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Coinbase Now Has Over $90B in Assets on Platform

Coinbase published fresh numbers Friday on how much capital has flowed onto the exchange in recent months.

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Coinbase saw whopping growth in 2020 as bitcoin rallied to close out the year.

New numbers published on the Coinbase “About” page Friday show the exchange now has over $90 billion in assets on platform and over 43 million registered users. An Internet Archive snapshot from as recently as last week shows $25 billion in assets on platform though it’s unclear when that data was collected.

The updated figures were collected as part of Coinbase’s 2020 year in review and are current as of Dec. 31, 2020.

“In this report, we take you on a comprehensive tour of the crypto asset class, sharing our unique perspective on how and why these institutions are engaging with the market,” Coinbase Institutional’s Brian Foster wrote in the report’s cover letter.

Coinbase’s asset surge is likely driven by the likes of MicroStrategy, Ruffer Investment and other institutions that have used the exchange’s prime brokerage service to make large bitcoin buys in recent months.

Assets under the control of Coinbase Custody accounted for “more than 50%” of the $90 billion total, the report states, adding that Coinbase executed “single trades exceeding $1 billion for some of the largest institutions in the world.”

The update from Coinbase comes ahead of an expected public listing. Investment bank Goldman Sachs is reportedly working with the firm on its Wall Street debut.

Source: https://www.coindesk.com/coinbase-now-has-over-90b-in-assets-on-platform

Blockchain

Bitcoin Retraces After Bouncing, Falling Below $47,000

Bitcoin is approaching a crucial support area. A strong resurgence will be mandatory for the possibility of bullish continuation to remain.   Bitcoin Bounce Retraces On Feb. 28, BTC reached the $45,000 support area and bounced upwards. It proceeded to reach a high of $52,652 four days later but has been moving downwards since. So … Continued

The post Bitcoin Retraces After Bouncing, Falling Below $47,000 appeared first on BeInCrypto.

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The Bitcoin (BTC) price has been retracing since getting rejected by the $52,500 resistance area on March 3.

Bitcoin is approaching a crucial support area. A strong resurgence will be mandatory for the possibility of bullish continuation to remain.

 

Bitcoin Bounce Retraces

On Feb. 28, BTC reached the $45,000 support area and bounced upwards. It proceeded to reach a high of $52,652 four days later but has been moving downwards since.

So far, BTC has reached a low of $46,294 in the early hours of March 5. This is still inside the body of the bullish candlestick of March 1. Therefore, it’s still inside the parameters of a normal retracement. 

However, both the MACD and Stochastic oscillator are bearish. The latter has already made a bearish cross. On the other hand, the RSI is trying to hold on above the 50-line.

BTC Daily Movement
BTC Chart By TradingView

Bitcoin Struggles to Find Support

The six-hour chart shows that the main resistance area is found at $52,476. This is the 0.618 Fib retracement of the most recent downward movement and a horizontal resistance area. 

Therefore, until BTC manages to clear it, we cannot consider the trend bullish — at least not in the short/medium-term.

Similar to the daily time-frame, the MACD and RSI are bearish.

BTC Six-Hour
BTC Chart By TradingView

Finally, the two-hour chart shows that BTC is still above the $46,600 support area (0.618 Fib retracement). 

However, there are no bullish reversal signs yet.

If BTC were to break down, the next closest support area would be found at $45,000. This is the 0.786 Fib level of the most recent move and a horizontal support area from the daily chart. 

Therefore, the loss of this level would be a significant bearish development for BTC.

BTC Short-Term
BTC Chart By TradingView

Corrective Decrease?

A look at the very short-term 15-minute chart shows a continued decrease that has been ongoing since March 3. 

The downward movement is perfectly channeling, and the significant overlap suggests that it’s likely to be corrective. This means that despite the lack of bullish reversal signs, an eventual breakout is expected.

BTC Correction
BTC Chart By TradingView

The most likely wave count suggests another upward move towards a new all-time high. 

However, a decrease below the Feb. 28 low would signal that BTC is likely to fall towards $40,000.

BTC wave Count
BTC Chart By TradingView

Conclusion

Bitcoin is expected to find relief at one of the support levels outlined and continue moving higher.

The loss of the $45,000 support area would be a major bearish development, indicating that the local low might not be in yet.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

The post Bitcoin Retraces After Bouncing, Falling Below $47,000 appeared first on BeInCrypto.

