Massive volume of Ethereum enters self-custody, 10.31% of ETH supply is on exchanges. Ethereum price holds steady at the $1,700 level with rising market interest in the altcoin.

 Ethereum, the second-largest altcoin by market capitalization, is holding steady above the $1,700 level despite the upcoming ETH token unlock where upwards of $28 billion worth of the asset will enter circulation. Analysts have noted a rise in open interest in Ethereum, alongside decline in ETH supply on exchanges.

Ethereum is set to unlock 14% of its total supply in the first week of April 2023, following its Shanghai Hard Fork. The ETH token unlock is approximately worth $28 billion and it follows the altcoin’s first major upgrade since the Merge in 2022. The event is slated to take place in April 2023 and allows validators to withdraw their staked ETH from the Beacon Chain for the first time since the ETH2 deposit contract went live.

Analysts on crypto Twitter have warned traders against a "sell-the-news" token unlock event, expecting panic sellers and uncertain market participants to shed their Ethereum holdings close to the key event. The downside target for the altcoin is between $1,400 and $1,500 post a sell-off event. 

Ethereum v. Bitcoin rivalry

Mike Novogratz, CEO of Galaxy commented on the Ethereum, Bitcoin rivalry. The crypto influencer expressed his support for both cryptocurrencies and their huge communities. Novogratz reminded users on Twitter that Bitcoin and Ethereum both account for a vast majority of wealth stored in them by market participants. 

10.31% of Ethereum supply is on exchanges, new low

Ethereum percentage supply on exchanges has hit its lowest level since 2015, at 10.31%. Based on data from crypto intelligence tracker Santiment, there is less ETH being held in exchange reserves, when compared to the volume of the altcoin that has been moved to self-custody.

This statistic reveals holders' confidence in the second-largest cryptocurrency ahead of the Shanghai Hard Fork and ETH token unlock.

#Ethereum #ethereumshanghaiupgrade #koinmilyoner #Binance #BTC

Bitcoin price is currently pulling back alongside the broader crypto market following a strong move from $20,000 to $29,000 in a matter of two weeks. The sharp rally has the market speculating that a bottom might be in.

If the bottom is indeed in, based on past historical performance, BTCUSD could be back retesting all-time highs within 120 days or less. Find out why below.

Why BTCUSD Could Reach Former Highs In 120 Days Or Less

All markets are cyclical, and crypto is no different. For example, Bitcoin shows cyclical behavior based on its halving event, where the block reward miners receive in BTC is slashed by 50%.

In technical analysis, all kinds of timing-related behavior exists. Another example includes the January Effect, or the concept of selling in May and going away, both representing seasonality in cryptocurrencies and other markets.

Serial correlation, or autocorrelation, is yet another time-based observation where price action correlates with price action from a previous data set in the same asset. An example of this is the phenomenon is that Bitcoin has peaked between November and December three times in a row: in 2013, 2017, and again in 2021.

Using the six-week Bollinger Bands and the idea behind serial correlation, it may be possible to predict that Bitcoin price revisits $65,000 per coin in less than 120 days, as past data suggests.

Could Bitcoin Be Back At Former All-Time Highs In A Few Months?

Past price history is not a guarantee of future performance, but from historical data technical analysts can improve the probability of success using such information.

Looking at past bottoms in Bitcoin price on the six-week timeframe, two large white candles always signaled a bottom was in. This represents more than 12-weeks of positive performance, just shy of a full quarter.

Once the bottom was in, Bitcoin made push above the middle-SMA on the Bollinger Bands, and then within the next several candles immediately made a run for the upper Bollinger Band.

In 2015, after the bottom was in, it took seven 6W candles before touching the upper BB. Four years later in 2019, BTCUSD did it in only five 6W candles. Even on the longer end of the two instances, it would suggest that Bitcoin could touch the upper Bollinger Band within 120 days.

What makes this impressive and very different than the past, is the fact that the upper Bollinger Bands on the timeframe is located at $64,000 per coin, or right around former all-time highs set in 2021. Could BTCUSD really be back at former ATHs in less than 120 days?

#bitcoin #BTC #Binance #koinmilyoner #koinmilyoner

As the market digests all the uncertainty from the banking fallout, equities such as the S&P 500 remain flat for March.

In recent weeks, in light of the SVB collapse, Bitcoin had uncorrelated itself from the traditional markets.

Bitcoin was up 24%, other assets remained relatively flat, and gold was also a winner.

