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February 2021

Alpha Finance Lab rallies after integrating with Compound and Binance Smart Chain

2021-02-26T21:48:35+00:00 February 26th, 2021|Crypto News|

Alpha Finance Lab (ALPHA) experienced a price breakout on Feb. 25 as a series of significant partnerships has brought renewed interest in the cross-chain DeFi platform. Data from Cointelegraph Markets and TradingView shows that following the announcements, ALPHA price surged to $1.78 but Bitcoin's recent struggle to hold $50,000 as support led to a sell-off among altcoins and ALPHA currently trades at $1.31.ALPHA/USDT daily chart. Source: [...]

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Cardano is now a top-three cryptocurrency as ADA price soars 27% in 24 hours

2021-02-26T19:34:15+00:00 February 26th, 2021|Crypto News|

Cardano's Ada received a fresh wave of optimism and buying volume on Feb. 26 that pushed its price to a new all-time high of $1.29, making it the third-ranked cryptocurrency by market capitalization. Data from Cointelegraph Markets and TradingView shows that Ada surged 27% from a low of $0.98 during the early trading hours on Feb. 26 to its new high at $1.29 on record trading volume. ADA/USDT 4-hour [...]

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Why is Bitcoin $86K in Nigeria? Here’s why the BTC premium is huge in some countries

2021-02-26T13:30:00+00:00 February 26th, 2021|Crypto News|

Since the start of 2021, Bitcoin (BTC) price has been chasing new highs on a weekly and daily basis. On Feb. 21, BTC reached a new all-time high at $58,300. However, an interesting phenomenon is that even with many global cryptocurrency exchanges in existence, BTC's price can still vary greatly depending on geography.This raises an intriguing question. How can Bitcoin price simultaneously trade at $53,047 [...]

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Bitcoin price ‘macro top’? Not so fast — data shows the real FOMO isn’t even here

2021-02-26T12:04:10+00:00 February 26th, 2021|Crypto News|

Bitcoin (BTC) bears thinking that $58,000 was this cycle's top will be sorely disappointed, fresh investment data from past bull markets shows.Compiled by on-chain analytics resource Whalemap, statistics covering BTC buys of between $5 million and $7 million conclude that even at recent all-time highs, Bitcoin was far from a "macro top.""No FOMO in sight" for BTCDuring the 2017 and shorter 2019 bull market, Bitcoin [...]

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Bitcoin price nears $44K as large Coinbase outflows fail to stop the sell-off

2021-02-26T08:54:16+00:00 February 26th, 2021|Crypto News|

Bitcoin (BTC) hit fresh local lows on Feb. 26 despite what appear to be ongoing largescal institutional buy-ins.New lows despite bullish signsData from Cointelegraph Markets and TradingView showed BTC/USD $44,150 during Friday trading — last seen two weeks ago — after a rebound to $50,000 fizzled overnight.Bitcoin had seen good news in the form of asset manager Stone Ridge planning to become the first Bitcoin mutual [...]

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6M noobs have bought coins on Robinhood Crypto already in 2021

2021-02-26T02:26:49+00:00 February 26th, 2021|Crypto News|

Retail-focused trading app Robinhood has revealed the number of new monthly customers buying from its crypto platform this year is 15 times the 2020 average.According to the company’s new report, “Crypto Goes Mainstream,”more than three million new users purchased from Robinhood Crypto in January, with more than 2.9 million new users having bought crypto during February so far. As such, Robinhood Crypto’s user base has [...]

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Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high

2021-02-25T21:00:00+00:00 February 25th, 2021|Crypto News|

Nonfungible tokens (NFTs) are rapidly becoming a focal point of the cryptocurrency market, as evidenced by stories of millions of dollars being raised in minutes for one-of-a-kind tokenized art pieces and rare collectibles that traders rush to get their hands on. One project that has been benefiting greatly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a new all-time high of [...]

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$580M open interest makes Cardano (ADA) the third largest futures market

2021-02-25T19:35:00+00:00 February 25th, 2021|Crypto News|

On Feb. 3, Cardano conducted a hard fork and successfully integrated the Mary upgrade to the testnet, transforming the blockchain into a multiasset network similar to Ethereum.This event seems to be one of the reasons for the impressive 475% year-to-date rally of ADA, and the altcoin is now causing unexpected ripples in the derivatives markets. Since the end of December 2020, ADA's $81-million aggregate futures open interest hiked [...]