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Source: https://beincrypto.com/bitcoin-retraces-after-bouncing-falling-below-47000/

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Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of blockchain analytics platform Glassnode.

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Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of blockchain analytics platform Glassnode.

The data scientist studied the number of existing bitcoins that moved within the said price bucket and placed it against other price levels. He noted that the “UTXO Realized Price Distribution” near the $47,000-level was comparatively higher than the rest in recent times, stressing that the range prompted the Bitcoin network participants to become more active than usual.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin: UTXO Realized Price Distribution. Source: Glassnode

In retrospect, a higher number of coins moving near a specific level signifies more trades. It is possible that traders and investors sold or bought more bitcoins near $47,000 than any other level around it. Given the cryptocurrency’s recent uptrend, it is safe to assume that most trades near $47,000 had a bullish outlook, which made the level ideal support for Bitcoin.

“[We have a] very strong on-chain support at $47k – around 500,000 BTC have been moved at that level,” noted Mr. Schultze-Kraft. “It is important that we hold it; otherwise, we could see low forties quickly before the next upwards movements.”

Offsetting Yield Fears?

The statements appeared as Bitcoin bled through an unaccustomed macroeconomic environment. The benchmark cryptocurrency was among the biggest losers this Thursday as Federal Reserve Chairman Jerome Powell ignored offering any future guidance on rising bond yields in the US.

Bitcoin closed the previous session 3.95 percent lower and opened Friday declining further as it logged an intraday low near $46,219. The cryptocurrency pushed against bearish attempts and attempted a recovery above $47,000. At press time, it was still wobbling around the so-called on-chain support level.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin fell by around 4 percent during Powell’s speech on Thursday. Source: BTCUSD on TradingView.com

Traders anticipated that Mr. Powell would boost the Fed’s bond-buying program to longer-dated Treasurys to contain interest rate returns on the benchmark 10-year note. Lower yields have benefited Bitcoin throughout 2020, so it was safe to assume that the Fed’s extended assistance would aid the cryptocurrency’s bull run.

But with Mr. Powell choosing to remain mum, the Bitcoin market entered an uncertainty phase.

“Speculation is harder when there is no clear upwards trend,” said Alex Krüger, an independent market analyst. “There are multiple major market drivers pulling in opposite directions, and/or trades are crowded. As is the case right now.”

“I’ve got bids down to 45k,” said another analyst. “I still definitely lean towards the low being in — this drop doesn’t surprise me at all.”

Institutional Support for Bitcoin

Ki-Young Ju, the CEO of CryptoQuant—a South Korea-based blockchain analytics platform, said that institutional capital into the bitcoin market remains higher near the $46,000-47,000 range. As of Friday morning in London, about 12,000 BTC flowed out of Coinbase Pro wallets to enter its custodian addresses, reflecting accumulation via over-the-counter desks.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Coinbase Pro Outflow. Source: CryptoQuant

“Also,” Mr. Ju added, “it seems most US institutions haven’t sold any Bitcoin since their OTC deals. For example, custody wallets from Coinbase outflows on Dec 23, 2020 [show that] no BTC moved since then.”

Bitcoin was trading at $46,500 at press time.

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Source: https://bitcoinist.com/bitcoin-support-at-47k-very-strong-glassnode-cto-asserts-after-price-falls/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-support-at-47k-very-strong-glassnode-cto-asserts-after-price-falls

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Blockchain

MicroStrategy Stock, Bitcoin Price Take a Synchronized Tumble

This bullish Bitcoin initiative has been led by MicroStrategy CEO Michael Saylor. After watching the USD lose more than 10% in the past year, Saylor decided to move large portions of the company’s cash reserves into Bitcoin as a hedge. It’s a move that’s paid off huge for the business intelligence firm. The company’s stock … Continued

The post MicroStrategy Stock, Bitcoin Price Take a Synchronized Tumble appeared first on BeInCrypto.

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MicroStrategy has made waves in the cryptocurrency scene in the past few months after buying up large chunks of the Bitcoin supply.

This bullish Bitcoin initiative has been led by MicroStrategy CEO Michael Saylor. After watching the USD lose more than 10% in the past year, Saylor decided to move large portions of the company’s cash reserves into Bitcoin as a hedge.

