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Bitcoin (BTC) is trading around $ 57,626.86 at 8:00 p.m. UTC (4:00 p.m. ET). 4.38% rise in the last 24 hours
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24-hour range of Bitcoin: $ 54,826.06 – $ 58,353.53 (CoinDesk 20)
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BTC is trading between its 10-hour and 50-hour averages on the hourly chart, a side signal for market technicians.
Bitcoin has shown resiliency in the latest volatility in traditional markets, with the No.1 cryptocurrency by market cap briefly surpassing $ 58,000 on Monday, well above last week’s low at around 50,000. dollars.
The divergence is a reminder of how bitcoin, which traded lightly in sync with the Standard & Poor’s 500 index of US stocks for most of last year, has now more or less returned to doing its own thing: the 90-day correlation between the two fell to zero.
Some U.S. stocks suffered an unprecedented liquidation on Friday after the forced liquidation of more than $ 20 billion of stakes linked to Bill Hwang’s family office, Archegos Capital Management. On Monday, stocks were mixed, with traders weighing in on the potential fallout on Wall Street.
Related: US government asks decentralized content platform LBRY for over $ 11 million in token sales
“We always receive reports of continued liquidation from top brokers on the street,” said Annabelle Huang, partner at Hong Kong-based market maker, Amber Group. “But from a crypto-centric perspective, we’ve observed that 208.8K BTC (worth $ 11.05 billion) has been withdrawn from Coinbase in the past four months, which is a bullish sign for bitcoin and the crypto market. ”
The stock market in general has struggled in recent weeks. The Nasdaq Composite is down 7% from an intraday high on February 16.
Bitcoin, still viewed as an alternative and risky asset by many investors, fell along with the stock market, down 18.0% to $ 50,458.10 on Thursday from its all-time high of $ 61,556.59 on March 13.
Still, the rapid recovery to nearly $ 58,000 demonstrates stronger investor confidence in the oldest and largest cryptocurrency. The next level of price resistance is estimated to be around $ 60,000.
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“Foreign exchange outflows have increased this week, indicating that market participants are moving crypto assets to cold stores or private deposits,” digital asset data firm TradeBlock wrote in its weekly newsletter on Monday. “Custody of a private wallet usually indicates a longer-term holding pattern.” TradeBlock is owned by CoinDesk.
Additionally, bitcoin received another price hike from Visa after the payments giant announced support for USDC, the second-largest stablecoin pegged to the U.S. dollar.
There is no direct link in the bitcoin deal, but the announcement was seen by traders as a further sign of the growing adoption of cryptocurrencies by institutions and the general public.
Read more: Bitcoin Bursts Nearly $ 58K After Visa Adds Support For Stablecoin USDC
Ether rising
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Ether (ETH) trading around $ 1,815.06 at 8:00 p.m. UTC (4:00 p.m. ET). 8.33% rise in the last 24 hours
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24 Hour Ether Range: $ 1,665.63 – $ 1,839.80 (CoinDesk 20)
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Ether is trading above its 10-hour and 50-hour averages on the hourly chart, a bullish signal to market technicians.
“Ether is coming out of short-term oversold territory with bitcoin after rapidly falling about 18% below minor resistance from February,” Katie Stockton, market technician at Fairlead Strategies, wrote in her weekly newsletter Monday. “After a few weeks of additional consolidation, we anticipate that a buying opportunity will arise once the overbought conditions are resolved.”
CoinDesk reported on Monday that a sharp drop in an obscure data point in the cryptocurrency options markets – the one-month implied volatility (IV) gap for ether and bitcoin – suggests that traders could refocus their primary focus on bitcoin after several weeks of concentration. on ether and other altcoins.
And while the connection between the Visa deal and bitcoin is tangential and abstract, there is a direct and concrete connection with the ether. Visa processed the historical cryptocurrency payment transaction directly on the Ethereum blockchain; Crypto.com sent a USDC stablecoin transaction over the network to an account at Anchorage under the name Visa.
Read more: Ether-Bitcoin implied volatility spread points to a macro-driven market
The rest of the digital assets on CoinDesk 20 are mostly green on Monday. Notable Winners at 8:00 p.m. UTC (4:00 p.m. ET):
No major loser at 8:00 p.m. UTC (4:00 p.m. ET).
Read more: Visa settles USDC transaction on Ethereum and plans to roll out to partners
Other markets
Actions:
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Asia’s Nikkei 225 closed 0.71% green.
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The FTSE 100 in Europe is down 0.07%.
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The S&P 500 in the US closed in the red at 0.087%.
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