But in recent days, the correlation to assets has spiked back up to almost February levels.

Bitcoin has a negative relationship with the dollar, which would be bearish if the dollar was to start going higher in the face of a liquidity or credit crisis as investors rush to dollars.

Correlation is a topic CryptoSlate will be analyzing on a day-to-day basis amid market uncertainty.

Correlation YTD

SPX: 0.74

Nasdaq: 0.92

Gold: 0.95

TLT: 0.50

DXY -0.81

#bitcoin #dyor #crypto2023 #koinmilyoner #BNB

Ethereum prices remain below $2,000 months after the network initiated EIP-1559, trackers on March 28 reveal.

Ethereum Prices Trending Below $2,000

ETH, the native currency of Ethereum, is currently trading at $1,717, stable on the last day and week but retracing from recent highs of around $1,850.

The network has burnt over 3 million ETH from gas fees since the activation of Ethereum Improvement Proposal (EIP) 1559 in August 2021, a move that gradually makes the coin deflationary. However, despite this, the coin has been unable to break above $2,000 since May 2022. 

EIP-1559 was an intervention by the developer community to reduce the supply of ETH and it was a new way for Ethereum to calculate process transaction fees, effectively adjusting the fee market and making gas more predictable. Earlier, Ethereum used an auction system where miners prioritized transactions tagged with high fees.

In EIP-1559, the team agreed to introduce a base fee and a “tip” for every gas fee paid in a transaction. The base fee is what everyone transacting on Ethereum must pay. Notably, this fee will be adjustable depending on network demand and would be burned.

At the same time, the transactor would give a “tip” to the block validator as an incentive to include their transaction in a block. This fee is optional, and only those who want their transactions to be included in blocks faster can pay.

Over 3 Million ETH Burned Since August 2021

From August 2021, when Ethereum introduced EIP-1559, the network has burned over 3 million ETH. At the same time, over 69,450 ETH has been destroyed since the Merge, when Ethereum officially transited to a proof of stake system, switching off miners.

Considering the current pace of ETH burning, the coin has been deflationary by 0.1% annually. Proponents are bullish that ETH will never be inflationary again, a move that could push prices even higher in the months and years ahead.

The pace of ETH burning depends on network activity. Over the months, especially during the 2022 bear run, ETH and token prices crashed, as DeFi and NFT activities also fell. The total value locked (TVL) in DeFi remains less than half the peaks of 2021, while NFT trading is subdued even with the recovery of asset prices in Q1 2023.

Trackers on March 28 indicate that ETH transfers contribute to the bulk of coins destroyed since EIP-1559. From August 2021, users transferring ETH between addresses have contributed to 266,217.50 ETH being destroyed.

#ETH #crypto2023 #BTC #dyor #koinmilyoner

Ethereum developers announced that the Shapella upgrade will take place on April 12.

ETH MVRV ratio suggests that the altcoin is susceptible to corrections as it could see some sell-off, especially once the staking withdrawals start.

Ethereum price could face rejection at $1,856 and fall through $1,704 to test the critical support at $1,569.

Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.

Ethereum withdrawal set to go live

Following the Merge, the next big thing for Ethereum is the Shapella upgrade (Shanghai and Capella upgrades), which recently went live on testnet. Since then, users have been awaiting confirmation from the network's developers of Shapella's mainnet arrival.

Speculated to be April 12, the date was verified by the developers on March 28 as a consensus was reached during the devs' meeting.

The upgrade will be activated on the network at epoch 194048, after which validators that have been staking their ETH will be able to withdraw it. At the moment, with over 557,000 validators, about 17.81 million ETH worth nearly $31.91 billion is locked into the network.

One of the biggest concerns regarding the Shapella upgrade is also the impact it would bear on ETH price, as validators could be willing to sell their tokens. An inclination to do the same would come from the fact that ETH is at a six-month high at the moment, trading at $1,704.

Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio is rising higher, standing above the neutral line. This zone has been synonymous with corrections in the past and could see some sell-off at the hands of investors looking to lock in profits. This could trigger a decline in Ethereum price.

Ethereum price could take a turn for the worse

Ethereum price is already on a decline after failing to breach the critical resistance at $1,856. Treading right above the support level at $1,704, a further fall in price could result in ETH dipping through the support level towards the critical level at $1,569. 

