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#Write2Earn Spot Bitcoin ETFs record highest daily net outflows
Market sentiments have quickly turned bearish, as the spot Bitcoin ETFs record their highest daily net outflows amid Bitcoin’s (BTC) drop to the lower spectrum of the $60,000 territory.
According to data provided by Farside Investors, a U.K.-based investment management firm, the spot Bitcoin ETF products experienced net outflows totaling $326.2 million on March 19, marking the second consecutive day of daily outflows.
This figure comes a week after the ETFs hit record inflows exceeding $1 billion on March 12.
Recall that these investment products ended a 10-day run of persistent inflows on March 18, when they recorded capital outflows totaling $154.3 million. The current two-day losing streak reflects a prevailing bearish sentiment amid Bitcoin’s price downturn.
Moreover, Bitcoin has persistently retraced the gains achieved during the recent market surge to $73,000. Following its all-time high of $73,750 on March 14, the cryptocurrency has experienced continual declines, marking a decrease of over 11% in the last week. This downward trend has exacerbated the decline in bullish pressure.
The latest ETF outflow of $326 million marks the largest daily net flow out of the spot Bitcoin ETFs, far surpassing the previous record of $158.4 million on Jan. 24. Data shows that the Grayscale Bitcoin Trust (GBTC) championed most of these outflows, recording $443 million in capital exit.
Interestingly, the bearish outcome on March 19 did not stem from heightened outflows from these investment products, but rather from diminished inflows. Data shows that all products, excluding those from BlackRock, Fidelity Investments, and Bitwise, recorded a net flow of $0.
This indicates that while the ETFs failed to procure more BTC, investors did not notably withdraw their funds. BlackRock’s IBIT, Fidelity Investments’ FBTC and Bitwise’s BITB saw a combined inflow of $117.3 million, but this figure was not sufficient to offset the $443 million outflow solely recorded by Grayscale’s ETF.
$BTC
Market sentiments have quickly turned bearish, as the spot Bitcoin ETFs record their highest daily net outflows amid Bitcoin’s (BTC) drop to the lower spectrum of the $60,000 territory.
According to data provided by Farside Investors, a U.K.-based investment management firm, the spot Bitcoin ETF products experienced net outflows totaling $326.2 million on March 19, marking the second consecutive day of daily outflows.
This figure comes a week after the ETFs hit record inflows exceeding $1 billion on March 12.
Recall that these investment products ended a 10-day run of persistent inflows on March 18, when they recorded capital outflows totaling $154.3 million. The current two-day losing streak reflects a prevailing bearish sentiment amid Bitcoin’s price downturn.
Moreover, Bitcoin has persistently retraced the gains achieved during the recent market surge to $73,000. Following its all-time high of $73,750 on March 14, the cryptocurrency has experienced continual declines, marking a decrease of over 11% in the last week. This downward trend has exacerbated the decline in bullish pressure.
The latest ETF outflow of $326 million marks the largest daily net flow out of the spot Bitcoin ETFs, far surpassing the previous record of $158.4 million on Jan. 24. Data shows that the Grayscale Bitcoin Trust (GBTC) championed most of these outflows, recording $443 million in capital exit.
Interestingly, the bearish outcome on March 19 did not stem from heightened outflows from these investment products, but rather from diminished inflows. Data shows that all products, excluding those from BlackRock, Fidelity Investments, and Bitwise, recorded a net flow of $0.
This indicates that while the ETFs failed to procure more BTC, investors did not notably withdraw their funds. BlackRock’s IBIT, Fidelity Investments’ FBTC and Bitwise’s BITB saw a combined inflow of $117.3 million, but this figure was not sufficient to offset the $443 million outflow solely recorded by Grayscale’s ETF.
$BTC
#Write2Earn
Mysterious Chainlink ($LINK ) Whales Start Amassing Tokens Amid Wider Market Rally
Signs of renewed interest are emerging for the decentralized oracle platform Chainlink ($LINK ), as blockchain data shows a wave of deep-pocketed investors, colloquially known as whales, have been accumulating significant amounts of LINK.
According to data first pointed out by on-chain analysis service Lookonchain, eight different wallet addresses withdrew $16.72 million worth of LINK from leading cryptocurrency exchange Binance over a two-day period.
It seems that whales are buying $LINK !
We noticed that 8 fresh wallets withdrew 831,160 $LINK ($16.72M) from #Binance in the past 2 days.
This recent activity is not an isolated incident. Lookonchain has been monitoring a pattern of “mysterious” whales, likely institutional investors, acquiring substantial quantities of LINK over the past few months.
In February, the firm reported that these entities had amassed nearly a quarter of a billion dollars worth of LINK, again through withdrawals from Binance that seem to show whales are holding onto their funds on-chain rather than on exchanges.
LINK is currently trading at $20.5 after rising more than 230% over the past year, but the cryptocurrency has been underperforming the wider cryptocurrency market this year, rising just 37%, compared to Bitcoin’s rise of over 70%.
As CryptoGlobe reported, a popular cryptocurrency analyst has last month suggested LINK faced “stiff resistance” as it tried to surpass the $20 mark, with a break above it potentially meaning a surge of nearly 40% onto its next resistance level.
According to the analyst, at the time, there were 5,330 addresses holding over 8.59 million LINK tokens between that level and $19.4.
Another cryptocurrency analyst, Inmortal, posted on the microblogging platform X that after “years of research,” he believes LINK is “extremely undervalued” and that “at some point in this cycle,” the cryptocurrency could be worth $100 per token.$LINK
Mysterious Chainlink ($LINK ) Whales Start Amassing Tokens Amid Wider Market Rally
Signs of renewed interest are emerging for the decentralized oracle platform Chainlink ($LINK ), as blockchain data shows a wave of deep-pocketed investors, colloquially known as whales, have been accumulating significant amounts of LINK.
According to data first pointed out by on-chain analysis service Lookonchain, eight different wallet addresses withdrew $16.72 million worth of LINK from leading cryptocurrency exchange Binance over a two-day period.
It seems that whales are buying $LINK !
We noticed that 8 fresh wallets withdrew 831,160 $LINK ($16.72M) from #Binance in the past 2 days.
This recent activity is not an isolated incident. Lookonchain has been monitoring a pattern of “mysterious” whales, likely institutional investors, acquiring substantial quantities of LINK over the past few months.
