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Fidelity doubles down on Hong Kong crypto operator

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Fidelity Investments, one of the world’s largest asset managers, has poured more capital into a Hong Kong-based cryptocurrency operator — offering yet another bullish indicator for the evolution of digital-asset markets worldwide. 

An exchange filing obtained by Singapore-based Business Times shows that Fidelity acquired a 6.29% stake in BC Technology Group after investing $6.71 million in the company. Business Times indicated that Fidelity had increased its exposure to the company, though didn’t specify the initial investment amount.

The investment was announced shortly after BC Technology Group disclosed that it had reached an agreement to raise HK$697 million ($89.9 million) in a “top up share placement.”

BC Technology Group is the operator of OSL, a popular cryptocurrency exchange that recently obtained a coveted license from Hong Kong’s Securities and Futures Commission, or SFC. A BC Group press release dated Dec. 15, 2020 claims that OSL is the world’s “first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.”

Fidelity has made a number of strategic investments in the cryptocurrency market, including expanding its custody services in Asia through a partnership with Stack Funds, a Singapore-based crypto startup. At the end of 2019, Fidelity’s digital-asset unit established an official entity in the United Kingdom to serve institutional investors in Europe.

Headed by Abigail Johnson, Fidelity is positioning itself as an institutional pioneer for cryptocurrency adoption. Recognizing the potential value of digital assets, Fidelity has been harvesting Bitcoin (BTC) since 2014.

Fidelity’s early investments in Bitcoin and Ether (ETH) appear to be paying off today, as both assets vie for a bigger role in institutional finance and global monetary systems. Just last week, the combined value of all cryptocurrencies broke above $1 trillion for the first time, eventually reaching a high of around $1.2 trillion.

Source: https://cointelegraph.com/news/fidelity-doubles-down-on-hong-kong-crypto-operator

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Crypto Price Analysis & Overview February 26th: Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink

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This week saw a serious correction throughout the entire cryptocurrency market. Bitcoin lost, at one point, about $13,000 of its value as it went through one of the most serious declines since the start of the current bull run. With this said, we take a look at the following cryptocurrencies.

overview (1)-min

Bitcoin

Bitcoin has seen a turbulent week in which the price dropped to the current $48,000 level. The cryptocurrency was trending higher last week to set a new ATH price above $58,000.

However, on Sunday, the coin became stuck at the upper boundary of an ascending price channel. It rolled over from there on Monday as it started to plummet. Initially, it found support at the channel’s lower boundary as the bulls attempted to defend the level.

Unfortunately, the breakout beneath the price channel was confirmed yesterday when Bitcoin closed a daily candle at $47,200 (.382 FIb). Today, it dipped as low as $44,150 before it finally rebounded back above $47,200.

Looking ahead, the first level of resistance lies at $50,000. This is followed by $51,500, $52,500, and $55,000. Additional resistance lies at $56,112, $57,686 (1.272 Fib Extension), and $58,355 (ATH price).

On the other side, the first support lies at $47,200 (.382 FIb). This is followed by $44,750, $42,745 (.5 Fib), $42,760 (downside 1.414 Fib Extension), and $42,000 (previous ATH). Added support lies at $40,285 (.618 Fib) and $39,235.

new-btcusd-feb26
BTC/USD Daily Chart. Source: TradingView

Ethereum

Ethereum suffered a heavier 20% price decline this week as it currently sits at $1,540. The coin had reached the upper boundary of its own ascending price channel at the start of the week as it set a new ATH price above $2,000.

Unfortunately, it struggled to close a daily candle above $1,960 (1.272 Fib Extension) and started to head lower from there.

Over the week, Ethereum fell beneath the ascending price channel and continued until support was found at $1,465 (.382 Fib) yesterday. After dipping as low as $1,400 today, ETH has rebounded again and is back above $1,500.

Looking ahead, the first level of support lies at $1,465 (.382 Fib). This si followed by $1,400, $1,385, $1,291 (.5 Fib), and $1,250 (downside 1.618 Fib Extension). Added support is found at $1,200 (100-days EMA) and $1,116 (.618 Fib).

