Crypto Daily News from ZBG Exchange
1. Market Wrap: Bitcoin Stuck Near $56K, Ether Faces Short-Term Sell Pressure
Prices settled in the mid-$50,000 range for the most of Tuesday.
Bitcoin (BTC) trading around $55,736.37 as of 20:00 UTC (4 p.m. ET). Sliding 1.73% over the previous 24 hours.
Bitcoin’s 24-hour range: $53,350.37-$56,988.34
BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.
Bitcoin traded in a narrowed range as Monday’s sell-off appeared to subside and prices settled in the mid-$50,000 range for the most of Tuesday.
Monday’s decline resulted in some $1.6 billion in derivatives bets being liquidated, second only to the record level that took place on Feb. 22, according to Norwegian blockchain analytics firm Arcane Research.
2. Coinbase Pro Adds Support for Cardano’s ADA
Trading will start on March 18 if sufficient supply of ADA is established on the platform.
Coinbase Pro is adding support for Cardano’s ADA (+20.41%), with trading beginning Thursday once sufficient supply of ADA is established on the platform, the exchange said Tuesday.
Trading will start on or after 16:00 UTC (12 p.m. ET) March 18 if liquidity conditions are met.
Coinbase Pro will only support withdrawals to addresses on the Cardano network’s decentralized Shelley hard fork.
Support for addresses using the previous, Byron, version will be enabled shortly, Coinbase added.
Aspiring Ethereum-rival Cardano gained 274% in February. ADA has become the third-most valuable cryptocurrency by market capitalization, leapfrogging bitcoin cash (BCH, +1.75%), litecoin (LTC, +1.84%) and XRP (+8.86%).
ADA was also added to Bloomberg terminals recently, potentially providing a large number of professional traders with exposure to the crypto asset.
At press time, ADA was priced at $1.23, up 17.09% in the past 24 hours, and has a market cap of $39.44 billion.
3. Billionaire Investor Howard Marks Warming to Bitcoin
Marks, who is worth $2.1 billion, said his early comments on bitcoin were a “knee-jerk reaction.”
Howard Marks, co-founder of alternative investment manager Oaktree Capital, says he has reconsidered his previous “dismissive” stance on bitcoin (BTC, +3.41%).
The investor, who is worth $2.1 billion according to Forbes, previously said in a 2017 memo that cryptocurrency was “an unfounded fad.” The comment was “a knee-jerk reaction without information,” Marks conceded in a video interview with the Korea Economic Daily on Monday.
While he’d previously considered bitcoin to have no intrinsic value, he said that “there are plenty of things that people want and value highly that have no intrinsic value. How about a painting or a diamond or a bar of gold?” he said.
4. XRP Jumps as Bullish ‘Golden Cross’ Pattern Appears in Price Chart
It’s often a bullish indicator when the the 50-week moving average crosses above the 100-week, but traders can get trapped on the wrong side of the market.
XRP, the digital token used in Ripple Labs’ payments network, was outperforming bitcoin and other major cryptocurrencies on Tuesday, with a longer-duration technical indicator flashing a bullish signal.
The token’s price was around 48 cents at press time, up 9% on a 24-hour basis, based on CoinDesk 20 data. Other prominent cryptocurrencies such as bitcoin, ether, chainlink and litecoin were nursing moderate losses.
XRP’s 50-week moving average crossed above the 100-week moving average (MA) earlier this month, confirming a pattern known in price charts as a “golden crossover” — a long-term bullish indicator.
Traders and chart-reading analysts often see the golden cross as a sign of a definitive uptrend. As such, the latest cross may attract stronger buying pressure from trend-following traders, leading to continued price gains.
XRP’s weekly chart shows major resistance at 80 cents. The area has capped gains multiple times since September 2018.
5. Bitcoin Could Hit $115K by August, Pantera’s Morehead Writes
Bitcoin could be set for a price rally north of $100,000 this summer under Pantera’s model.
“Bitcoin is now ahead of our April 2020 forecast schedule – to hit $115K this summer,” wrote Dan Morehead, CEO and co-chief investment officer at Pantera Capital, a blockchain hedge fund, in an emailed newsletter.
The Pantera prediction is based on the stock-to-flow model — an analytical framework that values an asset’s price based on its annual issuance schedule. The model measures the scarcity of bitcoin (BTC), which is governed by the underlying network programming coded into the blockchain’s design when it was launched 12 years ago.
Under that plan, the number of new bitcoin created with each new data block every 10 minutes or so gets cut in half roughly every four years. In theory, according to the stock-to-flow model, the bitcoin price should rise as the issuance rate declines.
Morehead’s predictions carry weight partly because of his prior Wall Street experience: Before founding Pantera in 2003, he served as head of macro trading for the hedge fund Tiger Management, and before that he worked as a trader at Deutsche Bank and Goldman Sachs.
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March 17, 2021