Crypto Brief – March 3rd 2021
News
Bitcoin is back above $50,000 https://t.co/965LwSOzym via @markets
— Bloomberg Crypto (@crypto) March 3, 2021
House lawmakers in Kentucky have approved a bill that could draw cryptocurrency mining operations to the state with tax breaks.
Via @Sebsinclair1989 https://t.co/xRAsHngda7
— CoinDesk (@CoinDesk) March 3, 2021
PayPal is in talks to acquire the startup Curv, which helps companies transfer and store digital currencies https://t.co/CKa8stJxRT
— Bloomberg Crypto (@crypto) March 3, 2021
Charts
Year-to-date, ETH is still outperforming BTC! The differential is narrowing, though. pic.twitter.com/4oOP1mIM9d
— CoinDesk Research (@CoinDeskData) March 2, 2021
Here’s the latest heatmap of monthly returns, updated with February – you can see that March is traditionally a weak month, with negative performance in seven out of the last 10. Will this month hold to the trend? pic.twitter.com/wkGt3iF4lp
— CoinDesk Research (@CoinDeskData) March 3, 2021
BTC SOPR dropped below 1 on Feb. 27th for only the second time since Oct. 2020, which signals that investors were capitulating and selling at a loss.
But it rebounded back above one on Feb. 28th which implies the market is stabilizing.
Read more here:https://t.co/MYxbwbnQbq pic.twitter.com/chHa6WASu9
— CoinMetrics.io (@coinmetrics) March 2, 2021
Analysis
Chart: The increase in Bitcoin users visible on its blockchain per day.
Retail investors arrived in Jan.
Like prior cycles, I expect this peak to top out higher than the ones before it.
Gives you an idea how this bull market is just warming up.
Data: @glassnode pic.twitter.com/csGLp9sLze
— Willy Woo (@woonomic) March 3, 2021
In the wake of @Coinbase’s direct listing, it's important to consider where an increase in social pressure might push the #Ethereum 2.0 project.
By @wsfoxley and @christine_dkimhttps://t.co/RUtXW0h4AW— CoinDesk (@CoinDesk) March 3, 2021
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