Bitcoin price unexpectedly turned around to increase more than $ 2,100, while the top cryptourrencies also increased sharply

Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it. Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in.

bitcoin-price-unexpectedly-turned-around-to-increase-more-than-2100-while-the-top-cryptourrencies-also-increased-sharply

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price bull run on the ropes as technicals face off against fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first-ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

At press time, Bitcoin unexpectedly turned around to increase more than $ 2,100, while the top cryptocurrencies also increased sharply, pushing the total market cap to $ 1,980 billion.

Over the previous 24 hours, Bitcoin’s price traded as low as $ 55,758 billion and as high as $ 58,231 billion. Trading volume reached 53 billion USD, capitalization increased sharply to 1,088 billion USD.

Many other cryptocurrencies also climbed following Bitcoin such as Ethereum up 4.7% to $ 2,094, Binance Coin up 9% to $ 418, XRP up 10.9% to $ 1.05, Cardano up 2.5% to $ 1.22. , Polkadot increased 3.6% to $ 41.7… As a result, the total market capitalization reached 1,980 billion USD, up 4.2%.

Bitcoin’s price has risen sharply since the beginning of the year, thanks to increasing interest in the cryptocurrency market by businesses and financial institutions. Many other large investment institutions also announced that they are considering investing and accepting the currency as a form of payment. Private bank Donner & Reuschel of Germany announced it will provide crypto buying and depository services to its customers.

JP Morgan Bank predicts that Bitcoin can reach a theoretical level in the long term of $ 146,000 when it starts to compete with gold.

According to Citibank analysts, the digital currency price could reach $ 318,000 by the end of this year. Strategist Mike McGlone suggests that Bitcoin could be traded for over $ 400,000 by 2022 if the market follows previous trends, which we have seen throughout 2013 and 2017.

The information has continued to give investors an optimistic view about the future of Bitcoin in particular and the crypto market in general.

PayPal CEO Says Bitcoin Could Be a Chinese Financial Weapon Against the U.S.

PayPal CEO Peter Thiel loves Bitcoin but hates it when China mines or uses it.

In a virtual event organized by the Richard Nixon Foundation, Peter Thiel explained that Bitcoin could be used by China as a weapon in the non-conventional war against the United States, taking advantage of its characteristics to counteract the hegemonic power of the dollar.

“Even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”

The World vs. The United States

Peter Thiel explained that Bitcoin threatens the very idea of fiat money but is especially dangerous to the U.S. dollar and called on U.S. strategists to take Bitcoin-related developments more seriously when studying the international geopolitical landscape.

However, Bitcoin hodlers are not the only ones who might take offense at being called a weapon of the Chinese communist party. According to the CEO of PayPal, the existence of the Euro itseld¿f is also a weapon of China in its conspiracy to destroy the power of the United States to control some critical aspects of the world economy:

“From China’s point of view, they don’t like the U.S. having this reserve currency, because it gives us a lot of leverage over things like the oil supply chain and things like that. They don’t want the Renminbi to become a reserve currency because then you have to open your capital account and do all sorts of things they really don’t want to do. I think the Euro you could think it is in part a Chinese weapon against the dollar”.

Regarding DECP, the digital currency that China is developing, Peter Thiel believes it cannot be compared to a cryptocurrency and called it a “totalitarian measuring device.”

The Global Tech Race According to The CEO of Paypal

Thiel’s words do not seem very harmonious with the patriotism he so proudly showed when attacking China. Several countries are developing their own digital currencies. Even the United States is beginning to advance the idea of creating a digital dollar with very similar characteristics to those of the Chinese money.

The CEO of PayPal is not concerned about China’s potential to innovate and create but rather about its power to copy things. In response to Michael Pompeo, he explained that China had not made many advances concerning blockchain technology. Still, if China reaches a position of parity with the United States from a technological point of view, the West would lose its advantage as a world geopolitical dominator.

Thiel regretted that Silicon Valley did not see China as an adversary. He pointed to Apple as a company that is a real structural problem for having “real synergies with China.” Google and Facebook were also mentioned by Thiel, who noted that they were friendly to the dreaded Chinese adversary.

Paypal has played a key role in the recent bullish trend of Bitcoin and the increase in cryptocurrency adoption.

Bitcoin price before and after Paypal supported it. Image: Tradingview

As reported by Cryptopotato, PayPal recently enabled service to purchase, store and process cryptocurrency payments for US customers, with prospects to release their support to other countries later in the year.

Hopefully, this massive boost to Bitcoin adoption will not be seen by regulators as a support for China’s crypto plans in the years ahead.

