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.

What I learned from 15 years of investing in small companies

Games Workshop has risen 20-fold in five years but had been a recovery stock three times previously. The lure of recovery is the prospect of multiplying your money in a share everyone else hates but it’s not an area to bet the farm on.

I was charmed into Bluebird Toys by its CEO, Torquil Norman (father-in-law of venture capitalist Kate Bingham) who had been a popular client in my short spell in corporate finance. The success of “Polly Pocket” caused the shares, previously on the rocks, to multiply. The version aimed at boys, “Mighty Max”, was named after me after a humorous exchange at the Earl’s Court toy fair. I cashed in soon after.

My most spectacular success was the most reckless. I bought two million shares in Cannon Street Investments at 2p, down more than 99% from their peak in late 1992 on the sole basis that Tom Long, whom I knew of as the former CEO of Souza Cruz (a subsidiary of British American Tobacco) had become chairman. The shares multiplied tenfold in a year or two as a messy, over-borrowed conglomerate was streamlined through disposals. I then sold.

Regrets: I’ve had a few

My biggest regrets are not the duds I bought but the great companies I missed. Channel Express floated in the mid-1980s as an air-freight business. Its boss, Philip Meeson, had been a Red Arrows pilot and then began importing 2CV cars from France and selling them from a lot on the King’s Road, London. The site was converted into a BMW dealership and later sold. Though Meeson was clearly a serial-entrepreneur, I didn’t see a long-term investment thesis. The company is now called Jet2 and the shares have multiplied more than 100-fold.

Another regret was Asos. In early 2004, we identified this online retailer, whose idea was to replicate cheaply and quickly clothes worn by celebrities, hence the name “As Seen on Screen”. We recommended the shares to our clients in the monthly newsletter at 25p… and suggested taking profits after they had doubled in six months. The shares then multiplied 100-fold in ten years but have had a yo-yo ride since. I hope some clients didn’t sell.

What are the lessons? The best long-term investments are not the get-rich-quickly companies but those offering long-term compound growth. Holding them requires nerve and patience as the shares are often volatile and can stagnate for long periods. It is tempting to give up and sell. If an investment is not suitable for the long-term, it’s best to be clear about that at the start as it makes selling easier.

Buying for recovery can also be hugely profitable but these are rarely “forever” investments. Finally, great investments are not found through diligent research and endless company presentations but through casual recommendations, chance encounters and inspiration, not perspiration. As John le Carré wrote: “A desk is a dangerous place from which to view the world.”

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

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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.

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RIOT Stock: As Bitcoin Tops Out, It’s Best to Avoid Riot Blockchain

The insanity has a taken a breather in current weeks. However crypto performs like Riot Blockchain (NASDAQ:RIOT) inventory stay widespread amongst traders. Shares on this miner of Bitcoin (CCC:BTC-USD) have produced great positive aspects since final fall when the favored cryptocurrency started its epic run to all-time highs.

However, with BTC costs showing to high out, the underlying issue behind this inventory’s 15x-plus transfer since Nov. 2 could also be lastly operating out of gasoline. That is dangerous information for Riot.

Why? As I’ve mentioned when speaking about one other crypto mining play, Marathon Digital (NASDAQ:MARA), outsized price moves are a double-edged sword for this area.

If Bitcoin is trending greater, which means even bigger positive aspects for crypto miners, given the price of mining stays comparatively fastened even when costs go up. Nevertheless, outsized positive aspects in a crypto market means attainable outsized losses in a crypto bear market.

It’s a bit too early to say we’ll see a repeat of the crash skilled on this asset class again in 2018. But, it’s nonetheless one thing to be involved about. Positive, the good cash has moved into crypto in a giant manner. Inflationary fears make greenback alternate options like BTC look far more interesting.

Alternatively, as this Forbes contributor broke it down, market sentiment appears to be the primary driver for Bitcoin costs. If market individuals proceed to grow to be extra risk-averse, a crypto pullback might be across the nook.

And with shares like this one a good riskier solution to play the crypto development, there’s good purpose to remain away for now.

RIOT Inventory Versus Its Rivals

Riot Blockchain has been in the mining game longer than rivals Marathon Digital, and red-flag ladenSOS Ltd. (NYSE:SOS). Nevertheless, till now this first-mover benefit hasn’t made that a lot of a distinction.

Gross sales have solely not too long ago began to take off (estimated gross sales of $158.6 million in 2021, versus $10.4 million in 2020). And whereas it may quickly materially increase its Bitcoin production capacity (as soon as its new mining {hardware} is deployed), primarily based on gross sales projections ($286.1 million), Marathon’s set to grow to be the bigger participant within the area.

In brief, there’s nothing that makes Riot Blockchain a stronger selection for publicity to this development. Positive, that doesn’t fully destroy the bull case. If BTC continues to climb, names like this one will doubtless see further positive aspects. However like I discussed above, the large concern right here is the danger of decrease crypto costs.

The almost four-fold surge in BTC costs since November fueled a surge many occasions that for RIOT inventory. However on the flip aspect, a double-digit correction within the underlying cryptocurrency may produce a good better loss for traders shopping for this inventory in the present day.

Why Mining Shares are Riskier Than Bitcoin

It might be simpler to exit and purchase a crypto mining inventory versus shopping for cryptocurrency. However don’t take this better accessibility to imply it’s your much less dangerous possibility. Shares on this sector make outsized strikes relative to the underlying worth of BTC. If tendencies reverse course, outcomes will likely be outsized, however within the fallacious course.

The jury’s nonetheless out whether or not Bitcoin is nearly to crash. Some consultants on this various asset are starting to ring the warning bells. We might not see the dramatic downturn skilled in 2018-2019. Throughout that timeframe, the cryptocurrency fell greater than 80% from its then-all time excessive of $20,000. Nevertheless, even a pullback of 20% to 30% may produce far better losses for RIOT inventory.

However that’s not all. Even when costs maintain regular from right here, there’s one other issue that ought to make you bearish about chasing this not too long ago scorching sector. I’m speaking about increasing network difficulty. Over time, it’s required better ranges of computing energy to mine BTC. This implies mining prices (computing {hardware}, electrical energy) will proceed to rise. Additionally it could end in names on this sector falling in need of the aggressive progress projections they’ve touted to traders.

Placing it merely, Bitcoin is dangerous however crypto shares are riskier. Don’t let the benefit of shopping for them idiot you into believing it’s the alternative.

The Backside Line

Traders in Riot Blockchain who received in when BTC was holding regular in mid-2020 have seen jaw-dropping positive aspects over the previous few months. However those that missed out shouldn’t attempt to make up for misplaced time.

Crypto will not be nearly to crash. However, with many involved costs have peaked within the close to time period, there’s extra to counsel decrease slightly than greater costs for this inventory over the subsequent few months.

Add within the different issue that dampens the bull case for crypto miners (rising problem charges), and it’s clear the very best transfer is to skip out on RIOT inventory for now.