Major coins traded in the green on Wednesday night as investors became less concerned about regulatory risks and focused more on the growing demand that emerged in February.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Bitcoin | +1.85% | $23,594 |
| Ethereum | +3.06% | $1656 |
| Dogecoin | +0.99% | $0.081 |
What happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) held strong above $23,500 after a volatile trading session. Prices rose to $24,000 before falling, only to quickly recover.
Ethereum (CRYPTO: ETH) was trading at $1.656. Dogecoin (CRYPTO: DOGE) at $0.081, up 0.99% in the last 24 hours.
At the time of writing, the global crypto market capitalization was $1.08 trillion, up 2.02% in the last day.
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US stocks closed lower on Wednesday as the S&P 500 and tech-heavy Nasdaq Composite fell 0.4% and 0.6% respectively. Market sentiment was dampened as investors failed to recover from the market’s losses last month, and bond yields continued to reach higher levels.
See more: Best Crypto Day Trading Strategies
News Highlights: Silvergate Bank (NYSE:SI) said it will delay filing its annual 10-K report, sending its share price plunging more than 30% after hours. The 10-K report is required by the Securities and Exchange Commission (SEC) to provide a comprehensive overview of the company’s operations and financial health.
Polygon announced the launch of its new Polygon ID product on Wednesday, a product based on Zero-Knowledge (ZK) technology that allows users to securely verify their identity or credentials without revealing sensitive information.
Analyst notes: “Bitcoin is higher on the day but remains confined to its tight trading range. Investors are becoming less concerned about regulatory risks and focusing more on the growing demand that emerged in February. Bitcoin looks like it could stay in its range at $21,000 to $25,500 for a while,” said Edward Moyasenior market analyst at OANDA.
Cryptanalyst Michael van de Poppe said the $23,800 mark is key for the apex crypto to find continued upside momentum. A successful breach of this level could significantly boost Bitcoin’s price to sustain upward progress.
The $23.8000 area remains a crucial breaker for the markets to continue the upward momentum.#Bitcoin must break it to continue. pic.twitter.com/sqRObCVPAG
— Michaël van de Poppe (@CryptoMichNL) 1 March 2023
Analyst Justin Bennett said that Bitcoin tested $23,800, but the bears are holding on. “Another daily close below this trendline near $23,300 confirms the breakdown, IMO. It was marginal, but Tuesday closed below that. I still think $20,000 is just a matter of time.
We got $23,800 retest from $BTCbut the bears are holding strong.
Another daily close below this trendline near $23,300 confirms the breakdown, IMO. It was marginal, but Tuesday closed below that.
I still think $20k is just a matter of time.#Bitcoin pic.twitter.com/MShd0zcqIO
— Justin Bennett (@JustinBennettFX) 1 March 2023
Provider of data analysis Sentiment reported that the number of existing Bitcoin whale addresses has seen a significant decline over the past 12 months, down to 2,011 from a high of 2,489 on February 8.
The amount of existing whales #Bitcoin addresses continue to decline, with 2,011 existing compared to 2,266 existing a year ago today. It was 2,489 #AllTimeHigh set to February 8, with prices jumping +70% over the following 10 weeks. pic.twitter.com/hWS8wHNctp
— Santiment (@santimentfeed) 1 March 2023
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