Triaconta Weekly #155
The following topics will be addressed in this weekly:
- Bundles performance
- Market overview
1 Month: 39.90% | 7D: -17.37% | 24H: -5.38%
1 Month: 73.60% | 7D: -19.65% | 24H: -4.59%
1 Month: 54.31% | 7D: -18.24% | 24H: -5.95%
1 Month: 209.78% | 7D : -11.81% | 24H: -4.51%
BTC has dropped by around 20% from its all-time high of $ 58,641 (per Coingecko.com), reached on February 21. At the time of writing, it trades at $ 46,349 and is down by 7% in a day, trimming its monthly gains to 42%. Ethereum broke the $ 1,450 support zone, but the bulls defended the $ 1,400 level. ETH is recovering and it is back above the $ 1,450 level. The price is now attempting an upside break above the $ 1,500 level.
Bitcoin rally back to ‘normal’ by April? |
The Bitcoin (BTC) market is still healthy, despite its recent selloff, which is usual for the bull runs in this nascent industry, according to Joey Krug, Co-Chief Investment Officer at major crypto investment firm Pantera Capital. “I think, in terms of price action, things will be kind of back to normal by April, if not sooner. I think the market does sometimes take a little bit of time to let off steam. It’s not going to go up in a straight line,” he said during a panel discussion at the Bloomberg Crypto Summit yesterday. Similarly, BTC dropped by around 30% in January after surpassing $ 40,000 for the first time. It then struggled for a month trying to get above this level again, before suddenly rallying to almost $ 60,000, which was followed by massive liquidations of trading positions as futures traders became too optimistic and overleveraged. When asked about Bitcoin’s high volatility, Krug replied that it was actually a benefit in Bitcoin’s favor.
Switzerland’s leading bank Bordier & Cie now offers crypto trading to clients |
Bordier & Cie partners with digital asset bank Sygnum to allow its customers to purchase crypto assets. The integration with Sygnum’s business-to-business banking platform allows Bordier’s clients to purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Tezos (XTZ). The announcement describes the move as the foundation for a broader offering of regulated digital asset products and services, including options and tokenized asset classes. Bordier noted the move was driven by increasing demand from clients looking to diversify their portfolios with new assets. The firm emphasized the lack of correlation between the cryptocurrency and mainstream financial markets, describing crypto assets as a “powerful tool to enhance diversification and achieve superior risk-adjusted returns.”
Elon Musk remains unfazed by SEC probe possibility |
Rumors of a possible investigation by the United States Securities and Exchange Commission into Tesla CEO Elon Musk’s alleged impact on Dogecoin’s price moves have been circulating on social media over the past day. The Tesla CEO avowedly loves “dogs and memes” and is greeting the alleged possibility of federal scrutiny of his Dogecoin tweets with a consistently droll attitude. Musk’s apparently all-too-real impact on the price moves of both cryptocurrencies, given his enormous social media following, makes disentangling meme fun from celebrity shilling almost impossible. Legal advisors have previously voiced their opinion that the CEO could already be in for scrutiny from the SEC after his documented influence on Bitcoin’s price moves this year. Musk’s previous SEC battles back in 2018 may have had real ramifications for the CEO, resulting in his removal as chairman of the Tesla board and the payment of financial penalties, but he seems unlikely to give up on his Twitter kicks just yet.