Blockchain
Bitcoin dips 10% to hit new multi-month low around $10,000
BTC/USD price fell to $9,990 on some exchanges, with tech stocks posting similar slumps…
The post Bitcoin dips 10% to hit new multi-month low around $10,000 appeared first on Coin Journal.

BTC/USD price fell to $9,990 on some exchanges, with tech stocks posting similar slumps Thursday.
This is turning into one miserable week for Bitcoin and pretty much every other cryptocurrency as prices plunge to new multi-month lows.
After bears pushed BTC/USD to lows of $11,000 on Wednesday, an attempt by bulls to rebound failed big time at the $11,400 resistance level.
A massive sell-off in the crypto and stock markets sent assets tumbling, with top tier asset pair BTC/USD registering a minus $1, 200 on the daily charts. The rout came to a stop around $10,000, with the price dipping to lows of $9,990 on some exchanges.
With that, Bitcoin dipped below $10,200 for the first time in nearly two months, a scenario that sees traders now looking at a potential pullback to lows of $9,700.
BTC/USD CME futures ‘gap’
This week’s violent market action comes after BTC/USD retested resistance at the $12k mark via a local top around $12,050. The last time the cryptocurrency traded higher was on August 17 when bulls rallied to a 2020 high of $12,485.
Notably, though, the gains that followed BTC/USD’s bullish rally above $10k in late July-mid-August left a ‘CME gap’ that has yet to be filled. A gap appears when Bitcoin trades higher after the CME closes, and has in most cases seen prices retrace to that very level over the next week.
The last major gap did not fill as BTC/USD raced to $12,500 highs, which is why some market participants anticipate the latest rejection could see the coin’s value hit lows of $9,700.
If the gap fills, BTC/USD will rely on an aggressive comeback above $10,000 to maintain the bull cycle and aim for a crack at $12,000 which is its most recent bogey level.
BTC/USD short term technical picture

A look at the intraday 4-hour chart shows that the Bitcoin has crossed below the 50 EMA, the 50 SMA, 100 SMA, and 200 SMA. These moving averages are all active immediate resistance levels. The RSI is also deeply embedded in the bearish territory in this timeframe, with little to suggest bulls have any surprise move pending.
On the daily chart, BTC/USD is just above the 100 SMA, with the RSI and MACD suggesting a bearish flip. The longer-term 200-day simple moving average provides major support at $9,080.

Stocks also fell
Other than the CME gap factor, the crypto market sell-off mirrored a similar drop in the conventional stock market. While the correlation between Bitcoin’s price and the stock market had shrunk since Black Thursday, the latest sell-off happens to rekindle that.
Major tech stocks Apple, Tesla, and Microsoft fell 8%, 9%, and 7% respectively to see the Nasdaq 100 record its biggest single-day in five months.
As of writing, BTC/USD is changing hands around $10,290, about 9.6% lower in the past 24 hours.
Source: https://coinjournal.net/news/bitcoin-dips-10-to-hit-new-multi-month-low-around-10000/
Blockchain
The Hard Sell

The prices are low and the panic is high. Is this the time to sell?
If you’ve been around crypto for longer than a couple of months, you’re probably familiar with the feelings that come with your average market-wide correction.
Euphoria fizzling away as that first red candle starts dropping down, down, down. Confidence in a quick recovery giving way to sweaty-palmed anxiety as the correction passes the 10, 20, 30% mark. Is this the big one? We all know what happened on March 13th last year. Finger hovering over the “Sell” button, knowing that if you just pressed it this horrible feeling would go away.
And even worse are the recriminations. How could I have been so blind? How did I let this happen? Why didn’t I sell when the going was good? Will I ever feel joy again?