It’s a move that’s paid off huge for the business intelligence firm. The company’s stock rose from around $220 in November 2020 to an all-time high of $1,316 on Feb. 9, 2021 — a gain of more than 500%.

In this same time period, the price of Bitcoin (BTC) saw a 266% gain, skyrocketing from under $16,000 to a new all-time high of $58,433 on Feb. 21, 2021.

Since reaching their respective all-time highs, the price of Bitcoin and MicroStrategy stock (MSTR) prices have been falling in unison. MSTR is currently trading hands for $626, a 52% drop in less than a month. Bitcoin has fallen 20% in the same period.

Bitcoin Price vs. MSTR Price chart by TradingView

MicroStrategy’s BTC holdings currently stand at 90,859 bitcoins, which were acquired for $2.186 billion. The average price for each being $24,063 per token. With such a massive stake, MicroStrategy stock prices have become positively correlated to the price of Bitcoin.

The overall slump seen across the broader cryptocurrency market has many investors questioning if the top is already in. The total cryptocurrency market cap is back under $1.5 trillion today after topping out around $1.8 trillion less than two weeks ago.

It’s unlikely that Bitcoin bulls like Michael Saylor and Elon Musk will be deterred in their mass-buying strategy. Recent data shows that these crypto-forward institutions have been taking advantage of the relatively low BTC prices to add to their reserves.

The post MicroStrategy Stock, Bitcoin Price Take a Synchronized Tumble appeared first on BeInCrypto.

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Yield Protocol Listing in Gate.io

The Yield Protocol has announced today via their Twitter handle that their token $YIELD will be getting listed Tomorrow 5th March 12 PM UTC. Are you ready?$YIELD token will be listed on https://t.co/kYS1wbf5si and Uniswap on the 5th of March at 12PM UTC. If you have participated in the SHO, you will be able to […]

The post Yield Protocol Listing in Gate.io appeared first on NullTX.

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The Yield Protocol has announced today via their Twitter handle that their token $YIELD will be getting listed Tomorrow 5th March 12 PM UTC.

DaoMaker Has Introduced the new Strong Holder Offering (SHO) of Yield Protocol Recently and it was a massive success like all other DaoMaker SHOs.

Yield Protocol, the first technology of its kind, was designed to simplify the creation of investment strategies for yield farming. And their listing of Gate.io exchange is no doubt great news to all the SHO participants as well as those who missed the SHO because now everyone will be able to fill their Bags with tokens of this Potential Project,

Their Partnership with Daomaker and other Big Influencing companies in the market already hyped this project among the crypto community and now it is very exciting to see where will it go and how will it perform in the wider community of Gate.io Traders

Yield Protocol has made a successful token sale in DaoMaker. Everyone knows that Yield Protocol is an open-source platform that enables everybody to execute yield farming and trading strategies on the Ethereum Defi ecosystem. This technology is simple and can secure smart contracts. The first product built on Yield Protocol is YieldShielD.com. Yield Shield is an algorithmic DeFi farmer that began its development in June 2020. After The great success of algorithmic Defi farmer that began its development in June 2020. After the great success of Orion and Open predict in 6 months. Supported by DaoMaker, Yield Protocol uses the Ethereum blockchain as the core network, which has the highest number of Defi protocols built upon it, hence the highest protocol aggregation in order to provide the best APs to its users. The team used this high-level programming language for the Factory smart-contract. Personal smart-contract, The Investing Contract, and the pool contract, There are collections of Libraries that allow you to interact with the platform seamlessly. 

$YIELD Token Will be listed on Gate.io tomorrow at 12PM UTC. This is very Exciting for Everyone. From Yield Protocol team, to DaoMaker folks and Gate.io Staff and Community to everyone who have been waiting for this moment for months.

Yield Protocol Listing Announcement: https://twitter.com/yield_protocol/status/1367134940278718467

Yield Protocol SHO Result by Gate.io: 

https://www.gate.io/en/article/19548/?ch=en_sm_0221

Yield Protocol Daomaker Page: 

https://daomaker.com/incubation/yield_protocol

Other Yield Protocol Details:

Website: https://www.yieldprotocol.org/

Twitter:  https://twitter.com/yield_protocol

Telegram:  

Image(s): Shutterstock.com

The post Yield Protocol Listing in Gate.io appeared first on NullTX.

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