Weekend Crypto Recap: Double Bottom in Bitcoin, Volumes Hint Bullish Picture

Market Summary

The Bitcoin chart confirmed a double bottom over the weekend, an event that implies a more constructive environment to trade cryptos early in the week. After falling to extend the bearish moves at a low of $8.4k, buyers returned with impetus, with the sequence of volumes activity a textbook bullish sign.

We saw a major absorption candle last Friday, followed by decreasing transactions on the way down (exhaustion) only to see increasing volumes on the way up (commitment of the new buy-side campaign).When combined, this is an incredibly bullish pattern, barring any fundamental news that may distort the current bullish dynamics.

The market cap stands around $390 billion after a fresh $30 billion injection of capital since the lows. Since we are on a Bitcoin cycle, the market value chart is identical to BTC, therefore, we've also confirmed a double bottom there. Out of the top cryptos, Bitcoin Cash, Monero, Dash, Tron or Vechain printed the most gains (abve 10% each), with EOS and Ethereum Classic not following the same bullish dynamics.

Over the weekend, the news that made most of the headlines included a $250,000 equivalent bounty to be paid by Binance to anyone who provides information helping them identify the people who were behind the attempted hacking on March 7. The exchange has really taken advantage of the event to enhance its brand reputation by squeezing every single marketing opportunity, that's for sure.

Another event that got some air time was the Bitcoin Misery Index by Fundstrat Global Advisors co-founder Thomas Lee, who argues that based on the index, we are poised for a robust comeback as it's not been this low for 6 years. Technicals certainly suggest a potential recovery. Lastly, pay attention to news that following Facebook, the FBI is pressuring Google to ban adverts of products and services related to cryptocurrencies.

* Headlines below are listed in chronological order, as seen in CoinLive News Terminal

Top Headlines Industry / Regulations

• GAO: Cryptocurrencies and Blockchain Could Transform Society: A legislative branch government agency in the US highlights cryptocurrencies and blockchain as one of the five emerging technologies that would transform the society.
• FBI Is Having Discussions with Google to Ban Crypto-Related Ads: Following Facebook, the FBI is pressuring Google to ban adverts of products and services related to cryptocurrencies.
• Bitcoin Misery Index at Lowest Level in More Than Six Years: Fundstrat Global Advisors co-founder Thomas Lee argued that their bitcoin misery index was suggesting that bitcoin was poised for a robust comeback.

Top Headlines Crypto-Asset Fundamentals

• ARK Releases Update on Marketing: ARK co-founder Travis W. has published an article on the projects official Medium channel to showcase the latest marketing efforts. Below are some key takeaways.
• Buterin Offers New Solution for Plasma Scaling on Ethereum: Ethereum founder Vitalik Buterin showcased a new possible solution to the Plasma scaling problem that would reduce the usage requirements of the smart contract system.
• Komodo Delivers Weekly Updates via Newsletter: Komodo has recently published its 'Five Bullet Friday' newsletter highlighting all the developments from the previous week.
• Lisk Insider Brings Community Up to Date on Latest Developments: Key highlights from Lisk's weekly newsletter Lisk Insider.
• MoneroV Hard-Fork Delayed to April 30: In a recently published post on its official blog, MoneroV project has announced that its highly anticipated hardfork had been delayed until the end of April.
• Binance Puts $250,000 Bounty on Hackers Behind March 7 Incident: A $250,000 equivalent bounty is up for grabs to anyone who provides information helping them identify the people who were behind the attempted hacking.

Key Events on Top Cryptos for Mar 12 (Mon)

• Aion (AION) - Meetup in Nairobi
• DigiByte (DGB) - One Click Miner
• IOStoken (IOST) - SXSW Crypto Summit
• IOStoken (IOST) - Weekly Progress Update
• Litecoin (LTC) - Meetup With Charlie Lee
• NEO (NEO) - Meetup in Melbourne
• OriginTrail (TRAC) - Luna Release v0.3a
• Telcoin (TEL) - Airdrop for ICO Contributors
• TenX (PAY) - Web App Support Stops
• Zilliqa (ZIL) - Meetup in Shanghai

source: www.coinmarketcal.com

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