

Cryptocurrency News
Why Bitcoin will still drop
Bitcoin recent price action shows its tilting towards an overbought position.
Bitcoin, the world’s most popular crypto is obviously having a bullish run that no financial asset has come close to. However, its recent price action shows its tilting towards an overbought position.
What they are saying
Willy Woo, a former partner at Adaptive Capital, a respected Bitcoin analyst in the crypto-verse, gave key insights on what could make the Crypto bulls suffer from exhaustion, as it approaches the $17,000 mark.
“The spike in coin buying should not be underestimated, it’s the largest spike in the 5-year chart below. Overall BTC remains bullish, however, the price needs to settle.”
“That said, during this pump, the volume of coins scooped off exchanges by buyers was unprecedented. This price move was entirely organic, powered by significant buyer demand rather than the usual trader-driven action on derivative exchanges. I have not seen an organic pump at this scale in years.”
Meanwhile, BTC Supply in Loss (1d MA) just reached a 2-year low of 328,763.223. BTC previous 2-year low of 329,239.896 BTC was observed on November 6, 2020.
What to expect
Taking into consideration the increased buying pressure of the world’s most valuable crypto, Themoneymetrics’ view on Bitcoin remains bullish in the long term. However, the price needs to cool off at least temporarily. That said, the duration for such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.
CRYPTOCURRENCY
No retreat no surrender, Ethereum explodes
Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion.

Ethereum has been on a record buying spree amid its most recent price correction as institutional investors buy more at its dips.
At the time of drafting this report, Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion. Ethereum is up 11.54% for the day.
Ether is the crypto asset that powers the Ethereum network. Crypto developers build apps on the Ethereum network, as it offers a unique type of decentralized software platform, which is different from the flagship crypto, which is designed to just be a currency or store of value.
Prakash Chand, Managing Director at FD7 Ventures also revealed also believes Ethereum would do far better than Bitcoin in the coming years;
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.
That being said there has never been so much sustained activity of addresses interacting with Ethereum.
The 3-month average of aa’s has broken over its previous all-time high and it doesn’t look like it wants to go back!
There has never been so much sustained activity of addresses interacting with Ethereum.
The 3-month average of aa's has broken over its previous ATH and it doesn't look like it wants to go back! pic.twitter.com/Zmapg4Ah3l
— Elias Simos (@eliasimos) February 17, 2021
In addition, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.
Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.
This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
CRYPTOCURRENCY
Demand for Bitcoin is growing high amid tightened supply
The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.
The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, and so on.
Only 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.
This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.
This also means that liquidity is drying up, as demand for the world’s most popular crypto hits record highs
The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.
Meanwhile, liquid supply continues to see a steep decrease.
The amount of illiquid #Bitcoin supply in the network has grown more than the circulating supply since 2017.
Meanwhile, liquid supply continues to see a steep decrease.
Pair this with the demand from MSTR, Square, Tesla, Grayscale et al., and understand how bullish this is. pic.twitter.com/wiZsswqXKp
— Rafael Schultze-Kraft (@n3ocortex) February 25, 2021
According to Yann & Jan:
“Float in the network is drying up faster than ever.
“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).
It’s also important to understand Institutional investors love transparency, regulation meaning the more regulated Bitcoin mechanisms such as regulating Crypto exchanges handling it, the more value major institutions will place in it, thus making Bitcoin a less volatile asset in the long term.
Glassnode also revealed that a million Bitcoins (BTC) or almost $30 billion in actual prices, disappeared from the liquid supply in 2020. This process even outperformed the inflow of new Bitcoins (BTC) into the network:
“Currently, we are at a stage in which the illiquid supply is growing more than the total circulating supply according to the report. A similar pattern presently played out again during the bullish rally of 2017.”
Cryptocurrency News
VP Osinbajo disagrees with CBN, calls for crypto regulation
Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.

The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.
Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.
The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.
He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”
Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift. pic.twitter.com/tbIR8eah2s
— Prof Yemi Osinbajo (@ProfOsinbajo) February 26, 2021
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