Blockchain
How Turning Stock Market Sentiment Could Drag Bitcoin Down Further
Last week closed with a brutal drop in the stock market and a $2,000 plunge in Bitcoin. While there’s a chance that what’s going on across the crypto market was profit-taking, turning stock market sentiment could end up dragging down Bitcoin, Ethereum, and other top crypto assets much like it did during the Black Thursday market collapse. Will such destruction return to stocks and in turn, crypto? Here’s the case for why that is possible. […]

Last week closed with a brutal drop in the stock market and a $2,000 plunge in Bitcoin. While there’s a chance that what’s going on across the crypto market was profit-taking, turning stock market sentiment could end up dragging down Bitcoin, Ethereum, and other top crypto assets much like it did during the Black Thursday market collapse.
Will such destruction return to stocks and in turn, crypto? Here’s the case for why that is possible.
Crypto Mania and Stock Market Bubble Brace For Further Collapse After Initial Crash
Following last week’s pullback across markets, investors are wondering if the stock market mania is over and if the mini crypto bubble built on DeFi hype has popped.
With investors in these markets well in profit buying in at any point earlier in 2020, profit-taking could be the cause, and the rally could continue. However, a telling sign – sentiment sharply turning down – could be a forewarning of another dangerous, Black Thursday-style drop.
S&P500 Daily Sentiment | Source: MacroCharts
Thus far, the price action in both Bitcoin and the S&P 500 has been similar to that mid-March day.
RELATED READING | RECENT BITCOIN TOP SHARES KEY SIMILARITIES WITH BLACK THURSDAY PLUMMET
Bitcoin led stocks in the recent dump, and now both assets have fallen to support where former highs were set in early 2020. Will the cryptocurrency and the stock market hold at these key levels, or is sentiment turning down a sign that prices will soon follow?
Why Bitcoin Must Survive The Negative Sentiment Surrounding Tech Stock Overvaluations
Stocks tumbling further could take Bitcoin down with it due to the ongoing correlation between the traditional asset class and the cryptocurrency that appeared in early 2020. Bitcoin had briefly shaken the correlation to be more on par with gold’s path, but the similarities have since returned.
BTCUSD Versus S&P500 Correlation | Source: TradingView
The main difference, however, between stocks and crypto, is the fact that there is a full-blown mania ongoing throughout tech stocks, that may have only just started to crash back to reality. Top tech stocks lost trillions in three days, taking the rest of the market down with them.
RELATED READING | WHY HAS BITCOIN BECOME A LEADING INDICATOR FOR THE S&P 500?
Bitcoin, however, is at a crossroads. The cryptocurrency’s halving is in the past, and technicals are pointing to a new uptrend taking hold. The crypto market collapsing again under the weight of the stock market downturn could take the emerging asset class down deeper into a bear market.
But if Bitcoin rises while stocks fall, it could see a boost from buyers seeking to move capital to follow profits.
With Bitcoin’s market cap so small in comparison to the weight of top tech stocks alone, if stock money flows into Bitcoin, predictions made from the stock-to-flow model will be reached in no time flat.
Featured Image From Deposit Photos | Charts From TradingView and MacroCharts
Blockchain
Another One: Galaxy Digital and CI GAM to Launch a Bitcoin ETF in Canada Tomorrow


Yet another Bitcoin ETF is to reach the markets in Canada as the country’s securities regulator has issued “a receipt for the final prospectus” for CI Global Asset Management’s application. Dubbed CI Galaxy Bitcoin ETF (BTCX), it’s expected to launch on the Toronto Stock Exchange (TSX) on March 9th, and Mike Novogratz’ Galaxy Digital Capital Management will act as the sub-advisor.
- Founded in 1965, CI Global Asset Management is an asset manager with over $180 billion in AUM as of January 2021. The firm announced the nod of approval received from Canada’s securities regulator necessary to launch its own Bitcoin ETF earlier today.
- The statement described BTCX as a tool that could “provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform.” It will invest directly in the primary cryptocurrency with its holdings priced using the Bloomberg Galaxy Bitcoin Index.
- CI GAM will serve as the manager of the ETF, while Galaxy Digital Capital Management, whose founder and CEO is the long-time BTC proponent, Mike Novogratz, will act as “the bitcoin sub-advisor.” Meaning, that GDAM will execute the BTC trading on behalf of the ETF
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“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.” – commented Partner and Head of Asset Management at GDAM, Steve Kurz.
- Apart from BTCX, the two parties have also filed for launching the “first ETF in the world to invest directly in Ether” – CI Galaxy Ethereum ETF (ETHX).
- It’s worth noting that BTCX would not be Canada’s first Bitcoin ETF. CryptoPotato recently reported the first approval for the Purpose Bitcoin ETF, which enjoyed a highly-positive start, accumulating more than $400 million in a few weeks.
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Source: https://cryptopotato.com/another-one-galaxy-digital-and-ci-gam-to-launch-a-bitcoin-etf-in-canada-tomorrow/
Blockchain
Ethereum, Monero, FTX Token Price Analysis: 08 March

