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  • Blog \ Bitcoin & Cryptocurrency Market Analysis – Friday, March 22: Where is My New Wave?

    Bitcoin & Cryptocurrency Market Analysis – Friday, March 22: Where is My New Wave?

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    Ilya Krupin
    CEO, HiCoTrading.com

    The warm weather of the coming spring can be deceptive – the sunny sky may be covered with clouds in an instant, and next thing you see are people running for cover as it rains cats & dogs.

    The vivid situational picture we painted here is about the whole cryptomarket state at the moment.

    Earlier this week, CoinDesk analyst Omkar Godboul suggested that the confirmation of the reversal of the long-term trend of the Bitcoin price may be under threat due to the 21-week moving average passing at the $4070 mark.

    USDT Trading Volumes are record-breaking

    Meanwhile, during the last 24 hours Tether USDT trading volumes, according to CoinMarketCap, exceeded $10 billion, which is the second best indicator in the history of this stablecoin. At the same time, the Bitcoin trading volumes approached $11 billion, and these figures are comparable to the indicators of April 25, 2018, when the BTC was trading around $9750.

    The growing trading volumes of the first cryptocurrency can also indicate that the market is in an important stage of accumulation, after which a significant growth of the asset can follow.

    Moreover, earlier this week the total computing power in the Bitcoin network reached the indicators of the beginning of November last year, which is the maximum indicator in 2019 and the highest level in the last four months.

    Despite the fact that all these factors indirectly indicate a growing optimism about the Bitcoin, the price of the first cryptocurrency has fallen by 1.36% quite fast: the average BTC rate declined to $4031 as of March 22, although the day before it was close to $4100.

    Warning!

    Be careful – a fraudulent link to the Bitcoin wallet Wasabi for Windows is marching through the web.

    Fact is, unknown attackers created a fake website to download the popular anonymous Bitcoin wallet. This issue was announced by a leading Wasabi developer Adam Ficsor (nopara73).

    The fraudulent website wasabibitcoinwallet (.) org has four links lead for the latest version of the wallet for macOS, Windows and two for Linux.

    Adam Ficsor pointed out that the antivirus engines are not able to detect the malware so far:
    “Perhaps the attackers use this sample to create their own user base. Linux and macOS users will vouch for the site because their software is original, so this can create confusion in the forums where they distribute the link”, Fichor suggested in a comment on the Next Web.

    He also added that the scammers recreated the version for Windows, because the development of “modified Wasabi” for other platforms was simply beyond their reach.
    “The attackers don’t have the key I use to sign the binary in Windows. Therefore, when you install their software, Microsoft will notify you that it has an unknown publisher. But it is unlikely that the average user will pay attention to this”, the developer warns.

    Hot Kakao

    Kakao Internet Corporation (South Korea) has integrated the wallet with digital currencies support into its KakaoTalk messenger: this means that more than 44 million users will have access to cryptocurrency for payments and transfers — a very good basis for increasing the role of cryptocurrencies into everyday life.

    Kakao is the biggest internet conglomerate in South Korea that operates KakaoTalk, KakaoPay, KakaoTaxi, KakaoStory, KakaoStock, and many other platforms that have overwhelming dominance in their respective markets.

    The capitalization of the Bakkt platform exceeded $ 700 million

    Bakkt cryptocurrency platform, which is still in the process of preparation for the official launch, is estimated at about $740 million today after investments received at the end of December.

    It is worth mentioning that on December 31, 2018, Bakkt closed the series of financing rounds, which resulted in $182.5 million in Bakkt’s plans to create the first regulated exchange for institutional investors in combination with the physical supply of digital assets and custodial services.

    According to insider data, after receiving these investments, the capitalization of the platform increased to about $740 million, which also means that the owner of Bakkt, Intercontinental Exchange (ICE), could sell up to 25% of the shares to third-party investors, including Galaxy Digital Mike Novogratz, Pantera Capital, Microsoft technology giant and Starbucks coffee chain. The latter did not make any investments in the platform though.

    The key issue for investors is now getting income from the enterprise, the launch of which has been postponed several times due to regulatory uncertainty. Bakkt will have to make significant efforts to ensure sufficient cash turnover and justify the attracted investments. Otherwise, investors may withdraw from the transaction, using the right of redemption of shares, which was provided in the document previously filed with the securities and exchange Commission of the United States (SEC).

    One of the sources of the publication notes that after a new round of financing Bakkt can easily raise its capitalization to $1 billion, but investors want to see what exactly they invest in.

    Moreover, it was reported earlier that Intercontinental Exchange, the parent company of the New York stock exchange, expects to invest in the development of Bakkt up to $25 million by the end of the year.

    Bakkt itself in 2019 acquired part of the assets of the futures broker Rosenthal Collins Group, expanded its staff, and released the details of the upcoming futures for the Bitcoin.

    We wish you good trades this weekend and always, stay tuned!