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Bitcoin (BTC) Tanks Over 10% Below $36,000 Amid Huge Miner Selling Pressure

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Finally, after an unprecedented rally during the first complete week of 2021, the BTC price has entered correction tanking more than 10% and slipping below $36,000 levels. At press time, Bitcoin (BTC) is down 11.58% trading at $35,734.

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The recent Bitcoin (BTC) price correction comes after two days of price consolidation around $40,500 levels and amid a huge selling pressure coming from miners. As per the data from CryptoQuant, the Bitcoin Miner Position Index (MPI) reached its 17-month high at levels unseen from July 2019.

Courtesy: CryptoQuant

The last time when MPI reached these levels, the BTC price was trading at around $14,000, after which it corrected 50% by the end of 2019. As we can see from the charts, soon as the MPI levels crossed 11.5 levels this time, BTC has entered a sharp correction of 12%.

However, CryptoQuant CEO Ki-Young Ju explains that the miner selling pressure has been building up over the last month. It is just that Bitcoin continues to receive major backing from institutional buying.

Institutional Bitcoin (BTC) Purchase on Hiatus

As we have recently seen, there’s an unprecedented institutional demand for BTC that has been offsetting the selling pressure.

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But if we see the Grayscale Bitcoin Trust (GBTC) chart by Bybt, it looks like institutions have gone on a hiatus for the moment. After December 25, i.e., when BTC was at $24,000 levels, Grayscale has made no additional purchases, and its total holdings remain the same just above 607K Bitcoins.

Courtesy: Bybt

Ultimately, it seems that the miner selling pressure has overweighed the BTC buying/holding momentum and we are now seeing a profit booking. As per historical trends, the BTC price has always corrected 30-40% from its new high levels, however, some analysts believe that the institutional participation in BTC, unlike before, will hold up the correction only to 10-15% and we can see fresh buying anytime soon. Also, the BTC mega-whales have resorted to heavy buying in 2021.

Currently, there’s been major anxiety around Tesla’s participation in Bitcoin after Elon Musk showed interest in BTC. Will companies like Tesla, move part of their company balance sheet or reserve cash in Bitcoin to protect capital. Let us know in the comments below.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/bitcoin-btc-tanks-over-10-below-36000-amid-huge-miner-selling-pressure/

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Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

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  • Cardano (ADA/USD) bounces off a critical support trendline during the Asia-Pacific trading session Friday.
  • The blockchain asset expects to close above key moving average waves on the prospect of turning into a multi-asset chain following its hard fork on March 1.
  • Nonetheless, a death cross formation offsets the probability of more price legs higher.
  • Levels to watch

A sell-off in the Cardano market Thursday brought its benchmark instrument ADA/USD down by more than 11 percent.

The pair touched a week-to-date low of $1.02, about 31 percent lower than its record high established on February 27. It later underwent a modest recovery phase after finding support in a short-term upward trendline. The bounce prompted the price to attempt a close above its 50-period moving average, only to pull back later owing to higher selling pressure near the blue wave.

Cardano, ADABTC, ADAUSD, ADA, cryptocurrency
Cardano slips after testing its 50-period simple moving average wave as resistance. Source: ADAUSD on TradingView.com

It appears likely for Cardano’s ADA to retest the ascending trendline support, further pressured by a death cross formed after the 20-period moving average slipped below the 50-period moving average. It signals additional selling pressure in the market in the short-term.

Should the sell-off continue, ADA/USD risks plunging towards its 200-period moving average. It is right now around $0.88. Meanwhile, an extended slipover below the orange wave would have traders view $0.80 as their downside target. The level has served as support all across February.

Bullish Fundamentals for Cardano

The downside correction in the Cardano market follows its 700 percent-plus price rally in 2021. ADA/USD rallied partially because of an overall upbeat sentiment in the cryptocurrency market, led by Tesla’s $1.5 billion investment into Bitcoin. Altcoins tend to tail the benchmark cryptocurrency’s price trends.

Second, the ADA price surged amid a broader rally among projects that rival Ethereum, the second-largest cryptocurrency by market cap and the leading blockchain network with smart contract functionalities. The transaction and gas fees on the Ethereum network surged aggressively during the February session, prompting speculators to make bets on its rivals.

Cardano briefly surged to the third rank in the top cryptocurrencies’ list, only to get replaced by Binance

#Cardano still holds the level for support here.

Has to break and flip the 2400 sats area for continuation either way.

Otherwise, I’m looking at 1900-2100 next. pic.twitter.com/i9SoHN4YiW

— Michaël van de Poppe (@CryptoMichNL) March 5, 2021

Nonetheless, the reason why traders raised their bids in the ADA/USD market was “Mary” — a hard fork that made Cardano a multi-asset chain network upon its successful deployment on March 1. Cardano’s upgrade will enable new tokens on its network and offer smart contract services just like its rival Ethereum.

“Slowly but surely, the momentum is fading away from Cardano after the Mary hardfork,” noted Michaël van de Poppe, an independent market analyst. “That’s normal. Natural market movements. Hype pre-event, calm, and getting back to equilibrium after the event. That’s how it always goes. ADA will continue running later.”

ADA was trading for $1.13 at the press time.

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Source: https://www.newsbtc.com/news/cardano/cardano-ada-death-cross-spells-worries-despite-bullish-mary-fork/

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Leading on-Chain Option Trading Protocol Oddz Finance Announces Its Public Distribution IDO on Polkastarter

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Oddz Protocol is a trustless On-Chain Option trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.