On the other side, resistance first lies at $1,600. This is followed by $1,680, $1,763, $1,800, and $1,875. Added resistance lies at $1,960, $2,000, and $2,060.

ethusd-feb26
ETH/USD Daily Chart. Source: TradingView

Ethereum continues to struggle heavily against Bitcoin and is now down by a total of 30% from the February highs as it sits at 0.0321 BTC (200-day EMA). The coin has been trading inside a descending price channel for the entire period of February as it takes a beating against Bitcoin.

This week, Ethereum fell beneath the November highs at 0.0337 BTC and reached as low as 0.03 BTC on Tuesday. It is attempting to defend the support at 0.031 BTC, but a closing candle beneath here might send ETH/BTC to the 2021 lows.

Looking ahead, the first level of support lies at 0.0318 BTC (.618 Fib). This is followed by 0.013 BTC, 0.030 BTC, and 0.0295 BTC (downside 1.272 Fib Extension). Added support lies at 0.0295 BTC (Feb 2020 highs0, 0.028 BTC (.786 Fib), and 0.0276 BTC.

On the other side, the first level of strong resistance lies at 0.0337 BTC (Nov 2020 Highs & upper boundary of the price channel). This is followed by 0.034 BTC (100-days EMA), 0.035 BTC, and 0.0361 BTC (March 2019 Highs).

ethbtc-feb26
ETH/BTC Daily Chart. Source: TradingView

Ripple

XRP also took a beating this week as it dropped by a total of 16% to reach the current $0.447 level. The cryptocurrency had seen an interesting week of trading after spiking as high as $0.685 on Monday when the rest of the market was tanking.

The bullish pressure quickly subsided by Tuesday, which saw XRP collapsing beneath the $0.5 support. The selling continued over the week, causing XRP to spike beneath $0.4 today briefly. It has since rebounded from there and is now attempting to reclaim $0.45.

Looking ahead, the first level of strong resistance lies at $0.5. This is followed by $0.556 (2019 Highs), $0.6, and $0.61. Added resistance lies at $0.45 (bearish .786 Fib) and $0.685 (1.272 Fib Extension).

On the other side, the first support lies at $0.401 (.618 Fib & 100-days EMA). Beneath this, support lies at $0.35 (200-days EMA & Feb 2020 Highs), $0.327 (.786 Fib), and $0.3.

xrpusd-feb26
XRP/USD Daily Chart. Source: TradingView

Against Bitcoin, XRP has been trading sideways this week. It did push higher from 900 SAT on Monday to spike as high as 1200 SAT (Dec 2017 lows). However, the bears quickly pushed XRP back beneath 1000 SAT over the course of the week to reach the current 935 SAT level.

Looking ahead, the first level of strong support lies at 867 SAT (January upper boundary range). This is followed by 800 SAT, 750 SAT, and 670 SAT (Jan lower boundary range).

On the other side, the first resistance lies at 1000 SAT. This is followed by 1200 SAT (Dec 2018 lows), 1300 SAT, and 1400 SAT (100-days EMA).

xrpbtc-feb26
XRP/BTC Daily Chart. Source: TradingView

Polkadot

DOT managed to buck the bearish trend this week as it saw a small 5.8% price hike from where it was seven days ago. The cryptocurrency had turned parabolic over the weekend as it broke above an ascending price channel to set a new ATH price at $42.50.

From there, it rolled over and started heading lower throughout the week. Today, DOT spiked as low as $27.67 (.382 Fib) but quickly rebounded from there is now trading back above $30 at $32.73.

Looking ahead, the first level of resistance lies at $33. This is followed by $35.50 (1.272 Fib Extension), $38 (1.414 Fib Extension), $40, and $41.63 (1.618 Fib Extension). Additional resistance is found at $42.50 (ATH) and $43.60.

On the other side, the first support lies at $30. This is followed by $27.67 (.382 Fib), $25, and $23.60 (.5 Fib). Added support lies at $22.50 and $19.53 (.618 Fib).

dotusd-feb26
DOT/USD Daily Chart. Source: TradingView

Against Bitcoin DOT is also performing well as it stayed at a similar level to where it was trading last week. It had surged as high as 0.00073 BTC (1.414 Fib Extension) on Sunday. From there, it started to move sideways as it found support at 0.000686 BTC over the week.

