Bitcoin nerves, Tesla told to dump crypto, NFT madness: Hodlers Digest, Feb. 28–March 6

Sunday 07 March 2021, 6:59 AM AEST - 1 month ago

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

After reaching lows of $43,500 last Sunday, Bitcoin staged a comeback, managing to hit $52,000 on Wednesday. There was optimism that the correction was over and that BTC would now have the chance to return to all-time highs.

Alas, the best-laid plans of mice and men often go awry. Fast forward to this weekend, and Bitcoin is once again struggling to break above $50,000 — a psychologically important milestone. Now, the nerves are starting to set in.

A drop below recent lows of $46,000 could open the door to further downward movement, endangering a bull run thats been in place for almost a year… at least in the short term. Pseudonymous trader Rekt Capital believes BTC could bottom between $38,000 and $45,000 if this level fails to hold.

Traders are now beginning to speculate that Bitcoin may continue to trade sideways for now. A gloomy macroeconomic picture dominated by rising bond yields and a pullback in tech stocks certainly isnt helping matters.

Then again, theres always a metric that shrugs off the gloom… suggesting everything is fine. Glassnodes Reserve Risk indicator suggests that BTCs rally is still in the early to middle stage — even after this weeks pullback. Great. Nothing to worry about, then.

Tesla is now coming under pressure to sell off the $1.5 billion it holds in Bitcoin. Since the electric vehicle maker announced its crypto buy-in, TSLA shares have fallen by a stomach-churning 30.8%.

Gary Black, the former CEO of Aegon Asset Management, tweeted that Tesla would generate positive momentum if it bows out of crypto, adding: Highly unlikely, but shareholders ...

Read full story on Cointelegraph Magazine

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