In February, the firm reported that these entities had amassed nearly a quarter of a billion dollars worth of LINK, again through withdrawals from Binance that seem to show whales are holding onto their funds on-chain rather than on exchanges.
LINK is currently trading at $20.5 after rising more than 230% over the past year, but the cryptocurrency has been underperforming the wider cryptocurrency market this year, rising just 37%, compared to Bitcoin’s rise of over 70%.
As CryptoGlobe reported, a popular cryptocurrency analyst has last month suggested LINK faced “stiff resistance” as it tried to surpass the $20 mark, with a break above it potentially meaning a surge of nearly 40% onto its next resistance level.
According to the analyst, at the time, there were 5,330 addresses holding over 8.59 million LINK tokens between that level and $19.4.
Another cryptocurrency analyst, Inmortal, posted on the microblogging platform X that after “years of research,” he believes LINK is “extremely undervalued” and that “at some point in this cycle,” the cryptocurrency could be worth $100 per token.$LINK
#Write2Earn
Bitcoin Price Resumes Rally As The Bulls Now Aim For $75K
Bitcoin price started another increase above the $70,000 resistance. BTC cleared $72,000 and now the bulls seem to be aiming for a move toward $75,000.
Bitcoin price started another increase above the $70,000 and $71,000 levels.
The price is trading above $71,500 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $72,500 and $72,850 resistance levels.
Bitcoin Price Sets New ATH
Bitcoin price remained stable above the $68,000 level. BTC formed a support base and recently started a fresh increase above the $70,000 resistance. The bulls pumped the price above the $72,000 level.
The price traded to a new all-time high at $72,866. It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. There is also a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $72,000 and the 100 hourly Simple moving average. Immediate resistance is near the $72,500 level and the triangle zone. The next key resistance could be $72,850, above which the price could rise toward the $73,500 resistance zone.
If there is a clear move above the $73,500 resistance zone, the price could even attempt a move above the $74,000 resistance zone. Any more gains might send the price toward the $75,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $72,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,000 level.
The first major support is $70,000 or the 50% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. If there is a close below $70,000, the price could start a decent pullback toward the $68,500 level. Any more losses might send the price toward$BTC $BNB
Bitcoin Price Resumes Rally As The Bulls Now Aim For $75K
Bitcoin price started another increase above the $70,000 resistance. BTC cleared $72,000 and now the bulls seem to be aiming for a move toward $75,000.
Bitcoin price started another increase above the $70,000 and $71,000 levels.
The price is trading above $71,500 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $72,500 and $72,850 resistance levels.
Bitcoin Price Sets New ATH
Bitcoin price remained stable above the $68,000 level. BTC formed a support base and recently started a fresh increase above the $70,000 resistance. The bulls pumped the price above the $72,000 level.
The price traded to a new all-time high at $72,866. It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. There is also a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $72,000 and the 100 hourly Simple moving average. Immediate resistance is near the $72,500 level and the triangle zone. The next key resistance could be $72,850, above which the price could rise toward the $73,500 resistance zone.
If there is a clear move above the $73,500 resistance zone, the price could even attempt a move above the $74,000 resistance zone. Any more gains might send the price toward the $75,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $72,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,000 level.
The first major support is $70,000 or the 50% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. If there is a close below $70,000, the price could start a decent pullback toward the $68,500 level. Any more losses might send the price toward$BTC $BNB
#Write2Earn
Bitcoin Now in a Supercycle and Will Run Over $100,000, Says Economist Alex Krüger – But There’s a Catch
2 - 3 minutes
A widely followed economist thinks Bitcoin (BTC) is now in the midst of an extended bull market where traders and investors quickly absorb any sell pressure.
Alex Krüger tells his 166,100 followers on the social media platform X that Bitcoin is now in a supercycle and that demand for BTC will overwhelm market supply en route to a six-figure price tag.
Although the economist says crypto is starting to give off bearish signals, he notes that inflows from spot market exchange-traded funds (ETFs) can invalidate those readings and push Bitcoin to greater heights.
“Bitcoin is in a supercycle (shorter shallower dips).
Macro is still looking good.
Crypto markets are heated up and euphoric.
ETF inflows can sustain and drive prices further regardless.”
Krüger also sees Bitcoin rallying to as high as $85,000 only to witness a 35% devaluation after.
“Can see something like this: $85,000 => $55,000 => $120,000 => $85,000.”
As for the timing of BTC’s corrective move, the economist thinks it can happen close to the April 2024 halving, when BTC miners’ rewards get cut in half.
“A large correction around the halving makes sense.
A larger correction around an ETH ETF rejection makes sense.
Regardless of path, expecting continuation higher, higher prices by year-end, and much higher prices by cycle end…
Round numbers such as $100,000 are meant to be run over.$BTC $BNB
Bitcoin Now in a Supercycle and Will Run Over $100,000, Says Economist Alex Krüger – But There’s a Catch
2 - 3 minutes
A widely followed economist thinks Bitcoin (BTC) is now in the midst of an extended bull market where traders and investors quickly absorb any sell pressure.
Alex Krüger tells his 166,100 followers on the social media platform X that Bitcoin is now in a supercycle and that demand for BTC will overwhelm market supply en route to a six-figure price tag.
Although the economist says crypto is starting to give off bearish signals, he notes that inflows from spot market exchange-traded funds (ETFs) can invalidate those readings and push Bitcoin to greater heights.
“Bitcoin is in a supercycle (shorter shallower dips).
Macro is still looking good.
Crypto markets are heated up and euphoric.
ETF inflows can sustain and drive prices further regardless.”
Krüger also sees Bitcoin rallying to as high as $85,000 only to witness a 35% devaluation after.
“Can see something like this: $85,000 => $55,000 => $120,000 => $85,000.”
As for the timing of BTC’s corrective move, the economist thinks it can happen close to the April 2024 halving, when BTC miners’ rewards get cut in half.
“A large correction around the halving makes sense.
A larger correction around an ETH ETF rejection makes sense.
Regardless of path, expecting continuation higher, higher prices by year-end, and much higher prices by cycle end…
Round numbers such as $100,000 are meant to be run over.$BTC $BNB
#Write2Earn
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https://www.binancewv.com/id/fan-token/team-profile/lazio/referral/e27f1885f6dd4f1486fd547fa685cdec?ref=52921519®isterChannel=lazioref&utm_source=fan-token&utm_campaign=lazioref-referral-invite
Altcoin Backed by Bitcoin Billionaires on the Cusp of ‘Outrageous Pump,’ According to Top Analyst
A widely followed cryptocurrency analyst and trader is turning bullish on one decentralized storage altcoin project.
