Get Smarter About Crypto

₿itcoin reached $67,187. +0.75%

♢Ethereum reached $3,769. +5.60%

What we will talk about today...

🐂🚀 Why Bitcoin Is Strong Near $69K

⚡️📄 Why BlackRock Wants More Bitcoin ETFs

🌐💡 Why Coinbase Users Are Worried as Bitcoin Gets Close to All-Time High

Why Bitcoin Is Strong Near $69K

In a quick change of events, Bitcoin (BTC) prices got very close to going over the $69,000 mark, showing a possible rise to new all-time highs. But, a mental barrier came up, with the price not able to go through. The next change and quick changes near the level had big effects, making late long positions lose money and a short market drop.

📉 Quick Changes and Losses

BTC’s price way got close to $69,000, only to meet resistance, making a change to the $66,000 range. In a few minutes, quick changes hit, making a $2,000 drop and making about $20 million in long positions lose money, as reported by CoinGlass. This event had a short effect on record-high open interest, which quickly came back, reaching around $31 billion.

📊 Open Interest and Market Changes

Despite the short problem, Bitcoin’s open interest showed strength, keeping its strong position even after the quick changes. The market came back, showing more interest and activity from traders, with open interest of around $31 billion at the time of writing.

🔄 Coinbase Problem and Technical Challenges

Coinbase, the biggest U.S. cryptocurrency exchange, had technical challenges during this time, like a similar thing a week ago. Customer balances showed as zero for a short time, causing criticism and worries. James Van Straten, an analyst at CryptoSlate, said that the problem was more than technical limits, stressing the need for exchanges to change to the new changes of the crypto market.

🚀 Hope and Past Comparisons

Despite the challenges, market people showed hope, compared to past breakout moments. Traders, including Kaleo, saw similarities to the December 2020 breakout, stressing the chance for BTC to rise over the mental resistance. Talks said no to the idea of a “triple top” pattern, with hopes high for Bitcoin to start a new price-finding phase.

🔄 Altcoin Rise Expectation: Like past trends, traders expect a rise in altcoin prices once Bitcoin goes over its all-time high. This feeling matches the repeated pattern where Bitcoin’s upward speed is often followed by more activity and gains across different altcoins.

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Why BlackRock Wants More Bitcoin ETFs

In a smart move showing more interest in Bitcoin, investment giant BlackRock has sent a new application to the U.S. Securities and Exchange Commission (SEC) asking for approval to buy more Bitcoin Exchange-Traded Funds (ETFs). The application is for BlackRock’s Strategic Income Opportunities Fund.

📄 BlackRock’s Big Bitcoin ETF Buy

The new filing on the SEC’s website shows BlackRock’s plan to buy more Bitcoin ETFs through its Strategic Income Opportunities Fund. The fund, with the ticker symbol IBIT, now holds a big position as the best-performing fund in the market. BlackRock wants to invest in shares of Exchange-Traded Products (ETPs) that follow the general performance of Bitcoin’s price. This includes shares of a Bitcoin ETP from a partner of BlackRock.

📈 Great Performance of BlackRock IBIT Fund

The BlackRock IBIT fund has made itself stand out by getting about 50% of the total trading amount for spot Bitcoin ETFs in the market. As of March 5, the fund’s trading amount went over $2.4 billion, with assets under management (AUM) going over a big $11 billion. This strong performance shows BlackRock’s smart move to make money from the growing want for Bitcoin investment products.

🔍 SEC’s More Looking

While BlackRock goes for more exposure to Bitcoin through ETFs, the future of an Ethereum (ETH) ETF is not clear. The SEC recently delayed its decision on BlackRock’s application for an Ethereum ETF, first sent in November 2023. The ruling body said the a need for more analysis of the suggested rule change to make sure it follows the Securities Act, which says national exchange rules on securities.

⚡️ Big Trust in Crypto Grows

BlackRock’s move to buy more Bitcoin ETFs shows a bigger trend of more trust in the cryptocurrency market. As one of the world’s biggest asset managers, BlackRock’s smart investment decisions can affect market changes. The higher trading amount and AUM of the IBIT fund show the growing interest in cryptocurrency-based investment products among big investors.

Why Coinbase Users Are Worried as Bitcoin Gets Close to All-Time High

As Bitcoin got close to the wanted $69,000 all-time high, Coinbase, the biggest cryptocurrency exchange in the United States, had a second big outage in a week. The problems made users worried, especially as the problems happened with Bitcoin’s rise, making more market activity and putting more pressure on crypto exchanges.

💻 Problems and User Worries

Coinbase users had display problems during the important moments when Bitcoin got close to its all-time high. Some users said they saw zero balances, causing fears about the safety of their assets. The exchange quickly said that the problem was related to a display error, stressing that user funds were safe.

🔄 Coinbase Fixes Display Issue Quickly

A person from Coinbase talked about the situation, saying that the problem was a display issue affecting a small group of users. The exchange quickly made a fix to fix the problem, focusing on fixing the display-related worries and making sure of a smooth user experience.

🌐 Looking by NYDFS

The New York State Department of Financial Services (NYDFS) has noticed Coinbase’s recent outages. The ruling body is always talking with Coinbase and other rule entities to see the effects of these stops on consumer risk and group honesty. This more looking shows the growing importance of working well in the cryptocurrency market.

📈 Coinbase CEO Talks About More Traffic

With the problems, Coinbase CEO Brian Armstrong said the more traffic and said sorry for any problems users faced. The exchange had a traffic increase of more than ten times its usual amount, showing the big pressure on platforms during times of quick market changes.

🔄 Problems for All Crypto Exchanges

Coinbase’s recent outages show bigger problems faced by cryptocurrency exchanges during times of more market activity. The crypto sector, known for its changes, often has increases in trading activity, leading to problems. Other exchanges, including Crypto.com, have also dealt with the need to make better things to meet the needs of a quickly changing market.

💡 Changing in the Crypto Space

The happening problems show the changing nature of the crypto market. Despite being at the front of money technology, the sector keeps going through its changing pains. As users show their anger and worries on platforms like Reddit, the industry stays focused on making stronger and more reliable to gain the trust of users during important market movements.

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