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Market Roundup: Bitcoin Drifting Lower, Cardano at ATHs

Bitcoin drifts The most famous coin changed rather little during the day. However, one piece of news might portend a change. Analytics firm Glassnode reports that for the first time since December, mining companies are saving more Bitcoin than selling it. However, the market has not digested this information yet, it seems. Ethereum The second-ranked … Continued

The post Market Roundup: Bitcoin Drifting Lower, Cardano at ATHs appeared first on BeInCrypto.

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On Saturday, the crypto market floated in place, drifting down 0.26% in market capitalization at press time. Bitcoin and Ethereum sank slightly more than that. Cardano is still rising, and spent the day resting after an ATH in the morning.

Bitcoin drifts

The most famous coin changed rather little during the day. However, one piece of news might portend a change. Analytics firm Glassnode reports that for the first time since December, mining companies are saving more Bitcoin than selling it. However, the market has not digested this information yet, it seems.

Ethereum

The second-ranked coin also drifted sideways during Saturday with the price hovering around the $1500 mark. Institutional investor interest news has not filtered through, yet. Market volume over the last 24 hours is down over 38%, however.

Cardano in #3

Cardano’s bull run kept moving upward today, as ADA took ATHs in both price and market cap. The coin hit a peak on Saturday of $1.48. Market capitalization was up over 14% at over $43 billion, and trading volume rose over 61% in the last 24 hours. 

Cardano’s #3 position by market cap comes as the end of a month-long fight for fourth place between ADA and DOT, with XRP, BNB and USDT also appearing as whatever coin was in third place eventually sank. However, with the Cardano run in place and a major platform upgrade occurring on Mar. 1, there is no indication of a change in ADA’s fortunes just yet. At least, as long as the upgrade goes smoothly.

DeFi-nately DeFi

As the fight for fourth place continues, Binance Coin (BNB) still has a lead over Polkadot (DOT) in terms of market cap, but the DeFi project is showing stronger coin performance at this time. Like Cardano, Polkadot and Stellar (XLM) are all seeing double-digit price growth on an otherwise lack-luster weekend day. 

The main reason for these platforms increasing is likely to be the cost of GAS on Ethereum. High transaction costs on Ethereum raised awareness of these platforms in the first place. Lower fees on these platforms increasingly attracts user attention, and with that, trader attention as well.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/market-roundup-bitcoin-drifting-lower-cardano-at-aths/

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BIC’s Crypto Video News Show: Coinbase Update

Owners’ Dump Explained After the initial push that saw the company valued at over $100 billion, we next saw that insiders sold roughly $5 billion worth of stock. Among them were the CEO Brian Armstrong, Coinbase director Brian Wilson, and investment firm Andreesen Horowitz. Watch BIC’s Latest Crypto Video News Show Here: Many interpreted this … Continued

The post BIC’s Crypto Video News Show: Coinbase Update appeared first on BeInCrypto.

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In this episode of the BeInCrypto video news show, host Jessica Walker addresses Coinbase, one week after its historic public offering on the Nasdaq. We will explain the large sell-off that occurred on the first day of trading, and at the bullish and bearish cases for Coinbase going forward.

Owners’ Dump Explained

After the initial push that saw the company valued at over $100 billion, we next saw that insiders sold roughly $5 billion worth of stock. Among them were the CEO Brian Armstrong, Coinbase director Brian Wilson, and investment firm Andreesen Horowitz.

Watch BIC’s Latest Crypto Video News Show Here:

Many interpreted this as a lack of confidence in the company and blamed it for dropping the stock’s price. But this is a regular occurrence around IPOs when early investors can profit from their initial investments.

Source: TradingView

The critical aspect to keep in mind is how much they sold. Armstrong parted with only 1.5% of his holdings, which doesn’t show any lack of confidence in Coinbase’s prospects. 

Bullish Scenario for Coinbase

In blue you have Coinbase’s revenue and in red overlapping is Bitcoin’s price, showing a clear relationship.

Source: Coindesk

It was also popular companies like Grayscale, MicroStrategy, and Tesla that also paved the way for the Coinbase listing. And it’s these institutional investors that Coinbase will try to entice in the coming years.

Institutional investors have seemed reluctant to join in on the crypto rally. However, a public company that offers easier access and exposure to crypto assets is a great way to do it. Should Coinbase win their trust, they would definitely have a head start in this race, and the stock could grow for many years to come.

Bearish Scenario for Coinbase

On the flip side, there is also a bearish scenario, one in which Coinbase falls or even collapses. Actually, there are a few. 

A notable scenario would be a crypto winter which suffocates Coinbase revenue and slows down its progress. When trading volume declines and other exchanges offer lower fees to further coincide with the industry’s growth, Coinbase may struggle to maintain previous results, leading to a decline in their stock price.

But right now, there aren’t too many indications of that, so a different bearish scenario seems more likely. It’s one involving strong competition from multiple sides that are already gearing up to challenge Coinbase’s dominant position. Kraken has already announced they will be issuing a public offering. Additionally, PayPal and Square have made inroads on the crypto market and have announced ambitious plans that could hurt Coinbase.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/bics-crypto-video-news-show-coinbase-update/

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Coinsmart. Beste Bitcoin-Börse in Europa
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