Data from Glassnode shows that Bitcoin (BTC) held on centralized exchanges has dropped by about 20% in the past 12 months. This suggests that investors are withdrawing their Bitcoin to the cold storage with a view of possibly holding them for the long term. This has reduced the available supply while the demand has continued to increase. The arrival of exchange-traded funds could increase the supply crunch further. After the success of the TSX Purpose Bitcoin exchange-traded fund, Canada could launch the second Bitcoin ETF by Galaxy Digital Capital Management, a subsidiary of Galaxy Digital. The approval of Bitcoin ETFs …

Analysts expect the U.S. economy to stage a strong recovery in the second half of this year as coronavirus vaccines are distributed and economic activity begins to increase. As growth picks up, inflation concerns are also on the rise. Speculation is rife that the U.S. Federal Reserve may have to adjust its dovish stance to hold down interest rates. In anticipation, the 10-year U.S. Treasury yield has jumped from about 1% at the start of the year to 1.626%. This has resulted in profit-booking in assets considered as risky and as equities pullback, a temporary pause may be put on …

At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on Binance’s smart contract platform, lost $31 million worth of BNB tokens. While the team initially claimed that they had been the victim of an exploit, they have since deleted all social channels, and due to the nature of the exploit some believe the team liquidated and pilfered user funds — a type of scam colloquially referred to as a “rugpull.” A fork of Ethereum-native yield vault protocol Yearn Finance, Meerkat was just a few hours old when the attack drained its vaults. On-chain transactions show that an …

Bitcoin’s (BTC) resilience in the face of global market uncertainty continues to attract new institutional investors. Dan Loeb, the CEO of New York-based asset management firm Third Point, said that he has been “doing a deep dive into crypto.” To strengthen the venture investments team, Third Point hired former pro-crypto Goldman Sachs analyst Heath Terry, according to Reuters. Loeb’s move into crypto seems to have prodded 'Shark Tank' star Kevin O'Leary to allocate a portion of his portfolio to Bitcoin. Additionally, O'Leary hinted that every operating company that he had invested in was considering investing in Bitcoin. Billionaire Tim Draper …

NFTs had their best month ever in February, according to a report by DApp statistics trackers at DappRadar. Sales volume from the top three platforms grew to $342 million in February, up almost 400% from the $71 million recorded the month before. Sports memorabilia platform NBA Top Shot dominated the sector and is now responsible for 67% of total NFT transaction volume. The other NFT DApps in the top three are OpenSea, a general crypto collectibles market and CryptoPunks, an Ethereum-based collectibles series. CryptoPunks generated all-time high sales of $79M with the floor price of punks increasing from $10,000 to …

The U.S. bond yields have softened and this has ignited investor's appetite for risk-on assets. After a negative closing last week, the S&P 500 has started the current week on a positive note. Thi bullish sentiment has also rubbed on to the crypto sector, which is surging higher, led by Bitcoin (BTC). After Tesla and Mastercard’s foray into Bitcoin, analysts at Citigroup believe that Bitcoin is at a “tipping point,” which could either take it mainstream and make it the preferred currency for world trade or result in a “speculative implosion.” Citi’s analysts expect the central bank digital currencies and …

Bitcoin (BTC) price has been correcting in the past few days and traders are curious to know whether this is a minor pullback or the start of a deeper decline. The problem is that no one has a crystal ball and analysts can only point to critical support levels that may hold based on historical data and evidence. However, in a bear phase, the price tends to slip below key support levels as traders panic and sell out of fear, similar to how the price exceeds the upside targets during a bull run as traders buy due to FOMO. March …

Every bull market witnesses periodic pullbacks, where the weaker hands sell anticipating a top and the stronger hands accumulate for the long term. Data from Coinbase Pro shows two large Bitcoin (BTC) outflows this week, suggesting that institutions are likely continueing to buy the current dip. Comparing historical data, on-chain analytics resource Whalemap, recently said that previous macro tops in Bitcoin in 2017 and 2019 coincided with thousands of large Bitcoin transactions worth $5-7 million. However, the researchers believe there is “no such FOMO in sight for BTC.” JPMorgan strategists Joyce Chang and Amy Ho recently endorsed a 1% allocation …

Institutional investors continue to pour money into the crypto sector even with the current dip below $45,000. On Feb.24, business intelligence firm MicroStrategy announced that it had recently purchased over $1 billion worth of Bitcoin (BTC) at an average rate of $52,765 per coin. This takes the company’s total holding to 90,531 Bitcoin. Another company that bought Bitcoin during the current market correction is Square. The company said it had acquired roughly “3,318 Bitcoin at an aggregate purchase price of $170 million.” These purchases by institutional investors show they are bullish on the long-term prospects of Bitcoin and believe that …

Every uptrend witnesses periodic bouts of profit-booking as short-term traders tend to unwind positions either on adverse news or at critical technical resistance levels. This occurred with Bitcoin (BTC) today as the price momentarily dropped below $48,000 and traders scrambled to close or top up positions before being liquidated. Elon Musk’s tweet on Feb. 20 that said Bitcoin prices “seem high” and the U.S. Treasury Secretary Janet Yellen’s warning today on Bitcoin being “extremely inefficient” could have dampened short-term sentiment. Another possible factor that may have exacerbated the fall could have been the unwinding of excessively leveraged long positions. About …

21Shares, a Switzerland-based provider of cryptocurrency exchange-traded products, or ETPs, has recorded a 100% growth in assets under management over the past two weeks. The company announced Monday that it has passed the $1 billion mark in assets under management across its diversified 12 crypto-asset ETPs. 21Shares CEO Hany Rashwan said that the company has seen a meteoric rise in its crypto ETP products recently, doubling its AUM in less than two weeks. The company previously announced that 21Shares broke $500 million in AUM on Feb. 8. According to the announcement, the massive surge in 21Shares’ crypto ETP business is …

Fresh institutional and retail investor inflows into the cryptocurrency market have led to bull market conditions for many top tokens from blue-chips like Bitcoin (BTC) and Ether (ETH) to more recently established DeFi projects like AAVE and Synthetix (SNX). Exchange tokens are another easily overlooked sub-sector of the market but they have been performing exceptionally well in 2021 as increases in trading volumes results in a larger pool of fees to collect when the exchange’s native token is used for settlement. Native exchange tokens are also typically used as the base pair for funding new listings and token buybacks. Here …