- Goldman Sachs brings back Bitcoin trading desk
- AWS launches Amazon Managed Blockchain for Ethereum
- MicroStrategy stock plunged 50% since February
Last week was relatively quiet compared to wild swings observed in the previous periods. After the recent correction faze, all major cryptocurrencies traded mostly within tight price ranges around major technical levels. The capitalization of all digital assets in circulation decreased to 1.56 trillion, while an average daily trading volume is registered at $113.9 billion. Bitcoin's market dominance decreased to 60.0%.
Goldman Sachs restarts Bitcoin trading desk
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Create account Try a demo Download mobile app Download mobile appGoldman Sachs Group Inc. has restarted its cryptocurrency trading desk, Reuters reported last week, citing a person familiar with the matter. Bank will begin dealing bitcoin futures and non-deliverable forwards for clients from this week. The desk is part of a broader push into digital assets that may see Goldman attempt to stage a bitcoin exchange-traded fund, Reuters said.
Bitcoin managed to return to the $50 000 level during the weekend. Currently the most popular cryptocurrency is trading inside the triangle formation. If buyers manage to break above the upper limit of the formation then an upward move toward all-time high at $58,290 could be launched. On the other hand should the price break below the lower limit of the triangle formation, declines could deepen. In such a scenario, the $42,500 handle could be the first target for market bears. Source: xStation5
Ethereum now an option on Amazon’s managed blockchain service
Amazon Web Services (AWS), the cloud computing platform providing subsidiary out of the multinational technology company Amazon, announced today that Ethereum is now available on its Amazon Managed Blockchain service. According to AWS, users now have the ability to “provision Ethereum nodes” and connect to the blockchain’s mainnet in addition to the Ropsten and Rinkeby testnets through the Amazon Managed Blockchain. The program claims to offer secure access to the network with “standard open-source Ethereum APIs” and sync to the Ethereum blockchain.
Meanwhile Ethereum mining revenue grew 65.1% between January and February and reached $1.37 billion — a new record, according to data from The Block. Of the total revenue in February, $722.8 million, or 52.8%, came from fees. The remaining $644.4 million came from block subsidies. During that time, transaction fees grew 122.1% which may negatively impact the growth of DeFi network.
Ethereum mining revenue and transaction fees surged in February. Source: The Block
Ethereum price managed to break above the neckline of reverse head and shoulder formation. If buyers will manage to uphold momentum and break above the local resistance at $1780, then upward move could be extended to the all-time high at $2038. On the other hand, if buyers will manage to regain control, then nearest support to watch lies at $1475. Source: xStation5
MicroStrategy stock falls by 50% in less than a month
Recent Bitcoin price correction is hurting both regular retail investors and large players. MicroStrategy (MSTR.US), which owns over 91,000 BTC, has seen its stock price dive by more than half in just three weeks. Last month the company bought bitcoin worth $1.02 billion after raising roughly that amount in a corresponding debt offering. MicroStrategy disclosed its most recent purchase on March 1, accounting for $15 million in bitcoin.
MicroStrategy (MSTR.US) stock price has fallen significantly since it peaked in early February. Source: xStation5
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