The analyst pseudonymously known as Bluntz tells his 239,700 followers on social media platform X that peer-to-peer file storage network Filecoin (FIL) has more upside potential after breaking out of a long-term accumulation phase.
Filecoin is trading for $11.57 at time of writing, up over 14% in the last 24 hours.
Filecoin launched in October of 2020 with the backing of large crypto venture firms, including Winklevoss Capital, the venture capital company co-founded by the Bitcoin (BTC) billionaire twins Tyler Winklevoss and Cameron Winklevoss – the duo who created the crypto exchange platform Gemini.
Next up, the trader doubles down on his prediction that the Solana (SOL)-based memecoin dogwifhat (WIF) will hit $3. He believes WIF could eventually mirror the price pattern printed by the native asset of the crowd-computing platform Nosana (NOS).
Lastly, the trader says Solana competitor Sei (SEI) appears to be on the verge of forming a fifth-wave surge to the $1.40 level.
Bluntz uses the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave surge before entering a three-wave corrective period.
SEI is trading for $0.904 at time of writing, down more than 1% in the last 24 hours.#Write2Earn $BTC $BNB
A widely followed cryptocurrency analyst and trader is turning bullish on one decentralized storage altcoin project.
The analyst pseudonymously known as Bluntz tells his 239,700 followers on social media platform X that peer-to-peer file storage network Filecoin (FIL) has more upside potential after breaking out of a long-term accumulation phase.
Filecoin is trading for $11.57 at time of writing, up over 14% in the last 24 hours.
Filecoin launched in October of 2020 with the backing of large crypto venture firms, including Winklevoss Capital, the venture capital company co-founded by the Bitcoin (BTC) billionaire twins Tyler Winklevoss and Cameron Winklevoss – the duo who created the crypto exchange platform Gemini.
Next up, the trader doubles down on his prediction that the Solana (SOL)-based memecoin dogwifhat (WIF) will hit $3. He believes WIF could eventually mirror the price pattern printed by the native asset of the crowd-computing platform Nosana (NOS).
Lastly, the trader says Solana competitor Sei (SEI) appears to be on the verge of forming a fifth-wave surge to the $1.40 level.
Bluntz uses the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave surge before entering a three-wave corrective period.
SEI is trading for $0.904 at time of writing, down more than 1% in the last 24 hours.#Write2Earn $BTC $BNB
#Write2Earn
FTX, Alameda reaches ‘in principle’ settlement with BlockFi, paying $874M
The bankrupt crypto companies have resolved their disputes for nearly $1 billion, which could lead to full recovery for BlockFi’s customers.
Bankrupt crypto firms BlockFi and FTX have reached an “in principle” agreement to settle their disputes, with FTX agreeing to pay up to $874.5 million to BlockFi and drop its claims against the f, according to a March 6 court filing.
Terms of the settlement are subject to approval by U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware.
The settlement would resolve BlockFi’s claims against FTX, totaling approximately a billion dollars, and will also see FTX waive "millions of dollars of avoidance claims and other counterclaims" against BlockFi.
The $874.5 million is made up of a $185.2 million claim against FTX.com — which represents the value of BlockFi customer assets held on the exchange — along with a $689.3 million claim against Alameda Research for the loans it received from BlockFi.
The proposed settlement states that $250 million of the total sum will be treated as a “secured claim,” which will prioritize payment to BlockFi after FTX emerges from bankruptcy. The remainder is contingent on FTX’s ability to first repay its own customers and other creditors.
BlockFi’s bankruptcy administrators said the result has been achieved with an “early mediation” which has cut litigation costs and ensures “that money reserved for litigation with FTX is directed instead to customer distributions.”
"This negotiated agreement represents an excellent outcome for BlockFi and its customers – one better than could have been anticipated even on the effective date of the Plan.”
BlockFi filed for Chapter 11 bankruptcy protection on Nov. 28, 2022, citing exposure to the shock collapse of FTX earlier that month.
The two companies had sued each other in 2023
BlockFi said FTX owed it over $1 billion which came from a $400 million line of credit in and nearly $900 million lent to Alameda Research.$BTC $ETH $BNB
FTX, Alameda reaches ‘in principle’ settlement with BlockFi, paying $874M
The bankrupt crypto companies have resolved their disputes for nearly $1 billion, which could lead to full recovery for BlockFi’s customers.
Bankrupt crypto firms BlockFi and FTX have reached an “in principle” agreement to settle their disputes, with FTX agreeing to pay up to $874.5 million to BlockFi and drop its claims against the f, according to a March 6 court filing.
Terms of the settlement are subject to approval by U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware.
The settlement would resolve BlockFi’s claims against FTX, totaling approximately a billion dollars, and will also see FTX waive "millions of dollars of avoidance claims and other counterclaims" against BlockFi.
The $874.5 million is made up of a $185.2 million claim against FTX.com — which represents the value of BlockFi customer assets held on the exchange — along with a $689.3 million claim against Alameda Research for the loans it received from BlockFi.
The proposed settlement states that $250 million of the total sum will be treated as a “secured claim,” which will prioritize payment to BlockFi after FTX emerges from bankruptcy. The remainder is contingent on FTX’s ability to first repay its own customers and other creditors.
BlockFi’s bankruptcy administrators said the result has been achieved with an “early mediation” which has cut litigation costs and ensures “that money reserved for litigation with FTX is directed instead to customer distributions.”
"This negotiated agreement represents an excellent outcome for BlockFi and its customers – one better than could have been anticipated even on the effective date of the Plan.”
BlockFi filed for Chapter 11 bankruptcy protection on Nov. 28, 2022, citing exposure to the shock collapse of FTX earlier that month.
The two companies had sued each other in 2023
BlockFi said FTX owed it over $1 billion which came from a $400 million line of credit in and nearly $900 million lent to Alameda Research.$BTC $ETH $BNB
#Write2Earn
Bitcoin analysts say BTC price correction is just ‘healthy consolidation’
Traders say Bitcoin’s sell-off was needed, and dips are likely to be viewed as buying opportunities.
Bitcoin (BTC) set a new all-time high at $69,324 shortly after the opening bell on Wall Street on March 5, before sharply correcting 9.75% to $59,323, which analysts have described as a welcome move before “healthy consolidation” occurs.