Ethereum recaptured a key resistance mark at $1,687, a level that had not been breached since the broader market pullback in late-February. Monero lacked the trading volumes and buying intensity to flip the 38.2% Fibonacci retracement level. Lastly, FTX Token eyed a rise above its overhead resistance but the indicators presented the chances of a short-term reversal.
Ethereum [ETH]

Source: ETH/USD, TradingView
Ethereum retook the $1,680 level from the bears thanks to a surge of 6% in the last 24 hours. Gains in the last eight days amounted to over 30% and underscored ETH’s bounce back from the $1,300 level. The On Balance Volume showed strong buying at two key support levels – one at the $1,300 mark and the other at $1,437 as the price headed northbound on the charts. However, the OBV made steady highs over the past few sessions and even dipped at the time of writing.
The RSI pointed lower from just below the overbought zone and showed weakening bullish strength in the market. This reinforced the idea that a hike in trading volumes could be needed before steering clear of the next test at $1,834.9 and especially if the uptrend were to sustain itself. In the event of a pullback, the newly flipped resistance at $1,687.65 could act as a crucial line of support.
Monero [XMR]

Source: XMR/USD, TradingView
Low trading volumes and short-bodied candlesticks on Monero’s 4-hour chart showed a dearth of interest in the market but the bulls still held on to the 23.6% Fibonacci retracement level. A breakout above the 38.2% level could depend on stronger cues from the broader market, which would spur buying in the Monero market as well.
The ADX pointed lower and towards the 10-mark, showing a lack of a strong trend. The flow of capital towards the cryptocurrency created some optimism, but the price remained within its channel even as the CMF rose sharply above the half-way mark. The index reversed direction and pointed towards the half-line at the time of writing.
FTX Token [FTT]

Source: FTT/USD, TradingView
The Bollinger Bands on FTX Token expanded at press time and showed rising volatility as the price looked to flip $31.49 resistance. The presence of volatility allowed for large price swings and a break above the upper ceiling looked imminent over the coming sessions. Even though the Stochastic RSI traded in the overbought region, it pointed upwards after retesting the upper line and indicated a delayed stay in its current region.
However, there was also a possibility of a short-term pullback due to saturation in the market. A fall below the press time support level would highlight the next line of defense at $24.67.
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Source: https://ambcrypto.com/ethereum-monero-ftx-token-price-analysis-08-march
Blockchain
Norwegian energy firm Aker’s three-pronged approach to Bitcoin


Energy company Aker ASA, which is based in Oslo, Norway has established a dedicated firm to invest in the Bitcoin ecosystem and related projects. Dubbed ‘Seetee AS,’ this new venture has a capitalization of $58 million and will invest Aker’s liquid assets in the digital currency.
Øyvind Eriksen, President and CEO of Aker stated that Seetee’s launch will help the Aker Group gain industrial opportunities “that will be unlocked by Bitcoin and blockchain technology.” He further said in a statement:
These technologies [such as Bitcoin and blockchain] have the potential to reduce frictions in our day-to-day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation.
In a letter to investors, Chairman Kjell Inge Røkke revealed Seetee’s three-pronged approach to Bitcoin, which is already running “open-source Bitcoin payment servers.” According to Røkke, the oil and gas firm will work alongside Canadian crypto-focused firm Blockstream and other partners.
Aker Group expects Seetee to set-up mining operations even though the local government no longer offers electricity subsidies to miners. However, the group’s ambition is to be “a valuable partner in new renewable projects:”
Seetee will establish mining operations that transfer stranded or intermittent electricity without stable demand locally—wind, solar, hydro power— to economic assets that can be used anywhere. Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement.
Finally, Aker is keen on micropayments and how it could enable the firm to avoid users’ personal data being monetized. Røkke further said:
I’m fascinated by the prospect of bitcoin Lightning wallets that may enable instant credit via micropayments without the need to offer personal information that my counterpart can monetise without approval or compensation.
The Chairman also was bullish on Bitcoin and expects the asset to trade for “millions of dollars.” He believed that people who “know the most about Bitcoin” believe its future success is “nearly inevitable.”
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Source: https://ambcrypto.com/norwegian-energy-firm-akers-three-pronged-approach-to-bitcoin
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