Bitcoin’s recovery appears to have stalled as caution sets in ahead of expected comments from Federal Reserve Chairman Jerome Powell later on Thursday.
The cryptocurrency is currently nursing losses below $50,000, having bounced from $43,000 to $52,500 in the past four trading days, according to CoinDesk 20 data.
A Q&A between Powell and the Wall Street Journal today will be closely watched by investors as it may influence risk sentiment in the financial markets and set the tone for the next big move in bitcoin. Specifically, what Powell says about bond yields will be of interest, trader and analyst Alex Kruger told CoinDesk.
Dollar rallies
The Dollar Index has already broken out of a falling wedge pattern on the weekly chart, indicating the end of a year-long bearish trend and a reversal higher.
Forget Bitcoin price targets of $100,000 or even $400,000; Jesse Powell, CEO of crypto exchange Kraken, predicts Bitcoin may reach as high as $1 million in the next ten years, according to a recent interview with Bloomberg.
“People see it surpassing gold as a store of value. So, you know, I think a million dollars as a price target within the ten years is very reasonable,” Powell said, adding that the younger demographics saw it as a “better version of gold.”
Bitcoin has, for a long time, been popularly compared with gold. Both assets are considered as a “hedge” against the macroeconomy due to their finite nature and global recognition. But while the yellow metal has a $11 trillion market cap, Bitcoin is at less than a tenth of that at its current $913 million market cap—a gap that proponents say might eventually be filled.
- PayPal CEO Dan Schulman says the company's crypto forays will expand beyond "buy, sell, hold."
*The digital payments firm is also experimenting with Ethereum.
*PayPal's quest for a "super app" reflects rapid changes in the fintech industry
PayPal is riding high.
The company posted blowout fourth quarter 2020 financial results last month thanks to spectacular growth in its core app and Venmo unit, and from the success of its new buy-now-pay-later service. The firm is expecting an even bigger 2021 as the pandemic leads more consumers to embrace e-commerce and to turn away from cash altogether.
""There's a ton of opportunity for us to be helpful in creating that next generation of infrastructure," Schulman said. "That’s what the [crypto business unit] is about."*
The new unit includes transfers from some of the firm's core tech team, and is being guided by an advisory board that spans experts in technology, cryptocurrency and regulation. PayPal has also tapped Wences Casares, the founder of Bitcoin firm Xapo and a legend in crypto circles, for advice.
Major DeFi protocols are moving to cultivate a multi-chain decentralized finance ecosystem, with SushiSwap deploying its contracts on five networks, and Balancer announcing ports onto Moonbeam and Polkadot.
On March 3, SushiSwap CTO, Joseph Delong, announced the DEX had deployed contracts on xDai, Moonbeam Network, Binance Smart Chain, Polygon (previously called Matic), and Fantom. Delong noted Sushi is planning additional future deployments, including on Optimism. A Solana port is also under consideration.
While the CTO stated users can expect “relatively complete” experiences on Fantom and Binance as both networks currently “have good support for token lists,” the three other networks “will need some work” before Sushi’s full user experience will be available.
“These deployments are relatively simple to develop. The industry is currently trending towards bridges and multichain deployments as a middle step before L2 to mitigate high gas costs.”
"Airdrop will be distributed within a week from the snapshot date [2021.02.25]. (The exact date of the snapshot may vary from exchanges)."
"Join us March 4 @ 19:00 UTC+1 in #Binance French Telegram."
"$KAVA 5 Mainnet Upgrade is ONLY 2 weeks away! Launch is set for 14:00UTC March 4th to unleash #DeFi to the @Cosmos."
"HARD v2 will be released with Kava 5 which should be launched March 4th with high probability."
The beta version of VexSwap, the AMM DEX based on Vexanium Blockchain will be launched on Thursday, 4th March 2021.
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