Sitting at the confluence of the 100- and 200-day Exponential Moving Average (EMA), losing this level could push the altcoin toward March lows of $1,431. However, if ETH bulls can manage to stabilize the price to offset any potential selling, the cryptocurrency could be saved from a crash.

This would also allow investors to push the price back up and potentially breach the barrier at $1,856. Flipping this level into support would not only invalidate the bearish thesis but also enable a rise to $2,000 to mark a seven-month high.

#ETH #crypto2023 #dyor #koinmilyoner #BTC

Ethereum price is slowly moving higher above the $1,750 resistance against the US Dollar. ETH could rally if it clears the $1,800 resistance zone.

Ethereum is slowly moving higher above the $1,750 and $1,760 levels.

The price is trading above $1,750 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $1,745 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could rise further if it clears the $1,800 resistance zone.

Ethereum Price Recovers

Ethereum price remained well bid above the $1,700 level. ETH formed a base and started a fresh increase above the $1,740 resistance zone, similar to bitcoin.

The price was able to clear the 50% Fib retracement level of the downward move from the $1,801 swing high to $1,686 low. Besides, there was a break above a major bearish trend line with resistance near $1,745 on the hourly chart of ETH/USD.

Ether price is now trading above $1,750 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $1,801 swing high to $1,686 low.

On the upside, the price is facing resistance near the $1,790 zone. The next major resistance is near the $1,800 zone. A clear move above the $1,800 resistance zone might start a steady increase. The next major resistance might be $1,840. Any more gains could set the pace for a test of the $1,950 resistance zone in the near term. Finally, if the bulls remain in action, the price could rise and test the $2,000 resistance zone.

Fresh Decline in ETH?

If ethereum fails to clear the $1,800 resistance, it could start another decline. An initial support on the downside is near the $1,750 level and the 100 hourly simple moving average.

The next major support is near the $1,720 zone. The main support is now near the $1,700 zone. If there is a break below $1,700, the price might gain bearish momentum and drop towards $1,665. Any more losses might call for a test of the $1,600 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,800

#ETH #Ethereum #koinmilyoner #czbinance #crypto2023

Bitcoin price is attempting a recovery wave above the $27,000 resistance. BTC could gain bullish momentum if it clears the $27,700 resistance zone.

Bitcoin is slowly moving higher from the $26,500 support.

The price is trading below $27,500 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $27,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh decline if it fails to clear the $27,700 resistance zone.

Bitcoin Price Faces Hurdle

Bitcoin price remained well bid above the $26,500 support zone. BTC formed a base and recently started a fresh increase above the $26,850 resistance zone.

There was a move above the $27,000 resistance zone. The price even spiked above the 50% Fib retracement level of the key decline from the $28,240 swing high to $26,490 low. However, the bears seem to be active near the $27,500 resistance zone.

Bitcoin price is now trading below $27,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,700 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $27,500 level and the 100 hourly simple moving average. The next major resistance is near the $27,700 zone and the trend line. The trend line is near the 61.8% Fib retracement level of the key decline from the $28,240 swing high to $26,490 low.

A close above the trend line resistance might send the price towards the $28,200 resistance. In the stated case, the price could climb higher towards the $28,800 resistance, above which the price might start a steady increase.

Fresh Decline in BTC?

If bitcoin price fails to clear the $27,700 resistance, it could start another decline. An immediate support on the downside is near the $27,000 zone.

The next major support is near the $26,650 zone. A downside break below the $26,650 support might spark bearish moves. The next major support is near the $25,500 level, below which the bears might take control.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,000, followed by $26,650.

Major Resistance Levels – $27,500, $27,700 and $28,200.

#bitcoin #crypto2023 #dyor #koinmilyoner #Binance

Bloomberg Intelligence Senior Macro Strategist Mike McGlone recently expressed his opinions on Bitcoin during a conversation with Scott Melker on the “Wolf of All Streets” podcast.

McGlone emphasized that savvy investors and institutions increasingly recognize the need to include Bitcoin in their portfolios, suggesting that by 2024, the focus will shift toward a severe recession and political leanings, making it an excellent setup for Bitcoin.

During the interview, McGlone explained that astute investors and institutions worldwide are realizing the importance of incorporating Bitcoin into their assets every passing day. He also expressed enthusiasm for the future.

As Bitcoin continues establishing itself as a global digital reserve asset, McGlone acknowledged its potential to become a store of value amidst high stock market volatility. He noted that the reaction of Bitcoin’s price in relation to the S&P 500’s movement would be a key indicator of its future performance.

