Daily Crypto Signals: Czech Central Bank Eyes Bitcoin, Market Sees Mixed Sentiment

The cryptocurrency market saw significant developments on Tuesday as Bitcoin briefly touched $100,000 before experiencing a 4% correction, while the Czech National Bank governor expressed interest in Bitcoin as a potential reserve asset.

Daily Crypto Signals: Czech Central Bank Eyes Bitcoin, Market Sees Mixed Sentiment

The market movements come alongside major regulatory changes at the US Federal Reserve and growing institutional adoption.

Crypto Market Developments

In a major change for conventional finance, Czech National Bank Governor Aleš Michl disclosed intentions to take Bitcoin into account for diversification of foreign exchange reserves. Although the bank now concentrates on raising its gold holdings to 5% of total assets by 2028, Michl’s candor on Bitcoin reveals growing institutional curiosity in cryptocurrencies.

As US Federal Reserve Vice Chair for Supervisor Michael Barr announced his resignation effective February 28, the crypto sector got maybe good news as well. For the crypto industry, Barr’s leaving is considered as important since his earlier remarks implying institutions should refrain from keeping digital assets.

Bitcoin Dips Under $100K After US Jobs Data

BTC/USD

 

After solid US JOLTs employment data, Bitcoin BTC/USD showed noteworthy volatility, declining 4% to less than $98,000. Observed were large-volume traders “spoofing,” meaning they purposefully moved liquidity on order books. With some experts speculating on a possible retest of $92,000, notable support still exists at the $98,000 level even with the pullback.

Ripple Partners with Chainlink, XRP to Touch $500B Market Cap?

XRP/USD

 

Through a relationship with Chainlink LINK/USD, Ripple moved strategically to improve the visibility of its RLUSD stablecoin in DeFi marketplaces. Targeting to facilitate safe, real-time DeFi transactions, the cooperation will provide price feeds for RLUSD on both Ethereum and the XRP Ledger. Targeting a price of $6.40, veteran trader Peter Brandt suggested XRP/USD can possibly achieve a $500 billion market cap within six weeks, however he cautioned the bullish price action needed to happen soon.

Cardano Gains 18% in a Week

ADA/USD

 

Strong success was displayed by Cardano ADA/USD, climbing 18% in a week, to reach $1.30 Along with notable gains in network metrics—including a 36% rise in Total Value Locked (TVL) to $579 million—the spike corresponds with While everyday transactions and development activity show encouraging pace, the DeFi protocols on the platform—especially Liqwid, Minswap, and Indigo—showered notable increase in locked value.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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