Saturday, February 27, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Market Wrap: Bitcoin Briefly Above $56K, Ether Follows BTC’s Rally – CoinDesk

1 week ago
in Gold
7 min read
Market Wrap: Bitcoin Briefly Above $56K, Ether Follows BTC’s Rally – CoinDesk
Share on FacebookShare on Twitter

Related articles

Bitcoin has established itself as a macro asset and should be viewed like gold:

Bitcoin has established itself as a macro asset and should be viewed like gold:

February 27, 2021
This Bitcoin metric may be key to Gold’s flippening in the future

This Bitcoin metric may be key to Gold’s flippening in the future

February 26, 2021


Bitcoin broke briefly above a key resistance level at $56,000 on Friday, while ether’s slowly catching up to bitcoin’s gains.

  • Bitcoin (BTC) trading around $55,512.76 as of 22:00 UTC (5 p.m. ET). Gaining 6.60% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $50,821.47-$56,283.55 (CoinDesk 20)
  • BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Feb. 16.
Source: TradingView

Bitcoin volumes on eight major crypto exchanges since the beginning of February.
Source: CryptoCompare

Some are attributing the astonishing rise of bitcoin’s price, including a short time above $56,000, to the tremendous demand from buyers looking to hedge against inflation.

“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply,” said John Willock, chief executive at digital asset exchange Blocktane. “I feel confident that we won’t see a massive crash like post-2017.”

The first publicly traded bitcoin ETF in North America, managed by Canada-based Purpose Investments, saw an impressive $165 million worth trading volume on its first day of trading, well above a typical Day One for a Canadian ETF. (TradeBlock, a CoinDesk subsidiary, is the index provider of Purpose Investments’ bitcoin ETF.)

Read More: North America’s First Bitcoin ETF Hits $165M Trade Volume in First Day

Yet, there are still several psychological barriers for bitcoin to break, even as it passed a key milestone of $1 trillion in market capitalization. 

While the 10-figure market cap potentially makes bitcoin go from “a magic internet money meme” into a largely recognized investment asset, it also poses some psychological challenges to some buyers, who may sell some bitcoin for profit taking.

Read More: Bitcoin’s Price Surge Accelerates After Passing Milestone of $1T Market Value

In the derivatives market, bitcoin’s price could be tested at around $56,000, according to Andrew Tu, an executive at quantitative trading firm Efficient Frontier.

Bitcoin options open interest by strike
Source: Skew

“Based on options open interest, it looks like $56,000 is the next big resistance,” Tu said.

Some are taking it a step further. Michael Burry, “The Big Short” investor and founder of the Scion Asset Management, said in a now deleted tweet, “In an inflationary crisis, governments will move to squash competitors in the currency arena,” adding “$BTC #gold” to the end of the tweet.

However, while many bought into bitcoin’s “digital gold” narrative at the beginning of the coronavirus pandemic, physical gold has lost value year to date while bitcoin has skyrocketed.

Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

Ether near $2K, DeFi drives Binance’s BNB

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Friday,…



Read more:Market Wrap: Bitcoin Briefly Above $56K, Ether Follows BTC’s Rally – CoinDesk

Tags: 56KBitcoinbitcoin news todayBrieflyBTCsCoinDeskEtherMarketRallyWrap

Related Posts

Bitcoin has established itself as a macro asset and should be viewed like gold:

Bitcoin has established itself as a macro asset and should be viewed like gold:

by Bitcoin Market
February 27, 2021
0

Bitcoin has established itself as a macro asset and should be viewed like gold: Michael Bucella BNN Read...

This Bitcoin metric may be key to Gold’s flippening in the future

This Bitcoin metric may be key to Gold’s flippening in the future

by Bitcoin Market
February 26, 2021
0

At the time of writing, Bitcoin’s price was falling again, with the cryptocurrency’s performance breaking from its rangebound behavior...

Robinhood sees 6M new crypto traders to start the year

Robinhood sees 6M new crypto traders to start the year

by Bitcoin Market
February 26, 2021
0

FOX Business’ Stuart Varney weighs in on Tesla buying $1.5 billion in bitcoin and accepting it as payment for...

Where Gold Prices Are Headed In 2021

Where Gold Prices Are Headed In 2021

by Bitcoin Market
February 25, 2021
0

Bitcoin is rocketing, commodities are surging and stock indexes are setting records almost every day. But gold has been...

Bitcoin: What its history reveals about its future | DW | 24.02.2021

Bitcoin: What its history reveals about its future | DW | 24.02.2021

by Bitcoin Market
February 25, 2021
0

Bitcoin's monthslong price rally  has drawn mounting institutional interest as well as speculation that the digital currency could one...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Bitcoin boom backstopped by central banks’ easy-money policies

Bitcoin boom backstopped by central banks’ easy-money policies

February 4, 2021
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
Cryptocurrency Buy And Sell Entries: Binance Coin (BNB), Bitcoin (BTC) And Polkadot

Cryptocurrency Buy And Sell Entries: Binance Coin (BNB), Bitcoin (BTC) And Polkadot

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Cryptocurrency Buy And Sell Entries: Binance Coin (BNB), Bitcoin (BTC) And Polkadot

Cryptocurrency Buy And Sell Entries: Binance Coin (BNB), Bitcoin (BTC) And Polkadot

February 27, 2021
Beyond Meat could be the “preferred” patty supplier at McDonald’s

Beyond Meat could be the “preferred” patty supplier at McDonald’s

February 27, 2021
Right-wing site Gab responds to ‘alleged’ data breach

Right-wing site Gab responds to ‘alleged’ data breach

February 27, 2021
How to Accept Bitcoin: Crypto Payment Solutions for Merchants – The Dubrovnik Times

How to Accept Bitcoin: Crypto Payment Solutions for Merchants – The Dubrovnik Times

February 27, 2021
Market Wrap: Bitcoin Heads for Worst Week Since March as Prices Hold Around $46.5K

Market Wrap: Bitcoin Heads for Worst Week Since March as Prices Hold Around $46.5K

February 27, 2021
Bitcoin has established itself as a macro asset and should be viewed like gold:

Bitcoin has established itself as a macro asset and should be viewed like gold:

February 27, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$47,393.001.57%
  • bitcoin-cashBitcoin Cash(BCH)$488.780.761%
  • binance-coinBinance Coin(BNB)$229.461.74%
  • bitcoin-goldBitcoin Gold(BTG)$26.635.46%
  • bitcoin-privateBitcoin Private(BTCP)$0.693-4.26%
  • blocktixBlocktix(TIX)$0.0200.00%