🗞 Daily Crypto News, March, 16th💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Bitcoin Holds Short-Term Support at $54K, Resistance Seen at $58K: Technical Analysis

Bitcoin (BTC) buyers defended short-term support around $54,000 but will face heavy resistance around $58,000. On the 4-hour chart, bitcoin is now the most oversold since the February 28 low around $42,900, which preceded a near 40% price rally.

The long-term trend is still weakening, defined by lower highs on the relative strength index (RSI), which was noted on the daily price chart.

Slowing upside momentum indicated profit taking around the $60,000 price level, as expected in earlier posts.

For now, bitcoin will need to hold above the $54,000 level to sustain its uptrend on the 4-hour chart. If bitcoin breaks this level, lower support is seen around $50,000 and then $46,000.

🗞 eToro to Go Public Via Merger With SPAC; Combined Firm to Have $10.4B Value

Trading platform eToro said Tuesday it will become publicly traded via a merger with a special purpose acquisition company (SPAC). The site has long supported cryptocurrency buying and selling.

Through a merger with FinTech Acquisition Corp. V, the combined entity will have a implied equity value of about $10.4 billion, reflecting an implied enterprise value for eToro of about $9.6 billion, eToro said.

The deal includes $250 million in gross proceeds from FinTech V's cash in trust from a fully committed private placement in public equity at $10.00 per share that will close at the same time as the merger.

The combined company will operate as eToro Group Ltd. and be listed on the Nasdaq. eToro said it expects to have about $800 million net cash on its balance sheet.

🗞 Bids for Elon Musk’s Crypto-Themed NFT Pass $1M

Tesla’s Elon Musk is auctioning off a non-fungible token (NFT)-based “artwork,” with bids now over the million-dollar mark.

Tweeted late on Monday, the NFT features a gold trophy decorated with “diamond hands,” Shiba Inu dogs (presumably referencing dogecoin), a moon and the crypto term “HODL,” all tastefully spinning and gleaming to some house music.

In typical joking style, Musk – who officially became “Technoking of Tesla” on Monday – announced the news, saying, “I’m selling this song about NFTs as an NFT.”

Bids for the tweet on the Valuables (by Cent) marketplace have been rolling in and, at the time of publication, the highest bid comes from @sinaEstavi at $1.12 million.

🗞 Long-term investors are hodling, with 95% of Bitcoin trades involving ‘young coins’

According to research by on-chain analytics provider, Glassnode, 95% of the Bitcoin changing hands last was last moved less than three months ago on the blockchain.

Glassnode’s March 15 The Week On-Chain report found that just 5% of spent outputs are more than 90 days old, indicating the vast majority of BTC moving on-chain are “young coins.”

Other data from Glassnode has found that addresses that have been hodling BTC for at least three years have significantly increased their holdings over the past six to 12 months, while short-term holders have been taking profits since the start of 2020.

At current prices, Glassnode found that 10.85 million BTC, or 58% of Bitcoin’s circulating supply are currently in profit according to when they last moved on-chain, while 5.3 million BTC are currently in profit and held by STH wallets.

Glassnode also noted that LTHs are actually hodling more coins than in previous market cycles.

🗞 Daily Crypto Calendar, March, 16th💰

NEM (XEM)

"Symbol launch is delayed past the 15 March.... Next update before 16.00 UTC 16/03/2021"

VeChain (VET)

Live Video AMA with Sunny Lu, Co-founder and CEO of VeChain, on the Crypto.com YouTube channel on March 16th at 8 AM EST.

Helium (HNT)

"Learn about Stofl's plans to expand the @Helium ecosystem on March 16 at 12pm PT on The Uplink:"

YfDAI.finance (YF-DAI)

"The SSGT airdrop for all YF-DAI holders, stakers, and farmers will occur monthly over a 6-month period with a monthly vesting schedule."

SHD Cash (SHDC)

BitMart listing SHD Cash on March 16.

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