Blockchain
Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

The steadfast drags by crypto fans seem to be getting to eternal gold bull Peter Schiff.
Schiff who because of his bearish Bitcoin stance is seen as one of the biggest crypto influencers out there (simply because his comments get blasted by so many crypto commentators), has now tweeted more about Bitcoin in the past week than he did about his favorite safe-haven, gold.
Schiff, who’s eagerly awaiting Bitcoin’s correction apparently, stated this afternoon that the “Fed’s Jim Bullard said Bitcoin poses no threat to the U.S. dollar or to its status as the primary reserve currency. He’s correct. The biggest threat to the dollar’s reserve currency status comes from the Fed itself. The dollar’s primary rival and heir to its throne is gold.“
Seeing the biggest cryptocurrency plunge to $50k, he soon followed up with: “Instead of putting laser beams on their eyes, Bitcoin cult members should have been selling some of their Bitcoin. While everyone was laser-focused on $100,000 Bitcoin is now closer to zero than the target. Perhaps those laser eyes will remain much longer than originally planned.”
In the past week, Schiff has been lambasting the Federal Reserve over its continued money printing in order to support the Joe Biden administration as it prepares for another round of stimulus cheques in the US.
As to Bitcoin, he stated yesterday that it’s unsure if HODLers would be willing to sell in the current market conditions.
“If I were to actually buy some #Bitcoin, how would I know when to sell? If your answer is to never sell, then what is the point of buying in the first place?“
“I can’t exchange it, as merchants don’t take it. I need to sell it first, either myself or using an intermediary like Bitpay. But I’m not talking about small amounts. When do I sell to take profits or cut my losses?”
Many commentators have since started wondering whether Schiff is actually a HODLer himself. Famed technical analyst Scott Melker, who tweets under the moniker ‘Wolf of All Streets’, said that if Schiff actually buys Bitcoin, he would get out in response, as it could be interpreted as a market top.
A funny sidenote came from podcaster Peter McCormack. He calculated that Schiff now talks more about Bitcoin than he does about gold.
“In the last 7 days, Peter Schiff has Tweeted about bitcoin 56 times, an average of 8 times a day, while only mentioning gold 34 times, less than 5 times a day.“
Of course, with gold down for the year whilst Bitcoin is seeing a parabolic rise, that is perhaps not too surprising.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Source: https://zycrypto.com/peter-schiff-now-discusses-bitcoin-more-often-than-his-beloved-gold/
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.
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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.
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