Last week, geopolitical tensions affected both traditional finance and crypto. Bitcoin dropped to $34,000 before bouncing back sharply. As such, the $34,000 swing low was a higher low compared to $32,800 in January.
For the rest of the week, BTC traded above $38,000 and attempted to break out of the $30,000 – $40,000 corridor multiple times. $38,500 was a crucial level to close above last week, however, that was not to be and as things stand, Bitcoin stands to form a fourth consecutive red candle on the monthly chart.
Analysts believe Bitcoin formed a mid-term bottom at $34,000 and we could potentially see some upside in March. Meanwhile, things look positive on-chain as Bitcoin wallets with a non-zero balance reached an all-time high of 40,276,163 addresses. Out of those, 817,445 addresses hold at least 1 BTC, a ten-month high.
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Quarterly futures contracts are instruments of interest for professional traders and arbitrage desks due to the lack of a fluctuating funding rate. As such, these contracts usually trade at a premium (basis) to spot markets.
In a healthy market, futures trade at a 5-15% annualized premium. However, as we can see in the chart above, the basis has been steadily decreasing in the last three months and currently lies at a seven-month low.
There’s a prevalence of bearish sentiment and even a rebound and rally on Feb. 24 and 25 couldn’t help the futures premiums. Despite the recent fall, the network’s adjusted TVL is still at 43 million ETH. Additionally, being 45% below its all-time high and with a sharding upgrade on the cards in 2022, ETH’s future looks rosy.
Current Premier League champions Manchester City, in partnership with Sony, are building a virtual replica of their home stadium in the metaverse. Known as the Etihad Stadium, its virtual counterpart will serve as the team’s central hub in the metaverse.
Last week, Manchester City announced a three-year agreement with Sony and its subsidiary Hawk-Eye to use its image analysis and skeletal-tracking technology. Fans will be able to recreate games and be a part of the footballing action through different angles.
Despite the bearish backdrop for the crypto market, stablecoins are still going strong. The stablecoin supply currently lies at a total of $185 billion, surging by $10 billion over the past 30 days.
Stablecoins offer stability during periods of high volatility in the market. As such, growth in stablecoins continues to outpace the rest of the market (6% in the last 30 days.) Over the course of February, three stablecoins were ranked in the top 10, with BUSD making a brief appearance.
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