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Increasing stock market volatility drags Bitcoin and altcoin prices lower

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Increasing stock market volatility drags Bitcoin and altcoin prices lower The cryptocurrency market faced another day of downward pressure as the unease in the traditional markets continues to spread following the recent interest rate spike on the 10-year U.S. Treasury bond.  Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin (BTC) fell to a low at $44,710 late on Feb. 25 before buying at the key support returned to help the digital asset recover back above $46,500 but generally, analysts are looking for $50,000 to become an established support before expecting bullish continuation. BTC/USDT 4-hour chart. Source: TradingView Despite major BTC purchases by MicroStrategy, Tesla and MassMutual, a majority of institutional investors still have security and tax treatment concerns that prevent them from investing in Bitcoin, according to Galaxy Digital co-president Damien Vanderwilt. Institutional investment has been a significant source of optimism in the

Bitcoin price ‘macro top’? Not so fast — data shows the real FOMO isn’t even here

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Bitcoin price ‘macro top’? Not so fast — data shows the real FOMO isn’t even here Bitcoin (BTC) bears thinking that $58,000 was this cycle’s top will be sorely disappointed, fresh investment data from past bull markets shows. Compiled by on-chain analytics resource Whalemap, statistics covering BTC buys of between $5 million and $7 million conclude that even at recent all-time highs, Bitcoin was far from a “macro top.” “No FOMO in sight” for BTC During the 2017 and shorter 2019 bull market, Bitcoin saw mass buy-ins of a similar size — $5-7 million.  When investments of that amount hit a peak, price action began to reverse, signalling the start of consolidation or a heavier retracement.  According to Whalemap, cash injections in that area have been far from their previous peaks this year, indicating that the current correction will likely be temporary and on par with BTC’s typical corrections during a bull run. “Previous macro tops have occurred when thousands of transactions wo

Why is Bitcoin $86K in Nigeria? Here’s why the BTC premium is huge in some countries

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Why is Bitcoin $86K in Nigeria? Here’s why the BTC premium is huge in some countries Since the start of 2021, Bitcoin (BTC) price has been chasing new highs on a weekly and daily basis. On Feb. 21, BTC reached a new all-time high at $58,300. However, an interesting phenomenon is that even with many global cryptocurrency exchanges in existence, BTC’s price can still vary greatly depending on geography. This raises an intriguing question. How can Bitcoin price simultaneously trade at $53,047 in Malaysia, $49,727 in Singapore, $51,133 in India, and over $86,000 in Nigeria? Is the reason simply a temporary imbalance between buyers and sellers, taxes, regulations? Or is there something else at play? As shown in the chart below, there really isn’t a set price for BTC as nearly every country has its own digital asset valuation. Bitcoin price premiums. Source: bitcoinpricemap.com At any given time, cryptocurrency prices will differ between countries, even after adjusting the currency ra

6M noobs have bought coins on Robinhood Crypto already in 2021

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6M noobs have bought coins on Robinhood Crypto already in 2021 Retail-focused trading app Robinhood has revealed the number of new monthly customers buying from its crypto platform this year is 15 times the 2020 average. According to the company’s new report, “Crypto Goes Mainstream,”more than three million new users purchased from Robinhood Crypto in January, with more than 2.9 million new users having bought crypto during February so far. As such, Robinhood Crypto’s user base has expanded by 6 million in 2021 so far. By contrast, the platform revealed the largest number of new users transacting on Robinhood Crypto last year was 401,000 in July — when trade activity surged in the lead-up to Bitcoin’s third block reward halving. The average number of monthly new crypto traders on Robinhood was roughly 200,000 last year. The report also notes an average transaction size of roughly $500 on the platform, an 100% increase when compared to the first three quarters of 2020. The report c

Altcoins bounce to new highs as Bitcoin price trades sideways under $50K

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Altcoins bounce to new highs as Bitcoin price trades sideways under $50K The cryptocurrency market recovered some of the losses from the past couple of days on Feb. 25 as Bitcoin (BTC) briefly pushed back above the $50,000 level and multiple altcoins have seen double-digit price gains.  Data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $45,200 late on Feb. 24 before rallying 15% to $52,000 in the morning trading session. BTC/USDT 4-hour chart. Source: TradingView While the rebound in the cryptocurrency market is a welcome sight for bullish investors, Bitcoin price is still finding resistance above $50,000, and this level has yet to be confirmed as support. Economists have also begun to worry about the rising Treasury yields, which are usually a signal of weakness for the economy and can have a large impact across many markets. Catalysts for a $100,000 Bitcoin Now that Bitcoin has entered a slight corrective phase, analysts are debating whe

Amazon, IBM, JP Morgan, Microsoft, and R3 Corda: The State of Enterprise Blockchain

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Amazon, IBM, JP Morgan, Microsoft, and R3 Corda: The State of Enterprise Blockchain What is the state of Enterprise Blockchain? Are we advancing? Are we stalled? Why? This article examines the state of the industry; this is not intended to be a comprehensive review, rather, the goal is to focus on the primary market participants. With this report-out for context, it then posits a platform strategy for industry success based on my multi-decade experience building platforms (SOA, .NET architecture, Azure incubation etc.) and tools (Visual Studio .NET/Fx, patterns & practices etc.). First, let us review what today’s prototypical enterprise IT customer has been accustomed to expecting from an enterprise blockchain product line. The kernel of an enterprise blockchain product is expected to enable a cryptographically trusted ledger of corporate data; this data is shared across a network of entities; multiple parties are able to securely access this data in real-time, with constraint

What Bitcoin price levels will invalidate the short-term bearish scenario?

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What Bitcoin price levels will invalidate the short-term bearish scenario? The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level. If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises. BTC/USDT 4-hour price chart (Binance). Source: TradingView $51,600 is the key level to watch According to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level. For Bitcoin to retest the all-time high at $58,000 and initiate a potential rally towards $62,000, it needs to cleanly move past $51,600, he explained.  Hence, a rally beyond $51,600 is the clear invalidation point for any short-term bearish scenario for Bitcoin. The failure to break out in the near term could result in a bearish test of lower support areas, found at around $42,000. He said: “If 4h bre