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Why the 25% drop was the bottom for Bitcoin

The ongoing Bitcoin price rally has most traders stopping and staring at their portfolios, refreshing their windows every few minutes to capture the unrealized profit/loss. Understandably, the thrill

The post Why the 25% drop was the bottom for Bitcoin appeared first on AMBCrypto.

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The ongoing Bitcoin price rally has most traders stopping and staring at their portfolios, refreshing their windows every few minutes to capture the unrealized profit/loss. Understandably, the thrill of the price rally is accompanied by the fear of losing out on unrealized profits.

With Bitcoin’s price dropping over the past few trading sessions, several wallets incurred an unrealized loss, unlike the first time when the crypto’s price crossed its previous ATH and surged beyond the $20,000-level. Comparing the latest Bitcoin drop to previous ones, two interesting conclusions stand out, however,
– The latest drop was 25% from the top (Considering data from CoinMarketCap – $41,405 on 8 January and $30,838 on 11 January)
– We hit the bottom in 3 days; is this it?

This may not be a significant dip when compared to 2017, which is why that leaves room for a further drop in price. But, is this it for the current market cycle? Then, what does the aforementioned drop compare to? The drop of 25% compares to the drops that were observed during the second Bitcoin halving, based on this chart by Ecoinometrics.

25% drop in 3 days, is this the bottom for Bitcoin?

Bitcoin Drawdowns || Source: Twitter

The week started off on a bearish note, and at the time of writing, Bitcoin was trading at $35,628, still nearly $6,000 away from its ATH above $41,000. While the price rally is on, it may have temporarily come to a halt. The 25% drop may be the biggest drop in the current market cycle, and it may be rock bottom.

There is a very low likelihood of a drop below $30,000, and in that case, there is no room for a further drop. In fact, the drop may not be as dramatic as anticipated when compared to Black Thursday of March 2020, a time when the price dropped by over 50% within a few hours.

The fact of the matter is that Bitcoin has a long history of drawdowns, and the latest one is not as significant when compared to others. The drawdown of the post-2017 bull run was drastic, with BTC hitting a bottom of $3,000 within months of an ATH above $19,000.

The exciting part here is that the price drop didn’t seem to deter institutions or traders on spot exchanges from buying. With the cryptocurrency’s price yet to successfully breach its previous ATH again, this 25% drop may be it for the current phase of the bull run.

This is significant for the portfolio of derivatives traders waiting to open a new long or short position since a lot of strategizing involves planning on not getting liquidated. If the drop of 25% is it for Bitcoin, then the next phase will possibly consider $30,000 as the starting point. Opening shorts in a volatile market where the bottom was in a few days ago this week may not give the expected returns. This would have a critical impact on traders’ sentiment and portfolios on derivatives exchanges.

Source: https://ambcrypto.com/why-the-25-drop-was-the-bottom-for-bitcoin

Blockchain

Bitcoin (BTC) Price Prediction: BTC/USD Hits $50,000 High and Retraces, May Find Support above $47,000 High

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Bitcoin (BTC) Price Prediction – March 2, 2021
Today, Bitcoin price has traded and reached the psychological price level of $50,000. However, after testing the resistance zone twice, the king coin was resisted. BTC price has retraced to $47,400 low. Bullish signals are indicating a possible upward move of the coin.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Before the upward move to the recent high at the $50,000 psychological price level, Bitcoin has been in a downward correction.BTC price was earlier confined and was fluctuating between $44,000 and $48,000. Sellers attempted to break the $44,000 support twice before the BTC price rebounded above the support level and resumed upward. As Bitcoin hit the $50,000 high and retraced, there is the tendency of a possible upward move of the coin. If the bulls break the $50,000 high, the market will rise to retest the $52,000 resistance. The bears may likely mount a stiff resistance at this level. Nonetheless, if the bulls can clear the $52,000 resistance zone, then the BTC price will rise to retest the $58,000 overhead resistance. In the meantime, buyers are still struggling to break above the $50.000 high.

Crypto Users Can Buy Hyundai with Bitcoin, Not Just a Lambo
Crypto holders in North America are privilege to purchase their next vehicle with BTC. The auto dealer is located in Quebec and Florida, and the company accepts digital asset payments in its daily operations. According to reports, over 500,000 vehicles have been sold by the company for the past 25 years. The company maintains a warehouse in Miami that has a stock of over 1,000 cars. The company sells a wide variety of used cars, from Hyundais to Lamborghinis. Crypto users can use their funds to buy practical cars in addition to luxury vehicles. The company claims to have the largest inventory of vehicles in Canada. In terms of accepting crypto payments, the dealership said: “We’re pleased today to be at the forefront of technology, giving our customers another payment option. We also believe it will be advantageous to keep some of our assets in cryptocurrency.”

