Bitcoin Steadies Near $54K After Biggest Drop in a Month
Bitcoin stabilized near $54,000 early Tuesday after posting its worst daily loss in almost a month.
- Bitcoin (BTC) was trading around $54,680 as of 12:50 UTC (8:50 p.m. ET), after falling late Monday to around $53,715, the lowest since March 16.
- The largest cryptocurrency fell 5.8% over the previous 24 hours, for its largest daily decline since Feb. 23, according to Bitstamp exchange data. Bitcoin’s 24-hour range: $53,795.15-$58,407.62 (CoinDesk 20).
- BTC’s 4-hour chart shows seller volume has been building alongside a falling price, a bearish signal for market technicians.
The drop below $55,000 comes as cryptocurrency fund inflows have been on the decline, down by roughly 58% to $99 million last week.
Trading volume was also strong from sellers on Monday, with the largest 4-hour print by the bears in over a week.
Ki Young Ju, CEO of the South Korea analysis firm CryptoQuant, says blockchain data show there’s “not enough buying power from stablecoins and U.S. dollar spot inflows” to drive prices vastly higher.
It could take some time before bitcoin enjoys another leg up, Ju said: “What’s clear is that we won’t see a huge surge like 20%.”
Recommended News
-
Merace has set up a VR technology Laboratory
On September 15, 2021, Merace publishing Company Brilliant Faith has set up a VR technology Laboratory with Manchester Union University. The two sides will cooperate and innovate, deeply cooperate in a gateway in the field of VR technology, 5G communication, point-to-point 3D input, input image editing, and other aspects, jointly tap the potential of VR technology and create the ultimate using experience for users. As early as 2015, Brilliant Faith had an insight into the development prospect of the virtual reality interactive market and the global hot trend of the…
-
Ether Trailing Bitcoin Since CME Futures Launch: Technical Analysis
The outperformance of ether (ETH) over the past year relative to bitcoin (BTC) appears to have reversed since the Chicago-based commodities exchange CME launched its new ether futures contract in early February, an analysis of chart patterns shows. ETH put in a relative bottom versus BTC around the end of 2019. The near 700% increase in ETH versus BTC’s 500% rise over the past year could reflect investor enthusiasm for decentralized finance (DeFi), which seeks to transform traditional financial products in a decentralized manner and largely sits atop the Ethereum blockchain. ETH has underperformed…
-
DATA FORK (DK) global currency exchange is about to open
DFORK can be said to be the most anticipated project in 2021. The brand-newteamwork mode, nine people form a group, three people win the prize,and six people receive the prize! The platform’s mother currency DATAFORK (abbreviation: DK) will open global currency exchange on March10. For the specific exchange address and method, please follow theofficial news, so stay tuned! DFORK iscommitted to building a decentralized, fair, just, and openinnovative exchange project of “group joining + resonance”with practical application scenarios. The platform’s mother currencyDK will open global exchange on March 10, with…
-
How NFTs Became Art, and Everything Became an NFT
“Today, the physical mural doesn’t exist. But it still exists with NFTs, and with value,” Boyart tells me from Paris. “This is very satisfying.” See also: What Are NFTs and How Do They Work? Subscribe to State of Crypto, our weekly newsletter on policy impact. SUBSCRIBE By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. Boyart minted a non-fungible token (NFT) version of the mural, dividing it into 100 pieces and selling each one for 0.5 ETH. He would sell more NFTs. Many more….
-
Crypto Long & Short: Is ETH Coming to Corporate Balance Sheets?
MicroStrategy, Tesla and Square have done it. So have many others, although more quietly. I’m talking about holding corporate treasury reserves in bitcoin (BTC, +1.92%). This trend is attracting attention even from trade press. Consultancies and crypto companies are scrambling to launch services to help businesses navigate the process. “Mad Money” host Jim Cramer thinks it’s “almost irresponsible” for companies to not do so. This week, sponsored content from Deloitteexplaining the benefits and risks appeared in the Wall Street Journal. You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored…
-
Crypto Is Banned in Morocco, but Bitcoin Purchases Are Soaring
Cryptocurrencies are banned in Morocco, but peer-to-peer bitcoin (BTC, -5.01%) trading platform LocalBitcoins is reporting all-time trading highs this year. February 2021 was the platform’s “best month ever” in Morocco in terms of trading volumes, according to LocalBitcoins Chief Marketing Officer Jukka Blomberg, who said approximately $900,000 worth of bitcoin was traded on the platform through the month. LocalBitcoins also saw a 30% increase in user registrations between 2019 and 2020, with over 700 new accounts created, Blomberg said. Bitcoin purchases are rising despite a ban on cryptocurrencies in the North African country. In November…
-
Whale Shark’s NFT Collectors Playbook
Thinking about buying some non-fungibles? Maybe you’re even thinking about investing? Maybe you still can’t wrap your brain around the idea of digital art being sold for $69 million, but you’re open-minded, you’ve done your homework and you think the rewards outweigh the risks. And maybe this is money you can afford to lose, so what the hell? [Obligatory disclaimer: Nothing that follows is financial advice. Investing in NFTs – or anything in crypto – is packed with risk and you can lose everything. Proceed with caution.] But if you’re trying to get your…
-
META WARRIOR–upcoming P2E trading card game with upgraded NFT’s + Staking.
Introduction META WARRIOR is an upcoming Play-to-earn game of the addictive battle Genre. It is built on Binance Smart Chain(BSC ) Our team is dedicated to create an NFT pay-to-earn game which will allow you to enjoy a new and different video game, also giving you the opportunity to earn money. After study the benefit of both BSC and gamefi, we decided to create this Meta warrior token. It brings in the benefit of both smart chains. Our main ambition is to build a superior NFT ecosystem in the blockchain space offering…
-
Former US Senator Joins Binance as Policy Adviser and Government Liaison
Cryptocurrency exchange Binance has hired former U.S. senator and ambassador to China Maxwell Baucus as a government relations adviser. The exchange announced Thursday in a press release it had hired the long-term government official to provide guidance and advice to the firm and work with U.S. regulators. The move could signal a shift in Binance’s approach to the U.S. market, which it currently doesn’t serve directly. Baucus was an ambassador to China under former President Barack Obama between 2014 and 2017. Prior to that, he served in the U.S. Senate and…
-
JPMorgan Posts 34 Blockchain Jobs as It Beefs Up JPM Coin
U.S. mega-bank JPMorgan has 34 open blockchain job positions posted on its website. It’s quite possibly a record for any company in the space (JPMorgan has been noted for its enthusiastic blockchain hiring in the past). The majority of the job openings, posted this month and last, are spread across the U.S., India and Singapore. Many of the jobs relate directly to Onyx, the division created in October of last year to oversee JPM Coin, the bank’s wholesale payments token. By signing up, you will receive emails about CoinDesk products and you agree to…
