BTC surrenders $50k as Fed disappoints, NBA Mavs to use DOGE
By John Shepard
10:02, 5 March 2021
Bitcoin (BTC) has given up the $50,000 level again after the Federal Reserve Chairman Jerome Powell disappointed stock markets. The Fed Chair was speaking during a virtual event hosted by the Wall Street Journal, where markets were hoping for additional measures after a recent rise in bonds. Powell made little comment on the recent activity and bonds rose again, while stocks sold off. Bitcoin and gold were also hit due to a rise in the US dollar.
Bitcoin is now trading near $47,500 after a loss of $2,000 on Thursday.
Dallas Mavericks to accept Dogecoin
Everyone’s favourite ‘meme coin’ is heading to the big leagues, as NBA team the Dallas Mavericks will start accepting the coin as a payment option.
The team, owned by crypto enthusiast Mark Cuban, are to accept DOGE as part of a deal with payments provider BitPay. Cuban said in a press release: “The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can!"
BitPay is the largest provider of cryptocurrency payment services in the world and the move could lead to further adoption of the coin.
Dogecoin was unphased by the news as the BTC selling weighed on the overall market. The coin is currently trading around the $0.05 level and looking for buyers.
What is your sentiment on XEM/USD?
NEM is up 33 per cent for the week
In our previous article on the Best Cryptocurrencies to Invest in March 2021, we tipped NEM as one of the potential risers. The coin has since moved 33 per cent on the week and is one of the top-performing cryptos despite the Bitcoin selling today.
The NEM project uses the XEM coin and the developers are focused on the release of a new “symbol” blockchain on March 15. Traders will gain a XYM coin balance equal to that of their XEM balance at the time of going live. We gave a warning in the article that the XEM coin’s price could sell-off when the migration happens in mid-March.
XEM currently trades at $0.670 after testing the $0.900 price level this week.
The major coins have performed well this week despite some selling on Thursday and all of the top 20 coins are showing gains for the last seven days. Cardano (ADA) is one of the stronger performers with an 11 per cent gain for the week, while Polkadot (DOT) is up almost 13 per cent for the period.
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