On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
On-chain data points toward a bullish future for Bitcoin despite today’s sell-off to $50,400.
On March 25, concerns surrounding the record-breaking $6.1 billion (BTC) options expiry this Friday sparked an overnight sell-off that dropped Bitcoin price to $50,400.
The downturn was not a surprise for many traders and some called for a possible test of the $47,000 support level. Despite Bitcoin's loss of bullish momentum, several derivatives indicators, including a bullish futures premium and a neutral skew, suggest that the price may not drop below $50,000.
While technical indicators paint a mixed picture of Bitcoin's short-term price action, the asset retains strong fundamentals today media reported that sovereign wealth funds have begun inquiring about opening positions in BTC. This points to growing global adoption for BTC and the cryptocurrency sector as a whole as new Ether (ETH) trusts are also being established to serve institutional investors.
Analysts suggest the market is oversold
Glassnode co-founder and CTO Rafael Schultze-Kraft recently highlighted a possible dip lower based on low realized price distribution between $51,100 and $54,000.
Not much #Bitcoin realized between here and $51k. Would not be surprised if we dipped a bit more.
— Rafael Schultze-Kraft (@n3ocortex) March 22, 2021
Strongest on-chain support currently at $47,400.https://t.co/3GFPTQPp6F pic.twitter.com/NLBQvEIGfB
In a follow-up tweet after Thursday’s drop, Schultze-Kraft reaffirmed that the dip was “not unexpected” and in his view, the overall outlook remains bullish.
Schultze-Kraft said:
“Structurally, nothing has changed. I have yet to see a data point that points long-term bearish.”
Further evidence of a possible turnaround in the near-term can be found when looking at Bitcoin’s liquid supply change, which decreased by the largest amount in more than 6 months.
This suggests that a large number of BTC have been pulled out of the circulating supply and deposited into longer-term storage wallets as bulls prepare for the price to trend higher.
Altcoins sink lower
A majority of the altcoins were hit hard by the Bitcoin sell-off as traders across the market exited positions in an attempt to hold on to their recent gains.
The one stand-out among altcoins is Aragon (ANT), whose recent pivot toward DeFi and nonfungible tokens has helped to spark a 50% rally to $13.56.
Holochain (HOT) and Balancer (BAL) have also managed to put up a positive gain of 5.2% and 6.4% respectively.
The overall cryptocurrency market cap now stands at $1.62 trillion and Bitcoin’s dominance rate is 59.4%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
https://ift.tt/2P1bVBo
Comments
Post a Comment