Crypto Market Analysis: 7th December 2020
Markets enjoyed another buoyant week as newsflow around vaccines was positive, with the S&P finishing the week on 3,693. In the UK, the Medicines and Healthcare Regulatory Agency (MHRA) approved the BioNTech/Pfizer vaccine, with rollout set to start this week. The FTSE All Share rose from 3,542 on Tuesday morning to finish the week at […]
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Bitcoin fell to its lowest level since December 2020 to start the trading week, as crypto markets continue to plunge. ETH also fell considerably on Monday, as prices declined by over 16%, falling below $1,200 in the process. Bitcoin Bitcoin fell to its lowest level since December 2020 on Monday, as crypto markets plunged to start the week. Markets sold off over the weekend following an unexpected rise in U.S. inflation, with price declines carrying over into the new trading week. BTC/USD fell to an intraday low of $23,607.69 earlier in today’s session, which is its lowest point in....
The non-fungible token-based artwork market witnessed a profitable end of 2020 with astonishing trading volume figures monthly compared to those seen during November. Metrics Show $8.2 Million Worth of Crypto Artwork Sold in December According to metrics revealed by Nonfungible.com, the volume in December of NFT artworks sold was $8,681,242.59, surpassing by far the $2.6 million traded over November 2020, according to the platform Cryptoart.io, almost triplicating the numbers. The considerable surge comes within the context of a too-bullish crypto market in the last quarter of 2020, but....
Grayscale brings its total assets under management above $20 billion in time for the start of 2021 as BTC demand intensifies. Institutional crypto investment giant Grayscale now has $20 billion under its control as its Bitcoin (BTC) buys outstrip production by almost three to one.As noted by data analysis resource Coin98 Analytics on Jan. 1, Grayscale bought almost three times more BTC than that which was added to the market in December 2020. It's official: Miners can't produce enough BitcoinLast month, the company added a total of 72,950 BTC ($2.132 billion) to its assets under management....
Institutions that reportedly purchased 10,939 BTC from Coinbase in December 2020 are not selling yet. Bitcoin's (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.Notably, the number of Bitcoin under Coinbase Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to "hodl" onto their investments despite BTC price being down well over 50% from its all-time highs.JUST-IN: #Bitcoin under @Coinbase Custody for institutional clients....
Bitcoin has been bleeding for the last 48 hours. The wider crypto industry has been struggling to get over the immense choppiness. Over the last week, BTC traded between the levels of $33,000 and $28,000 respectively, today however, the king coin nosedived unhealthily. Selling pressure zoomed up and BTC lost its long standing $28,000 support mark because of that. Currently the coin has broken below the $25,000 price mark, BTC has not traded below this mark ever since December 2020. This level had fuelled a massive rally after December 2020 but BTC has continued to dip below the $25,000....