Blockchain
India’s Warren Buffet says Bitcoin hangover will be worse than the party


The billionaire investor known as India’s Warren Buffet, Rakesh Jhunjhunwala, has voiced his support for India’s impending cryptocurrency ban, warning that the hangover from Bitcoin (BTC) mania will be worse than the party itself.
Jhunjhunwala, speaking on CNBC’s Street Signs Asia segment on Feb. 23, said the Bitcoin party was one he’d rather not attend:
“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”
The headache from that hangover was felt to some extent on Tuesday, as almost $400 billion departed the global cryptocurrency market cap. Bitcoin lost close to 20% of its value in hours, while much of the altcoin market suffered losses in excess of 30%.
Whether that means the bullish Bitcoin party is over for now, or if investors will return for a hair of the dog that bit them, remains to be seen.
Either way, Jhunjhunwala is eager to see Indian regulators rubber-stamp their ban on Bitcoin and other cryptocurrencies, and believes the nation should focus on building its own CBDC — the digital rupee.
“I think regulators should step in and ban Bitcoin, and they should focus on the digital rupee,” said Jhunjhunwala.
In mid-February, news broke regarding the Indian government’s impending blanket ban on all cryptocurrencies, with holders expected to be given a three-to-six-month grace period in which to cash out their crypto funds.
Not everyone is as eager as Jhunjhunwala to see cryptocurrency banned in India. Former chief technology officer of Coinbase, Balaji Srinivasan, voiced his own concerns about the ban, declaring that such a move would be akin to banning the internet.
Other nations have already moved to ban the spread of cryptocurrencies. The Nigerian central bank recently issued a directive to all commercial banks ordering them to cease doing business with cryptocurrency exchanges. That’s despite, or perhaps because of the fact that Nigeria is one of the busiest centers on earth for Bitcoin usage — so much so that Nigerian officials labeled it a threat to their own national currency.
Blockchain
Déjà vu: Ethereum’s First Month of CME Futures Overwhelmingly Bearish


Futures contracts allow institutional investors to hedge against future price movements of an asset with the possibility of shorting them. Just like with Bitcoin, the Chicago Mercantile Exchange launched its products when Ethereum was trading on its way to an all-time high.
It is unsurprising then that the first month of trading futures has been bearish as the asset’s price has retraced heavily and those shorting it on CME would have been correct to do so.
First month of CME trading for $eth ethereum pic.twitter.com/7xPO0Z4588
— frxresearch (@frxresearch) February 28, 2021
Déjà vu For Crypto Futures
CME launched its Ether futures on Feb. 8, and at the time the asset was trading at around $1,600. As reported by CryptoPotato at the time, a bearish reaction was expected.
Ethereum prices hit an all-time high of $2,050 on Feb. 21, but have corrected by 30% since then to today’s prices of around $1,450 – 10% lower than when the futures were launched.
ETH has underperformed BTC since the CME futures launch but a similar situation occurred with BTC, which underperformed ETH after its CME futures launch.
For #CME notes:
8 hours before CME’s first ETH 26 February 2021 expiration at 1600 UTC,
– Exchanges’ Feb futures expired at 0800 UTC
– Notable options expiry
– CME front month hit a -10% price limit, price reversed instantly and dumped at CME expiry
CME Feb closed -14.23%
— NeoButane (@NeoButane) February 26, 2021
When Bitcoin futures were first launched in December 2017, the asset hit an all-time high a week or so later then pulled back heavily resulting in a similar effect on futures markets. Exactly the same has happened with Ethereum a little over three years later.
Of course, BTC has recovered and entered a new bull market and the same will happen with Ethereum regardless of how deep this correction goes.
In terms of volumes, the CME is reporting its highest ever day as Feb. 23 with 2,092 contracts traded. That volume has slumped to around 749 contracts on Feb. 26.
Longer-term contracts are likely to be bullish as the rollout of ETH 2.0 and the growth of staking opportunities is likely to push ETH prices to new highs whilst alleviating those epic transaction cost issues.
Ethereum Price Outlook
Currently, Ethereum has gained 4% on the day but has declined almost 30% since its peak last weekend. The asset fell to a monthly low of $1,300 on Feb. 28 but has since recovered a little to trade back over $1,400 again at the time of press.
There is strong support at current levels so ETH needs to remain above it to maintain the current momentum. A fall below could see ETH settle at just over $1,200 but a sustained move higher would need to see resistance at $1,600 broken again.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Blockchain
Kraken Daily Market Report for February 28 2021