Tesla began accepting investments in Bitcoin + New Zealand retirement 🇳🇿 in Bitcoin

A lot has happened in the past week, and here is a quick recap of top crypto news from the past week. 🔥

Top weekly news from the #CryptoWorld in Week 12 of 2021. 📰#CryptoNews#CryptocurrencyNews#CryptoMarket#CryptoTwitterpic.twitter.com/j1Ety6xJDa

— CoinSutra ⚡- Bitcoin & Crypto (@CoinSutra) March 28, 2021

💎 Jack Dorsey’s First Tweet NFT Finally Sold for $2.5 Million in Auction

Jack Dorsey’s first tweet posted 15 years ago in 2006 has been sold for $2.5 million, the proceeds of which shall go for charity.

On Sunday, March 21st, the auction for the first tweet NFT from Twitter founder Jack Dorsey came to conclusion. The auction started two weeks back as Dorsey tried jumping on the NFT craze. Thus, the tokenized version of his first tweet finally went for a price of $2.5 million.

💎 Tesla Starts Accepting Bitcoin

E-car manufacturer Tesla has started accepting Bitcoin, according to a new tweet by CEO Elon Musk, marking a new milestone for the cryptocurrency’s adoption.

The entire fleet of the company’s electric cars (Model S, Model Y, Model 3, and Model X) can now be purchased with the help of the largest cryptocurrency in the U.S.

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It’s important to note that Tesla will keep its coins instead of converting them into U.S. dollars.

💎 Fidelity Investments Files Bitcoin ETF Application

Fidelity Investments has filed a Bitcoin ETF proposal with the SEC. The asset management giant is the latest to join the queue of firms hoping to lay claim to the product.

Fidelity’s subsidiary, FD Funds Management LLC, filed its S-1 with the Securities and Exchange Commission (SEC). The firm’s Bitcoin ETF is called the “Wise Origin Bitcoin Fund.”

The financial service company’s child unit Fidelity Digital Assets, will provide the custodial services to store Bitcoins backing the ETF.

💎 Indian companies will now have to disclose their crypto holdings in financial statements

Indian companies have been mandated to disclose their crypto holdings in financial statements, according to new rules that are coming into force on April 1.

India’s Ministry of Corporate Affairs amended Schedule III of Companies Act, 2013 on Thursday, and it now requires companies to detail their crypto holdings.

The details include “profit or loss on transactions involving cryptocurrency or virtual currency,” “amount of currency held as at the reporting date,” and “deposits or advances from any person for the purpose of trading or investing in cryptocurrency/ virtual currency.”

Also see: Is Crypto legal in India? (Video)

💎 Indonesian Govt To Launch Crypto Exchange to Get a Piece of Crypto Pie

The Indonesian deputy minister of trade Jerry Sambuaga has announced that his ministry will launch its own crypto exchange in the near future.

The initiative will allow the government to capture a share of the country’s booming crypto sector, with last year’s crypto asset-related trade estimated to be worth about USD 4.44 billion, according to data cited by the deputy minister.

Sambuaga pointed out the rising value of Indonesia’s crypto market, and the deputy minister said that what “this means is that it shows the future direction that digital assets [and] digital commodities can be an alternative.”

💎 New Zealand Retirement Fund Invests In Bitcoin

The KiwiSaver Growth Strategy fund, which is part of New Zealand’s national KiwiSaver program, has reportedly invested 5 percent of its funds into bitcoin.

The program is meant to be used as a retirement savings vehicle for New Zealand’s citizens, with tax incentives and age requirements similar to a 401(k) account in the U.S. The KiwiSaver Growth Strategy fund has about $244 million ($350 million New Zealand dollars) in total investments, according to local news outlet Stuff. It’s managed by wealth firm NZ Funds Management.

💎 What is Binance Card and How does it work?

The Binance Card is a cryptocurrency debit card that is free, fast and easy to both obtain and use.

This is a debit card with which it is possible to convert and spend cryptocurrencies in more than 60 million shops worldwide using the Visa circuit, by transferring crypto from the Binance spot wallet to the card wallet.

The special aspect is that it is completely free of charge. In fact, Binance does not charge the user any administration or transaction processing fees, however, third-party fees may still apply based on usage.

Also check out: Best Bitcoin Debit cards

Well thats all for this week.

I will see you soon with more exciting updates from the crypto world.

Regards

Harsh Agrawal

Join us on Twitter

Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.

An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.

An international speaker and author who loves blockchain and crypto world.