BTC/USD daily chart. Source: TradingView
While BTC is still up 12% over the last seven days, the pioneer cryptocurrency’s flash crash left market participants wondering where the price will go moving forward.
Market analyst Aksel Kibar shared a chart showing Bitcoin reached above $69,000, calling it the “FOMO stage.”
BTC/USD price chart. Source: Aksel Kibar/X
In a March 4 post on X on March 4, Kibar spotted BTC trading within the $65,000 and $68,000 ranges, heading toward the November 2021 peak of around $69,000. He warned investors not to be caught up in the fear of missing out at that level.
“$BTCUSD I don't think this is a breakout to an all-time signal. Don’t FOMO this part of the move.”
Head of research at Galaxy Research, Alex Thorn, focused his attention on Bitcoin’s historical price action, particularly in 2020, when it retraced briefly after hitting new all-time highs.
Thorn implied that if history repeats itself, BTC is likely to drop “11.3% lower over 15 days before definitively breaking ATH” again over the next few weeks.
BTC sends a sell signal on the daily chart
The mid to low $50,000s is a possible retracement where a potential dip could occur. On March 2, Peter Brandt shared a chart showing BTC trading in a wide ascending parallel channel with short-term support below $55,000 provided by the pattern’s middle boundary.
“I believe a dip below 55,000 would be a buying opportunity, although such a dip is not my prediction.”
$BTC
Bitcoin analysts say BTC price correction is just ‘healthy consolidation’
Traders say Bitcoin’s sell-off was needed, and dips are likely to be viewed as buying opportunities.
Bitcoin (BTC) set a new all-time high at $69,324 shortly after the opening bell on Wall Street on March 5, before sharply correcting 9.75% to $59,323, which analysts have described as a welcome move before “healthy consolidation” occurs.
BTC/USD daily chart. Source: TradingView
While BTC is still up 12% over the last seven days, the pioneer cryptocurrency’s flash crash left market participants wondering where the price will go moving forward.
Market analyst Aksel Kibar shared a chart showing Bitcoin reached above $69,000, calling it the “FOMO stage.”
BTC/USD price chart. Source: Aksel Kibar/X
In a March 4 post on X on March 4, Kibar spotted BTC trading within the $65,000 and $68,000 ranges, heading toward the November 2021 peak of around $69,000. He warned investors not to be caught up in the fear of missing out at that level.
“$BTCUSD I don't think this is a breakout to an all-time signal. Don’t FOMO this part of the move.”
Head of research at Galaxy Research, Alex Thorn, focused his attention on Bitcoin’s historical price action, particularly in 2020, when it retraced briefly after hitting new all-time highs.
Thorn implied that if history repeats itself, BTC is likely to drop “11.3% lower over 15 days before definitively breaking ATH” again over the next few weeks.
BTC sends a sell signal on the daily chart
The mid to low $50,000s is a possible retracement where a potential dip could occur. On March 2, Peter Brandt shared a chart showing BTC trading in a wide ascending parallel channel with short-term support below $55,000 provided by the pattern’s middle boundary.
“I believe a dip below 55,000 would be a buying opportunity, although such a dip is not my prediction.”
$BTC
#Write2Earn
Fantom Seeks Multichain Liquidation to Reclaim $122M Loss
The Fantom Foundation seeks a declaration of bankruptcy for the Multichain Foundation from the Singapore High Court, aiming to recover $122 million lost in a breach last year.
Fantom claims that Multichain breached their contract and made fraudulent misrepresentations leading to the loss. With a default judgment ruling in their favor on Jan.30, Fantom plans to use their financial losses to push for Multichain’s bankruptcy and appoint a liquidator to recover and distribute missing assets.
The court will assess damages and demand repayment from Multichain, but Fantom expects resistance and plans to request a liquidator’s intervention if necessary. If approved, the liquidator would have powers to seize Multichain’s assets, reverse transactions, and recover funds to repay creditors.
Fantom stated that while the court’s ruling specifically addresses its losses, it intends to leverage this legal win to enable all users to file claims against Multichain.
Beosin, a blockchain security firm, along with Fantom, estimated Multichain’s total losses from the exploit to be $210 million.
Multichain’s protocol facilitated cross-chain transactions for users across various blockchains, including Fantom, Ethereum, and Polygon. In July of the previous year, the platform experienced a series of unauthorized withdrawals.
$CKB $BONK $LUNC
Fantom Seeks Multichain Liquidation to Reclaim $122M Loss
The Fantom Foundation seeks a declaration of bankruptcy for the Multichain Foundation from the Singapore High Court, aiming to recover $122 million lost in a breach last year.
Fantom claims that Multichain breached their contract and made fraudulent misrepresentations leading to the loss. With a default judgment ruling in their favor on Jan.30, Fantom plans to use their financial losses to push for Multichain’s bankruptcy and appoint a liquidator to recover and distribute missing assets.
The court will assess damages and demand repayment from Multichain, but Fantom expects resistance and plans to request a liquidator’s intervention if necessary. If approved, the liquidator would have powers to seize Multichain’s assets, reverse transactions, and recover funds to repay creditors.
Fantom stated that while the court’s ruling specifically addresses its losses, it intends to leverage this legal win to enable all users to file claims against Multichain.
Beosin, a blockchain security firm, along with Fantom, estimated Multichain’s total losses from the exploit to be $210 million.
Multichain’s protocol facilitated cross-chain transactions for users across various blockchains, including Fantom, Ethereum, and Polygon. In July of the previous year, the platform experienced a series of unauthorized withdrawals.
$CKB $BONK $LUNC
#Write2Earn CoinEx Releases Ad Counting Down to 2024 Bitcoin Halving
CoinEx Releases Ad Counting Down to 2024 Bitcoin Halving
Global cryptocurrency exchange CoinEx released its first promo video on March 2nd counting down to the highly anticipated Bitcoin halving in 2024.
The 2-minute cinematic ad titled “Coin In CoinEx” encapsulates this important industry milestone through CoinEx’s brand philosophy of lowering barriers and driving mainstream crypto adoption.
The video depicts an ordinary coin’s transformative journey as it enters the Web3 universe of CoinEx and becomes a Bitcoin, embarking on adventures tailored for coins and helping cryptocurrency enthusiasts achieve financial freedom.
