Data from Cointelegraph Markets and TradingView shows that bitcoin bounced off an early morning low of $52,998 and continued to rise 6.5% above the $57,000 level.
4 hour chart BTC/USDT. Source: TradingView
Today’s rise was preceded by the announcement of Digital Currency Group’s intention to buy shares of Grayscale Bitcoin Trust (GBTC) for up to $250 million. The purchase comes at an interesting time, as GBTC shares are scheduled to open on the 8th. March was trading at a 15% discount to bitcoin’s spot price on major exchanges.
While institutional investors are behind the current movement, general interest in bitcoin also continues to grow. The latest data show that since 1. As of March 2020, there are 10,000 bitcoin ATMs installed in the U.S., which is 57.5% of the number of bitcoin-enabled ATMs last year.
Bitcoin ignores economic issues related toshares
Over the past two weeks, equity markets have been weakened by a decline in technology stocks and concerns about rising Treasury yields. Many analysts predicted that the strengthening dollar and rising Treasury bill rates would have a negative impact on the price of bitcoin.
According to Chad Steinglass, head of trading at CrossTower, the underlying flow of BTC is still incredibly good, as it seems the big traditional financial players are jumping into BTC on a daily basis.
Steinglass said the recent addition of Ether (ETH) to the balance sheet of Chinese software company Meitu is another positive development, as it shows the growing importance of cryptocurrencies in traditional finance.
Steinglass further explained that the correction in BTC over the past two weeks was the result of a massive sell-off in tech stocks that hit GBTC hard, as evidenced by the GBTC NAV discount on the 5th. In March, the 15% mark was reached when European traders got the scare at the close of the market.
I think this has pulled the price of BTC down as adventurous traders have started buying GBTC by selling spot or futures contracts. I thought the fact that BTC spot prices were able to hold water during this period was pretty bullish.
altcoin follows the breakup ofbitcoin
Daily indicators for the crypto-currency market. Source : coin360
While bitcoin is aiming for the $60,000 mark, several altcoins are also chasing new all-time highs.
Theta (THETA), a blockchain-based video streaming platform, is up 18% in the past 24 hours and has reached a new all-time high of $5.92.
Meanwhile, Polygon (MATIC) has obtained a new license on 9. March saw a 33% increase when Coinbase announced that the token would be added to Coinbase Pro.
Daily chartBTC/USD. Source : coin360
The total market capitalization of cryptocurrencies is currently $1.74 trillion and bitcoin dominates with 61.1%.
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