Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 The Price Average Is the Line in the Sand for Bitcoin Bulls
While bitcoin can suffer deeper drawdowns because of traditional market instability, its broader bullish trend would remain valid as long as historically strong chart support is held intact.
“The 21-week SMA (Simple Moving Average) is the level to defend for the bulls,” trader and technical analyst Michaël van de Poppe told CoinDesk. “The bias remains bullish as long as the SMA support is intact.”
An SMA is an arithmetic moving average calculated by adding recent prices and dividing the tally by the number of periods. SMAs are trend-following, lagging indicators and often act as support and resistance levels.
If history is a guide, deeper pullbacks, if any, could run out of steam around the 21-week SMA this year. The technical line is now located at $32,240, while bitcoin is changing hands near $46,500.
A continued rise in the U.S. Treasury yields could push the dollar higher, sending bitcoin toward the SMA support.
🗞 World Gold Council Director Joins Bitcoin Lending Firm BlockFi
- World Gold Council’s top manager has joined BlockFi.
- Previously, Collet has served as VP at Deutsche Bank.
Bitcoin lending and borrowing service BlockFi has appointed Greg Collett as the firm’s new head of investment products, it announced yesterday.
"As we expand our product offerings and services for institutional investors, Greg will play an integral role in liaising with clients and potential external partners," said BlockFi’s CEO Zac Prince.
Prior to joining BlockFi, Collett held a similar position at the World Gold Council (WGC), one of the leading players in the gold industry. At WGC, he was responsible for launching new products and building the organization's asset management subsidiary.
🗞 Binance Pledges New Controls After 99% ‘Flash Crash’ in Polkadot Futures
Binance, one of the world’s biggest cryptocurrency exchanges, said it would consider new marketplace controls after a single large order apparently triggered a flash crash early Friday in polkadot (DOT) trading contracts.
- Prices for the quarterly perpetual-futures contracts on polkadot were trading around $33.25 right around 1:45 coordinated universal time (8:45 p.m. EST), when suddenly they tumbled 99.2%.
- The contracts fell as low as $0.25 in less than a minute, before quickly bouncing back to around $33.
- In just that single minute, some $18 million of the contracts changed hands on the exchange.
- "A user, who held a large position, put a single stop market order in the market, which triggered this needle," a Binance representative told CoinDesk in an email. "It didn't affect any other users' positions as we are using mark price for liquidations."
🗞 ‘The Fed Is Trapped’- Erratic Bond Markets, Exhausted Supplies
The U.S. Federal Reserve is in a predicament as fiscal deficits erode the American economy and the nation is seeing a spike in benchmark 10-year Treasury yields. Meanwhile, Federal Reserve Chairman Jerome Powell expressed zero worries about inflation during an interview at a Wall Street Journal Jobs Summit on Thursday. Powell didn’t explain when the easy-money policies would end and after his commentary, U.S. bonds and stocks saw a massive sell-off.
The US Fed Juggles Shaky Treasury Yields and Easy-Money Policies
On March 3, 2021, Reuters reported on how the benchmark 10-year U.S. note saw some steep declines for three days straight ahead of the Federal Reserve Chairman Jerome Powell interview at the summit. But then Treasury bond yields spiked, which gave market investors the impression that easy-money policies would be stifled. Moreover, Fed Governor Lael Brainard discussed the concerning bond yields before Powell’s summit interview as well. This was after the fact that Powell sat in front of the Senate Banking Committee and the Chairman dismissed Treasury yield concerns.
“We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects,” Powell said during the conference. “That could create some upward pressure on prices. Today we’re still a long way from our goals of maximum employment and inflation averaging 2% over time. We’d want to see inflation sustainably above 2% and we’d want to be on track for inflation to run sustainably above 2%,” Powell added. Without the market getting reassurance from the Fed Chairman, participants sold treasuries and equities at a rapid rate.
Interestingly, Powell’s statement’s affecting the market negatively, also seemingly trickled into precious metals and cryptocurrency markets as well. Gold prices were down on March 4, to $1,693 per ounce and silver prices were also down to $25 an ounce.
🗞 Daily Crypto Calendar, March, 5th💰
- SmartKey (SKEY)
"As a next step the new version of WHITEPAPER will be published on the 5th of March 2021! Stay tuned!"
- NitroEX (NTX)
"NTX TOKEN WILL BE LISTED AT HOTBIT ON MAR 5!"
- Cosmos (ATOM)
"MAINNET 2 Pre-Launch Event happening on Friday March 5th 5PM UTC!"
- Wanchain (WAN), XRP (XRP)
"XRP will be the fourth major public blockchain integration with Wanchain... we will host an AMA in collaboration with the XRP community..."
- Reef Finance (REEF)
"Listing date: March 5, 2021 Trading pairs: REEF/BTC, REEF/USDT"
- 🗞 Daily Crypto News & Video, March, 4th💰
- 🗞 Daily Crypto News & Video, March, 3rd💰
- 🗞 Daily Crypto News & Video, March, 2nd💰
- 🗞 Daily Crypto News & Video, March, 1st💰
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