Additionally, CoinEx pays tribute to the halving, which will shape the crypto landscape by aligning with Bitcoin’s ethos to unlock long-term value and growth despite short-term reduced rewards.
Scenes highlight CoinEx’s “Less is More” approach of simplifying trading through continuous product refinement, professional asset listings, and optimized services and security.
Just as halvings strengthen Bitcoin’s future, CoinEx’s brand values further crypto’s mainstream adoption. The creative integration underscores how CoinEx’s streamlined user experience echoes the halving’s role in bolstering Bitcoin’s development.$BTC $BTTC $SHIB
CoinEx Releases Ad Counting Down to 2024 Bitcoin Halving
Global cryptocurrency exchange CoinEx released its first promo video on March 2nd counting down to the highly anticipated Bitcoin halving in 2024.
The 2-minute cinematic ad titled “Coin In CoinEx” encapsulates this important industry milestone through CoinEx’s brand philosophy of lowering barriers and driving mainstream crypto adoption.
The video depicts an ordinary coin’s transformative journey as it enters the Web3 universe of CoinEx and becomes a Bitcoin, embarking on adventures tailored for coins and helping cryptocurrency enthusiasts achieve financial freedom.
Additionally, CoinEx pays tribute to the halving, which will shape the crypto landscape by aligning with Bitcoin’s ethos to unlock long-term value and growth despite short-term reduced rewards.
Scenes highlight CoinEx’s “Less is More” approach of simplifying trading through continuous product refinement, professional asset listings, and optimized services and security.
Just as halvings strengthen Bitcoin’s future, CoinEx’s brand values further crypto’s mainstream adoption. The creative integration underscores how CoinEx’s streamlined user experience echoes the halving’s role in bolstering Bitcoin’s development.$BTC $BTTC $SHIB
See original
Dogecoin Soars 25%, Why Is DOGE's Uptrend Not Over Yet?
Dogecoin price has surged more than 25% against the US Dollar. DOGE managed to break the $0.120 resistance and is expected to continue rising towards the $0.132 resistance. In the last few sessions, Dogecoin price started a strong rise from the $0.080 support zone. DOGE managed to clear multiple hurdles near $0.0850 to enter the positive zone.
There was a break above the main contraction triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.100 resistance to move further into the positive zone like Bitcoin and Ethereum.
DOGE is up more than 25% and trading above $0.120. A fresh multi-week high was formed near $0.1282 and the price is now correcting upwards. The price is well above the 23.6% Fib retracement level of the recent surge from the swing low of $0.0845 to the swing high of $0.1282.
DOGE is also trading above the $0.1220 level and the 100 simple moving average (4-hours). On the upside, the price faces resistance near $0.1280 level. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance could push the price towards the $0.1450 resistance. The next major resistance is near $0.150. Further gains could push the price towards the $0.1620 level.
Downward Correction on DOGE?
If DOGE price fails to gain momentum above the $0.1280 level, it may initiate a downside correction.
Initial support on the downside is near the $0.120 level. The next major support is near the $0.1065 level or the 50% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 swing high. In case of a downside break below the $0.1065 support, the price may decline further. In that case, the price may fall towards the $0.100 level.
Dogecoin price has surged more than 25% against the US Dollar. DOGE managed to break the $0.120 resistance and is expected to continue rising towards the $0.132 resistance. In the last few sessions, Dogecoin price started a strong rise from the $0.080 support zone. DOGE managed to clear multiple hurdles near $0.0850 to enter the positive zone.
There was a break above the main contraction triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.100 resistance to move further into the positive zone like Bitcoin and Ethereum.
DOGE is up more than 25% and trading above $0.120. A fresh multi-week high was formed near $0.1282 and the price is now correcting upwards. The price is well above the 23.6% Fib retracement level of the recent surge from the swing low of $0.0845 to the swing high of $0.1282.
DOGE is also trading above the $0.1220 level and the 100 simple moving average (4-hours). On the upside, the price faces resistance near $0.1280 level. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance could push the price towards the $0.1450 resistance. The next major resistance is near $0.150. Further gains could push the price towards the $0.1620 level.
Downward Correction on DOGE?
If DOGE price fails to gain momentum above the $0.1280 level, it may initiate a downside correction.
Initial support on the downside is near the $0.120 level. The next major support is near the $0.1065 level or the 50% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 swing high. In case of a downside break below the $0.1065 support, the price may decline further. In that case, the price may fall towards the $0.100 level.
XRP Breakthrough: What's Next? Cardano (ADA) to Break $0.65 Level, Solana (SOL) Loses to Ethereum Massively
XRP is eyeing the next significant hurdle at $0.6. The recent trading sessions have witnessed a commendable performance by XRP, which has successfully breached several local resistances, positioning itself for a potential upward trajectory.
Analyzing the price dynamics, we observe a robust volume spike, which is indicative of strong buyer interest and may signal the start of a sustained bullish trend. This is a vital factor as volume often validates price movement, giving credence to the breakthrough and setting the stage for the next leg up.
XRPUSDT
XRP's current trend shows it maneuvering above the crucial moving averages, a bullish indicator that suggests the asset has ample support for its ascent. The intersection of these moving averages has served as a springboard for the price, pushing it toward the $0.6 mark.
Looking at the resistance and support framework, the immediate resistance is indeed at the $0.6 threshold. A decisive close above this level could pave the way for an extended rally toward higher resistance zones.
Conversely, if XRP faces rejection at this level, it might retreat to test the fortitude of its newfound support levels, potentially around the $0.55 to $0.53 range, where the confluence of moving averages may offer a buffer against a deeper pullback.
Cardano on verge of bull market
Cardano's native token, ADA, is showing signs of a strong bullish trend as it approaches a significant resistance level at $0.68. This move is particularly noteworthy as it positions ADA to potentially surpass the highest price point it has achieved in 2024. The trading community is attentively monitoring ADA's performance for a decisive break that could establish new benchmarks for the year.
$XRP $ADA
XRP is eyeing the next significant hurdle at $0.6. The recent trading sessions have witnessed a commendable performance by XRP, which has successfully breached several local resistances, positioning itself for a potential upward trajectory.
Analyzing the price dynamics, we observe a robust volume spike, which is indicative of strong buyer interest and may signal the start of a sustained bullish trend. This is a vital factor as volume often validates price movement, giving credence to the breakthrough and setting the stage for the next leg up.
