Bitcoin’s seven-day price movement has witnessed an increase in its price from $45k to $51k mid-week before plunging below $47k. Bitcoin price dropped over 7% yesterday below $48,000 over worrying signs from Wall Street. Yesterday’s price dip could very well be a result of major stock indices around the world taking a beating as the S&P 500 was down over 1% while NASDAQ Composite Index down over 2%. 

BTC Price Chart 

Source: CoinDCX

Bitcoin price crossed the $58,000 mark on February 21, but the price slowly slipped below $43,000, witnessing more than a 25% correction. BTC rebounded above the $50,000 mark thereafter, as more Bitcoin whales and institutional investors bought the cryptocurrency

In the face of global economic uncertainty, the rally in the price of Bitcoin has been drawing wider attention from new institutional investors. There have been several developments that added support to the BTC price after the price correction. Square announced the further addition of Bitcoin worth $170 million to its corporate treasury. MicroStrategy, the business analytics firm, purchased additional 328 Bitcoins worth $15 million this week, summing their total Bitcoin holdings to 90,859 Bitcoins.  

Dan Loeb, the CEO of Third Point, an asset management firm said that he is exploring diving deeper into crypto. Tim Draper, the billionaire also made a statement on the Unstoppable Podcast stating that Netflix could soon add Bitcoin to its balance sheet. 

Fidelity recommends Bitcoin in traditional portfolios

A major report released by Fidelity called “Understanding Bitcoin” instilled more confidence in the asset class as it compared Bitcoin to gold with similar characteristics such as a store of value and a hedge against inflation, referring to Bitcoin as the “digital gold”. Interestingly, as more and more investors consider Bitcoin as a legitimate asset in their portfolio, the report also recommends an innovative portfolio-allocation strategy with Bitcoin replacing bonds in the common 60/40 stock and bond portfolio. 

Source: Fidelity

The Bitcoin supply is limited to 21 million by its protocol, but the gold production continues. The above chart indicates that Bitcoin has a lower stock-to-flow (S2F) than gold, but because of its rapid growth, it would make it scarcer than gold, rendering it as an excellent store of value with a high possibility of BTC price increasing over a period of time by the demand and supply mechanism.

Another report by Citibank called “Bitcoin at the tipping point” points out that due to its global reach, the currency has the potential to become a choice for international trade. While highlighting potential risks associated with the cryptocurrency such as high volatility and an uncertain regulatory environment, there is ever-growing participation in the space by hedge funds, asset managers, family offices, and endowments and foundations. 

In another report by Citigroup, the company changed its stance on Bitcoin from a “wanna asset” in 2014 to a “North Star” asset at a tipping point. 


After a rally in the price of Ethereum over the past month crossing the $2000 mark making an all-time-high, ETH price has plunged and is currently trading above $1400. Ether’s price recovered slightly this past week above the $1600 resistance on 3rd March before starting a downside correction.  The downslide in the price has also affected the profitability favoured by GPU miners. 

ETH Price Chart

Source: CoinDCX


Binance Coin (BNB) is currently trading at $220 down by 14% from the high of $256 this week. Cardano (ADA) is currently down to $1.065 after climbing to $1.47 on February 27, a drop by 27% in its price. Litecoin (LTC) is currently trading at $170, down by 12% since its weekly high. Chainlink (-16%), BCH (-11%), EOS (-10%), XRP (-4%), XLM (-17%), Tron (-15%), and BAT (-21%) are all in red since their weekly highs.