Unrealised profit and loss
Look, I’m not going to say I told you so, but if there has ever been a market in need of a correction it was the crypto market of the last two months. It wasn’t a question of if your alt was going to do a 50 or 100% day; it was a question of when. Meanwhile, Bitcoin basically tripled its 2017 all-time high over the course of eight weeks, making it (briefly) a trillion dollar asset.
It’s not that bitcoin doesn’t deserve to be in that August club, but more to point out that markets will always revert to the mean, no matter how compelling the background narrative might be. And in the same way that you don’t expect to see an elephant jump over a small apartment block, an asset of bitcoin’s size shouldn’t be tripling in size like it ain’t no thing. Especially not when it’s taken three long, hard years to get back to its previous peak.
Timing is everything
Here’s the thing though: in every other market that humanity has ever created, taking three years to make a new all-time high actually is perfectly reasonable, bordering on suspiciously fast. Investments aren’t supposed to be measured in days or weeks. They’re supposed to take years, if not decades to play out. But the speed, 24/7 relentlessness and hyper-visibility of the crypto markets means it’s very easy to lose sight of the bigger picture. People who bought in at the absolute peak of the last bubble are still up 250% – presuming that they had the patience to hold on for a measly three years.
Nonetheless, selling can produce a real and concrete advantage. Get out near the top and you might be able to buy back in close to the bottom, thereby compounding your gains. (Despite what the people of TikTok Investors would have you believe, this is far harder than it appears.)
More simply though, money is money and when assets are appreciating like crypto assets have recently that can mean getting ahead of your mortgage, or buying a car, or paying for a holiday for your family, or being able to cover rent for the next month. If what you’ve made could make a difference in your life, then it makes complete and total sense to sell some – even if you think the crypto market is going to keep on going up. As the old adage goes, no-one ever went poor from taking profits.
Respect the sell-out
That’s not an invitation or a suggestion to sell it all right now – a good rule of thumb is sell when it feels hard (i.e. on the way up) not when it’s easy (on the way down) – but more to start thinking about what your endgame is. What do you hope to gain from this bull run? How much is enough? And will you be strong enough to start getting out when you reach your target? (Also, on a more prosaic note, what would taking profits mean for your tax?)
These are questions without easy answers, but start planning now and you’re less likely to be swept up in the mania and delirium that marks the real, bloody and unmistakable end of the bull market. And until then? DIAMOND HANDS ENGAGE.
Blockchain
Kraken Daily Market Report for March 02 2021

Overview
- Total spot trading volume at $1.68 billion, down from the 30-day average of $2.09 billion.
- Total futures notional at $584.1 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
- Strong returns from Curve Dao (+12%), Flow (+5.1%), and Melon (+6.4%).
March 02, 2021 $1.84B traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD |
||||
---|---|---|---|---|
XBT $47305. ↓4.6% $623.9M |
ETH $1472.1 ↓6.3% $297.8M |
USDT $1.0002 ↓0.04% $226.1M |
ADA $1.1855 ↓8.6% $168.3M |
DOT $34.578 ↓3.3% $92.7M |
LINK $27.706 ↓0.13% $39.1M |
LTC $171.43 ↓2.6% $32.2M |
USDC $1.0001 ↑0.02% $29.3M |
XRP $0.4248 ↓4.7% $25.3M |
FLOW $29.937 ↑5.1% $23.5M |
BCH $510.82 ↑1.8% $16.7M |
XLM $0.4002 ↓7.0% $14.2M |
ATOM $18.076 ↓3.2% $11.1M |
XDG $0.0494 ↓2.2% $10.4M |
ALGO $1.0438 ↓4.2% $9.52M |
UNI $24.705 ↓4.2% $9.48M |
GRT $1.7315 ↓10% $8.56M |
AAVE $380.08 ↓1.4% $8.27M |
KSM $220.21 ↓3.6% $6.96M |
XTZ $3.5045 ↓3.7% $5.26M |
XMR $213.01 ↓7.9% $5.15M |
CRV $2.2335 ↑12% $4.49M |
COMP $491.44 ↓0.6% $4.4M |
SNX $21.110 ↑2.0% $4.39M |
DAI $1.0002 ↓0.1% $4.27M |
DASH $211.44 ↓5.7% $4.06M |
FIL $37.555 ↓2.7% $3.94M |
EOS $3.5797 ↓3.5% $3.43M |
KAVA $3.8026 ↑2.2% $3.35M |
BAT $0.5661 ↓3.4% $2.89M |
TRX $0.0455 ↓4.9% $2.81M |
ZEC $117.22 ↓5.8% $2.81M |
YFI $32530. ↓6.6% $2.73M |
ICX $1.5690 ↓6.2% $2.6M |
OMG $4.4644 ↓3.3% $2.21M |
SC $0.0098 ↓3.3% $1.84M |
OXT $0.4676 ↓4.9% $1.84M |
NANO $5.0287 ↓5.4% $1.71M |
LSK $3.0426 ↓3.9% $1.7M |
QTUM $4.9728 ↓5.7% $1.6M |
MANA $0.2564 ↓1.5% $1.36M |
ANT $4.2684 ↓2.1% $1.28M |
ETC $10.633 ↓4.6% $1.21M |
WAVES $9.1388 ↓4.2% $1.1M |
PAXG $1743.6 ↑0.8% $994K |
REPV2 $28.646 ↓3.7% $752K |
KNC $1.6191 ↓4.0% $599K |
MLN $38.687 ↑6.4% $408K |
GNO $125.99 ↓2.9% $384K |
REP $30.292 ↓2.0% $374K |
KEEP $0.3289 ↓2.6% $369K |
BAL $36.054 ↓5.7% $311K |
STORJ $0.6081 ↓9.3% $268K |
TBTC $49624. ↓4.5% $25.9K |
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 02 2021)
Figure 2: Mid-size trading assets: (measured in USD) (March 02 2021)
Figure 3: Smallest trading assets: (measured in USD) (March 02 2021)
#####################. Spread %. ##########################################
Spread %
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (March 02 2021)
.
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (March 02 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 02 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 02 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Source: https://blog.kraken.com/post/8108/kraken-daily-market-report-for-march-02-2021/
Blockchain
Vitalik proposes solution to link certain layer-two scaling projects