This support was eventually broken yesterday, which saw DOT falling as low as 00.00062 BTC today. It has since rebounded and is now trading at 0.000682 BTC.

Looking ahead, the first resistance lies at 0.0007 BTC (1.272 Fib Extension – red). This is followed by 0.000726 BTC (1.414 Fib Extension – red), 0.00074 BTC(ATH price), and 0.000762 BTC (1.618 Fib Extension – red). Added resistance is found at 0.0008 BTC and 0.00085 BTC.

On the other side, the first support lies at 0.00065 BTC. This is followed by 0.000616 BTC (.236 Fib), 0.000596 BTC, and 0.000539 BTC (.382 Fib). Additional support is found at 0.0005 BTC and 0.000475 BTC (.5 Fib).

dotbtc-feb26
DOT/BTC Daily Chart. Source: TradingView

Chainlink

LINK saw a heavy 17.5% price drop this week as the coin slips into the $26.28 level. Over the weekend, LINK set a new ATH price at $37.45 but failed to close a daily candle above the resistance at $34.97 (1.414 Fib Extension).

From there, it started to head lower during the week until support was found at $24.25 (.5 Fib). This support was further bolstered by a rising trend line. LINK has rebounded from this support today to climb back above $26.

Looking ahead, the first resistance lies at $28. This is followed by $30, $32.35, and $34.96 (1.414 Fib Extension). Added resistance lies at $37.45 (ATH price), $38.50 (1.618 Fib Extension), and $40.

On the other side, the first strong support lies at $24.25 (.5 Fib). This is followed by $22, $21.15 (.618 Fib), and $20.

linkusd-feb26
LINK/USD Daily Chart. Source: TradingView

Against Bitcoin, LINK has been struggling over the past fortnight. It dropped from 0.00075 BTC and continued to slide over the past two weeks until support was found this week at 0.000526 BTC (April 2020 Highs).

Looking ahead, the first support lies at 0.000526 BTC. This is followed by 0.0005 BTC, 0.000474 BTC (downside 1.272 Fib Extension), 0.000461 BTC (.786 Fib), and 0.00045 BTC.

On the other side, resistance is first expected at 0.00058 BTC. This is followed by 0.0006 BTC, 0.00065 BTC, and 0.0007 BTC.

linkbtc-feb26
LINK/BTC Daily Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-february-26th-bitcoin-ethereum-ripple-polkadot-and-chainlink/

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Bitcoin Falls Below $1 Trillion Market Cap Following Bloody Week: The Crypto Weekly Recap

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This week saw a serious correction in the total cryptocurrency market. This has resulted in Bitcoin falling below the $1 trillion market cap level. The price corrected by more than 20% at one point as it lost around $13,000 from the recent all-time high before correcting to where it currently trades at around $48K.

In all fairness, Bitcoin’s downturn followed that of the entire legacy market. As we reported earlier, NASDAQ saw the biggest slump since October last year as government bond yields gave the market a jolt, and investors favor companies that would benefit from a broader economic recovery throughout the rest of the year.

In any case, the correlation between the traditional financial markets in the face of some of the largest indices, such as the NASDAQ Composite and the S&P 500, is more than evident. Nevertheless, the cryptocurrency market, in general, took a beating over the last week as it saw more than $300 billion wiped off its capitalization.

Not every coin is in the red, though. Cardano’s ADA doesn’t seem to care much about the rest of the market and continues to increase. It managed to overtake Tether’s USDT stablecoin and became the third-largest cryptocurrency by means of market capitalization. Interestingly enough, a large Dubai-based investment fund said that it would sell $750 million in Bitcoin to buy more ADA and Polkadot’s DOT.

To no one’s surprise, MicroStrategy continues to buy Bitcoin at an accelerated rate. The company announced yet another $1 billion BTC buy this week which came after the convertible senior notes offering.

In any case, it might be the case that the recent correction was a healthy one. The truth is that this bull run had almost no serious corrections on the way up, and it’s entirely natural for investors to take profit. In addition to that, the market was overly leveraged, which caused a cascading effect of long liquidations on the way down, adding more fuel to the fire.

Let’s hope that the worst is over, and let’s see what the next week has in store!

