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Bitcoin price hits $50K after bullish outlook from Citigroup and Goldman Sachs

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On March 1 cryptocurrency investors woke up to the sight of Bitcoin (BTC) rising from it weekend correction to $44,000 as the market found its bullish momentum and altcoins rebounded from their swing lows.

Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin increased 16.6% from its low of $43,504 on Feb. 28 to the $50,000 level which bulls are attempting to flip back to support.

BTC/USDT 4-hour chart. Source: TradingView

Earlier in the day, MicroStrategy CEO Michael Saylor tweeted that the firm had purchased another $15 million worth of Bitcoin, bringing its total holdings to 90,859 BTC and further demonstrating that institutional demand for the top cryptocurrency continues to grow as firms buy each dip’

Analysis of key BTC price indicators also shows that bulls were eager to buy the $43,000 retest which occurred over the weekend.

Not every analyst is bullish

Bitcoin’s surge above $49,000 has some calling for new all-time highs in the near future, but according to veteran analyst Peter Brandt, nothing is certain when it comes to the cryptocurrency market.

Today Goldman Sachs announced that it would restart its crypto trading desk and Brandt was quick to tweet the following chart and point out that its launch didn’t work out so well for the cryptocurrency market in December 2017. 

BTC/USD 1-week chart. Source: Twitter

According to David Lifchitz, Chief Investment Officer of ExoAlpha, it’s still “too early to tell” if the pullback in Bitcoin is over but $44,500 appears to have provided strong support.

In terms of whether the top cryptocurrency could breakout to new highs in March, Lifchitz said he’s uncertain on exactly what might happen as March is historically a bearish trading month for BTC.

According to Lifchitz, tax season in the U.S. could put bearish pressures on the market as investors may need to “sell some of their holdings to pay for earlier realized capital gains.”

From a bullish perspective, the 20% correction during the second half of February may have signaled an “early start” to the usual March weakness, with the worst of the downturn already transpiring.

Lifchitz said:

“Despite the 20% pullback, we’re still in an upward sloping trend since the October $10K breakout. The big unknown is what the miners will do as they are net sellers. They are the real short-term risk.”

Analysis of Glassnode’s Net Unrealized Profit and Loss (NUPL) metric shows that while both 20% corrections experienced during this cycle have created the “signature sideways and choppy” price action typically seen during bull markets, buyers have been stepping in sooner than they had in previous bull cycles and fewer long-term holders are willing to sell their BTC. 

Bitcoin Entity-adjusted NUPL. Source: glassnode

Steadying yields help to stabilize traditional markets

The traditional financial markets also rallied on Monday as Treasury yields stabilized and optimism related to the COVID-19 vaccine rollout boosted investor sentiment about the future of the global economy.

The S&P 500, Dow and NASDAQ all closed the day in the black, finishing up 2.38%, 1.95% and 3.01% respectively. The strong performance from each index occurred as global central banks world continue to reaffirm commitments to accommodative policies that will support the global economic recovery.

Altcoins also recovered their recent losses as Bitcoin price broke out to $50,000.

Daily cryptocurrency market performance. Source: Coin360

Binance Coin (BNB) was the best performer in the top 10, increasing 21% to $248, while Ethereum (ETH) saw its price rise 9.46% to $1,525. PancakeSwap (CAKE) and Fantom (FTM) both rallied price 36% and currently trade for $12.30 and $0.558 respectively.

The overall cryptocurrency market cap now stands at $1.52 trillion and Bitcoin’s dominance rate is 61%.

Source: https://cointelegraph.com/news/bitcoin-price-hits-50k-after-bullish-outlook-from-citigroup-and-goldman-sachs

Blockchain

MicroStrategy Directors Now Receive Board Fees in Bitcoin

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MicroStrategy, a publicly-listed company spearheaded by Michael Saylor, who’s arguably one of Bitcoin’s biggest proponents, will now pay the board fees to its non-employee directors in bitcoin.