He emphasized that if the S&P 500 reached new lows and headed toward 3,000, it would be interesting to observe Bitcoin’s reaction. Ideally, Bitcoin’s price would not dip below $20,000 during such market conditions.

McGlone also discussed his long-term outlook on Bitcoin’s price, suggesting that more significant signals could indicate a potential rise to $100,000. However, he admitted to being bearish on the stock market, particularly the S&P 500, which he considers the primary measure of risk assets worldwide. He stated that he needed to see how the stock market situation unfolds before adopting a more bullish stance on Bitcoin.

#bitcoin #koinmilyoner #crypto2023 #Binance #dyor

Former Coinbase chief technology officer Balaji Srinivasan thinks Bitcoin (BTC) is the way US citizens can exit the monetary system to escape government control.

Srinivasan says in a new interview with Bitcoin bull Anthony Pompliano that he’s specifically concerned about the Federal Reserve’s plan to launch its new digital payment and settlement service, FedNow, in July.

The former Coinbase CTO refers to the service as a central bank digital currency (CBDC). According to Srinivasan, FedNow could give the government more control over people’s finances.

“It’s really going to be one of two things. First, there are all kinds of chaotic printing and bank runs in the weeks to come, as worried depositors check on their funds, and the big branch point is whether they wire it to big banks or they turn it into Bitcoin. And that determines literally whether freedom lives, as funny as that sounds.

Because if everybody wires to big banks, and they think, ‘Oh my God, the Fed saved us, the big banks saved us,’ and all the small banks and all the tech banks and so on die, well the FedNow CBDC, which they chose to announce even in the middle of this crisis… then all the money is trapped in all the big banks, and then in July you only have like four banks left or whatever it is, the CBDC is rolled out, and ‘too big to fail’ becomes ‘too big to escape.’ You literally can’t spend your money without government approval on anything.”

According to the Federal Reserve, the FedNow Service aims to enable businesses and individuals to send and receive instant payments anytime. However, the Fed did not say that they plan to use CBDCs to process payments.

The Biden Administration is currently exploring the possibility of using CBDCs to issue digital dollars.

#bitcoin #BTC #crypto2023 #koinmilyoner #BNB

Real Vision CEO and former Goldman Sachs executive Raoul Pal is predicting three major powers will govern the crypto industry in the future.

The macro guru tells his 995,500 Twitter followers that the United States, China and a secular global financial system will assert themselves to form a structure of control over the crypto industry, similar to how traditional finance is already operating.

He says the US is likely to adopt sweeping regulations that would leave few able to operate in the industry, creating an oligopoly, while the Chinese Communist Party (CCP) determines who can operate in the crypto industry in Asia.

A global regulatory arbitrage, he says, would connect both powers and form an environment larger than both.

“My best current guess of the global future of the crypto industry…

A US regime of highly regulated and TradFi-integrated major players, small in number and oligopolistic in nature over time.

An Asian regime of one or two key players, CCP approved and global South in nature.

A global regulatory arbitrage regime that connects the two worlds but is larger than both.

Basically, that is how the existing financial system works due to geopolitics, along with technology and other key economic systems.

Capital finds a way. Always.”

Pal is also expecting massive growth in the adoption of crypto and other tech advancements such as Artificial Intelligence (AI) in the not-so-distant future.

“While we are waiting for the next leg of the banking crisis a quick thought…

We are all massively struggling to deal with the outrageous pace of AI and its applications. We ALL feel like we can never keep up.

Reason: I think this is the first true example of Reed’s Law ever. Reed’s Law is Metcalfe’s law to the power of 2, a double exponential.

Good luck. It’s all going to get WILD when we add in the Internet of Things, robots, genome editing, blockchain, space and 5G and 6G. It’s all part of the same Reed’s Law…”

Pal recently predicted Bitcoin (BTC) will increase to $50,000 within a year, driven in part by the US banking crisis.

#Binance #crypto2023 #BTC #dyor #koinmilyoner

Bitcoin trading volumes have collapsed in the past few days. According to data sourced from CoinGecko, daily Bitcoin trading volumes across major exchanges fell to as low as $14.5 billion on Monday, its lowest level since the 5th of March.

That’s a huge drop after Bitcoin daily trading volumes surged as high as $70 billion earlier in the month, the highest level since the aftermath of the FTX collapse last November.

