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Quick market read from this story
Bitcoin experienced a brief rally above $74,000 but has since pulled back below $71,000
On-chain analytics firm CryptoQuant indicates Bitcoin remains in a bear market with its Bull Score Index at 10/100
Analysts attribute the recent rally to renewed risk appetite and ETF inflows, but headwinds persist due to macro uncertainties
Despite the pullback, some indicators like Coinbase Premium and easing selling pressure suggest potential for renewed buying interest.
Deep Dive
Bitcoin experienced a brief rally above $74,000 on Thursday, but this momentum has since subsided, with analysts predicting a continued bear market. On-chain analytics firm CryptoQuant indicated that Bitcoin remains in a bear market, citing its Bull Score Index at a low of 10 out of 100, which signifies a bearish environment despite recent price movements.
The company stated, "Even after the recent price rally, fundamental and technical indicators still point to a bear market environment," and suggested the current move is likely a relief rally rather than the commencement of a new bull phase.
Bitcoin briefly reached a one-month high of $74,000 on Coinbase, touching the 50-day exponential moving average. However, it has since fallen back below $71,000. Nick Ruck, director at LVRG Research, attributed the recent rally to renewed risk appetite and ETF inflows but noted that prices are pulling back due to macro uncertainties and fading momentum. He cautioned that ongoing bear market dynamics and softer macro signals, such as anticipated slowdowns in nonfarm payrolls, leave cryptocurrencies vulnerable to renewed downside pressure.
Despite the bearish outlook, CryptoQuant observed a positive Coinbase Premium, signaling renewed US buying interest that has driven the recent rally. Bitcoin spot demand from US-based investors has also shifted from contraction to growth, with the Coinbase Bitcoin Premium becoming the most positive since October. Selling pressure from traders and long-term holders has eased, with unrealized losses reaching levels not seen since July 2022.
Analysts at SwissBlock noted on Friday that momentum is showing a critical shift, exiting peak negative momentum, which often precedes a regime change.
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Vancouver city staff recommend against holding Bitcoin in municipal reserves. Staff determined Bitcoin is not an allowable investment under the Vancouver Charter. A final decision on the Bitcoin reserve proposal is pending a March 10 council vote. The proposal was initially introduced by Mayor Ken Sim in late 2024 to hedge against inflation.
Dubai regulator VARA orders KuCoin entities to cease unlicensed virtual asset activities. KuCoin is not authorized to serve Dubai residents and has been warned against misrepresenting its licensing status. This action follows a similar regulatory action in Austria where KuCoin EU faced a business ban due to compliance failures.
Pudgy Penguins faces trademark infringement lawsuit from Original Penguin brand owner PEI Licensing. Lawsuit alleges confusingly similar penguin trademarks used on Pudgy Penguins apparel. PEI Licensing seeks to block Pudgy Penguins' USPTO applications and destroy infringing products.
Traditional altcoin seasons where all cryptos rise are likely over. Future altcoin seasons will reward assets with real-world traction and application. Market will become more differentiated, rerating specific tokens tied to large businesses. Bitcoin is showing signs of bottoming and trending higher.
Macroeconomist Lyn Alden predicts Bitcoin will outperform gold over the next two to three years. Alden notes gold sentiment is 'somewhat euphoric' while Bitcoin sentiment is 'somewhat unfairly negative'. Bitcoin sentiment index shows 'Extreme Fear' (18/100) while gold sentiment shows 'Greed' (72/100).
Bitcoin price fell 3.29% to $70,355 after touching $74,000. $471 million in crypto derivatives were liquidated in 24 hours, with $348 million from short positions. Geopolitical tensions between the US, Israel, and Iran are impacting Bitcoin's correlation with gold. Key support level for Bitcoin is between $70,000-$71,000; a break below could lead to $67,500.
Chinese crypto whale Wei Zhao predicts Bitcoin could reach $500,000 by year-end. AI agents may adopt crypto wallets as default payment for automated transactions. Coinbase and Circle are developing infrastructure for AI-driven crypto transactions. SpaceX and xAI are reportedly increasing involvement with Bitcoin and blockchain.
Analyst PlanC suggests Bitcoin's correction may be over, with the price bottoming near $60,000 after a 52% drop. A long-term Bitcoin-to-gold ratio analysis indicates a potential 14-month cycle low, aligning with historical patterns. Large BTC outflows from Bitfinex were likely internal treasury adjustments, not indicative of widespread investor withdrawals. Market momentum may shift as economic data turns supportive, suggesting the start of the next bull market phase.