  • According to a new filing with the United States Securities and Exchange Commission (SEC), MicroStrategy has modified the compensation arrangements for non-employee directors.
  • Per the document, they will “receive all fees for their service on the Company’s Board in bitcoin instead of cash.”
  • Going even further, the filing reads that “in approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”
  • As to the technicalities of the payments, the amount of the compensation payable to each non-employee director will remain unchanged and nominally denominated in USD. However, at the time of payment, the fees will be converted from USD into bitcoin using a payment processor and deposited to the wallets of the applicable non-employee directors.
  • With this move, the company cements its already bullish stance on Bitcoin and highlights its strong belief in the primary cryptocurrency and the technology that underpins it.
  • The company is also getting closer to owning almost 100,000 bitcoins.
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Source: https://cryptopotato.com/microstrategy-directors-now-receive-board-fees-in-bitcoin/

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ConsenSys-Backed Virtue Poker Closes $5 Million Strategic Investment Round

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Virtue Poker, a project backed by the blockchain mogul ConsenSys, has completed a strategic investment round of $5 million.

Strategic Investment Ahead of Mainnet Launch

The news comes ahead of the mainnet launch, which is scheduled to happen in May 2021.

Virtue Poker is the only blockchain-based company that’s received an official license from the Malta Gaming Authority, Virtue Poker has closed a $5 million strategic investment round led by notable investors ConsenSys, DFG Group, Pantera Capital, and Jez San from FunFair.

In a press release shared with CryptoPotato, the project’s CEO, Ryan Gittleson, said:

“After years of consultation, in-person meetings, and effort, Virtue Poker can proudly say we are the only licensed blockchain-based poker application in the market.”

The project tackles some of the pressing issues that are currently riddling major poker platforms by leveraging the capabilities of distributed ledger technology.


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“Blockchain technology provides modern and secure payment infrastructure that provides global accessibility to consumers, unlike our competitors.

By working with regulators to become a licensed online gambling company, Virtue Poker now has the legitimacy to crossover and compete for customers from legacy providers to bring blockchain-based wagering mainstream.”

The Virtue Poker team, as well as the Malta Gaming Authority (MGA), worked together for more than two years in establishing a regulatory framework that’s suitable for blockchain-based gambling applications. The company is now allowed to operate legally and compete in most global markets to deliver the promise of fair pair playing, as well as transparency to mainstream adoption.

What’s Next?

Next in the pipeline for Virtue Poker is the release of the mainnet, which is scheduled for May 2021. Phil Ivey, the legendary player and member of the Poker Hall of Fame, who’s also a stakeholder in Virtue Poker, said:

“I’ve been working with the Virtue Poker Team for over 3 years,” says Ivey. “Their innovative blockchain platform can be a major part of poker’s future.”

The project is among the first ones to be incubated by ConsenSys – it was founded not much after the debut of Ethereum.

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Source: https://cryptopotato.com/consensys-backed-virtue-poker-closes-5-million-strategic-investment-round/

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Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

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Funding rates for many major altcoins were quite high, prompting that a shakeout to reset funding could occur sometime soon. On the spot trading side, Litecoin and Dogecoin saw heavy demand in the past few days as they flipped crucial levels of resistance to support. Chiliz continued to slide down the charts.

Litecoin [LTC]

Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

Source: LTC/USD on TradingView

On the hourly chart, LTC formed a rising wedge pattern (white) and dipped from $228 to $217 before resuming its move upwards. The $220 area of demand lived up to its name, and the $230 and $244 levels have been flipped to support.

LTC was trading at $256 at the time of writing. The $270 and $287 are levels of overhead resistance.

While the Awesome Oscillator was forced to retreat to the zero lines, on longer timeframes, momentum was strongly bullish.

Dogecoin [DOGE]

Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

Source: DOGE/USDT on TradingView

Dogecoin flipped the $0.062 level from resistance to support a few days ago and has seen strong buying volume since. The RSI reached into overbought territory and pulled back to 66 as DOGE also saw a pullback from $0.075 to test the $0.0716 retracement level.

A deeper retracement to $0.066 is also possible. After this correction, DOGE would likely begin another move toward $0.08, and some extension levels are plotted in gray.

Dropping beneath the 50% retracement level at $0.062 will see DOGE descend toward $0.05 once more.

Chiliz [CHZ]

Litecoin, Dogecoin, Chiliz Price Analysis: 12 April

Source: CHZ/USDT on TradingView

Chiliz was in a steady downtrend since reaching highs at $0.94. CHZ has support at $0.47 and $0.42, and a further drop could see demand step in at $0.37. However, there was no sign that CHZ was ready to begin recovery toward $0.9 again.

The A/D line showed strong, steady selling pressure on CHZ which has forced the coin to trend lower down the charts in recent weeks. It appeared to be only a matter of time before CHZ broke beneath the $0.4 mark.


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Source: https://ambcrypto.com/litecoin-dogecoin-chiliz-price-analysis-12-april

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