XRPUSDT
XRP's current trend shows it maneuvering above the crucial moving averages, a bullish indicator that suggests the asset has ample support for its ascent. The intersection of these moving averages has served as a springboard for the price, pushing it toward the $0.6 mark.
Looking at the resistance and support framework, the immediate resistance is indeed at the $0.6 threshold. A decisive close above this level could pave the way for an extended rally toward higher resistance zones.
Conversely, if XRP faces rejection at this level, it might retreat to test the fortitude of its newfound support levels, potentially around the $0.55 to $0.53 range, where the confluence of moving averages may offer a buffer against a deeper pullback.
Cardano on verge of bull market
Cardano's native token, ADA, is showing signs of a strong bullish trend as it approaches a significant resistance level at $0.68. This move is particularly noteworthy as it positions ADA to potentially surpass the highest price point it has achieved in 2024. The trading community is attentively monitoring ADA's performance for a decisive break that could establish new benchmarks for the year.
$XRP $ADA
Key Reason Why Bitcoin (BTC) Just Soared Above $60,000
Bitcoin has once again captured headlines by soaring past the $60,000 mark. Its current trading price stands at $60,405, according to the latest CoinGecko data.
The cryptocurrency has now reached new all-time highs in over 30 countries, including Australia.
The key catalyst
A key factor behind the recent surge in Bitcoin's price is the increasing excitement surrounding Bitcoin exchange-traded funds.
Recent data shared by Jim Bianco of Bianco Research points to a remarkable trend: all 10 spot Bitcoin ETFs registered 241,000 trades, surpassing the trading volume of major ETFs like the SPDR S&P 500 ETF (SPY) and the Invesco QQQ ETF(QQQ) for the second consecutive day.
This spike in activity shows the growing interest and investment in Bitcoin ETFs, which collectively hold $44 billion in assets.
The extremely impressive data proves that Bitcoin ETFs are becoming a pivotal player in the market.
BlackRock's iShares Bitcoin ETF (IBIT) recently recorded its largest daily inflow of $520 million.
$100,000 by the next halving?
According to Blockstream CEO Adam Back, the Bitcoin price could reach $100,000 by the next halving event, just 51 days away.
He has cited factors such as the liquidation of leveraged shorts, the shift in investor sentiment, and the significant buying pressure from ETFs contributing to a potential rapid increase in Bitcoin's value.
However, as with any investment, caution and due diligence are advised, given the inherent volatility associated with the leading cryptocurrency.$BTC $CKB $PIXEL
Bitcoin has once again captured headlines by soaring past the $60,000 mark. Its current trading price stands at $60,405, according to the latest CoinGecko data.
The cryptocurrency has now reached new all-time highs in over 30 countries, including Australia.
The key catalyst
A key factor behind the recent surge in Bitcoin's price is the increasing excitement surrounding Bitcoin exchange-traded funds.
Recent data shared by Jim Bianco of Bianco Research points to a remarkable trend: all 10 spot Bitcoin ETFs registered 241,000 trades, surpassing the trading volume of major ETFs like the SPDR S&P 500 ETF (SPY) and the Invesco QQQ ETF(QQQ) for the second consecutive day.
This spike in activity shows the growing interest and investment in Bitcoin ETFs, which collectively hold $44 billion in assets.
The extremely impressive data proves that Bitcoin ETFs are becoming a pivotal player in the market.
BlackRock's iShares Bitcoin ETF (IBIT) recently recorded its largest daily inflow of $520 million.
$100,000 by the next halving?
According to Blockstream CEO Adam Back, the Bitcoin price could reach $100,000 by the next halving event, just 51 days away.
He has cited factors such as the liquidation of leveraged shorts, the shift in investor sentiment, and the significant buying pressure from ETFs contributing to a potential rapid increase in Bitcoin's value.
However, as with any investment, caution and due diligence are advised, given the inherent volatility associated with the leading cryptocurrency.$BTC $CKB $PIXEL
Bullish Forecast: Analyst Predicts Surge To $88,000 As Bitcoin Hits Highest Level In Two Years
With Bitcoin recently surpassing the $57,000 mark, marking its highest level since 2021, a surge in bullish outlook among analysts and experts has emerged.
Bitcoin To $88,000
Among them is Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, who recently shared his insights during an interview with Yahoo Finance. Rasmussen projected a bullish trajectory for Bitcoin, foreseeing a potential price surge to $88,000 by the close of 2024.
According to Rasmussen, Bitcoin trading at this price mark is possible, citing factors such as excitement and bullish sentiment surrounding the upcoming halving event and future traders taking bullish positions.
Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000
Rasmussen noted, disclosing Bitwise’s prediction for 2024:
We think that Bitcoin will certainly set all time highs in 2024. That previous price is right around $69,000 but we don’t think its going to stop there, we think we’ll at least see a 10% to 15% bump over the last all time highs in 2024. That will take us to the mid $80,000 range so I think our target was $88,00 by 2024, and I’m still sticking by that.
Despite Bitcoin trading below Rasmussen’s projected $88,000 mark, it maintains a bullish trend, with recent highs surpassing $57,000. Other analysts, including legendary trader Peter Brandt, share this optimism and predict a $200,000 target for the current bull market cycle.
Additionally, crypto analyst Ali has identified a “megaphone pattern” on Bitcoin’s daily chart, suggesting the potential for a substantial rally towards $60,520 if $50,000 to $53,000 price levels are maintained.
Ethereum’s Momentum Surges
Notably, aside from Bitcoin, Rasmussen also talked about Ethereum. So far, Ethereum’s price has outperformed that of Bitcoin.$TKO $BTTC
With Bitcoin recently surpassing the $57,000 mark, marking its highest level since 2021, a surge in bullish outlook among analysts and experts has emerged.
Bitcoin To $88,000
Among them is Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, who recently shared his insights during an interview with Yahoo Finance. Rasmussen projected a bullish trajectory for Bitcoin, foreseeing a potential price surge to $88,000 by the close of 2024.
According to Rasmussen, Bitcoin trading at this price mark is possible, citing factors such as excitement and bullish sentiment surrounding the upcoming halving event and future traders taking bullish positions.
Related Reading: Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000
Rasmussen noted, disclosing Bitwise’s prediction for 2024:
We think that Bitcoin will certainly set all time highs in 2024. That previous price is right around $69,000 but we don’t think its going to stop there, we think we’ll at least see a 10% to 15% bump over the last all time highs in 2024. That will take us to the mid $80,000 range so I think our target was $88,00 by 2024, and I’m still sticking by that.
