Bitcoin continues to trade higher Wednesday, shrugging off impending U.S. inflation data that could amplify fears of an early unwinding of monetary stimulus by the Federal Reserve.
The top cryptocurrency by market value reached a two-week high of $55,822 earlier today after a five-day winning streak that saw prices claw their way back from below $47,000.
The data could influence bitcoin’s price, given the cryptocurrency is considered a hedge against inflation and monetary and fiscal policy imprudence. While a bigger-than-expected jump in inflation would strengthen bitcoin’s long-term bullish case, the cryptocurrency’s immediate reaction could be bearish.
From a technical analysis standpoint, the cryptocurrency is looking bullish, having cleared a key price hurdle.
Bitcoin has flipped resistance at $52,666 (March 3 high) into support.
The MACD histogram, an indicator used to gauge trend strength and trend changes, has risen back above zero, indicating a bull revival. The 5- and 10-day price averages are again trending north, indicating a bullish setup.
- Cryptocurrency exchange Coinbase has selected Nasdaq as the venue for its direct listing.
- A direct listing is limited to existing shares, whereas an initial public offering (IPO) involves the creation of new shares.
- On Nasdaq Private Market, a secondary market for Coinbase stock ahead of the listing, the company has been valued at $90 billion.
In January 2021, San Francisco-based cryptocurrency exchange Coinbase announced plans to go public via a direct listing.
The company shared the news in a blog post, in which it announced its intent "to become a publicly-traded company pursuant to a proposed direct listing of its Class A common stock. Such proposed listing is expected to be pursuant to a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”)."
Direct listing vs IPO
Coinbase has opted for a direct listing over an IPO. In the past, a direct listing meant a company could only float its existing shares, whereas an IPO allowed the creation of new shares. While the SEC recently lifted that restriction, Coinbase nonetheless declined to create new shares for the offering–which means it will not dilute its existing equity. The direct listing also means Coinbase can avoid some of the onerous (and expensive) requirements of an IPO, including using the services of intermediaries known as underwriters.
A dogecoin-focused platform has launched to enable peer-to-peer exchanges, or “atomic swaps,” of the resurgent cryptocurrency
In an announcement Wednesday, open-source cryptocurrency and blockchain solutions provider Komodo said its “DogeDEX” went live on March 1, and has already seen over 3,000 downloads. The service is powered by the AtomicDEX engine and is available through both desktop and mobile apps.
Atomic swaps are a way for users to directly exchange cryptocurrencies without need for a third party such as a centralized exchange.
“Crypto, like the internet, is so much about community and dogecoin is the currency of the internet. Decentralized exchanges and non-custodial wallets are a few of our specialties and we want to enable [dogecoin’s] considerable fanbase to trade crypto with the very latest technology – Atomic Swaps,” said Kadan Stadelmann, CTO at Komodo.
The U.S. Consumer Price Index (CPI) rose 0.4% in February, leaving it up 1.7% over the last 12 months, in line with economists’ expectations, a Labor Department report Wednesday showed.
The 12-month rate represents an acceleration from January’s 1.4% clip, a pickup partly driven by higher gasoline prices, which rose 6.9% in February, accounting for over half of the seasonally adjusted increase in the all-items index, according to the Labor Department’s Bureau of Labor Statistics.
- Core CPI, which excludes food and energy prices, rose 0.1% in February, the report showed. That level was just below economists' average estimate of 0.2%, according to FactSet.
- Sub-indexes for shelter, recreation, medical care and motor vehicle insurance all increased in February.
Ian Sheperdson, chief U.S. economist at Pantheon
"We are surprised by the softness of the core. Some of the components where we expected solid increases did deliver; owners’ equivalent rent, for example, rose 0.27%, the biggest increase since January last year and a further clear sign that the downward pressure on rents – 40% of the core – is fading. Physicians’ services prices jumped 2.0% month-to-month, completing the adjustment implied by the 3.75% increase in Medicare reimbursement rates, effective January 1. But airline fares plunged 5.1%, despite soaring jet fuel prices, and hotel room rates dropped 2.3%, in contrast to the increase in room rates reported by STR, Inc., which tracks key hotel performance metrics. These declines can’t last. Finally, used auto prices fell by 0.9%, the fourth-straight big decline, widening the gap between the CPI measure and auction prices still further. Again, this does not seem sustainable."
- The energy index rose 3.9%.
"... $DSLA Protocol and the flagship DSLA.network Ðapp will be both available in production on March 31, 2021."
PhoenixDAO flagship dApp, events marketplace releases on mainnet.
"Next up, on 10 March at 04:00 UTC, we will be listing both ADAUSDT and XLMUSDT perpetual swap contracts."
"We are excited to announce that @PolkaFoundry has committed to Ignition launch... IDO on March 10, 2PM GMT"
"USDT-Margined $COTI will be launched at 2021-03-10 07:00 AM (UTC) with up to 25x leverage"
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