The drop in trading volumes is concerning.

It could suggest waning investor appetite for purchasing Bitcoin at current levels in the $27,000s, as US regulatory concerns mount, and as fears about a US bank crisis ebb.

It could be a result of reduced fiat-to-crypto on-ramps in wake of the collapse of crypto-friendly banks in the US earlier this month (most notably, the collapse of Silvergate).

Worryingly, the dip in Bitcoin volumes seen earlier this month proceeded a sharp though ultimately short-lived dip from the mid-$22,000s to sub-$20,000 levels.

Bitcoin bulls will be hoping that BTC doesn’t experience a similar drop from current levels to key support in the $25,000 area.

#Binance #crypto2023 #BTC #dyor #koinmilyoner

The Shiba Inu ecosystem has been under extreme pressure in recent weeks as a wave of controversy dealt a blow to the confidence of investors in the ecosystem.

From speculation that the Shibarium testnet chain is the same as Rinia’s, to BitBoy accusing Shytoshi Kusama as being Sam Bankman-Fried, fear, uncertainty, and doubt about the ecosystem worsened. 

However, investors seem thrilled about the recent release of the Shibarium testnet called PuppyNet. This overcame the FUD surrounding the ecosystem, showing investors that SHIB is resilient even with the odds stacked against them.

However, the confidence seemed to be shaken with CoinGecko showing SHIB shedding more than 6% in the weekly timeframe. 

Burn Rate Falls By Nearly 70% This Week 

The burn rate for Shiba Inu has been in decline following the token’s price drop in the past couple of weeks. ShibBurn, a dedicated Twitter account for tracking the burn rate of SHIB, recently took note of a 70% decline in burn rate in the weekly timeframe. This already recovered to a general decline of 63%, but it remains a problem in the long term. 

This followed the FUD surrounding the ecosystem which worsened with the recent accusations around Shibarium and Shytoshi. Despite this, the Shiba Inu community still seems bullish on Shibarium with Shytoshi reassuring the community. 

At $0.00001055, Should Shiba Inu Investors Worry?

As of writing, the token is currently trading at a very narrow range. If the token breaks through $0.00001077, SHIB can target $0.00001192 with confidence. Investors and traders can also enjoy the low correlation with the major currencies which is currently stagnant right now. 

However, investors should also take note of the macroeconomic developments that are currently affecting the broader financial market.

The recent interest rate hike by the US Federal Reserve would affect sentiment surrounding financial assets, especially cryptocurrencies like SHIB as they are riskier than traditional financial instruments. 

If the crypto market reacts negatively to the recent interest rate hike in the coming weeks, we might see pain come to SHIB. However, the recent speculation around a possible collaboration with Paramount Pictures should pump the price in a couple of days. 

In the meantime, Shiba Inu investors and traders should be confident in buying SHIB as it currently shows a minimal possibility of a downside with a higher likelihood of an explosive upside. 

#SHIB #shibarium #koinmilyoner #BNB #Binance

Hundreds of millions of dollars worth of Bitcoin (BTC) and other crypto assets have been liquidated in the last 24 hours as a powerful law enforcement agency sets its sights on Ethereum (ETH).

New data from Coinglass shows 137,969 traders were just liquidated to the tune of $429,000,000, with the majority of traders losing bets on BTC and ETH, which saw $141 million and $110 million in liquidations respectively.

Other prominent crypto assets affected include smart contract platform Solana (SOL), Bitcoin alternative Litecoin (LTC), meme asset Dogecoin (DOGE), layer-2 scaling solution Polygon (MATIC), oracle provider Chainlink (LINK) and XRP.

Bitcoin and Ethereum are trading for $19,935 and $1,406 at time of writing, both over 6% declines during the last 24 hours.

The broad market plunge comes as the Biden Administration and New York’s Attorney General launch an assault on crypto assets and their owners.

ETH has been labeled as a security by New York Attorney General Letitia James in a lawsuit filed with the Supreme Court of New York on Thursday, and the Biden administration is targeting Bitcoin mining in a new tax proposal, following the regulatory pressure that collapsed crypto-friendly bank Silvergate.

The macroeconomy is not helping the crypto markets either.

Equities are reeling from the collapse of Silicon Valley Bank, which was officially shut down by regulators today after reporting a $1.8 billion loss from selling mostly US government bonds.

