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Crypto Roundup, March 9, 2021

Since falling alongside the stock market early last week, Bitcoin has bounced beyond $50K,  bringing most of the crypto market back into the green. 
The comeback was accompanied by a string of bullish headlines. Goldman Sachs has restarted  its crypto trading desk and is considering launching a Bitcoin ETF, Charles Schwab is said to be  exploring crypto trading, and Citibank has released a report that claims Bitcoin is at a “tipping  point” and could evolve into an “international trade currency.”

Meanwhile, Cardano and Binance Coin have pulled back more than 8% after euphoric rallies,  and IOTA has gone up 7% after developers announced the release of a smart contract protocol. 
This Crypto Market Week’s Highlights 
Institutions soak up Bitcoin supply 
Ethereum schedules critical upgrade
Institutions soak up Bitcoin supply 
Institutions are buying up Bitcoin faster than it can be mined, according to data from on-chain  market intelligence firm Glassnode. 
This trend could be responsible for surging prices, as hedge funds and asset managers  compete to purchase the estimated 4 million BTC that are still in circulation, before they are  sent to secure storage for long-term holding. 
According to reports from CoinDesk, the demand could be explained by widespread  anticipation that the current rally will continue. Data sourced by the news outlet shows institutional traders are positioning for a move to $75K in coming months. 
Ethereum schedules critical upgrade  
Developers have scheduled an Ethereum upgrade for July that could spur gains for the  second-largest crypto asset. 
Ethereum Improvement Proposal 1559 will destroy tokens when …
Story continues on Bitcoinist

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