Bitcoin (BTC) and select altcoins broke above their immediate resistance levels but are struggling to sustain the higher levels, indicating that bears are not ready to give up. It is speculated that the spike in Bitcoin’s price on March 22 may have been caused by reports that Terra had sent 125 million USDT to Binance on March 21. This could be the beginning of the proposed $3 billion worth of Bitcoin which the firm plans to purchase. Terra has undertaken another identical transaction on March 23, which could boost sentiment in the near term. While this news could provide a …

Bitcoin (BTC) and most major altcoins are attempting to start the new week on a positive note by bouncing off their respective support levels. Goldman Sachs became one of the first major banks in the United States to complete an over-the-counter “cash-settled cryptocurrency options trade” with the trading unit of Michael Novogratz’s Galaxy Digital. This could encourage other major banks to consider offering OTC transactions for cryptocurrencies. It is not only select nations that are showing growth in crypto adoption. A report by cryptocurrency exchange KuCoin shows that crypto transactions in Africa have soared by about 2,670% in 2022. Bitcoin …

Bitcoin (BTC) is facing a challenging environment in 2022 due to the surging inflation and geopolitical turmoil. Although gold has outperformed Bitcoin year-to-date, Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin could make a strong comeback. McGlone expects the current circumstances to “mark another milestone in Bitcoin’s maturation.” Another bullish sign for the long term is that the Bitcoin miners have been increasing their Bitcoin holdings since 2021. Compass Mining founder and CEO Whit Gibbs said to Cointelegraph that Bitcoin mining companies are “taking more of a bullish approach to Bitcoin.” Terraform Labs founder Do Kwon said that …

Bitcoin (BTC) is witnessing a see-saw battle near $40,000 with both the bulls and the bears trying to gain the upper hand. The volatility could remain high as the markets await the United States Federal Reserve’s policy decision due on March 16. Analyst Willy Woo suggests that Bitcoin could witness a capitulation event based on cost basis, a metric that indicates the transfer of Bitcoin from inexperienced to experienced traders. Such sharp declines usually suggest the formation of market bottoms. However, Glassnode believes that a capitulation has been avoided because the sell-offs have been absorbed by a relatively strong market. …

Bitcoin (BTC) has largely been directionless since the start of the year as the bulls have been buying on dips while bears are selling the rallies. This suggests that the price is consolidating in a large range with both the bulls and the bears waiting for the next trigger to establish their supremacy. The short-term volatility may pick up after the United States Federal Reserve announces its policy decision on March 16 but unless the Fed springs a surprise, the likelihood of a new trending move could be low. Bitcoin could spend some more time in a bottoming formation before …

Bitcoin (BTC) has been volatile in the past few days but the long-term investors seem to be using the current weakness to buy. According to Whale Alert and CryptoQuant, about 30,000 BTC left Coinbase and was deposited in an unknown wallet. It is speculated to be a genuine purchase and not an in-house transaction. Although investors may be bullish for the long term, the short-term picture remains questionable. Stack Funds said in their recent weekly research report that they “expect sideways trading and possibly a potential dip” in the short term due to the increase in inflation and the lack …

Bitcoin (BTC) soared on March 9 as the Dow futures recovered sharply and United States Treasury Secretary Janet Yellen’s statement on President Joe Biden’s executive order regarding digital assets, which was released a day earlier by error, contained positive statements about the crypto industry. For the past few days, investors seem to have been accumulating cryptocurrencies at lower levels. CoinShares data for the week ending March 6 shows that cumulative inflows of $127 million into digital asset investment products were the highest since Dec. 12, 2021, and Bitcoin products saw an increase for the seventh consecutive week. However, Bloomberg Intelligence …

The geopolitical tension between Russia and Ukraine has resulted in investors seeking safe-haven assets. Contrary to expectations by crypto investors, Bitcoin (BTC) has failed to rise along with gold and it remains closely correlated with the U.S. stock markets. Lloyd Blankfein, former CEO of Goldman Sachs, said that the actions of governments freezing accounts, blocking payments and the inflating U.S. dollar should all be positive for crypto but the price action suggests a lack of large inflows. On-chain data suggests that investors may be accumulating Bitcoin for the long term. Data from Santiment shows that 21 out of the past …

The equity markets in Europe and the United States are seeing a sea of red as traders continue to sell risky assets due to the geopolitical situation. Bitcoin (BTC) and several major cryptocurrencies are also witnessing profit-booking after the recent rise. Another reason that could be keeping investors on the edge is the upcoming Federal Open Market Committee (FOMC) meeting on March 16. A statement from Fed Chair Jerome Powell on March 2 highlighted that the central bank is likely to hike rates this month. Fitch Ratings chief economist Brian Coulton expects core inflation to remain high in 2022 and …

The speculation regarding the U.S. Federal Reserve’s tightening cycle and recent geopolitical developments may have resulted in panic selling by short-term traders. Analysis from Glassnode suggested that traders who had purchased Bitcoin (BTC) near the November 2021 high liquidated their positions in the past two and half months. This supply was absorbed by high conviction investors, which resulted in a redistribution from weak hands to strong hands. The crypto market, due to its resilience, continues to attract erstwhile naysayers to its fold. The latest popular figure to have a change of heart is Ken Griffin, founder of American multinational hedge …

Bitcoin (BTC) soared above $40,000 on Feb. 28 even though the S&P 500 remained soft. This suggests that the correlation between Bitcoin and the U.S. equity markets may be showing the first signs of decoupling. If bulls sustain the price above $38,500 till the end of the day, Bitcoin would avoid four successive months of decline. The volatility of the past few days does not seem to have shaken the resolve of the long-term investors planning to stick with their positions. Data from on-chain analytics firm Glassnode showed that the amount of Bitcoin supply that last moved between three to …

The U.S. equity markets and Bitcoin (BTC) have rebounded sharply from their Feb. 24 lows while gold has made a retreat from its recent highs. This indicates that investors may be buying risky assets and reducing exposure to assets perceived as a safe haven. Recent reports also suggest that Russian President Vladimir Putin may send a delegation to negotiate with Ukraine and this raises hope that the conflict could end sooner than analysts expect. Some analysts believe that the U.S. Federal Reserve may not raise rates aggressively in March due to the geopolitical situation. Allianz chief economic advisor Mohamed El-Erian …