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Chainlink Hits All-Time High as Altcoins Beat Bitcoin’s Stagnancy

LINK set a new ATH while DOT flipped XRP to become the fourth biggest cryptocurrency by market cap.

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As Bitcoin continues its daily roll back downhill (at a gentle gradient of about 1% in the past day), other, smaller coins are on their own wild ride to the top. 

Coins such as AAVE and Tezos (XTZ) increased by almost 20%. Other notable gains were made by Uniswap’s UNI and Cardano’s ADA, which both jumped approximately 10% overnight. 

The star of today’s price grab is Chainlink (LINK). Yesterday the price of the coin, which powers Chainlink’s decentralized oracle network, hit an all-time high of $21.19. 

The Link Marines, its militant fan club, were surely ablaze with pride when the coin continued to surge, setting a new all-time high of $21.90, up over 20% in the past 24 hours.

But some of LINK’s victories have been short lived. On January 10, LINK traded at a high of $18.45 before crashing by over 30% to hit a low of $12.57 the following day. Bitcoin’s precipitous drop to $31,000, a correction from $40,000, caused LINK’s downfall.

Meanwhile, Polkadot has also performed well. Today, DOT’s trading at a price of $16.50 after it made gains this week of over 75%, flipping XRP to become the fourth-largest cryptocurrency by market cap.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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

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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.

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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.

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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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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.

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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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Source: https://beincrypto.com/microstrategy-bitcoin-price-take-a-synchronized-tumble/

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BitMEX Plans to Add Crypto Spot Trading, Custody Services

The expansion plans came under the new leadership of Alexander Höptner.

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Crypto derivatives exchange BitMEX is considering to expand its offerings by adding spot trading, brokerage, and custody as its three new services, 100x CEO Alexander Höptner revealed in a recent interview with Bloomberg.

“We have to very fast make up our mind how we want to approach these aspects and then see whether we could find a partner or whether we build something or buy something,” Höptner said.

Founded in 2014, BitMEX became a top cryptocurrency derivatives platform with its 100x leverage on futures instruments. However, it also faced heavy criticisms for offering sophisticated financial instruments with none or minimum regulatory oversights.

Höptner, the former Börse Stuttgart chief executive, took charges of the cryptocurrency exchange after Arthur Hayes, BitMEX’s co-founder and public face, parted him from day-to-day operations due to the lawsuit against him by US prosecutors.

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Siding with the Regulators

The new BitMEX CEO is also focused to made amends with global regulators. “We are approaching regulators where we are currently present, but we will also reach out to regulators where we are not,” he said.

Indeed, the exchange is also investing heavily to boost its compliance methods and earlier announced that each and every account on it is now KYC verified.

BitMEX’s entry into the spot market is logical given its loss of the market share to giants like Binance, Huobi, and OKEx, all of which emerged as crypto spot trading venues. And with the increased institutional demand in cryptocurrencies, custody and brokerage businesses also boomed, which can become BitMEX’s next big service area.

“We have to very fast make up our mind how we want to approach these aspects and then see whether we could find a partner or whether we build something or buy something,” Höptner added.

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Source: https://www.financemagnates.com/cryptocurrency/news/bitmex-plans-to-add-crypto-spot-trading-custody-services/

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