Bitcoin exchange supply drops to 1.17 million BTC, lowest since December 2017. Non-empty Bitcoin wallet count reaches an all-time high of 58.45 million. Bitcoin price is testing the $74,000 resistance zone, with potential to retest $100,000 if trendline is reclaimed. On-chain data suggests accumulation phase with potential for a supply-driven rally.
Total crypto market cap decreased by 1.7% to $2.41 trillion in 24 hours. Bitcoin holds near $71K, down 1.9% daily but up nearly 5% weekly. Ethereum trades around $2,081, down 1.8% in 24 hours. Market sentiment remains cautious with the Fear & Greed Index at 25 (fear zone).
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Intercontinental Exchange (ICE) has invested in OKX at a $25 billion valuation. OKB price surged nearly 30% following the news of the ICE investment. The investment signals potential institutional integration and expanded trading services. OKB is attempting a structural breakout above the $95-$100 level, targeting $120-$130 resistance.
Dubai's VARA regulator has ordered KuCoin to cease operations in the region. KuCoin is accused of operating without the necessary virtual asset service licenses. This follows a similar prohibition against KuCoin's European arm by Austria's financial regulator. KuCoin is a top 10 exchange by trading volume.
US bank regulators confirmed tokenized securities will have the same capital requirements as traditional ones. The rule is technology-neutral, meaning blockchain type does not alter capital treatment. Tokenized securities can now be used as financial collateral under existing legal standards. Banks must meet strict legal, operational, and AML compliance standards for tokenized securities.
US crypto market evolving with gradual structural changes, not just speculation. Institutional participation is expanding with firms exploring custody and tokenized instruments. Blockchain development continues to accelerate, improving efficiency, security, and scalability. Investor attitudes are shifting towards a more analytical and long-term approach.
Bitcoin and Ethereum ETFs experienced $320 million in outflows on March 5. Bitcoin spot ETFs saw $228 million in outflows, with BlackRock's IBIT leading withdrawals. Ethereum spot ETFs recorded $90.94 million in net outflows. BlackRock's ETHA ETF was an outlier, attracting $30.25 million in inflows.
Spot Bitcoin ETFs experienced $227.9 million in net outflows on March 5. Spot Ethereum ETFs also saw significant outflows totaling $90.9 million. Institutional demand for Bitcoin ETFs shows volatility, with major withdrawals from BlackRock and Fidelity. The shift in ETF flows coincides with Bitcoin trading near the $71,000 level.
Vancouver mayor's proposal to invest city reserves in bitcoin blocked by city and provincial law. Vancouver Charter and Municipal Finance Authority Act restrict city investments to government debt, bank instruments, and traditional assets. Bitcoin is explicitly excluded as an allowable investment asset for the City of Vancouver. A separate question remains on whether Vancouver can accept bitcoin for taxes/fees if immediately converted to CAD.
ETFs trade throughout the day like stocks, offering flexibility. Index funds execute trades only once daily at the closing NAV. ETFs generally offer slightly lower expense ratios and greater tax efficiency. Index funds often have higher minimum investment requirements than ETFs.
OKB needs to close above $104 (200-D EMA) to sustain uptrend, targeting $124. Humanity Protocol (H) has surpassed 200-D EMA and other EMAs, eyeing $0.2. KITE Coin shows strong buyer dominance, with futures open interest surging 35% to $102.48 million. Bitcoin pulled back 2% from the 50-day EMA, trading below $71,000.
Vancouver city staff recommended cancelling the plan to add Bitcoin to city reserves. Local law prohibits the city from investing public funds in Bitcoin, deeming it not an 'allowable asset'. The proposal, introduced by Mayor Ken Sim in November 2024, aimed to study accepting crypto payments and holding Bitcoin reserves.
XRP holding strong support at $1.40 indicates potential for a significant breakout. Increased whale accumulation of 1.3 billion XRP in 48 hours suggests preparation for a market shift. A confirmed reclaim of the $1.80-$2.00 resistance zone could propel XRP towards the $3 target. Moscow Exchange is considering cash-settled XRP futures following Russia's regulatory shifts.
IREN orders 50,000 Nvidia GPUs and files for a $6 billion offering to fund AI cloud infrastructure expansion. Major Bitcoin miners like TeraWulf, Cipher Mining, and Bitdeer are pivoting from pure mining to AI data centers. Pepeto presale has raised $7.5M and is developing a full exchange with cross-chain bridge, zero-tax trading, risk scoring, and portfolio tracking. Bitcoin Hyper presale has raised $31.5M but faces competition from established L2 solutions.
XRP holders are selling at a loss as SOPR drops below 1.0 XRP price is trading around $1.41, failing to break $1.45 resistance Speculation exists around potential partnership between X Money and Cross River Bank
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