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Bitcoin broke above $52,000 Wednesday, with a market capitalization nearing $1 trillion.
- Bitcoin (BTC) trading around $52,231.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.16% over the previous 24 hours.
- Bitcoin’s 24-hour range: $48,430.80-$52,536.47 (CoinDesk 20)
- BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin is in “uncharted territory,” said Hunain Naseer, senior editor at OKEx Insights, after its price surged to a new all-time high above $52,000, only a day after it passed the key psychological threshold of $50,000.
In the derivatives market, bitcoin futures on the Chicago-based CME logged a record high single-day trading volume and total interest on Tuesday, according to data from blockchain analytics site Skew. The elevated activity could be an indicator of rising bitcoin demand from institutional investors.
Ether consolidates, institutional interest in futures rises
Ether’s correlation with bitcoin has been flat this month at around 0.68, after it moved down to as low as 0.55 in January.
“As long as bitcoin stays above $49,000 we can expect a rally in the altcoins, including ether,” OKEx Insights’ Naseer said. “But that will only happen when bitcoin’s volatility drops a little.”
“One week after ether futures launched on CME, daily trading volume reached a total of $75.8 million yesterday – almost doubling Friday’s volume of $40 million,” Glassnode wrote in a tweet Wednesday. “Meanwhile, open interest has increased to $62 million.”
Online brokerage app Robinhood says it plans to enable withdrawals and deposits of cryptocurrencies including dogecoin.
In a tweet Wednesday, the app provider said it “fully intends” to provide the extra functionality, though not date is provided for when it might be activated. Currently, traders can only buy and sell crypto assets within the app, according to its support page.
The popular mobile trading platform has been under fire recently after it limited its users’ ability to buy cryptocurrencies and certain volatile securities, including GameStop stock, last month.
Robinhood cited “extraordinary market conditions” as the primary reason, before later saying its clearing firm raised the fees for conducting transactions beyond what Robinhood could afford to pay.
At 6:00 UTC Thursday, the Stargate upgrade of Cosmos will go live. The Cosmos community recommends that interested observers follow along by watching the @cosmos account on Twitter.
Stargate represents an important milestone for the Cosmos project on the way to launching its inter-blockchain communication (IBC) protocol that will allow the 200 Tendermint-based blockchains to interoperate easily. The era of cross-pollinating blockchains is very nearly here.
Stargate enables a number of other enhancements as well. The chain will run more efficiently, upgrades will be much faster and full nodes will be able to sync up more quickly.
Many blockchains that will be familiar to denizens of the crypto community are part of the larger Cosmos ecosystem, including the stablecoin protocol Terra, collateral-backed stablecoin USDX, DeFi platform Kava and location verification network FOAM.
“The Foamspace team is excited for the Stargate Launch coming to the Cosmos Hub, a pivotal moment for the blockchain ecosystem that enables the FOAM Proof of Location radio protocol to be fully realized with global scalability through local consensus,” Ryan John King, CEO of FOAM, told CoinDesk in an email.
- Global market cap reaches new highs.
- Bitcoin market cap closes in on $1 trillion.
- Stock markets are up but investors warn not all investments are created equally.
It was another red letter day for crypto watchers as the industry continued its surge. Global market capitalization reached $1.68 trillion over night before settling around the $1.6 trillion mark.
The growth has come thanks to Bitcoin’s sustained run above $51,000 driven by a litany of new investors entering the space.
Chief among them yesterday were Motley Fool, the hugely popular investing site, and BlackRock the world’s largest asset manager. The Fool announced it had invested $5 million with a view the asset will “10x” in value over the long term.
BlackRock meanwhile, which manages $8.67 trillion worth of assets - more than the GDPs of the UK, India and Canada combined - has formerly thrown its hat in Bitcoin’s ring.
🗞 Daily Crypto Calendar, February, 18th💰
- Cosmos (ATOM)
- BakeryToken (BAKE)
#Binance AMA Series Please join the telegram for an update with BakerySwap/BinanceDEXchange.
- HARD Protocol (HARD)
"Official testnet set to launch Feb 18th"
- ZeroSwap (ZEE)
"When are we launching [ZeeDO]? Mark your calendars: 18th of February 2021."
- Hedera Hashgraph (HBAR)
"Scheduled (Feb 18, 2021, 18:00 UTC): Hedera will be upgrading the Testnet to v0.12.0..."
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.