Cardano Comes Out Kicking While Bitcoin and Ethereum Slump

Saturday 27 February 2021, 11:56 PM AEST - 1 month ago

  • Bitcoin and Ethereum are down.
  • Cardano is up as excitement builds around upcoming smart contracts and DeFi capabilities.
  • Grayscales Bitcoin and Ethereum trusts are currently trading shares at discount prices.

After a sharp market pullback, the price of Bitcoin dropped from a peak of $58k on February 21 to a low of $49k the following day. As of Saturday, the market has stabilized somewhat while retail investors have been buying the dip—but some troubling trading signals leave the market in a precarious place.

As of the time of writing, Bitcoin sits at $44,454, up 1.68% in the last day but down over 15% this week. Ethereums price is in even greater trouble. Currently valued at $1,482, Ethereum is down 0.18% in the last day, part of a pullback that has taken 26.12% off its value in the past week.

The downturn follows a week comparatively absent of news about institutional investment. Earlier this month, BNY Mellon announced plans to add crypto services to its asset management business, Tesla disclosed an investment of $1.5 billion and BlackRock announced it was dabbling in Bitcoin. And last week, Canada launched two Bitcoin ETFs. But large institutional investors had nothing to bring to this week, breaking the momentum of good news for Bitcoin.

A couple of shocks hit the market this week.

Shares in Grayscales Bitcoin and Ethereum Trusts are currently both trading at below the value of the crypto assets themselves. This is the lowest price Grayscales Bitcoin Trust has been traded atin five years; its a first-time occurrence for the ...

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