Bitcoin Steadies Near $54K After Biggest Drop in a Month
Bitcoin stabilized near $54,000 early Tuesday after posting its worst daily loss in almost a month.
- Bitcoin (BTC) was trading around $54,680 as of 12:50 UTC (8:50 p.m. ET), after falling late Monday to around $53,715, the lowest since March 16.
- The largest cryptocurrency fell 5.8% over the previous 24 hours, for its largest daily decline since Feb. 23, according to Bitstamp exchange data. Bitcoin’s 24-hour range: $53,795.15-$58,407.62 (CoinDesk 20).
- BTC’s 4-hour chart shows seller volume has been building alongside a falling price, a bearish signal for market technicians.
The drop below $55,000 comes as cryptocurrency fund inflows have been on the decline, down by roughly 58% to $99 million last week.
Trading volume was also strong from sellers on Monday, with the largest 4-hour print by the bears in over a week.
Ki Young Ju, CEO of the South Korea analysis firm CryptoQuant, says blockchain data show there’s “not enough buying power from stablecoins and U.S. dollar spot inflows” to drive prices vastly higher.
It could take some time before bitcoin enjoys another leg up, Ju said: “What’s clear is that we won’t see a huge surge like 20%.”
Recommended News
-
Bitcoin Traders Brace for Record $6B in Options to Expire Friday
They call it “max pain” in the bitcoin options market: How to make one’s trading counterparty suffer the most. Although the largest cryptocurrency was changing hands Wednesday around $56,500, traders were handicapping the odds of a plunge to about $44,000 by Friday, when a record $6 billion of options contracts is set to expire. A drop to that price level would inflict “max pain” on buyers of options contracts, and it might be the most profitable price point for options sellers. It’s a remote risk, but not one to be discounted. The…
-
In 50,000 metaverse games, this one has the greast possibility to be the KING!
BTC was born to be the “leader” of the blockchain, but the “leader” of GAMFI has not yet been determined. With the advent of metaverse, ordinary GAMFI games are suffering an eclipse. There is no doubt that if there is a project that leads the metaverse field, it will be the king to control this arena! Science fiction movies such as “Ready Player One”, “Free Guy”, and “The Matrix” introduce us the concept metaverse, which has been predicted by many giant technology companies to be the next BIG THING. The term Metaverse comes from Neil…
-
An AMA about KList
Moderator：Today, we are honored to have KList Sponsor Adam Durst at the KList TG group, and give us a detailed introduction to KList’s strengths and future development plans. Now let’s welcome Adam. Adam：Thanks to the moderator and thanks to our KList friends. We can start now. Moderator：Please tell us briefly what KList is used for? Adam：Klist is a cross-chain super IDO protocol built for decentralization. KList will first be deployed on the OKexChain, and then we will deploy a cross-chain IDO platform that supports multiple chains on Ethereum…
-
Cryptocurrency Fund Flows Now at Lowest Since October 2020
Flows into digital asset investment products declined by roughly $79 million to $21 million during the seven-day period through March 26, the lowest since October, according to a new report by CoinShares, a digital asset investment firm. Slowing investor appetite for cryptocurrency funds reflects sideways price action in bitcoin (BTC). The cryptocurrency has traded between $50,000 and $60,000 over the past week. “Investor appetite for digital assets has waned in recent weeks as volatility remains high and the price trades sideways,” CoinShares wrote in the report. “We have recently witnessed a significant reduction…
-
BTDA has drawn a new generation of storage blueprints
With the rapid development of mobile Internet, 5G, Internet of Things, artificial intelligence and other technologies, data has exploded, and countless data are continuously generated, collected and processed everywhere. Accordingly, the markets of cloud storage, cloud computing and distributed edge computing are growing rapidly. Market reports from IDC, GrandView, Garnter and other institutions have clearly described this trend. On April 20, 2020, the National Development and Reform Commission held a press conference. The new infrastructure mainly includes three aspects, namely, information infrastructure, converged infrastructure and innovative infrastructure. Among them, data…
-
Bitcoin Price Falls $8K to 3-Week Low, Altcoins Crash
Bitcoin nosedived to three-week lows early Sunday, puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) in the wake of Coinbase’s recent debut on Nasdaq. The biggest cryptocurrency by market value dropped from roughly $60,000 to $52,148 in 15 minutes during the Asian session, liquidating almost $4 billion worth of positions in the derivatives market, according to Messari’s Ryan Watkins. While the exact reason for the sudden crash is unknown, the market mood may have soured due to rumors that the U.S. Treasury is planning to charge several financial institutions for money laundering using…
-
Visa Settles USDC Transaction on Ethereum, Plans Rollout to Partners
Visa has processed a cryptocurrency payment directly on the Ethereum blockchain as part of a new service the payment giant plans to introduce to its partners later this year. The move, the latest sign of increased adoption of digital currencies by the old-guard financial industry, bumped the price of bitcoin (BTC, +3.22%) and ether (ETH, +5.93%) roughly 5% each. Per a press release shared with CoinDesk, Crypto.com sent a USDC (+0.03%) stablecoin transaction on Ethereum to an account at Anchorage custody under Visa’s name. Crypto.com issues “crypto-backed” Visa cards that allow its users to spend the coins in their…
-
In order to build the Mobius ring planet, Baidu Xirang will soon issue XR, the token of Xirang.
The direction of Baidu Xirang’s efforts is to become a metaverse engine, providing AI and cloud computing capabilities for Xirang and other metaverse products, and the token XR (1 billion pieces) will be issued soon. Metaverse’s real-time high-brush immersive experience screen effects and multi-person interactions in the same space require massive computing power, algorithm support, and a lot of R&D investment. Therefore, technical strength will become a key part of future Metaverse competition. Baidu has maintained high-intensity R&D investment for a long time. XR will become the only token in…
-
Crypto Long & Short: Is ETH Coming to Corporate Balance Sheets?
MicroStrategy, Tesla and Square have done it. So have many others, although more quietly. I’m talking about holding corporate treasury reserves in bitcoin (BTC, +1.92%). This trend is attracting attention even from trade press. Consultancies and crypto companies are scrambling to launch services to help businesses navigate the process. “Mad Money” host Jim Cramer thinks it’s “almost irresponsible” for companies to not do so. This week, sponsored content from Deloitteexplaining the benefits and risks appeared in the Wall Street Journal. You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored…
-
Recapping the First Few Weeks of CME Ether Futures
On February 8, CME Group officially launched Ether futures. ETH futures went live just a little more than three years after CME Group began offering Bitcoin futures. In this interview, CME Group Global Head of Equity Index and Alternative Investment Products Tim McCourt discusses the origins of ETH futures, what convinced them that the time was right for the product to go live, how institutional investors’ attitudes towards Ethereum (and crypto as a whole) have changed, and how the response from the market has been. When did you start thinking…