After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.

Join us via email and social channels to get the latest updates straight to your inbox.

Tesla Starts Accepting Bitcoin + New Zealand 🇳🇿 Retirement Fund Invests In Bitcoin

A lot has happened in the past week, and here is a quick recap of top crypto news from the past week. 🔥

Top weekly news from the #CryptoWorld in Week 12 of 2021. 📰#CryptoNews#CryptocurrencyNews#CryptoMarket#CryptoTwitterpic.twitter.com/j1Ety6xJDa

— CoinSutra ⚡- Bitcoin & Crypto (@CoinSutra) March 28, 2021

💎 Jack Dorsey’s First Tweet NFT Finally Sold for $2.5 Million in Auction

Jack Dorsey’s first tweet posted 15 years ago in 2006 has been sold for $2.5 million, the proceeds of which shall go for charity.

On Sunday, March 21st, the auction for the first tweet NFT from Twitter founder Jack Dorsey came to conclusion. The auction started two weeks back as Dorsey tried jumping on the NFT craze. Thus, the tokenized version of his first tweet finally went for a price of $2.5 million.

💎 Tesla Starts Accepting Bitcoin

E-car manufacturer Tesla has started accepting Bitcoin, according to a new tweet by CEO Elon Musk, marking a new milestone for the cryptocurrency’s adoption.

The entire fleet of the company’s electric cars (Model S, Model Y, Model 3, and Model X) can now be purchased with the help of the largest cryptocurrency in the U.S.

It’s important to note that Tesla will keep its coins instead of converting them into U.S. dollars.

💎 Fidelity Investments Files Bitcoin ETF Application

Fidelity Investments has filed a Bitcoin ETF proposal with the SEC. The asset management giant is the latest to join the queue of firms hoping to lay claim to the product.

Fidelity’s subsidiary, FD Funds Management LLC, filed its S-1 with the Securities and Exchange Commission (SEC). The firm’s Bitcoin ETF is called the “Wise Origin Bitcoin Fund.”

The financial service company’s child unit Fidelity Digital Assets, will provide the custodial services to store Bitcoins backing the ETF.

💎 Indian companies will now have to disclose their crypto holdings in financial statements

Indian companies have been mandated to disclose their crypto holdings in financial statements, according to new rules that are coming into force on April 1.

India’s Ministry of Corporate Affairs amended Schedule III of Companies Act, 2013 on Thursday, and it now requires companies to detail their crypto holdings.

The details include “profit or loss on transactions involving cryptocurrency or virtual currency,” “amount of currency held as at the reporting date,” and “deposits or advances from any person for the purpose of trading or investing in cryptocurrency/ virtual currency.”

Also see: Is Crypto legal in India? (Video)

💎 Indonesian Govt To Launch Crypto Exchange to Get a Piece of Crypto Pie

The Indonesian deputy minister of trade Jerry Sambuaga has announced that his ministry will launch its own crypto exchange in the near future.

The initiative will allow the government to capture a share of the country’s booming crypto sector, with last year’s crypto asset-related trade estimated to be worth about USD 4.44 billion, according to data cited by the deputy minister.

Sambuaga pointed out the rising value of Indonesia’s crypto market, and the deputy minister said that what “this means is that it shows the future direction that digital assets [and] digital commodities can be an alternative.”

💎 New Zealand Retirement Fund Invests In Bitcoin

The KiwiSaver Growth Strategy fund, which is part of New Zealand’s national KiwiSaver program, has reportedly invested 5 percent of its funds into bitcoin.

The program is meant to be used as a retirement savings vehicle for New Zealand’s citizens, with tax incentives and age requirements similar to a 401(k) account in the U.S. The KiwiSaver Growth Strategy fund has about $244 million ($350 million New Zealand dollars) in total investments, according to local news outlet Stuff. It’s managed by wealth firm NZ Funds Management.

💎 What is Binance Card and How does it work?

The Binance Card is a cryptocurrency debit card that is free, fast and easy to both obtain and use.

This is a debit card with which it is possible to convert and spend cryptocurrencies in more than 60 million shops worldwide using the Visa circuit, by transferring crypto from the Binance spot wallet to the card wallet.

The special aspect is that it is completely free of charge. In fact, Binance does not charge the user any administration or transaction processing fees, however, third-party fees may still apply based on usage.

Also check out: Best Bitcoin Debit cards

Well thats all for this week.

I will see you soon with more exciting updates from the crypto world.

Regards

Harsh Agrawal

Join us on Twitter

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