It employs the synergies of Ethereum, Binance Smart Chain, and Polkadot to unleash the potential decentralized derivatives market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.

Oddz Finance associates with a decentralized fundraising platform, Polkastarter to drive the DeFi revolution.

Incepted with the idea of creating a seamless derivative options trading experience for users, Oddz is all geared up to redefine how derivatives markets work in a decentralized financial landscape. With the high degree of intuitiveness and fascinating attributes, Oddz Finance is all set to spearhead chartered territories by consolidating the models of traditional finance with DeFi to capture the broader spectrum of the DeFi market.

To transform the idea into reality, Oddz finance has announced its public distribution IDO to allow the community’s participation to contribute to the vision of mainstream DeFi adoption. Therefore, it has joined forces with the leading cross-chain auction protocol, Polkastarter. The public IDO will occur on 18th March on the leading platform, thus inching one step closer to massive adoption.

Users will be able to participate in the IDO process by undergoing the whitelisting process in various phases to gauge the efforts of early supporters. The Whitelisting process for Phase 1 for Polkastarter IDO will commence on 5th March at 12 PM UTC and closes on 10th March at 12 PM UTC. The second whitelisting phase will commence from 13th March at 12 PM UTC to 14th March at 12 PM UTC. $150,000 worth of $ODDZ tokens will be allocated on the Polkastarter platform for the $POLS and Non-$POLS holders.

The Whitelisting phases will employ a random lottery method to promote fair participation. To dive deeper into the nuances of the IDO and partnership, Oddz Finance has provided a comprehensive overview of the entire process. In the quest of creating an immersive user experience and making options trading seamless, Oddz Finance is relentlessly working towards unleashing the true potential of the DeFi landscape by employing technological innovation at its best.

The public distribution IDO is a major milestone for Oddz Finance in this expedition to evoke a revolution by powering ODDZ for novice users by providing a seamless gateway opening the doors of decentralized finance. It aims to breakthrough technical complexities to allow users to experience the nuances of options trading and create awareness about the same. In the upcoming days, it is all set to release its testnet and product development demos that would contribute to the overall growth of Oddz finance.

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Source: https://www.newsbtc.com/news/company/leading-on-chain-option-trading-protocol-oddz-finance-announces-its-public-distribution-ido-on-polkastarter/

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NFT Google Search Volume Exceeds DeFi and Ethereum (ETH) As Celebrities Join the Craze

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Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto markets. The craze around NFTs is so high that the Google search for NFTs has skyrocketed in recent times thereby exceeding decentralized finance (DeFi) and coming closer to the interest of Ethereum (ETH). As crypto-journalist Wu Blockchain reports:

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“According to the google index, the Google search volume of NFT has suddenly skyrocketed since February 7, and it has far exceeded DeFi and is close to ETH. The reason may be related to celebrity NFT, Logan Paul’s NFT has a huge search volume, and opensea is most searched platform”.

Courtesy: Google

A non-fungible token (NFT) s a special type of cryptographic token representing something that is unique. Thus, no two NFTs are mutually interchangeable. These tokens are basically created to represent digital scarcity, and give digital ownership.

Recently, celebrities and billionaire investors interested in high-ticket items have also joined the NFT craze. Billionaire Marc Cuban has already joined the NFT mania and much recently he shared a digital collectible commemorating Luka Doncic and Dirk Nowitzki.

Ethereum blockchain has been one of the popular destinations for NFTs. It hosts some of the popular NFT games like CryptoKitties that caught massive craze in late 2017. However, other NFT marketplaces like Rarible and OpenSea are catching up with popularity at a quick speed.

Top NFT News Over the Last Week

Over the last week, the crypto market has been flooded with NFT news with NFTs and digital collectible worth millions of dollars have been sold in the open market. Popular personalities from different frontiers like music, digital artwork, sports and others are warming up to NFTs.

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  • American Rockbank Kings of Leons is planning to launch its new album “When You See Yourself,” in the form of NFT. The album will be available on NFT Marketplace YellowHeart later today and the sale process will continue for a period of two weeks. The rock band will also offer several other exclusive items in the form of a series called “NFT Yourself”.
  • Recently, the original artwork of Banksy dubbed Morons, worth a massive $100,000, was destroyed only after converting it to a non-fungible token (NFT). The destruction of the physical artwork took place earlier this week in Brooklyn, New York and live-streamed. The auction for the Banksy NFT is taking place on the OpenSea NFT marketplace and will continue up to March 9. The winning bidder gets the unique digital code of the artwork.
  • 250-year-old auction house Christie’s recently conducted a sale of digital artwork by Mike “Beeple” Winkelmann using NFTs on the digital marketplace MakersPlace.
  • Legendary digital artist Ben Mauro, recently conducted the sale of his 21 NFTs which were all sold in a flash sale of just under 7 minutes raising a whopping $2 million. The sale took place on the VIV3 Marketplace leveraging the Flow Blockchain.
  • National Basketball Association (NBA) has joined hands with Dapper Labs to launch its own digital collectible NFTs. dubbed as NBA Top Shot, it is a marketplace for NFTs. NBA Top Shot Marketplace is built using Dapper Labs’ Flow blockchain platform. As per a CNBC report, it has already generated $230 million worth of sales in the form of NFTs.

Going ahead at this rate, NFTs could soon be a multi-billion dollar market and probably might also see explosive growth like the DeFi market. To support NFT investors, Hex Trust has launched the first-ever NFT custodial service.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/nft-google-search-volume-exceeds-defi-and-ethereum-eth-as-celebrities-join-the-craze/

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