Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Faces Long Odds in Bid for Sixth Straight Monthly Gain

Bitcoin started March nicely but whether it can match its previous winning streak is yet to be seen.

Bitcoin rose 7%, reversing the past few days’ losses, as some blockchain data turned bullish and new signs emerged of increasing cryptocurrency acceptancer by Wall Street firms including Goldman Sachs, Citigroup and Fidelity Investments.

Bitcoin (BTC) trading around $48,593.99 as of 21:00 UTC (4 p.m. ET). Climbing 8.10% over the previous 24 hours.

Bitcoin’s 24-hour range: $44,874.92-$49,520.72

BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin prices surged 36% in February, marking the cryptocurrency’s fifth consecutive monthly price increase, the first time that’s happened since mid-2019. A six-month stretch of gains hasn’t been seen since the period of November 2012 through April 2013.

So the odds might seem stacked against a monthly gain in March, which would match the seven-year-old streak. But the first day of March pushed bitcoin in that direction amid signs that more big institutions are moving into cryptocurrencies. A top executive for the giant U.S. money manager Fidelity Investments compared bitcoin with gold, and the investment bank Goldman Sachs said it will relaunch its crypto trading desk after a three-year hiatus. Citigroup, one of the biggest U.S. banks, wrote that bitcoin was at a “tipping point” as more institutions adopt the cryptocurrency. Google Finance added a data tab on cryptocurrencies. And Michael Saylor’s MicroStrategy, which has been a big bitcoin buyer for its corporate treasury, added another $15 million worth.

2. Cardano Becomes a Multi-Asset Blockchain With Today’s Hard Fork

Enabling new tokens is a step on the path to full smart-contract functionality.

The Cardano blockchain, which runs the ADA (-3.77%) token, will become a multi-asset chain with its hard fork today.

Named “Mary,” the hard fork will allow users to create tokens that run on Cardano natively, just as ADA does. Enabling new tokens was one of the first big use cases that caught on for Ethereum, enabling 2017’s multi-billion dollar initial coin offering splurge.

In a video update previewing the hard fork, Charles Hoskinson, founder of IOHK, the company behind Cardano, called the move “historic.”

Hoskinson said that for node operators, the transition should be fairly simple. They just need to update their software and everything should work well. “We’ve been testing it for almost a month, and the test looks good. Exchanges are happy,” he said in the video.

Enabling new tokens is a step on the path to full smart-contract functionality.

Cardano recently became the third-largest cryptocurrency by market capitalization. Besides founding IOHK, Hoskinson was previously a co-founder of Ethereum and also of BitShares, with Dan Larimer.

3. Goldman Sachs Relaunching Crypto Trading Desk After 3-Year Pause

Goldman Sachs may pursue a bitcoin ETF as it deepens its push into digital assets.

Investment bank Goldman Sachs has relaunched its cryptocurrency trading desk after a three-year hiatus and plans to once again support bitcoin (BTC, +6.51%) futures trading, a source familiar with the matter confirmed to us. Contrary to an earlier report by Reuters, the source said the service would resume in mid-March, not next week.

The desk is part of a broader push into digital assets that may see Goldman attempt to stage a bitcoin exchange-traded fund, Reuters said. It will be a part of Goldman’s U.S. Global Markets division.

The bank had originally planned to launch a crypto desk in 2017 but shelved those plans in 2018 due to regulatory concerns.

4. Bitcoin Miners Saw Record $1.36B Revenue in February

Miner monthly revenue increased 21% from January.

Bitcoin miners broke a more-than-three-year-old record in February, generating $1.36 billion in revenue, up 21% from January, according to on-chain data from Coin Metrics analyzed by CoinDesk.

The previous revenue record of $1.25 billion was set in December 2017 during the peak of the cryptocurrency’s previous bull market. Last month’s surge in revenue came as bitcoin (BTC, +6.42%)’s price climbed during the month from $33,000 to a new all-time high of just above $58,000 before dropping sharply to $43,000 in the last week.

Revenue estimates assume miners sell their BTC immediately.

Measured by per terahash per second (TH/s), miner revenues bounced between $0.23 and $0.38 through February, ending the month near $0.30, per data from Luxor Technologies.

Network fees brought in $186 million in February, or 13.7% of total revenue, a significant percentage increase from the 10.3% of revenue represented by fees last month. Fee revenue hit its highest mark since January 2018, per Coin Metrics data.

5. CBOE Kicks Off Bitcoin ETF Clock With VanEck Filing

The Chicago Board Options Exchange (CBOE) has officially filed to list shares of VanEck’s bitcoin (BTC, +6.46%) exchange-traded fund (ETF).

CBOE filed a Form 19b-4 Monday, formally announcing its intention to list and trade shares of the VanEck Bitcoin Trust. The form kicks off the legal review period that could lead to the first bitcoin ETF in the U.S.

While Cboe filing a 19b-4 starts the formal regulatory review process, the SEC still has to acknowledge it is reviewing the application before the first 45-day clock begins. Within those 45 days, the SEC has to either approve or disapprove the application, or extend the review period.

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March 2, 2021