Mainstream economists believe banks can buy government bonds as a safe way to diversify their assets, but the Fed’s sharp interest rate hikes have sent their prices in a downward spiral.

#Ethereum #ethereumshanghaiupgrade #crypto2023 #koinmilyoner #buildtogether

The popularity of OpenAI’s text-based artificial intelligence (AI) platform ChatGPT has reinvigorated the public’s interest in the underlying technology due to its utility in multiple areas, and one cryptocurrency exchange executive has decided to test its abilities in finding flaws in Ethereum (ETH) smart contract.

Specifically, Conor Grogan, director of crypto trading platform Coinbase, has dumped a live Ethereum contract into the newest version of the popular chatbot, GPT-4, and it highlighted multiple security vulnerabilities and surface areas where the smart contract could be exploited, as he said in a Twitter post on March 14.

Additionally, Grogan posted screenshots of the AI bot’s analysis, which indeed seem to show that ChatGPT is capable of correctly identifying critical issues and vulnerabilities, as it concluded that the analyzed smart contract “should not be used, as it contains critical vulnerabilities and is based on an illegal scheme.”

Regurgitating available data?

That being said, some disagreement arose in the comments regarding whether the new version of the AI tool was able to discover these smart contract vulnerabilities on its own or was just highlighting old information about it already available online.

Indeed, Grogan did specify that the contract in question was hacked in 2018 using the flaws that the AI tool was pointing out, which led several commenters to state it was simply listing the issues that had already been made public before its training data cutoff in September 2021, and that it might not be as accurate with an unseen smart contract that was never exploited before.

Regardless of whether ChatGPT was able to dig out the vulnerabilities in the smart contract on its own or was just regurgitating the information already available online, its capabilities are still significant and potentially useful in auditing smart contracts, as well as in other areas in the cryptocurrency sector, such as in making educated guesses about the future price of cryptocurrencies like Polygon (MATIC).

That said, some critics, including Tesla (NASDAQ: TSLA) CEO Elon Musk, have expressed their views that ChatGPT may be biased in discussing certain topics that are considered controversial, which has allegedly led Musk to start contemplating the possibility of creating a ChatGPT alternative as he joked about the need for “TruthGPT.”

#Ethereum #chatgpt #BNB #BullRun #koinmilyoner

Ethereum supply on exchanges declined to a little over 10%, bringing it to the lowest since the token's launch in 2015.

The wavering confidence is not only limited to just the exchanges but ETH as well.

The SEC claimed ETH to be a Security, while CFTC labeled the altcoin as a commodity, raising concerns in the market.

Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan. A target that regulators have aimed and shot at repeatedly.

Ethereum - A Security or Commodity?

On March 27, the Commodity Futures and Trading Commission (CFTC) announced charges against Binance for not complying with federal laws. In its lawsuit, the regulatory body also claimed Ethereum to be a commodity. This came weeks after the Securities and Exchange Commission shut down Kraken's crypto-staking service, wherein ETH was labeled as a security.

The lack of regulatory clarity in the industry is attributed to conflicting views on whether Ethereum should be classified as a security or a commodity. This is not the first occurrence. Earlier this year, SEC Chair Gary Gensler reiterated the same view as his agency did, and the CFTC Chair stood in tandem with ETH being a commodity.

By their definition, a "security" is a financial asset or instrument that has value and can be bought, sold, or traded. Examples of the same are stocks, bonds, etc. A "Commodity," on the other hand, is a physical good that is traded on exchanges, and its value is determined by supply and demand.

Considering Ethereum invokes staking as a key feature of being a part of the network, it fits into the category of security much more than a commodity. Bitcoin, on the other hand, which shares a likeness with Gold on a financial level, is closer to being a commodity than a security.

But if Ethereum is declared a "security", it would bear an impact on the exchanges planning on listing it. These platforms and exchanges would need to register as a "securities" broker-dealer with the SEC or delist ETH to protect them from selling securities illegally. Not only would the centralized exchanges face this, but also the decentralized exchanges such as SushiSwap.

This could waver confidence in exchanges, which, as it happens to be, is already on a decline.

Ethereum leaves exchanges

Total Ethereum supply on exchanges fell to just 10.3% on March 27 as users shifted their ETH to self-custody wallets or staked it. This is the lowest the supply has been since the launch of the cryptocurrency in 2015. 

ETH holders' confidence in these exchanges has remained unrestored following the FTX collapse, which is why the exchanges now hold less than 12.5 million ETH ($25.4 billion).