Overview
- Total spot trading volume at $1.82 billion, down from the 30-day average of $2.06 billion.
- Total futures notional at $594.6 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Cardano, Tether, and Polkadot.
- Most coins had losses, but Storj ended +1.9% over USD.
February 28, 2021 $1.82B traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD |
||||
---|---|---|---|---|
XBT $44187. ↓4.0% $675.3M |
ETH $1337.0 ↓8.0% $357.2M |
ADA $1.2216 ↓7.1% $266.9M |
USDT $1.0003 ↓0.06% $159.7M |
DOT $30.816 ↓7.7% $76.2M |
USDC $1.0000 ↑0.0% $26.0M |
LTC $158.32 ↓7.7% $24.1M |
XRP $0.4102 ↓5.8% $20.9M |
LINK $23.667 ↓9.6% $19.5M |
KSM $197.06 ↓14% $12.2M |
XLM $0.3923 ↓10% $11.9M |
XDG $0.0467 ↓6.5% $11.1M |
BCH $445.77 ↓7.7% $9.05M |
FLOW $20.565 ↓0.04% $8.9M |
ALGO $0.9922 ↓9.4% $8.41M |
GRT $1.4982 ↓11% $6.79M |
UNI $21.239 ↓9.5% $6.4M |
XMR $209.91 ↑0.2% $6.22M |
XTZ $3.2894 ↓9.4% $5.84M |
DAI $1.0014 ↓0.0% $5.46M |
ATOM $17.059 ↓10% $5.25M |
AAVE $309.75 ↓6.8% $5.13M |
DASH $190.75 ↓9.4% $3.95M |
FIL $35.897 ↓5.2% $3.37M |
YFI $28850. ↓8.1% $3.26M |
EOS $3.3847 ↓7.7% $2.85M |
TRX $0.0438 ↓5.6% $2.79M |
ZEC $112.46 ↓6.1% $2.5M |
SNX $16.848 ↓10% $2.34M |
QTUM $4.7348 ↓10% $2.19M |
ICX $1.3552 ↓11% $1.9M |
BAT $0.4747 ↓7.6% $1.87M |
SC $0.0090 ↓9.8% $1.74M |
NANO $4.8697 ↓5.1% $1.6M |
COMP $365.42 ↓8.5% $1.42M |
CRV $1.6987 ↓13% $1.4M |
WAVES $8.6036 ↓10% $1.37M |
STORJ $0.6465 ↑1.9% $1.34M |
OMG $4.0980 ↓8.4% $1.16M |
OXT $0.4319 ↓7.4% $1.0M |
ETC $10.078 ↓9.0% $866K |
MANA $0.2276 ↓9.7% $845K |
KAVA $3.1622 ↓14% $787K |
LSK $2.6988 ↓12% $765K |
KNC $1.5027 ↓11% $602K |
ANT $3.6684 ↓13% $590K |
GNO $117.07 ↓8.3% $533K |
PAXG $1741.7 ↓0.3% $498K |
KEEP $0.2902 ↓7.5% $457K |
REP $29.205 ↓7.2% $413K |
BAL $32.795 ↓11% $281K |
MLN $35.873 ↓1.3% $217K |
REPV2 $24.055 ↓11% $115K |
TBTC $47281. ↓1.8% $51.9K |
#####################. 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 (February 28 2021)
Figure 2: Mid-size trading assets: (measured in USD) (February 28 2021)
Figure 3: Smallest trading assets: (measured in USD) (February 28 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 (February 28 2021)
.
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (February 28 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 (February 28 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. (February 28 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/8078/kraken-daily-market-report-for-february-28-2021/
Blockchain
Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It


What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.
Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.
Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.
To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many users claim to have received messages to this effect.
It remains unclear how the legal proceedings will play for PDAX, with users rightly pointing out that traders’ actions are within the agreed terms and conditions.
A #Cryptocurrency exchange glitch at PDAX in Southeast Asia allowed crypto traders to buy Bitcoin for $6,100 & were able to withdraw the discounted BTC. They may face legal action unless they return it. But PDAX’s terms and conditions say orders are “final and irreversible.”
— Luke D. (@lukedalu) February 25, 2021
Bitcoin Whale Responsible For Glitch?
Large volume transactions have become the order of the day as bitcoin whales step up activity. Their mass transactions often indicate strong bullish signals unless they get hooked while at it.
Reports surfacing on social media led to strong suggestions that the entire fiasco occurred due to an error by a bitcoin whale. who allegedly sold 316,000 BTC for PHP 300k (about $6100) instead of the actual price of PHP 2.3 million ($47,000). This prompted PDAX to cease trading activity and temporarily shut out users.
Users Outraged By Inability To Access Accounts
PDAX’s attempt to control the situation turned out to be counterproductive as it sparked outrage from many users on social media. The downtime, which lasted for 36 hours, left customers furious as they could not access their accounts.
They expressed frustration due to missed trading opportunities and accrued losses from not being able to close positions.
Dear Pdax, until now accounts cannot be accessed. Multiple promised broken. Aside from the bitcoin issue, our money is trapped in your platform. @ANCALERTS @pdaxph @BangkoSentral https://t.co/b5aJemxDIS
— Caldero y Realonda vda de Dolomite (@mikel_pangan) February 22, 2021
PDAX Clears The Air
PDAX eventually released a comprehensive report addressing the issue. It claimed that an “isolated unfunded order” infiltrated its system and affected the account of its users. It explained further that it had tracked and rectified the glitch and was in the process of fully restoring users’ accounts.
Speaking in a press conference, PDAX CEO Nichel Gaba said:
“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”
The BSP-licensed exchanged assured users that it will continue addressing their concerns and rendering support where necessary.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
-
Blockchain6 days ago
Ankr adds Eth2 futures (fETH) to its staking system
-
Blockchain3 days ago
Gemini collaborates with The Giving Block and others, adds donations option
-
Blockchain1 week ago
Ripple now registered as a Wyoming business
-
Blockchain6 days 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
-
Blockchain1 week ago
Are Bitcoin’s long-term hodlers entering the seller’s market?
-
Blockchain1 week ago
Elon Musk Explains to Peter Schiff What Money Is
-
Blockchain1 week ago
Litecoin, Cosmos, Tezos Price Analysis: 21 February