Market Data

Market Cap: $1494B | 24H Vol: 233B | BTC Dominance: 59.6%

BTC: $47,820 (-7.8%) | ETH: $1,525 (-21.3%) | XRP: $0.442 (-17.1%)

3 Possible Reasons Why Bitcoin Plunged Over 15% in 24 Hours. Bitcoin dipped by more than 15 in less than 24 hours and took the entire market down with it. With this in mind, we take a look at three of the possible reasons for the most recent downturn in the market, which resulted in the loss of more than $300 billion in its capitalization.

The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion). The laser eye meme on Twitter is spreading like wildfire as some of the most prominent crypto proponents and people outside of the industry change their profile pictures to include the beams. This might have been one of the signals that the market is in a state of euphoria.

Crypto Investment Fund to Sell $750M in Bitcoin for Cardano and Polkadot. A Dubai-based cryptocurrency investment fund that has more than $1 billion of assets under management (AUM) thinks that the value of Polkadot and Cardano will be higher than that of BTC in the years to come. It has announced that it will sell $750 million of its BTC to buy more ADA and DOT.

JP Morgan: Put 1% In Bitcoin as a Hedge as Demand is ‘Massively Outstripping’ Supply. JP Morgan has supported the narrative that investors should allocate 1% of their portfolio in BTC as a hedge. This was asserted by strategists of the multinational investment bank as more and more people seem to add fuel to the merit that bitcoin could protect assets against the inflating fiat currencies.

Someone Just Moved 100 Bitcoins Now Worth $5M That Only Cost $8 in 2010. An early bitcoin adopter who has mined 100 BTC back in 2010, which then had a face value of no more than $8, has moved them for the first time in over 11 years. Currently, the bitcoins are worth around $5 million.

MicroStrategy Completes Another $1 Billion Bitcoin Buy. MicroStrategy, the company, spearheaded by one of Bitcoin’s most vocal proponents, Michael Saylor, has bought another $1 billion worth of the cryptocurrency. This comes shortly after they conducted a convertible senior note offering to raise the money.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-falls-below-1-trillion-market-cap-following-bloody-week-the-crypto-weekly-recap/

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XRP Price Analysis: 27 February

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

After trading around the $0.25-valuation for a significant amount of time in 2020, XRP’s value surged. However, the alt’s aforementioned surge was quickly brought to a halt thanks to Ripple and XRP’s recent SEC troubles and the overall trend reversal in the general crypto-market. The same was evident after XRP fell on the price charts to correspond with BTC’s own depreciation below the $50k-level.

At the time of writing, XRP was being traded at $0.439 with a market cap of over $19 billion. Over the last 7 days, the altcoin registered a dip of close to 24 percent, diminishing the impact of the marginal gains it secured over the last 24 hours.

XRP 1-day chart 

Source: XRP/USD, TradingView

XRP’s price has been on a downtrend right from the start of the week. After multiple attempts at breaching the resistance level at $0.581, the coin fell, with the altcoin trending lower and very close to testing the support at $0.40. Given the strong bearish sentiment in the market, XRP may soon need to bounce off the press time support and head closer to its resistance if a trend reversal takes place.

However, if the coin loses the support at the $0.40-level, XRP’s price is likely to plummet and head towards the support level at $0.261 – a range last visited in January 2021. For now, traders with short positions can stand to take profit if the first support level fails over the next few days.

Rationale 

XRP’s technical indicators painted a rather bearish picture for XRP. The MACD indicator underwent a bearish crossover on 19 February and showed no sign of a reversal. At press time, the Signal line and the MACD line were far apart, negating the possibility of an upcoming bullish crossover. The RSI indicator concurred and found itself very close to the oversold zone, highlighting the strong presence of sellers dictating XRP’s market.

Important levels to watch out for 

Resistance: $0.58

Support: $0.40, $0.26

Entry: $0.42

Take Profit: $0.26

Stop Loss: $0.56

Risk/Reward: 1.11

Conclusion 

XRP’s price woes may not yet be over. The altcoin, at the time of writing, was testing its immediate support and if the support is breached in the coming 24-48 hours, then XRP’s price may soon find itself in unsavoury territory while resisting a valuation last seen in January 2021 around its second support at $0.26.


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Source: https://ambcrypto.com/xrp-price-analysis-27-february

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