commerce giant Shopify.

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Bitcoin (BTC) $ 38,826.40 0.69%
Ethereum (ETH) $ 2,106.70 0.65%
Litecoin (LTC) $ 71.75 0.88%
Bitcoin Cash (BCH) $ 227.37 1.28%