Bitcoin Tests $57,000 Level for the First Time Since December 2021 – Spot Bitcoin ETF Volume Breaks a Record

Bitcoin Tests the $57,000 Level for the First Time Since December 2021

Bitcoin surpassed the $57,000 level for the first time since late 2021, driven by demand for spot ETFs and purchases by MicroStrategy. Bitcoin, which rose by more than 4% with yesterday’s rise, continued its strong appearance by testing the $ 57,073 level, according to the data. When evaluated from the beginning of the year, Bitcoin gained 33% in value. Additionally, this year Bitcoin has outperformed traditional financial products and gold. When the ratio following the price of Bitcoin and gold is examined, it is seen that this value is at the highest level in the last two years.

Spot Bitcoin ETF Volume Breaks a Record

Nine new spot Bitcoin ETFs recorded $2.4 billion in trading activity on Monday, setting a new record for total daily trading volume, according to Bloomberg senior ETF analyst Eric Balchunas. He added that $1.3 billion was traded in BlackRock’s spot Bitcoin ETF and that set the pace. Blackrock’s ETF, symbol IBIT, ranked ’11th among all ETFs (0.3%) and in the top 25 among stocks’ earlier in the day, when it crossed the $1 billion threshold, according to Balchunas.

MicroStrategy Continues to Buy Bitcoin

MicroStrategy increased its total assets to 190,000 Bitcoins by purchasing 3000 Bitcoins worth $155 million. According to a recent SEC filing, MicroStrategy is known to have purchased 3,000 Bitcoins between February 15-25 at an average price of $51,813. According to the current Bitcoin price, the company’s total assets are over 10 billion dollars. 3.8 billion dollars of this amount appears as unrealized profit.

Ethereum Whales Withdrew $64.2 Million

Over the past six days, ETH whales have mined approximately $64 million worth of the cryptocurrency for various uses, including staking, according to a tweet from on-chain analytics firm Lookonchain. Lookonchain reported that whale 0x8B94 removed 14,632 ETH worth $45.5 million in the previous six days. Six transactions were used to transfer assets, the first of which was completed on February 20. On February 24 and 25, whale 0x8B94 carried the last 3,850 ETH withdrawn. This was done after 10,820 ETH accumulated by February 23 were transferred for staking for the first time. In addition to whale 0x8B94, two new giant wallets named 0x8Fa5 and 0xBa74 withdrew 3,000 ETH on February 24 and 25, respectively. Although it is not yet known whether the wallets belong to the same person, no additional transactions were recorded in their history.

Pepe Price Rises Over 25% As New Frog Hat Meme Coin Rises After Uniswap Launch

As of this writing, Pepe has continued its recent upward trend, rising 27% in just 24 hours. But this wasn’t the only meme coin that attracted attention. Following its launch on Uniswap today, a new meme coin called Frog Wif Hat (FWIF) has caught the attention of investors. Some investors believe this has the potential to equal the notable gains of Dogwifhat (WIF). Like old-school viral meme coins, Frog Wif Hat is already attracting investor attention with its witty French theme and baguette-wielding mascot.

Court Approves SEC Settlement with Genesis

The court approved the SEC’s $21 million settlement with Genesis in its bankruptcy case. Parent company Digital Currency Group (DCG), on the other hand, says it will oppose Genesis’ proposed settlement with the NY Attorney General, claiming it unfairly prioritizes some creditors. Genesis’ legal representative explained that their proposed plan could cover up to 77% of the total repayment of creditors, subject to court approval.

Bored Ape Game ‘Dookey Dash: Unclogged’ Will Win Over $1 Million in Prizes

Yuga Labs is reintroducing the game Dookey Dash as a free-to-play version called ‘Unclogged’ this spring. The company announced a significant prize pool of at least $1 million for the launch of the game, but it is unclear whether the rewards will be paid in ApeCoin. The game will include a 72-hour early access period for 10,000 players starting on March 6, with the highest scoring player receiving a valuable Mutant Ape Yacht Club NFT. Dookey Dash: Unclogged is an endless running game where players progress through the sewers, bypassing obstacles to achieve high scores. While initially accessible only to NFT holders, the new version will be available on PC, Mac, iOS and Android without requiring NFT ownership. However, select NFT holders will receive benefits in the game, including Bored Apes, Mutant Apes, Bored Ape Kennel Club, HV-MTL and Otherside Kodas. The previous winner of the game, Kyle ‘Mongraal’ Jackson, sold his prize NFT for $1.63 million worth of Ethereum.

