BITCOIN DROPS BELOW 47K

BITCOIN DROPS BELOW 47K

Friday, 5 March, 2021 at 08:50 GMT

The overall market cap of cryptocurrencies lost nearly $100 billion in the last 24 hours. The cryptocurrency market is facing strong resistance from sellers as Bitcoin dropped below $47,000 for the first time in March. The overall market cap of digital currencies dropped from $1.55 trillion to $1.45 trillion in a single day.

According to the latest data provided by crypto analytics firm, Bybt.com, a total of 145,552 traders were liquidated in the last 24 hours as Bitcoin, Ethereum, Polkadot and Cardano lost significant value. Polkadot (DOT) remained the worst performer among the top 10 digital assets as the cryptocurrency lost more than 10% of its value in a single day.

Ethereum, the world’s second-largest cryptocurrency, dipped below $1,500 on Friday. The digital asset is now down nearly 3% in the last 7 days. Despite the rising institutional inflows in ETH, the price of Ethereum is struggling to break above $1,700. As of writing, ETH is trading around $1,480 with a total market cap of $170 billion. Grayscale purchased 420 Ethereum in the last 24 hours.

Despite the recent sell-off in the crypto market, XRP jumped 5% in a single day to reach $0.48, its highest level in 7 days.

Cryptocurrency Supply


The latest data published by Glassnode shows that the world’s largest cryptocurrency Bitcoin is going through an alarming supply crisis since the start of 2019. Bitcoin’s balance on leading digital exchanges has reached its lowest level in more than 24 months. Bitcoin’s liquidity issues and large cryptocurrency transactions. The supply shortage is not the only issue the cryptocurrency market is facing right now, a significant jump in transaction fees of leading digital assets including Ethereum is a major problem as well.

The overall market cap of digital currencies is down by more than $300 billion in the last 2 weeks. The crypto market reached an all-time high of $1.76 trillion in February after Bitcoin crossed $58,000. The recent sell-off indicates that the cryptocurrency market is facing strong resistance from retail and institutional sellers....

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CRYPTO VS THE PANDEMIC MASSIVE GROWTH IN THE INDUSTRY

CRYPTO VS THE PANDEMIC MASSIVE GROWTH IN THE INDUSTRY

Thursday, 4 March, 2021 at 08:01 GMT

Other industries might have taken a massive knock over the past year, but cryptocurrency seems to be poised to see and hold increases.

While small businesses and startups across the world were hit hard by the global pandemic, cryptocurrency and blockchain-focused businesses have seen tremendous success in the past year reaching up to 680% increases in the past eight months. According to a report by Swiss venture capital company Crypto Valley Venture Capital (CV VC), fifty crypto firms in Zug are boasting massive gains in the past months.

Crypto companies increasing in value and quantities


As reported in the “Top 50 Report” by the Venture Capital, the region’s fifty largest organisations have increased from around $37.5 billion USD from July 2020 to looking at a whopping $254.9 billion USD as of last month. Not only are the largest firms seeing increases, but the region is growing across the market too.

The number of blockchain-focused companies grew by over 4% in the past eight months according to CV VC and the hiring within the companies has increased too. Since July last year, the number of employees employed in the cryptocurrency industry in Zug has increased by nearly 9%.

Has cryptocurrency weathered the pandemic?


The founder of CV VC Mathias Ruch commented on the expectations and outcome from the pandemic, noting that this could give the industry a confident boost in the direction of more adoption and use-cases in cryptocurrency:

“After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already apparent in September. New startups are continuously being founded and actively choosing Crypto Valley as their home.”

As the author of the report noted, Switzerland stands as one of the best places for cryptocurrency projects to excel.  With Zug known as the crypto hub in the world, it’s not surprising that this would be where the industry is seeing quality gains. He noted that the region has one of the world’s “most advanced Blockchain legislations and has thus created a strong and solid foundation for the future prosperity of Crypto Valley.”...

AMAZON NOW SUPPORTS ETHEREUM ON ITS MANAGED BLOCKCHAIN SERVICES

AMAZON NOW SUPPORTS ETHEREUM ON ITS MANAGED BLOCKCHAIN SERVICES

Wednesday, 3 March, 2021 at 09:40 GMT

Amazon Web Services (AWS) has announced the general availability of Ethereum blockchain on its Amazon Managed Blockchain service, a fully managed service for creating and managing blockchain networks.

Amazon Web Services (AWS), the cloud computing platform by American multinational technology company Amazon, announced the news in a blog post on Tuesday, March 2nd. With the availability of Ethereum on Amazon Managed Blockchain, AWS users can now set up Ethereum nodes and join the public Ethereum main network in addition to the Ropsten and Rinkeby testnets.

Amazon Managed Blockchain is a fully managed service to create scalable blockchain resources and networks quickly and efficiently using the AWS Management Console, the AWS CLI, or the Managed Blockchain SDK, eliminating the overhead required to create the network or join a public network, and automatically scales to meet the demands of thousands of applications running millions of transactions.

AWS first launched its Amazon Managed Blockchain in April 2019, claiming that it would eliminate the need to provision hardware, install software, create and manage certificates for access control, and configure network settings.

According to Etherscan, there are 8,357 Ethereum nodes currently on the Ethereum network. According to AWS, building Ethereum-based applications is complicated and time-consuming due to issues like “out-of-sync nodes, data storage scaling challenges, node crashes due to brittle open-source software, and time-sensitive Ethereum software upgrades.”