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Altcoins bounce to new highs as Bitcoin price trades sideways under $50K

2021-02-25T18:20:08+00:00 February 25th, 2021|Crypto News|

The cryptocurrency market recovered some of the losses from the past couple of days on Feb. 25 as Bitcoin (BTC) briefly pushed back above the $50,000 level and multiple altcoins have seen double-digit price gains. Data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $45,200 late on Feb. 24 before rallying 15% to $52,000 in the morning trading session.BTC/USDT 4-hour chart. [...]

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Soaring Treasury yields are worrying economists — But what does this mean for Bitcoin?

2021-02-25T15:00:00+00:00 February 25th, 2021|Crypto News|

This week's correction in the price of Bitcoin (BTC) showed that a market doesn’t go up in a straight line. Meanwhile, another topic has been gaining attention, namely the big rise in the 10-year yields of United States government bonds. In recent weeks, the 10-year Treasury yield of U.S. government bonds has surged 35% to a new high of 1.44%, the highest point since the cross-asset [...]

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People who bought Bitcoin in 2017 becoming the strongest HODLers, new data shows

2021-02-25T09:45:00+00:00 February 25th, 2021|Crypto News|

Bitcoin (BTC) may be worth almost three times more than at the height of its 2017 bull run, but a lot of hodlers from that time refuse to sell.The latest data from Bitcoin financial services firm Unchained Capital shows that 2017 buyers control an increasingly large amount of the BTC supply.2017 hodlers are not "weak hands"According to Unchained’s HODL Waves chart, which ranks the supply [...]

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What Bitcoin price levels will invalidate the short-term bearish scenario?

2021-02-25T09:00:00+00:00 February 25th, 2021|Crypto News|

The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.BTC/USDT 4-hour price chart (Binance). Source: TradingView$51,600 is the key level to watchAccording to Josh Olszewicz, a cryptocurrency trader and technical analyst, the [...]

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Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

2021-02-24T23:00:00+00:00 February 24th, 2021|Crypto News|

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months, and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap's UNI and AAVE. The fast-moving prices and 1,000% annual percentage yield on staked tokens elicited cheers from investors when the market was going up, but the recent selling [...]

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Golem (GLM) price rallies 230% to hit a 3-year high after protocol upgrade

2021-02-24T21:35:00+00:00 February 24th, 2021|Crypto News|

Over the past few weeks, the price of Golem's GLM network token saw a strong rally that pushed the token to a three-year high at $0.65. The altcoin also underwent a strong pump on Feb. 19, but most of the gains evaporated as Bitcoin (BTC) corrected below $45,000 during the past three days. Nevertheless, GLM still holds a 230% gain in February alone.Golem is an Ethereum-based decentralized application [...]

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Sam Bankman-Fried: The crypto whale who wants to give billions away

2021-02-24T15:04:45+00:00 February 24th, 2021|Crypto News|

Like many people in crypto, Sam Bankman-Fried is in it for the money. As the founder of quant trading firm Alameda Research, exchange FTX and DeFi protocol Serum, the curly haired 28-year-old has amassed a $10 billion fortune in just three years in the industry.Unlike most people in crypto though, he’s building up a fortune in order to give half of it away. An ‘effective [...]

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3 reasons Bitcoin price is quickly recovering from its ‘severe’ 23% correction

2021-02-24T12:00:00+00:00 February 24th, 2021|Crypto News|

The price of Bitcoin (BTC) quickly recovered from around $44,800 to over $50,000 within merely 22 hours. Behind the rapid recovery are three major factors, including low funding rates, Square's $170 million Bitcoin purchase, and the spot market stabilizing.Bitcoin futures funding rates substantially dropAcross major futures exchanges, including Binance, Bybit and Bitfinex, the funding rate of Bitcoin has dropped to 0.01%.The Bitcoin futures funding rate was [...]