In an ongoing effort to battle escalating transaction fees while creating a unified ecosystem, Ethereum co-founder Vitalik Buterin has proposed a solution for a particular type of cross-rollup scaling.
The proposal outlines how two protocols using rollups can communicate with each other while maintaining interconnectivity and composability.
Rollups are layer-two solutions that are essentially smart contract networks that process and store transaction data off the main chain. However, there are a number of different rollup types, with each using unique smart contracts such as optimistic and zero-knowledge.
While a number of DeFi projects have deployed layer-two rollups, such as Loopring and Synthetix, the particulars of the various rollups mean projects are unable to communicate to one another directly on layer-two.
Buterin’s proposal assumes that one rollup can process simple transactions whereas the other has full smart contract support. There are already proposals for transfers between two smart contract enabled protocols using rollups.
To explain how the proposal works, Buterin provides the example of a hypothetical exchange intermediary he called ‘Ivan’ — where Ivan has an account ‘IVAN_A’ on rollup A that he fully controls, and also has some funds deposited in a smart contract ‘IVAN_B’ on rollup B.
The smart contract would be programmed to accept “memos” that include additional data from anyone sending to it in order to secure any future transactions. The transactions create a connecting layer that keeps deposits in all these isolated contracts, allowing rollup A to send to rollup B via this layer.
Buterin suggested that the behavior would work as follows;
“Alice sends a transaction to IVAN_A with N coins and a memo ALICE_B. Ivan sends a transaction sending TRADE_VALUE * (1 – fee) coins through IVAN_B to ALICE_B”
He added that the worst-case behavior would be if Ivan does not send coins to ALICE_B as he is expected to.
Addressing the “worst-case” scenario that could arise as a result of using the proposed situation, Buterin emphasized that Alice would still be able to wait until the transaction on rollup A confirms, find some alternate route to getting coins on rollup B to pay fees, and then simply claim the funds herself.
Responding to the proposal, Alon Muroch pointed out that it worked in a similar way to how banks clear transactions:
“That’s very interesting, similar to how banks clear transactions between themselves. Batching assets into separate “accounts” could have limitations, a solution could be just big pools on either ends and fees split pro-rata.”
-
Blockchain1 week ago
Ankr adds Eth2 futures (fETH) to its staking system
-
Blockchain5 days ago
Gemini collaborates with The Giving Block and others, adds donations option
-
Blockchain1 week ago
Ripple now registered as a Wyoming business
-
Blockchain1 week ago
Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold
-
Blockchain1 week ago
Former BoE, BoC Governor Mark Carney joins Stripe board of directors
-
Blockchain5 days ago
NextGen Blockchain Platforms Self-Organize to Win Government Contracts
-
Blockchain1 day ago
Why Mark Cuban is looking forward to Ethereum’s use cases
-
Blockchain7 days ago
Optimized Ethereum Mining Settings for Nvidia RTX 3060 Ti, RTX 3070, RTX 3080 and RTX 3090 GPUs