Synopsis

• Crypto.com and BTG Pactual announce strategic collaboration
• Morgan Stanley seeks Bitcoin exposure
• MicroStrategy expands Bitcoin holdings
• Biggest gainer and loser of the week

Key Observations

Analysis

Crypto.com and BTG Pactual announce strategic collaboration

BTG Pactual, one of the banking giants in Latin America, is teaming up with Crypto.com to improve crypto banking in the region. On Feb. 27, Crypto.com said it would add BTG Pactual’s stablecoin, BTG Dol, that tracks the US Dollar. They plan to encourage people to use BTG Dol by matching it with popular cryptocurrencies like Bitcoin. This partnership aims to boost the digital economy in Latin America and connect regular and digital finance for users. 
Andre Portilho, BTG’s digital assets head, thinks this partnership is a step toward combining crypto with regular finance- a big step in helping their clients access digital assets easily.

Morgan Stanley seeks Bitcoin exposure

Morgan Stanley, the biggest investment bank, is seeking to offer exposure to Bitcoin through its funds. It plans to allocate a portion of its assets to Bitcoin Exchange-Traded Funds (ETFs), allowing investors to indirectly invest in Bitcoin. However, these clients will be limited to investing a maximum of 25% of their assets in Bitcoin ETFs, with the bank acknowledging the risks associated with investing in Bitcoin and similar cryptocurrencies.

This move is expected to enhance the adoption and expansion of Bitcoin ETFs, which have contributed to a surge in Bitcoin’s price since their launch in January. Veteran trader Peter Brandt believes that any dip below $55,000 could present a buying opportunity.

MicroStrategy expands Bitcoin holdings

MicroStrategy, the largest holder of Bitcoin, has bought 3,000 Bitcoins for $155 million, at an average price of $51,813 per Bitcoin. This brings their total Bitcoin holdings to 193,000 BTC, valued at over $12 billion with Bitcoin’s current price at $63k. They’ve made a profit of over $4 billion according to data from CryptoQuant.

This recent purchase is one of their most expensive yet. In November 2021, they bought 7,002 BTC at an average price of $59,187, and in December, they acquired 1,434 BTC at $57,477 each. This is the third time they’ve bought Bitcoin when its price was over $50,000. Since November last year, MicroStrategy has been buying Bitcoin every month, accumulating 34,755 BTC.

Biggest gainer of the week: Shiba Inu (SHIB) up by 293.00%

Technical Analysis:

SHIB surged by a massive 293% last week due to a surge in buying activity, evident from the high trading volume. This rise was driven by the current craze for meme tokens, leading to sudden spikes in SHIB and other similar coins.

Currently, SHIB is testing its resistance level at 0.00004528 and appears to be in a consolidation phase following its recent rally. If market sentiment remains positive, we may anticipate a further breakout to higher levels. The immediate short-term target is set at 0.00004528, with a long-term target of 0.00006628. Momentum is bullish but significantly overbought, as indicated by the MACD Line surpassing the MACD Signal Line. The RSI is bullish (> 55) but also extremely overbought (> 80), suggesting a potential brief pause or pullback if resistance is reached.

Biggest loser of the week: Stacks (STX) down by 9.97%

Technical Analysis:

The price of STX dropped by 9.97% in the last week. It’s now trading within a range of $2.8598 to $3.2100. If this range breaks, we could see more movement based on market sentiment. The MACD line crossing below the signal line suggests a possible downward trend. Currently, the RSI sits at 49.24, indicating a neutral position, neither overbought nor oversold.

Conclusion

The cryptocurrency market was marked with important events. The market cap reached $2.4T, with Bitcoin hitting a two-year high. Crypto.com and BTG Pactual formed a strategic partnership, while Morgan Stanley pursued Bitcoin exposure and MicroStrategy increased its Bitcoin holdings. These developments highlight a positive sentiment prevailing in the markets.