Furthermore, investors' confidence in the asset is also far from recovering as whale activity that spiked significantly on March 11 to a nine-month high fell cold again.

Whales pulling out of the market indicates a lack of expectations of a price rise which is concerning since ETH has been unable to sustain above $1,800, a level that was last tested as support in June 2022.

#Ethereum #koinmilyoner #Binance #Fed #GPT-4

Polygon MATIC price is trading with a bullish bias on the one-day timeframe, but bears are leading in lower timeframes.

MATIC could plummet 10% to the $1.00 support level or worse.

A decisive flip of the 50-day EMA barricade at $1.14 into support will invalidate the bearish thesis.

Polygon MATIC price is trading with a bearish bias in lower timeframes, but bulls are leading in the higher timeframes. The network has recorded strong retail demand and market reaction following the Polygon zkEVM product launch, which is expected to enhance privacy and increase transaction throughput on the Ethereum-compatible network. However, on-chain data indicates that crypto whales need more convincing for a strong uptrend to hold.

MATIC price risks a 10% downswing

MATIC price is trading below the $1.20 level for the second week in a row, putting pressure on the $1.00 support level. The altcoin is trapped within a formidable supplier congestion zone, upward due to the 50-day Exponential Moving Average (EMA) at $1.11 and downward due to the 200-day EMA at $1.03.

If buyer momentum drops, bears could take over, causing MATIC price to drop and lose the support level provided by the 100-day EMA at $1.09 before revisiting the March 27 lows above the 200-day EMA at $1.03.

In the dire case, MATIC price could plunge further and tag the $1.00 support level, denoting a 10% price drop from current levels. This would be the ideal bouncing level for the altcoin, although, in highly bearish conditions, the token could shatter the aforementioned support level and tag the $0.91 support level.

Bearish whales threatening Polygon’s bullish potential, on-chain metric shows

A strategic cohort of MATIC whales has been booking profits since late February. The orange and blue bars below show how the cluster of whales holding over $100,000 and over $1 million MATIC, respectively, have been depleting their balances since late February.

This means that Polygon whales have intensified the sell-off, with approximately 26 million coins worth $30 million sold in the last week. Should the whale sell-off ensue, MATIC price could struggle to solidify a bullish trajectory in the coming weeks. 

Similarly, the number of whale transactions recorded has reduced by over 50% since mid-February. While only 266 MATIC transactions recorded worth over $100,000 at the end of Feb 17, as of March 28, the figure is down to 120. Notably, a drop in large transactions precedes an incoming slump for MATIC price. 

Still, if buyer momentum increases, MATIC price could breach the resistance level presented by the 50-day EMA at $1.14. A daily candlestick close above this level will invalidate the bearish thesis.

Northward, MATIC price could reach up for the next roadblock at $1.20 or tag the $1.30 resistance level in highly bullish cases. 

#matic #koinmilyoner #BTC #crypto2023 #BNB

According to Fujin News, individuals and businesses in China’s Fujian Province have processed digital yuan transactions worth nearly $22 billion, a number that reflects the rapid progress of the country’s central bank digital currency (CBDC) initiative.

It also comes during a time in which the People’s Bank of China (PBOC) has banned the use of other cryptocurrencies, such as Bitcoin and Ethereum.

The reports follow news from 2022, in which three Chinese provinces declared their intention to distribute digital yuan (e-CNY) to citizens in the form of “red packets,” with a total value of around 90 million yuan.

Fujian Province was included in the pilot zone for the CBDC last year, and it made history in October by completing China’s first digital yuan-powered land transfer transaction.

Official statistics from the province reveal that citizens have spent over $14.5 million on digital yuan transactions, and nearly $9 million worth of digital yuan tokens were distributed during promotional events by the province and its partners.

The media outlet further reported that a total of 2,572 vendors and merchants in Fujian Province now accept digital yuan payments, including toll booths on the Fuxia (Fujian-Xiamen) Expressway, which is a crucial network of highways traversing the region.

Increasingly, Chinese toll booths are enabling drivers to pay highway tolls using the country’s CBDC.

The province announced that it has established e-CNY “tax payment points” in unmanned “electronic tax bureaus” and banks across the area. It disclosed that individuals and businesses had utilized these payment options and others to pay $254 million in taxes over the last year.

Moreover, since the inaugural e-CNY-powered land transaction in October, an additional 74 properties have been exchanged using digital yuan.

