Bullishness for Bitcoin continues despite its struggle to reclaim $60,000
One week in review:
March 14–20 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | SPONSORED: Win $250 worth of Bitcoin by sharing your thoughts on crypto brands and companies | | | There is no wrong answer, and your feedback will help brands to improve their services. | | #1. Bullishness for Bitcoin continues despite its struggle to reclaim $60,000 | | | Bitcoin dazzled us all last Saturday with a dramatic surge to new all-time highs at $61,683.86. But the market spent little time in record territory, with a sharp pullback taking prices to lows of $53,555.03 by Tuesday. Although BTC has recovered to some extent, it is now facing strong resistance at the $60,000 level. | | | CrossTower head of trading Chad Steinglass said some resistance is to be expected, and once these levels are surpassed, they become support. He added: "It will take a bit of chipping away to break through $60,000 with any kind of authority." | | | But it's worth taking a moment to reflect on Bitcoin's progress. As Cointelegraph Markets analyst Michaël van de Poppe notes, BTC has accelerated from $11,000 to $60,000 in just six months. He believes $60,000 is "the final key resistance level before the next impulse wave toward $68,000 can happen." | | #2. Buyer of Beeple's $69-million NFT on Christie's discloses identity | | | Cointelegraph has started a brand-new series called Nifty News that offers a neat round-up of the biggest developments in NFTs. | | | The blockchain-based sports platform Chiliz has enjoyed an extraordinary surge of late, with its altcoin surging by 1,650% in the space of two weeks — a performance that puts Bitcoin and Ether to shame. | | | Even though one of the main selling points of NFTs lies in how they are non-divisible, projects that aim to fractionalize these tokens have been gaining steam. Owning just a portion of a piece of digital art is becoming more appealing to collectors, and it could allow NFT holders to realize some liquidity from their assets without selling the entire piece. | | | And last but not least, toilet paper is back in the news. The bog roll brand Charmin has created five types of nonfungible token paper — accompanied by a physical display for lucky owners. | | #3. Coinbase registers 114.9 million shares ahead of direct Nasdaq listing | | | Coinbase has registered 114,850,769 shares of Class A common stock ahead of its direct listing on the Nasdaq. An updated S-1 filing with the U.S. Securities and Exchange Commission suggests a volume-weighted average price per share of $343.58. | | | Other platforms that also offer crypto trading have also been making moves this week. On Tuesday, eToro announced that it is planning to merge with a blank check firm and go public with a valuation of $10.4 billion. | | | Kraken is yet to confirm whether it will follow in Coinbase's footsteps, but in a statement to Cointelegraph, it ruled out using eToro's approach, which involves being acquired by a company already listed on a stock exchange. "We are too big to go that route," a representative told us. | | #4. Prediction of the week: $288,000 by December? Bitcoin "will not stop at $100,000," says stock-to-flow creator | | | PlanB has doubled down on his stock-to-flow Bitcoin price model once again, arguing that Bitcoin has plenty of room to grow in its current bull run and "will not stop" at $100,000. | | | Many investors have been curious about where the 2021 bull run may end. Depending on the price indicator used, the peak could be uncomfortably near or still far off. But for followers of stock-to-flow, the answer remains firmly the latter: Compared with previous bull cycles, 2021 is just getting started. | | | PlanB says December is a realistic deadline for BTC to hit $288,000 and says Bitcoin's price is following his model "like clockwork." | | #5. FUD of the week: Phishing attack uses PancakeSwap and Cream domains to steal money | | | Cream Finance and PancakeSwap, both deployed on Binance Smart Chain, were affected by the phishing incident. | | | In Cream's case, a fake window loaded where users were asked to input their private key. There are almost no occasions when a user should input their seed phrase into a browser app, especially not when interacting with DeFi. | | | Each project stressed that funds were safe as long as users didn't type in their private keys, and both managed to later regain control of their websites. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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