Rise in Open Interest Rate in Bitcoin Futures and Options in February

According to the data, between February 1 and 20, open interest in Bitcoin futures increased from $16.41 billion to $22.69 billion. In the same period, the price of Bitcoin increased from $ 42,650 to $ 52,300. According to the February 26 open interest rate data, a decrease to the level of $ 22.21 billion may mean that some investors took profits. In addition, open interest in Bitcoin options increased from $ 12.27 billion to $ 19.08 billion and is at $ 15.82 billion according to the latest data. When the call and put ratio, which is an important metric in the options market, is evaluated, the fact that there is a call ratio of 63% shows that investors are taking long position transactions.

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BITCOIN(BTC)

In today’s morning hours, Bitcoin is trading at $56,032, up 2.86%. When we examine the four-hour chart, we see that the horizontal movement was broken upward between the $50,600 and $52,800 levels. During the night, the level of 57,600 dollars was seen in futures exchanges and 57,000 dollars in spot exchanges. The first support position is now $ 55,000, and with the reaction it receives from here, it may react upward again and move up to $ 57,500. If there is a deeper pullback, a move up to $53,000 could be seen. The $58,000 area is a very strong resistance area, and if it is exceeded, a rise to $60,000 can be seen.

ETHEREUM(ETH)

Ethereum, which gained 1.36% in value as of the morning hours, is priced at $ 3219. When we examine the four-hour chart, we have been in a rising trend since January. It rose to $3270 yesterday evening, but faced a reaction and came back to these levels. $3200 is the intermediate support zone, and with the upward reaction it will receive from here, it can move up to $3300. In a pricing below this level, the next support zone appears to be $ 3140.

RIPPLE(XRP)

XRP is priced at $0.5560 with a 0.98% gain in value as of the morning hours. When we examined the four-hour chart, the $0.54 area was major support. This support seems to be working for now. In case of an upward movement, the $0.55 level had to be broken upwards and sustained above it. This has also been achieved. The next resistance level is $0.57, and if there is an upward break, a rise to $0.60 can be seen. The first support level appears to be $0.55.

AVALANCHE(AVAX)

AVAX is priced at $36.44, gaining 0.38% in the morning hours. When we examined the four-hour chart, persistence above $36 was very important and the rise took place. If the upward movement continues, the $40.78 level can be followed as resistance. If the support zone is broken downwards, a withdrawal movement to the $ 37.54 level may be possible.

SOLANA(SOL)

SOL is priced at $109.9 with a 0.03% loss of value as of the morning hours. When we examine the hourly chart, we see that the $104.4 resistance level was broken upwards and there is a movement up to the $112 level. If it persists above this region, a move up to $115 may be possible. If the retreat continues, the $109 and $106 levels can be followed as support.

CHAINLINK(LINK)

As of the morning hours, LINK is priced at $19,125 with a 0.23% gain in value. When we examine the four-hour chart, we see that it is being tested at the resistance zone of $19,300. If there is persistence above this region, the 19,500 and 20 dollar levels can be tested. In case of a withdrawal, the $ 18,850 level can be followed as support. If this area breaks down, the $18 level may be tested.

PNG
As of the morning hours, PNG is priced at 0.61624 dollars with a 31.58% gain in value. When we examine the hourly chart, we see that the ascending channel movement was broken upwards and the $ 0.80 region was tested with the subsequent strong movement. In case of a pullback, the $0.55 and $0.50 levels can be followed as support. The $0.70 level appears as an important resistance in upward movements. If it persists above this region, the $0.75 level can be tested.

BCH

BCH is priced at $305 with a 10.9% gain in value as of the morning hours. When we examine the daily chart, we see that the ascending triangle formation has broken upwards. If this movement continues, the $310 and $320 levels can be followed as resistance. In case of a withdrawal, the $280 level can be followed as support.