Push for a digital yuan

According to Fujian, the province started providing digital yuan relief loans to local enterprises in November of last year. Additionally, it has been employing the digital currency to procure carbon sinks for environmental enhancement initiatives.

Fujian reported that it has executed 14,700 e-CNY payments for carbon sinks since the launch of the program.

Read more: Chinese cities gives away $26.6M in Digital Yuan to drive adoption

According to the Global Times, around 200 events were organized and approximately 180 million Digital Yuan (e-CNY) were distributed as subsidies and consumption coupons in various Chinese cities during the 2023 Spring Festival holidays. The total value of the e-CNY distributed was over $26.6 million.

In Hangzhou, each resident was given an e-CNY voucher worth 80 Yuan ($12). The city also allocated 4 million Yuan (approximately $590,000) to boost holiday spending.

Fujian has announced its intention to further advance the adoption of digital yuan in the future. The province plans to concentrate on utilizing the CBDC in “smart contracts and supply chain financing.”

In the meantime, the central bank is aiming to demonstrate the digital currency’s capabilities in ongoing cross-border trials in Macau and Hong Kong.

Other cryptocurrencies, however, such as Bitcoin and Ethereum, have been banned in mainland China since 2021. Following China’s ban, more than $50 billion worth of cryptocurrency left East Asian accounts to accounts outside the region, Chainalysis found.

#yuan #china #blockchain #bitcoin #koinmilyoner

A trader and analyst who took a long position on Bitcoin (BTC) as it bottomed out in 2022 is expressing bullish sentiment on the flagship crypto asset.

Pseudonymous analyst DonAlt tells their 48,800 YouTube subscribers that the troubles being experienced in the banking industry are a bullish catalyst for Bitcoin.

“Given the macro background that we have, which is basically a lot of faith in banks being destroyed right now, a bunch of people are actually thinking that we are going to get 2008-style bank collapse again. I’m not necessarily in that group but I’m no banking expert. So for me, it doesn’t really matter. I doubt it. Honestly, I think we’re going to get a bunch of government interventions as we did in America…

And that’s basically like it’s a really bullish thing for crypto. It’s basically what Bitcoin was made for. Bitcoin was born through the anger of 2008. Satoshi was very, very angry at how everything was playing out back then. And that’s why Bitcoin was created. And having the same thing happen again is obviously fundamentally bullish.”

DonAlt, however, says that a bank run would have a short-term negative impact on the crypto markets.

“Problem is if you truly get a bank run and banks collapse everywhere, that’s going to have like a little bit of, it’s going to drag the market down. It’s going to drag everything down. that’s going to drag, in the short term, Bitcoin down…

Best-case scenario – we don’t get any banking fallout. We just get a bunch of governments stepping in, protecting what needs to be protected.”

#BTC #BNB #koinmilyoner #BullRun #crypto2023

A crypto analyst who rode the Bitcoin (BTC) rally from its 2022 bottom is updating his outlook on the flagship digital asset.

In a new video, pseudonymous crypto trader DonAlt tells his 48,500 YouTube subscribers that he will become extremely bullish toward the king crypto if it falls to the $19,000 – $20,000 support level.

“On the monthly, we still have some room to go. Technically $19,000, $20,000, that’s the support. That’s where I’ll turn very, very bullish again. But we’re not there yet. I’m in position, so I’m taking the loss along with everyone else. I sold the top $25,000 and then I re-bought $23,000.”

Bitcoin is trading at $20,055 at time of writing, a 7.6% drop during the last 24 hours.

According to DonAlt, Bitcoin could rally to $35,000 if it manages to break above the $23,500 resistance level.

“Good resistance here $22,000, $23,000… $23,500 actually. And good support down here [around $19,000 – $20,000]. And if we break that resistance [$23,500], if you pull back here and then bounce, next target [is] $35,000. I’m still believing [around $16,000] is actually the bottom, has been the bottom, [and] will be the bottom.”

The strategist says that a good buying opportunity for Bitcoin will present itself if BTC retraces back above $23,000.

“I think the most sane play is actually just buying the reclaim of $23,000. It’s going to be [the] worst price, but only marginally. And I think if we reclaim $23,000, we’re going to go to $30,000 plus. You still have a lot of room to go from there and you don’t have the risk that you get if you play aggressively.”

#Bullish #buildtogether #BTC #crypto2023 #koinmilyoner