BTC/USD – 4 Hour Chart

Meanwhile, buyers have been able to push the BTC price to $50,000 high. In the same vein, the Fibonacci tool has indicated an upward movement of the coin after a retracement. On March 1 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that the BTC price will rise and reach level 1.272 Fibonacci extension or the high of $52,029.50. The BTC price will reverse after attaining the recent high.

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Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-hits-50000-high-and-retraces-may-find-support-above-47000-high

The post Bitcoin (BTC) Price Prediction: BTC/USD Hits $50,000 High and Retraces, May Find Support above $47,000 High first appeared on CoinGenius Hosts Virtual Crypto Event. Checkout PrimeXBT
Source: https://coingenius.news/bitcoin-btc-price-prediction-btc-usd-hits-50000-high-and-retraces-may-find-support-above-47000-high/

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Crypto Projects Continue to Partner With Sports Teams

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Cryptocurrency adoption is slowly but surely spreading across the World. Projects are branching out their marketing budgets and partnerships to sports teams in a bid to gain further recognition. BeInCrypto looks at crypto projects that have partnered with sports teams.

Cryptocurrencies have found many weird and wild ways to gain users’ attention, from making use of crypto influencers and celebrities to dishing out tokens to die-hard followers. However, in an ever-growing industry, marketing plans need to adapt, and projects need to grow. Crypto has slowly entered the sporting world as we look at several teams that feature cryptocurrency sponsors. 

Aston Martin Formula One & Crypto.com

However, racing has featured crypto projects before, with less purpose than the brand new partnership between the newly formed Aston Martin Formula 1 team and Crypto.com.

Previously, DogeCoin managed to raise $55,000 to have a Nascar sponsored with the Shiba at Talladega. However, the sponsorship was more of a meme than anything else. The recent partnership between Aston Martin Cognizant Formula One Team and the popular cryptocurrency app Crypto.com represents something more significant. The partnership focuses on the growth of technology and cryptocurrency innovation.  

The partnership becomes the most recent between a sports team and a crypto project. Co-founder and CEP of Crypto.com Kris Marszalek commented on the move in a press release, stating:

“In only four years, we have built the world’s most secure and fastest-growing cryptocurrency platform serving more than 10 million customers worldwide. We’re proud to be partnering with Aston Martin as they return to Grand Prix racing, especially as the first cryptocurrency platform to be sponsoring an F1 team.”

Aston Martin Executive Chairman Lawrence Stroll also commented on the move, expressing how impressed he was with the growth and management of the Crypto.com project. Stroll also expressed the team’s desire to grow with the times and remain innovative, saying:

“This partnership with Crypto.com really puts Aston Martin Cognizant Formula One™

Team at the forefront of the boom in cryptocurrency and blockchain technology.”

StormGain Partners With Serie A’s SS Lazio

Cryptocurrency sponsors of football teams are also picking up. The most recent being that of cryptocurrency exchange and wallet provider StormGain. The multi-year partnership sees one of the oldest and traditional football teams in Italian football merge with one of the most innovative crypto platforms on the market. Offering the perfect synergy of sports and crypto combined. 

SS Lazio Marketing, Sponsorship and Event Director Marco Canigiani commented:

“We are very proud of this partnership that will reinforce our innovative positioning. Our partnership will help us widen our international landscape and create at the forefront projects for our fans”.

Alex Althausen, CEO at StormGain said:

StormGain is delighted to partner with SS Lazio, a world-famous team with a rich history and values which echo our own perfectly. Through this sponsorship, we’re thrilled to join the worlds of crypto trading and football together and offer many exciting benefits for our clients, who can win exclusive access to the Roman superstars and unique prizes thanks to StormGain. We look forward to the start of a new season, which, no doubts, will be exciting and yet different from any other!”

The biggest impact within the sporting industry and cryptocurrencies has to be Chiliz. Chiliz is touted as being the world’s leading blockchain fintech provider for sports & entertainment. The project has launched a plethora of fan tokens within the football sports industry. The tokenized sports and entertainment exchange now features fan tokens for some of the largest football teams in the world. Teams with digital fan tokens now include Barcelona, AC Milan, Galatasaray, Paris Saint-Germain, AS Roma, Juventus, and Atletico Madrid. 