Despite Bitcoin trading below Rasmussen’s projected $88,000 mark, it maintains a bullish trend, with recent highs surpassing $57,000. Other analysts, including legendary trader Peter Brandt, share this optimism and predict a $200,000 target for the current bull market cycle.
Additionally, crypto analyst Ali has identified a “megaphone pattern” on Bitcoin’s daily chart, suggesting the potential for a substantial rally towards $60,520 if $50,000 to $53,000 price levels are maintained.
Ethereum’s Momentum Surges
Notably, aside from Bitcoin, Rasmussen also talked about Ethereum. So far, Ethereum’s price has outperformed that of Bitcoin.$TKO $BTTC
Will XRP Return at $0.5? DXY Golden Cross Can Send Crypto Down, Cardano Turns off Bullish Mode
Will XRP Return at $0.5? DXY Golden Cross Can Send Crypto Down, Cardano Turns off Bullish ModeXRP is currently facing a critical crossroads. The question is whether XRP can maintain its position at the $0.5 mark or if the recent breakdown below multiple moving averages signals a more substantial retreat.At a glance, the XRP chart displays a troubling picture for bulls. The asset has recently faltered below several key moving averages, which traditionally act as layers of support. The 50-day, 100
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Analyst Predicts Massive 11,500% Rally for Dogecoin, Updates Outlook on One DOGE Rival and Cardano
A closely followed crypto analyst says Dogecoin (DOGE) may be on the verge of repeating a pattern that could send the top memecoin on a meteoric ascent in the coming months.
Crypto strategist Ali Martinez tells his 47,300 followers on the social media platform X that Dogecoin appears to be mirroring its 2020 market structure.
The analyst shares a chart suggesting that DOGE could exponentially rise by about 11,541% from current levels if the pattern repeats.
“The price action of Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, DOGE appears to be mirroring this pattern: having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run.”
The trader is also keeping a close watch on the price action of Dogecoin rival Pepe (PEPE). According to Martinez, PEPE appears to be on the verge of breaking out of a bullish inverse head-and-shoulders reversal pattern.
“You know where PEPE is going! $0.00000166 first, then $0.00000274. Send it!”
As for the smart contract protocol Cardano (ADA), Martinez warns that the altcoin is flashing a bearish signal based on the Tom Demark (TD) Sequential indicator.
The TD Sequential indicator is typically used to identify trend direction and potential price reversals.
Says Martinez,
“The TD Sequential indicator shows a sell signal on the Cardano three-day chart. It’s important to note that the last two times this indicator signaled bearish, ADA experienced a price correction!”
$BTTC $1000SATS $BONK
Analyst Predicts Massive 11,500% Rally for Dogecoin, Updates Outlook on One DOGE Rival and Cardano
A closely followed crypto analyst says Dogecoin (DOGE) may be on the verge of repeating a pattern that could send the top memecoin on a meteoric ascent in the coming months.
Crypto strategist Ali Martinez tells his 47,300 followers on the social media platform X that Dogecoin appears to be mirroring its 2020 market structure.
The analyst shares a chart suggesting that DOGE could exponentially rise by about 11,541% from current levels if the pattern repeats.
“The price action of Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, DOGE appears to be mirroring this pattern: having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run.”
The trader is also keeping a close watch on the price action of Dogecoin rival Pepe (PEPE). According to Martinez, PEPE appears to be on the verge of breaking out of a bullish inverse head-and-shoulders reversal pattern.
“You know where PEPE is going! $0.00000166 first, then $0.00000274. Send it!”
As for the smart contract protocol Cardano (ADA), Martinez warns that the altcoin is flashing a bearish signal based on the Tom Demark (TD) Sequential indicator.
The TD Sequential indicator is typically used to identify trend direction and potential price reversals.
Says Martinez,
“The TD Sequential indicator shows a sell signal on the Cardano three-day chart. It’s important to note that the last two times this indicator signaled bearish, ADA experienced a price correction!”
$BTTC $1000SATS $BONK
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4 Under $1 Crypto To Buy Likely Turn $10 Into $1,000 In 2024
The Cryptocurrency landscape is on the brink of a major turnaround, with several under-the-radar tokens showing promise for exponential growth. Among these 4 Under $1 Crypto To Buy Likely are World Coin (WLD), SingularityNET (AGIX), TerraClassic (LUNC), and Lido DAO (LDO). These assets, all priced below $1, are drawing attention for their potential to transform a mere $10 investment into a staggering $1,000 by 2024.
This optimism stems from a broader market recovery anticipation, fueled by significant developments like the BTC’s recent surge, rallying above the $51,000 resistance level, the Bitcoin halving event, and the news of a Bitcoin spot ETF.$BONK $BTTC $PERP
4 Under $1 Crypto To Buy Likely Turn $10 Into $1,000 In 2024
The Cryptocurrency landscape is on the brink of a major turnaround, with several under-the-radar tokens showing promise for exponential growth. Among these 4 Under $1 Crypto To Buy Likely are World Coin (WLD), SingularityNET (AGIX), TerraClassic (LUNC), and Lido DAO (LDO). These assets, all priced below $1, are drawing attention for their potential to transform a mere $10 investment into a staggering $1,000 by 2024.
This optimism stems from a broader market recovery anticipation, fueled by significant developments like the BTC’s recent surge, rallying above the $51,000 resistance level, the Bitcoin halving event, and the news of a Bitcoin spot ETF.$BONK $BTTC $PERP
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Zcash (ZEC) Jumps More Than 20% After Digital Asset Manager Grayscale Proposes New ‘Privacy ETF’ to the SEC
Digital asset management giant Grayscale has submitted a proposal for a new privacy-focused exchange-traded fund (ETF) that involves the altcoin Zcash (ZEC).
If approved, the Grayscale Privacy ETF’s investment portfolio will consist primarily of investments in data privacy solution providers, cybersecurity firms, blockchain-based privacy solutions and network security companies, according to an N-1A form filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
Though the fund will not invest in digital assets directly, it will devote 10% of its portfolio to the Grayscale Zcash Trust (ZCSH), a regulated financial product solely and passively invested in Zcash.
The privacy-focused digital currency jumped more than 20% on the news, surging from trading around $24.24 to a high of $29.21. ZEC has since partially retraced and is trading at $26.89 at time of writing.