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Bitcoin price retakes $50K as investor voices relief at ‘healthy correction’

2021-02-24T09:03:14+00:00 February 24th, 2021|Crypto News|

Bitcoin (BTC) hit back to reclaim $50,000 on Feb. 24 amid fresh bullish comments from major investors.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBTC price exits $40,000 rangeData from Cointelegraph Markets and TradingView tracked a 14% rise from Tuesday's lows over the past 24 hours, Bitcoin posting local highs of $51,278 on Bitstamp.At the time of writing, $50,000 was forming a price focus with bulls still to [...]

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Pro traders went long as Bitcoin fell to $45K, liquidating $5.9B in futures

2021-02-23T18:51:42+00:00 February 23rd, 2021|Crypto News|

In the past 48 hours, Bitcoin's (BTC) price has dropped by $13,360 and more than $2.6 billion worth of futures contracts have been liquidated. When including altcoins, the total sum of liquidations equaled $5.9 billion.After marking a record-high open interest at $19.5 billion on Feb. 21, the metric has stabilized at $16.5 billion. This means that half of the terminated leverage positions have been reopened.According [...]

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1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO

2021-02-23T15:00:00+00:00 February 23rd, 2021|Crypto News|

Bitcoin (BTC) will be the savings method of choice for one billion people on their phones by 2026, MicroStrategy CEO Michael Saylor predicts.In an interview with CNBC on Feb. 23, Saylor, whose company owns in excess of 70,000 BTC, continued his public Bitcoin advocacy, calling it "the dominant digital monetary network."Saylor: Billions will choose Bitcoin for savingsSaylor was speaking a day after U.S. Treasury Secretary [...]

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$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?

2021-02-23T11:38:18+00:00 February 23rd, 2021|Crypto News|

The price of Bitcoin (BTC) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board.Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%.What triggered the mass Bitcoin liquidation fest?If the Bitcoin futures [...]

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Bitcoin falls to $45K in sequel to 20% BTC price crash

2021-02-23T09:33:55+00:00 February 23rd, 2021|Crypto News|

Bitcoin (BTC) extended its losses on Feb. 23 as selling pressure took markets below $47,000 for the first time in over a week. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewFresh dive takes BTC/USD to 8-day lowsData from Cointelegraph Markets and TradingView painted a gloomy picture for bulls on Tuesday as BTC/USD hit lows of $45,000 on Bitstamp. The losses reverse a rebound that halted Monday's 20% price crash from [...]

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Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip

2021-02-23T08:46:00+00:00 February 23rd, 2021|Crypto News|

Bitcoin (BTC) lost 20% in a day partly thanks to the actions of a single whale, new research suggests. Data from on-chain analytics firm Santiment on Feb. 23 showed that BTC/USD dipped to $47,400 after Bitcoin’s second-largest transaction of 2021 took place.Ghost of Bitcoin sell-offs past returnsThe transaction, 2,700 BTC worth $156.6 million at $58,000 per token, resulted in a sale which piled pressure on the [...]

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Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K

2021-02-23T01:40:00+00:00 February 23rd, 2021|Crypto News|

In the early morning trading hours Bitcoin (BTC) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market.Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350. Daily cryptocurrency market [...]

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Here’s how pro traders use options to profit from Bitcoin price corrections

2021-02-23T00:30:00+00:00 February 23rd, 2021|Crypto News|

Bitcoin seems to be struggling at the $58,000 level, which is leading some traders to fear a more significant correction could take place.While Bitcoin's (BTC) 2021 performance has been incredibly strong, its current 696% gain and comments from United States Treasury Secretary Janet Yellen suggesting that cryptocurrencies are used to finance terrorism may be enough to have investors feeling a bit cautious.Reducing open position sizes is [...]

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3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation

2021-02-22T18:40:00+00:00 February 22nd, 2021|Crypto News|

Bitcoin's (BTC) sudden $11,500 drop liquidated more than $1.64 billion worth of BTC futures contracts. This massive figure represents 8.5% of the total $19.5 billion in open interest, which coincidentally had just reached its all-time high.Although these are significant figures, they are proportionally lower than the $1-billion futures liquidation on Nov. 26, 2020. At that time, the 16% correction that followed Bitcoin price testing a [...]

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