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🗞 Market Wrap: Bitcoin Trades Well Above $50K, While Ether Outperforms on NFTs, July’s Upgrade
- Bitcoin (BTC) trading around $51,800.08 as of 21:00 UTC (4 p.m. ET). Climbing 3.48% over the previous 24 hours.
- Bitcoin’s 24-hour range: $49,390.18-$51.982.31 (CoinDesk 20)
- BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin’s price in recent weeks has retreated from February’s all-time highs, declining alongside U.S. stocks as investors grew increasingly concerned rising U.S. government bond yields might prompt the Federal Reserve to tighten monetary policy, curtailing the easy-money era that has boosted risky assets from stocks to cryptocurrency.
One bullish sign continues to develop: balances of bitcoin held on exchanges have reached the lowest level since November 2018, according to data from blockchain data site Glassnode. Market analysts have interpreted the lower bitcoin balance on exchanges as a bullish sign, an indication that few traders are planning to sell out of their long positions. That could imply low chances of a major market correction in the near term.
Ether outperforms bitcoin, market awaits Ethereum upgrade
Ether has outperformed by bitcoin since reaching an all-time high above $2,000 on Feb. 19. It is currently benefiting from the eye-popping sales of non-fungible tokens (NFT) and the prospect that further growth might spur more ether demand.
The NFT craze continues this week, and with the vast majority of NFT tokens built atop the Ethereum blockchain, the ether market is attracting new bullish speculation, according to Stefan Coolican, chief financial officer of investment firm Ether Capital.
🗞 What Biden's $2 Trillion Stimulus Package Means for Bitcoin
Bitcoin has erased Sunday’s gains as stock markets struggle to cheer progress on U.S. fiscal stimulus efforts.
The cryptocurrency is changing hands just over $50,150 at press time, representing a 1.55% drop on the day, according to CoinDesk 20 data. Prices had jumped from roughly $49,000 to $51,800 on Sunday as the U.S. Senate approved President Joe Biden’s $1.9 trillion stimulus plan. The bill now heads back to the House of Representatives so it can be reconciled with the House-passed version and then sent on to President Biden to sign.
The 10-year yield is currently trading just shy of Friday’s high of 1.62%. S&P 500 futures are now nursing losses and futures tied to the tech-heavy Nasdaq index are down nearly 2%.
Movement on stimulus was expected to put upward pressure on yields, and cap progress for risk assets. Hence, bitcoin’s failure to establish a foothold near $52,000 doesn’t come as a surprise.
It remains to be seen if the Chinese stock market ends up dragging its global peers and bitcoin lower. The cryptocurrency’s options market data shows some investors are beginning to position for a deeper drawdown. “Puts are being bought today,” Swiss-based data analytics platform Laevitas told CoinDesk.
So far today, more than 300 daily expiry (bearish) put option contracts have been bought at $50,000 and $48,000 strikes on Deribit, the world’s largest crypto options exchange by trading volume and open positions.
🗞 PayPal Confirms It’s Buying Crypto Security Firm Curv
PayPal said Monday it has agreed to acquire Israel-based Curv, a provider of cloud-based infrastructure for digital asset security.
The financial terms of the deal were not disclosed, but the payments giant said it plans to use its new purchase to “accelerate and expand its initiatives to support cryptocurrencies and digital assets.”
“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” said Jose Fernandez da Ponte, PayPal’s vice president and general manager of blockchain, crypto and digital currencies.
🗞 Ubisoft-Backed Crypto Game Offers Up $2.5 Million Fund for Devs
- Planetarium has launched a grant fund to support community development of its blockchain-driven role-playing game, Nine Chronicles.
- The open-source game can be freely modified and “forked” into different experiences.
- A total of $2.5 million in funds will be awarded to community developers who create tools and content for the game.
For many crypto games, blockchain technology enables the unique hook of true ownership of verifiably rare in-game items, be it trading cards, creatures, or parcels of land. Nine Chronicles, a fantasy role-playing game developed by startup Planetarium and backed by major publisher Ubisoft, offers a different kind of hook: the ability to freely mod and transform the game and publish it as a separate “fork” independent from the original experience.
Nine Chronicles has also seen support from a major gaming industry ally in the form of Ubisoft, the massive traditional publisher behind such hits as Assassin’s Creed, Just Dance, and Tom Clancy’s Rainbow Six. Planetarium, Ubisoft, and startup accelerator Hashed formed an advisory partnership last year, and Planetarium CEO Kijun Seo said that Ubisoft has provided guidance on aspects such as infrastructure and company strategy as the crypto developer attempts to scale Nine Chronicles to reach more players.
“Ubisoft has been very supportive about our goal of empowering players with serverless, open-source gaming,” Seo told Decrypt. “Since decentralized gaming is still in the early stage, we're constantly discovering and sharing new patterns of growth. We're excited to find out where our games and users will lead us.”
🗞 Daily Crypto Calendar, March, 8th💰
- Avalanche (AVAX), Prosper (PROS)
"Next Monday, join another DeFi-focused AMA on the Avalanche Telegram featuring
of
"
- DUSK Network (DUSK)
Governance Release
- Stratis (STRAX)
Interflux interopability hub adds Ethereum ropsten support, wSTRAX will be available within DeFi and other apps running on ETH Monday 8th...
"WSTRAX coming to #ethereum #uniswap and #sushi on the 8th of March. Support for #BinanceSmartChain will quickly follow the rollout of..."
- Student Coin (STC)
"Announcing the fourth big partnership"
- Horizen (ZEN)
Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
- 🗞 Daily Crypto News & Video, March, 7th💰
- 🗞 Daily Crypto News & Video, March, 6th💰
- 🗞 Daily Crypto News & Video, March, 5th💰
- 🗞 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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