Bitcoin (BTC) And Ethereum (ETH) Regain 7% Each

Ethereum Comes to Amazon Blockchain; Is Netflix the Next Big Company to Buy Bitcoin?

On Wednesday, March 3, the overall cryptocurrency market momentum was back in the upswing with Bitcoin (BTC) and Ethereum (ETH) regaining 7% each. The world’s two largest cryptocurrencies have been the driving forces behind the market momentum for a long.

Bitcoin’s (BTC) price moved past $50,000 once again crossing the crucial resistance and surging all the way above $52,400 levels. At press time, BTC is still 6% up on daily charts trading at $50,750 levels with a market cap of $946 billion. 

As per the latest industry report, Bitcoin bull and investor Timothy “Tim” Draper thinks that media-streaming giant Netflix could be the next big corporate to join the Bitcoin bandwagon. Tim made this prediction while appearing at an interview at The Unstoppable Podcast stating “I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix. And so I think that might be the next big one to fall.”

Tesla’s Bitcoin purchase last month has sparked major speculations as to who’s going to be the next big players putting Bitcoin on its balance sheet. Meanwhile, tech giant Twitter has shown interest and recently converted $1.5 billion of convertible notes that could possibly flood Bitcoin investment.

Bitcoin ETF And Gary Gensler As the U.S. SEC Chairman

On the other hand, Bitcoin ETF launch expectations in the U.S. market are gathering a lot of steam. Recently, the Chicago Board Options Exchange (CBOE) has filed for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Form 19b-4 submitted by CBOE shows that it will list and trade shares of the VanEck Bitcoin Trust. 

The Bitcoin and crypto community, in general, remains excited about the arrival of Gary Gensler, the Biden administration’s pick of the SEC Chairman. He’s the former CFTC chairman and serving professor at MIT well-known for his positive approach to crypto innovation. 

During his recent hearing before the U.S. Senate Banking Committee, Gentler said: “As I teach at MIT on these subjects, these (crypto) innovations have been a catalyst for change. Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion but they’ve also raised new issues of investor protection that we still need to attend to”.

Gensler has said that if appointed, the SEC will make sure that the crypto market is free from “fraud and manipulation”. “So I think, if confirmed at the SEC, I’d work with fellow commissioners to promote new innovation but also, at the core, ensure investor protection,” he added. 

Coming to some unchain data concerting the recent Bitcoin price correction, it seems that the whales have been doing profit-booking off-lately. Data from on-chain metric provider Santiment shows that Bitcoin (BTC) whales with 1000+ coins have the same supply as during the start of 2021. 

Bitcoin-Whale-Addresses-1000-BTC (Courtesy: Santiment

Just as Bitcoin (BTC) regained $50K and surged past $52,400 levels, popular crypto trader and analyst Credit Crypto called it a major bull trap. Citing the below chart he notes: “I still believe this to be a major bull trap. Rather than a running flat, it looks like we will get an expanded flat. If right, we should see a fairly quick rejection after clearing the highs at 52k”.

Bitcoin-BTC-Price-Rejection (Courtesy: Credible Crypto)

Evolve Files for Ether Exchange-Traded-Fund (ETF), Amazon Managed Blockchain Adds Support

Just like Bitcoin, Ethereum (ETH) too has been on a wild ride this year. On Wednesday, March 3, the ETH price surged 7% moving past $1600 levels once again. After last Sunday’s price crash to $1300, the ETH price rally comes on the backdrop of strong whale accumulation.

On-chain data provider Santiment notes that the combined supply of ETH tokens with the top-10 whale addresses has peaked-out at nearly 17 million. On Monday, March 1, these addresses added 1 million tokens in a single day. 

Ethereum-ETH-Top-10-Whale-Addresses (Courtesy: Santiment)

In another development, Canada’s Evolve Funds – which launched its Bitcoin ETF last month – has now filed for an Ether ETF. In the preliminary prospectus submitted to the Canadian securities regulators, the fund manager noted that the Evolve Ether Funds (ETHR) seeks to gain exposure to Ether (ETH) and is daily price movements in the USD. 

The official press release from Evolve states: “The investment objective of ETHR is to provide investors with exposure to the daily price movements of the U.S. dollar price of Ether while experiencing minimal tracking error by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure”

This new ETF will invest in Ether on a passive basis as the fund’s holdings won’t be actively managed. Besides, it adds that “ETHR will not seek exposure through derivatives and does not intend to pay regular cash distributions”.

Ethereum Support Now Available on Amazon Managed Blockchain

Another path-breaking announcement is Amazon Web Services (AWS) adding support for Ethereum on the Amazon Managed Blockchain. The announcement notes that this support will help Ethereum-based application-developers to build with ease and without any technical hassle of node setup, node syncing, etc. 

With the launch, AWS users can easily connect to Ethereum nodes along with the Ethereum mainnet and other testnets. Besides, Amazon Managed Blockchain brings added benefits of secure networking, encryption, fast syncs, elastic storage of ledger data and much more. 
The official announcement notes: “Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of customers’ Ethereum infrastructure. In addition to DeFi applications, customers building analytical products such as smart contract monitoring tools and fraud detection software can also benefit from this scalable, highly available, and fully managed Ethereum service on Amazon Managed Blockchain”.

Previous Analysis:

Expert Analysis

Apr 14,2021

Bitcoin (BTC) Price Smashes Past $63,000 A Day Before Coinbase Listing

Apr 13,2021

Bitcoin (BTC) and Crypto Market Surge 6% Defying Equity Market Trend

Mar 09,2021

Bitcoin (BTC) And Ethereum (ETH) Regain 7% Each

Mar 04,2021

Bitcoin (BTC) Price Approaches $50,000 After Citibank Calls It Future Global Trade Currency

Mar 03,2021

Crypto News: Crypto Market Volatility Continues

Feb 25,2021
In this article:
  • BTC
  • $51230
  • $51 + 2.4%
  • BTC
  • $51230
  • $51 + 2.4%
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