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Crypto Market Forecast: Week of February 22nd 2021

A curated weekly summary of forward-focused crypto news that matters. This week, Bitcoin crosses USD50k and keeps going, Binance Coin becomes the third-largest crypto, and Blackrock says it's getting into Bitcoin.

The Bitcoin price hit multiple new all-time highs again last week as the cryptocurrency market continued its epic start to 2021. Bitcoin hit USD58,321 on Sunday, and ends the week up ~19%. The Ethereum price rose ~8% in the same time period, while Binance Coin (BNB) was up 119 %.

Bitcoin soared past the milestone USD50,000 price level on Tuesday and now has a market cap over USD1 Trillion. Since breaking through USD20,000 in mid-December, Bitcoin has been on the receiving end of a wave of mainstream exposure and institutional adoption. This has helped propel the BTC price to new highs and legitimized it in the eyes of a wide spectrum of new buyers.

Tesla – now the world’s largest car manufacturer by value – announced it had made a USD1.5 billion investment in Bitcoin to give it more flexibility to diversify and maximize returns on its cash.

Miami mayor Francis Suarez, has said the city is considering using bitcoin to pay city workers and have it as an option to make fee and tax payments. “I firmly believe that when and if Amazon and or Apple adopts Bitcoin as a payment structure the dam will essentially break because at that point you’re talking about a very high volume of transactions being able to use bitcoin,” Suarez said. “I just wanted us to be on the cutting edge and sort of ahead of the game.”

Bitcoin supporters are backing BTC to continue rising and eventually hit the USD100,000 mark. After the price passed USD50,000 on Tuesday, many CEOs and politicians changed their Twitter profile pictures to include laser eyes as a way to celebrate the asset’s meteoric rise and attach themselves to the hashtag #Laserrayuntil100k. Corporate heavyweights Elon Musk and MicroStrategy CEO Micheal Saylor, have both adopted the laser eye trends. Two members of the United States Congress, Warren Davidson of Ohio and Cyntia Lummins of Wyoming, also joined the movement, temporarily changing their twitter profile pictures.

Rick Reider, the CIO of the world’s largest asset management firm Blackrock told CNBC on Thursday that the firm has “started to dabble in Bitcoin”. Reider also discussed his views on Bitcoin’s recent record-breaking moves "My sense is that the technology and regulation has evolved to the point where a number of people think it should be a part of their portfolio."

Crypto news for the week ahead

February 22nd – Dodo goes live on the Binance Smart Chain

The Version 2 beta of Dodo, an on-chain liquidity protocol goes live on the Binance Smart Chain this Monday. The launch is a part of a dual chain deployment program to allow the protocol to operate on both the Ethereum and BSC blockchains. Although BSC is a more centralized alternative to Ethereum, many projects are looking to integrate with it for lower builders fees and none of the congestion-related issues of Ethereum. Binance CEO Changpeng Zhao has also promised migrators additional support from the larger Binance ecosystem like marketing, promotion, and prioritized listing reviews on Binance.com

February 26th – Last trading day on the latest round of CME 6 month Bitcoin futures contracts

CME’s Bitcoin futures contract, ticker symbol BTC, is a USD cash-settled contract that allows traders to speculate on the future price of bitcoin offered to CME brokers and traders based on the CME Crypto Facilities Bitcoin Reference Rate (BRR). The nature of futures contracts means they must be settled on a predefined date. All contracts will have to be traded, or settled, before this date. There is generally a fall in the trading volume of futures around expiration, which coincides with a rise in volatility and a potential short/long squeeze.

Pro trader Josh Olszewicz explores trading options and signals for BTC and ETH – and lays out the trading setups he’s watching for the upcoming week. Start your week off right with Josh’s thoughts on trading strategies on a weekly basis.

Trading set-ups for the week

Pro trader Josh Olszewicz explores trading options and signals for BTC and ETH – and lays out the trading setups he’s watching for the upcoming week. Start your week off right with Josh’s thoughts on trading strategies on a weekly basis.

Bitcoin, ALTs and Ethereum – Trading setup for the week of the 22nd of February 2021

Top 10 Crypto Summary

Marcap 2202

Many large-cap assets had stellar weeks and forced their way up the Brave New Coin market cap table. Binance Coin (BNB) grew by over 100% last week and is now the third-largest asset in crypto. BNB is the native token of the Binance Smart Chain, a blockchain platform that has seen a drastic pickup in demand for its DeFi solutions in recent weeks. Pancakeswap, a clone of Ethereum based decentralized exchange Uniswap but built on BSC, has seen daily volumes grow by 5576% this year. Trade volume hit USD2.1 billion on February 21st, up from USD37 million on January 1st.

Bitcoin Price Chart

BLX 2202

CFOs and corporations continue to look for ways to add BTC to their treasuries despite calls from market observers that the asset may be overbought. On February 19th, Microstrategy announced that it had closed a USD1.05 billion offering of convertible notes. The firm has said the proceeds from the sale will be used to buy bitcoin.


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