For Ethereum, AWS promises “secure networking, encryption at rest and transport, secure access to the network via standard open-source Ethereum APIs, fast and reliable syncs to the Ethereum blockchain, and durable elastic storage for ledger data.” The AWS blog post reads:

“Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of customers’ Ethereum infrastructure. In addition to DeFi applications, customers building analytical products such as smart contract monitoring tools and fraud detection software can also benefit from this scalable, highly available, and fully managed Ethereum service on Amazon Managed Blockchain.”

The service is initially available in AWS regions that include US East (N. Virginia), Asia Pacific (Singapore), Asia Pacific (Tokyo), Asia Pacific (Seoul), Europe (Ireland), and Europe (London).

According to the community, this is a valuable addition to the Ethereum ecosystem that will expand the developer base and add value to Ethereum for modern applications.

In addition to Ethereum, Managed Blockchain also supports Hyperledger Fabric, a permissioned blockchain platform for applications that require stringent privacy and permission controls with a known set of members....

BITCOIN CAN IT HIT 100K IN 2021

BITCOIN CAN IT HIT 100K IN 2021

Tuesday, 2 March, 2021 at 11:37 GMT

Can the cryptocurrency continue its ascent or is it bound to crash down again?

2021 found the world’s most popular cryptocurrency in the middle of an upward wave. Bitcoin concluded its climb at the level of $42,000 in early January. However, by the end of the month it found the incentives to start strengthening again.

In February, Bitcoin reached a historic high of $57,371. Can the cryptocurrency continue its ascent or is it bound to crash down again? 

Why is Bitcoin Increasing in Value?


One reason for the rally in cryptocurrencies over the last three months is that the markets seem to be more accepting of them. 

Due to their nature, cryptocurrencies are not regulated. This is their biggest advantage and, simultaneously, the biggest reason for investors’ distrust in them. But recently, major players in the financial markets have been investing in Bitcoin to diversify their portfolios. 

Most notably, Tesla CEO Elon Musk has been tweeting in favor of cryptocurrencies. Still, actions speak louder than words. Musk’s billion-dollar investment in Bitcoin sparked a big rally. Other prominent investors seem to have taken note and made similar decisions about their portfolios. 

Besides more widespread acceptance, Bitcoin is also rising on risk appetite. Compared to last year, 2021 is expected to be a year of economic recovery.

Covid-19 vaccinations are happening all over the world. The United States specifically is carrying them out at an enviable speed. This is fueling hopes that the coronavirus pandemic will die down in the coming months.

In addition, the mood in the US has changed dramatically with Joe Biden becoming President. Biden is a much steadier figure than his predecessor and is unlikely to shock the markets with out-of-the-blue decisions. 

Moreover, Biden is successfully pushing a $1.9 trillion stimulus package through Congress. This money will support the economic recovery of the United States.

Already there have been improvements in fundamentals out of the US, which have driven interest away from safe havens and into riskier assets such as Bitcoin.

2021 Forecast for Bitcoin Prices

 
As long as market sentiment remains risk-friendly and companies keep getting more accepting of Bitcoin, expect its value to increase. Galaxy Digital’s Mike Novogratz told Bloomberg that he expects Bitcoin to hit $100,000 before the year’s end. 

The road to 100K might not be a straight one, however. Announcements about major investments in cryptocurrencies, or major businesses accepting Bitcoin as a payment method will fuel future rallies.

Nevertheless, at each new historic maximum many traders will close their positions to take their profits, which will cause short-term weakness. Thus, a cycle of rallies and profit-taking downward corrections is likely in store for Bitcoin....

BITCOIN MINERS REDUCE BTC SELLING AMID PRICE CRASH

BITCOIN MINERS REDUCE BTC SELLING AMID PRICE CRASH

Monday, 1 March, 2021 at 08:17 GMT

Bitcoin, the world’s largest crypto asset, is down more than 20% in the last 7 days after heavy selling pressure pushed the price of BTC below $44,000 on Sunday. Bitcoin miners have reduced their BTC selling as their net position turned positive for the first time in 2021.

According to the data published by the on-chain market analysis platform, Glassnode, Bitcoin miners’ net position change reverted to positive on Friday for the first time since 27 December 2020, indicating that BTC miners are planning to hold the world’s largest cryptocurrency.

Since the start of 2021, Bitcoin miners have sold BTC in large amounts due to a surge in the price of the digital asset. Data from Glassnode indicates that BTC miners dumped their holdings significantly during the last week of January 2021.

Bitcoin registered an all-time high of $58,000 in February amid growing interest from institutions. Tesla announced its $1.5 billion investment in BTC, and MicroStrategy purchased $1 billion worth of Bitcoin within the last month. BTC price saw a crash during the last week of February amid huge selling pressure from retail clients and a surge in anonymous BTC transactions.

China’s Bitcoin Mining Dominance

 
China is a dominant force in cryptocurrency mining. The miners based in the country account for more than 50% of the global hash rate. Despite some regulatory and energy-related challenges, the Bitcoin mining business is flourishing in the country. The recent data shows that the Chinese Bitcoin miners have decided to accumulate BTC instead of selling during the price crash.

Bloqport, the crypto analytics and research platform mentioned on Twitter that the latest positive change in Bitcoin miners’ net position shows that the selling intensity of BTC miners is decreasing slowly and steadily.

The crypto market lost more than $300 billion in the last 7 days after a massive drop in BTC and Ethereum. As of writing, the overall market cap of digital assets stands at around $1.4 trillion....



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