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Bitcoin Faced First Major Correction In Current Bull Run: The Crypto Weekly Market Update

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This week was very intensive in the cryptocurrency market. It’s perhaps safe to say that it was among the most tumultuous ones we’ve had in the last few months.

Everything started calmly, and during the weekend, the price hit an all-time high value of $42,000. The excitement was short-lived, as immediately after that, bitcoin went in the opposite direction and started to decline. It wasn’t until Monday, however, when things took a turn for the worst.

Bitcoin’s price lost around $12,000 in what seems to be the first major correction in the ongoing bull run. The decline of around 27% came in a few brutal four-hour red candles and led to the liquidations of $2.87 billion worth of both long and short positions, indicating once again how over-leveraged the market is.

From there, the price took uphill and even reached $40,000 again on Thursday. Bears, however, weren’t done as what followed was another handful of red candles that brought the price to its current trading level of about $35,000.

With this said, the entire cryptocurrency market took a hit as the capitalization has dropped below $1 trillion. Meanwhile, Bitcoin’s dominance is also suffering, as it’s down to 67.7% during this week from its high of around 70.3%. This shows that despite the blood on the streets, altcoins have managed to take the upper hand and claim a larger portion of the market.

Meanwhile, two other projects made headlines over the past few days, mainly thanks to their incredible price performance. Despite this brutal correction, Polkadot’s DOT token is up 40% over the last seven days, while LINK is up 22%. The latter even charted a new all-time high today.

In any case, the week was particularly exciting, and even though this time it was the bears who had the upper hand, it’s very interesting to see how the next few days will shape up. Is this the beginning of a larger correction, or is it just a step back in preparation for an even bigger rally? We have yet to see.

Market Data

Market Cap: $964B | 24H Vol: 144B | BTC Dominance: 67.7%

BTC: $35,442 (-14.6%) | ETH: $1,141 (-7.5%) | XRP: $0.276 (-12.9%)

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know. Today is an important date for the entire cryptocurrency industry as it marks a serious deadline on the iFinex v. NYAG case. Here is everything you need to know about it and what to expect.

FinCEN Extends Comment Window on Proposed Crypto Regulations. After receiving thousands of responses and serious criticism from industry participants, the Financial Crimes Enforcement Network (FinCEN) has decided to extend the comment window on the proposed cryptocurrency regulations.

Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public. Cameron and Tyler Winklevoss are reportedly exploring the option of taking their cryptocurrency exchange, Gemini, public. This means that they could follow in the footsteps of other cryptocurrency-related companies with similar intentions – namely, Coinbase and Bakkt.

Greenlight: Anchorage Secures Crypto Banking Charter from the OCC. The United States Office of the Comptroller of the Currency (OCC) has granted a cryptocurrency custodial service company a national trust charter. This puts the firm in the position to claim the mantle of a US-based national crypto bank.

4 Possible Reasons for Bitcoin’s $12K Correction After Reaching $42,000 All-Time High. Bitcoin went through its first major correction this week, sliding by more than 27% in just a few four-hour red candles. Here are some of the potential reasons for which this happened.

Crypto Market Cap Reclaims $1 Trillion as Bitcoin Sets Sights on $40K. The cryptocurrency market sees no boring days. Just a couple of days back, it was on its way back up, recovering from a major correction, and even claimed $1 trillion in market cap again. Unfortunately, today things took a turn for the worst again.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Cardano – 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-faced-first-major-correction-in-current-bull-run-the-crypto-weekly-market-update/

Blockchain

India’s Crypto Ban Uncertain as Finance Minister Touts a Window for Experiments

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India’s Finance Minister told CNBC that the country’s reserve bank is not shutting out cryptocurrencies entirely. She said that while the Reserve Bank of India will decide which unofficial cryptocurrencies will be used and regulated, there will be “a window for experiments” in the industry.

New Lease Of Life For Bitcoin In India

India’s minister of finance, Nirmala Sitharaman, spoke briefly on the country’s standpoint on digital assets in a CNBC virtual townhall. She said that several negotiations are being held with the Reserve Bank of India regarding an impending ban.

A lower parliament in India raised a bill to ban all private cryptocurrencies in January. It said that the move was to facilitate the development of the country’s CBDC, which the RBI will issue and regulate. This did not go down well with cryptocurrency enthusiasts and industry stakeholders in the country. In response, they started an online campaign tagged #IndiaWantsBitcoin to get the RBI to reconsider its stance.

Sitharaman’s remarks suggest that the campaign was quite impactful. She said:

“A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world. There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don’t want it.”

Sitting On The Fence

India is renowned for its controversial stance on bitcoin after several “back and forth” regulations. The government had initially banned cryptocurrencies in 2018 after warning investors. The halt was later overturned by the Supreme court. The apex court described the ban as “unconstitutional.”

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India’s lower parliament received backlash from the global crypto community for what seemed like a ridiculous exception to its proposed cryptocurrency ban. It said it will “allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Regulatory bodies in the country had severally pushed the motion to advance blockchain technology adoption while banning cryptocurrencies.