The fan tokens have proven to be a great tool that incorporates fans and generates revenue.

The crypto project may have had big plans early on. Those plans have now come to fruition, but the company has further plans. Chiliz announced earlier this week that it would be investing $50 million into an expansion into the United States. It is inevitable that Chiliz targets one of the biggest sporting countries on the globe. CEO Alexandre Dreyfus commented on the news saying:

“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organizations”. 

The New York office will look to capitalize on the major sporting teams on the continent. The expansion looks to further grow the digital token sector. The company is currently in talks with Formula One teams and even esports teams.

The growth of the cryptocurrency industry coupled with adoption in sports, will slowly intertwine, and it is very likely that it will be commonplace to see cryptocurrency projects within sporting teams in the future. Either through sponsorships, fan tokens, NFTs, or even blockchain providers. 

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. He discovered Bitcoin in 2016 when investing in a Ponzi scheme, and it was the best decision he ever made.

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Source: https://beincrypto.com/crypto-projects-continue-to-partner-with-sports-teams/

The post Crypto Projects Continue to Partner With Sports Teams first appeared on CoinGenius Hosts Virtual Crypto Event. Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingenius.news/crypto-projects-continue-to-partner-with-sports-teams/

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Why March 2021 may see Bitcoin register yet another pullback

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In the current Bitcoin price rally, it is a widely known opinion that miner inflows to spot exchanges have led to a drop in the cryptocurrency’s price. However, on observing the drop from $58,000 to $43000 closely, it becomes increasingly clear why inflows from miners may not be entirely bearish. In fact, miners deposited nearly 61,005 Bitcoins, based on data from CryptoQuant,

Why increased Bitcoin inflow from miners may not be bearish

All miner outflow || Source: CryptoQuant

Now that the cryptocurrency’s price has recovered and the asset is trading above $48,000 again, ideally, miner deposits should have dropped too since this would, in turn, allow the price to hike as well. However, the bounce in price came despite deposits of over 9,500 Bitcoins to spot exchanges in the last 24 hours. While this may be a mere observation, what is clear is that miner deposits are not entirely driving Bitcoin’s price this market cycle.

One of the top factors influencing the current surge in price may be the ETHBTC correlation and institutional demand. Bitcoin’s price is currently below the 100-day moving average. With the ETHBTC correlation back above 70% and increased institutional investment in Ethereum, Bitcoin’s price has recovered by over 5% in less than 24 hours.

Besides institutional investment flow in Ethereum, institutions like MicroStrategy are leading another wave of Bitcoin investments. However, none of these metrics hint at a revival in price, like the one observed in January, before the price hit a new ATH. Ergo, there may be a further decline in price, as has been the usual case in the month of March, historically.

To date, this is the most consistent seasonal pattern in Bitcoin. Why is this the case? Well, it may be tax-related.

Why increased Bitcoin inflow from miners may not be bearish

Bitcoin monthly returns || Source: Unfolded

Based on Bitcoin’s monthly returns from Unfolded, the cryptocurrency’s price has consistently dropped in March every year. In fact, it has dropped by double digits since 2014, while recovering soon after in a month or two.

Though such drops can be seen in the month of September as well, the March one is considered more significant since the former has seen some instances where the opposite has happened. The example of March 2020 best illustrates this, with the cryptocurrency dropping by over 40% in a matter of hours.

Ergo, based on these observations, retail traders can expect a further pullback in price, before the end of March 2021.


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Source: https://ambcrypto.com/why-march-2021-may-see-bitcoin-register-yet-another-pullback

The post Why March 2021 may see Bitcoin register yet another pullback first appeared on CoinGenius Hosts Virtual Crypto Event. Checkout PrimeXBT
Source: https://coingenius.news/why-march-2021-may-see-bitcoin-register-yet-another-pullback/

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QuickSwap DEX Offers Credit and Debit Card Support

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

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Source: https://cryptobriefing.com/quickswap-dex-offers-credit-and-debit-card-support/

The post QuickSwap DEX Offers Credit and Debit Card Support first appeared on CoinGenius Hosts Virtual Crypto Event. Checkout PrimeXBT
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Source: https://coingenius.news/quickswap-dex-offers-credit-and-debit-card-support/

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