Market Activity

Total Market Cap $1.41T (-9.20%)

24 Hour Volume $723.85B (+408.13%)

Notable Movers Near Protocol (NEAR) (+21.78%)

Bitcoin Dominance 61.25% (-0.30%)

Bitcoin Price $46,469.00 (-9.29%)

Coingape says Bitcoin has tanked as risk-on assets are sold off — and says that a bear flag pattern means BTC risks dropping to $35,000. NewsBTC says the cryptocurrency has failed to settle above the $50,000 pivot zone against the U.S. dollar — and warns that Bitcoin is overvalued by stock-to-flow standards.

Your Friday News 📰

Learn all about crypto at Alexandria, your new online crypto source!

Bitcoin Price Tumbles Again 😱

BTC's "healthy correction" was short lived. The world's biggest cryptocurrency has taken a tumble once again — falling below $45,000. It's now on track for its worst weekly slide in almost a year. All of this comes against a backdrop of a strengthening dollar, and a decline in the value of other risky assets. Find out why the correction is bad news for Grayscale.

Robinhood Crypto Users Surge 😎

Robinhood says more than six million people have signed up for its crypto service since the start of this year. The company pointed to the figures as proof that digital assets have gone mainstream. February's surge suggests that users are being forgiving of the trading app after its unwelcome role in the GameStop short squeeze saga. Here's the latest.

Mt. Gox Payout is One Step Closer 💰

Victims who lost out when Mt. Gox collapsed in 2014 will finally get to vote on a proposed compensation plan. A staggering 850,000 BTC was lost when the exchange (which at the time was the world's biggest) was targeted in an audacious hack. But now, a trustee has issued a proposal on how to split 150,000 BTC between 20,000 creditors. Read more.

JPMorgan Backs Small BTC Allocation 🤑

Strategists at JPMorgan have suggested that allocating 1% of a portfolio to Bitcoin could serve as a hedge against fluctuations in stocks, bonds and commodities. The endorsement follows major investments in BTC by the likes of Paul Tudor Jones, MicroStrategy and Tesla. The note comes days after the investment bank warned Bitcoin was overvalued. Read more.

Poll of the Day 📣

The crypto markets have suffered a big setback this week. So our question is this...

On a scale of 1-5 (5 being definitely,) is Bitcoin at risk of falling back to $20,000?

What You Said 🔊

Back on Monday, we asked you this: On a scale of 1-5 (5 being definitely,) should Elon Musk stop tweeting about crypto?

Thanks for all your responses — interestingly, 49.9% of you think that he should step away from his Twitter account. Meanwhile, 24.1% of you want him to continue posting with abandon. Here's what you had to say…

One cautious reader writes: "Too many novice investors heed anything he tweets and that is dangerous." 👀

But this contributor disagrees: "He advocates BTC, there is no denying that Musk is great in generating investor value." 🤩

This reader's fed up: "He should stop using his power to manipulate the market just for fun." 😤

One of you found the time to write an open letter (!): "Elon, please understand, the things you say have far reaching consequences. Despite what you might think about yourself, you are not just another regular guy. For better or worse, regardless of how mundane certain topics may seem to you, the things you say and do have a meaningful effect on the behaviour of MILLIONS." 😡

This supporter writes: "It helps us to predict the next move." 🥳

And another adds: "He can tweet whatever he likes. I'm definitely against moderation of anything." 😌

The support behind Musk stopping his tweets about crypto is probably linked to how he said BTC and ETH "seemed high" last weekend, with prices subsequently falling. Last word goes to this reader: "It's controlling the market, that is not the spirit of a decentralized system." 😒

Blockchain Term of the Day: Correction 😭

There's been a lot of talk about corrections in the crypto media recently… but how far does an asset need to fall to enter into this territory? Our glossary tells all…

There is no strict definition of a correction, but it is commonly used to describe a rapid decrease of at least 10% in the price of an asset from a recently achieved peak. It is called a correction because it usually returns the price from an abnormal surge to its long-term established trend.