Its non-committal approach has raised question marks regarding the country’s future in the digital asset space.

Digital Rupee Still In The Picture

Although Sitharaman did not discuss the progress of the digital rupee, the second most populous nation may take a cue from its neighbors, China.

China has continued trials of its digital yuan and has distributed millions of dollars in the digital currency to its citizens.

India’s Reserve bank governor, Shaktikanta Das, said last month that although there is no set date for the launch, the digital rupee was “receiving full attention.”

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Source: https://cryptopotato.com/indias-crypto-ban-uncertain-as-finance-minister-touts-a-window-for-experiments/

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Cardano Price Analysis: 07 March

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The cryptocurrency market has been constantly forming crusts and troughs as it strives towards stability. Cardano’s market witnessed a similar trend wherein the price surged towards the end of February but has been correcting since.

At the time of writing, Cardano was trading at $1.13 with a market capitalization of $35.68 billion.

Cardano six-hour chart

Source: ADAUSD on TradingView

The above chart noted that the current market movement had formed a descending triangle and the price was sloping lower. The price has been supported at $1.06 as the trend becomes bearish.

This downwards trending price has been indicating a further drop making its way into the ADA market.

Reasoning

After witnessing increased volatility in the recent past, the ADA market is now seeing the volatility reduce. However, it has not yet shrunk to a level where a price swing was not possible. Since the descending triangle was a bearish trend, a price drop could make the market more volatile.

The signal line and the 50 moving average were also moving above the price candles and were acting as a point of resistance. Meanwhile, market momentum has turned negative due to the rising selling pressure in the market.

Despite the shift in momentum, the Relative Strength Index has remained close to the equilibrium zone. This could be a sign for the consolidation of the price at the current level but as bearishness increases, the consolidation phase may lead to the price breaking down.

Crucial levels

Entry-level: $1.07
Stop-level: $1.17
Take profit: $0.91
Risk to Reward: 1.53

Conclusion

The current ADA market has been seeing the price drop to its $1.06 support. As the price tests the support, the indicators have been highlighting an incoming fall. This fall could push the digital asset under the support and could bring the value under $1.


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Source: https://ambcrypto.com/cardano-price-analysis-07-march

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HODLing early leads to relationship troubles? Redditors share their stories

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Crypto investments have reportedly been a source of strife in relationships, sometimes leading to breakups and even divorce. 

According to a Reddit post from February 2015, a then 28-year-old woman using a throwaway account claimed that she was incredibly upset at her husband, who had not stopped purchasing Bitcoin (BTC) since 2013 without consulting her. She estimated that he had bought more than $22,000 in the crypto asset in the two years prior to the post, when the price reached a high of more than $1,000 but also dipped under $200.

“I kept telling him to sell as the price was rising and he promised me a big year in 2014,” she said. “The price kept falling and he continued to buy more. He makes more money than I do but we are building a future together and we have a shared bank account. He kept telling me this was for our kids’ college fund, to buy a house, etc.”

In the early days of Bitcoin and crypto when digital currencies were often used as a running joke for late night talk shows and comedians, many considered investing in the technology financially immature at the very least. Some people still do, even with the BTC price at more than $50,000 again.

The Redditor referred to her husband as “brainwashed,” saying he was “robbing [her] of happiness” and ruining her job by bringing up Bitcoin at her marketing events.

“After a recent price crash, he actually bought more using our vacation fund that I have been saving away for and planning. All gone, in Bitcoin never to be seen again.”

It’s unclear whether the couple stayed together following the response from the post, or if the husband sold some or all of the Bitcoin to ameliorate his wife’s financial concerns. The user compared her spouse to a drug addict and considered “staying in a hotel for a few weeks” to think about whether divorce was an option.

However, with the benefit of hindsight, the husband’s early investment could have easily paid off in the millions of dollars. Even assuming he purchased BTC after the price surge to $1,000 in November 2013, the 22 coins would now be worth more than $1 million.

Because the story was posted on the r/relationships subreddit rather than a pro-crypto group like r/Bitcoin or r/cryptocurrency, many of the Redditors encouraged the user to separate her finances and consider divorce proceedings. Few crypto enthusiasts jumped on the thread to comment, but one predicted that the BTC would one day be “worth fortunes” and recommended the husband continue to HODL.

Another story from a Redditor following the 2017 bull run — which brought in many newbies to the crypto space — claimed that his girlfriend was considering breaking up with him following “a huge investment in cryptocurrencies.” However, digital currencies seem to have played less of a role in his story, as the user said he crashed a car while driving drunk and was pressuring his significant other to leave her job.

Though many crypto traders know the price of Bitcoin and other digital currencies will likely continue to be volatile, the adoption and investment from major companies have helped push the technology closer to the mainstream, and made it seemingly more responsible for investors to get in on the action earlier rather than later. Already Shark Tank star Kevin O’Leary has claimed to have increased his stake in Bitcoin while asset management firm Third Point CEO Dan Loeb recently said he had been doing a “deep dive into crypto.”

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Source: https://cointelegraph.com/news/hodling-early-leads-to-relationship-troubles-redditors-share-their-stories

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