In order to be eligible for inclusion in the Grayscale Privacy ETF’s investment portfolio, companies must be publicly listed on a stock exchange and have a $250 million market capitalization.
Grayscale was one of 11 firms that received approval from the SEC in January to launch a spot Bitcoin (BTC) ETF. The asset management giant converted its flagship product, the Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund listed on the exchange NYSE Arca.
$BNB $RIF $PERP
Zcash (ZEC) Jumps More Than 20% After Digital Asset Manager Grayscale Proposes New ‘Privacy ETF’ to the SEC
Digital asset management giant Grayscale has submitted a proposal for a new privacy-focused exchange-traded fund (ETF) that involves the altcoin Zcash (ZEC).
If approved, the Grayscale Privacy ETF’s investment portfolio will consist primarily of investments in data privacy solution providers, cybersecurity firms, blockchain-based privacy solutions and network security companies, according to an N-1A form filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
Though the fund will not invest in digital assets directly, it will devote 10% of its portfolio to the Grayscale Zcash Trust (ZCSH), a regulated financial product solely and passively invested in Zcash.
The privacy-focused digital currency jumped more than 20% on the news, surging from trading around $24.24 to a high of $29.21. ZEC has since partially retraced and is trading at $26.89 at time of writing.
In order to be eligible for inclusion in the Grayscale Privacy ETF’s investment portfolio, companies must be publicly listed on a stock exchange and have a $250 million market capitalization.
Grayscale was one of 11 firms that received approval from the SEC in January to launch a spot Bitcoin (BTC) ETF. The asset management giant converted its flagship product, the Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund listed on the exchange NYSE Arca.
$BNB $RIF $PERP
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STRK Starknet Price Crash: Between Airdrop and Massive Sell-Off
The crypto world was again shocked by the fall in the price of Starknet's STRK token, an Ethereum layer-2 network, which experienced a drastic decline of more than 50% in just two days. This phenomenon attracted the attention of many parties and sparked speculation about the future of this crypto.
Starknet's STRK token price saw a sharp decline of nearly 60%, trading below $1.90 from its Feb. 20 peak of $4.41, when an airdrop was conducted to some blockchain users. The decline was compounded by a sell-off by Ethereum infrastructure firm Nethermind and airdrop hunters who sold millions of dollars worth of tokens obtained from airdrops.
Analysis from Lookonchain revealed that Nethermind sold 3.41 million STRK worth more than $6.7 million, and still holds more than $12 million worth of tokens, raising concerns of further sales. Additionally, there are also airdrop hunters who consolidate wallets to sell large amounts of STRK, adding to the selling pressure in the market.
Even though the STRK price saw a decline, Starknet's Total Value Locked (TVL) actually saw a significant increase, reaching $73.5 million, up almost 30% in 24 hours. This shows that despite token price volatility, the value locked in the Starknet protocol continues to show growth, signaling a certain level of trust from the community in the Starknet ecosystem.
STRK Price Analysis and Future Prospects
Price analysis shows two possible scenarios for STRK. In a bullish scenario, the price may continue moving sideways and form a horizontal range between $1.70 and $2.20 before starting the next uptrend. However, considering the fundamentals, there is also a possibility of a further 50% decline, especially if large token holders continue to take profits, which could bring the price down to around $0.84.
This STRK Starknet price crash reminds us of the volatility of the crypto market and the importance of doing research before investing.$BNB $FROM $BTTC
STRK Starknet Price Crash: Between Airdrop and Massive Sell-Off
The crypto world was again shocked by the fall in the price of Starknet's STRK token, an Ethereum layer-2 network, which experienced a drastic decline of more than 50% in just two days. This phenomenon attracted the attention of many parties and sparked speculation about the future of this crypto.
Starknet's STRK token price saw a sharp decline of nearly 60%, trading below $1.90 from its Feb. 20 peak of $4.41, when an airdrop was conducted to some blockchain users. The decline was compounded by a sell-off by Ethereum infrastructure firm Nethermind and airdrop hunters who sold millions of dollars worth of tokens obtained from airdrops.
Analysis from Lookonchain revealed that Nethermind sold 3.41 million STRK worth more than $6.7 million, and still holds more than $12 million worth of tokens, raising concerns of further sales. Additionally, there are also airdrop hunters who consolidate wallets to sell large amounts of STRK, adding to the selling pressure in the market.
Even though the STRK price saw a decline, Starknet's Total Value Locked (TVL) actually saw a significant increase, reaching $73.5 million, up almost 30% in 24 hours. This shows that despite token price volatility, the value locked in the Starknet protocol continues to show growth, signaling a certain level of trust from the community in the Starknet ecosystem.
STRK Price Analysis and Future Prospects
Price analysis shows two possible scenarios for STRK. In a bullish scenario, the price may continue moving sideways and form a horizontal range between $1.70 and $2.20 before starting the next uptrend. However, considering the fundamentals, there is also a possibility of a further 50% decline, especially if large token holders continue to take profits, which could bring the price down to around $0.84.
This STRK Starknet price crash reminds us of the volatility of the crypto market and the importance of doing research before investing.$BNB $FROM $BTTC
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Ethereum spot ETFs may intensify validator concentration risk, says S&P Global
The research focuses more on Coinbase as a potential risk factor due to its existing custodial role and potential to gain significant control through ETFs.
Spot Ethereum exchange-traded funds (ETFs), if approved, could intensify validator concentration risks within the Ethereum network, according to recent research from S&P Global.
The research, titled “U.S. Ether ETFs Could Exacerbate Concentration Risk,” sheds light on the potential impact of spot Ethereum funds on validator concentration on the Ethereum network, particularly those that incorporate staking.
“An increase in ether staking ETFs could affect the mix of validators participating in the Ethereum network’s consensus mechanism. The participation of institutional custodians could reduce the current concentration on the Lido decentralized staking protocol. However, it may also introduce new concentration risk, particularly if a single entity is chosen to stake the bulk of ether included in these ETFs,” stated the analysis.
Traditional spot Bitcoin ETFs secure their holdings in digital vaults, with their primary function being to mirror the asset’s market price. However, Ethereum’s unique proposition lies in staking – where crypto is locked up to support network operations and secure transactions, rewarding participants in the process. Despite potential rewards, staking introduces the risk of ‘slashing’ if validators underperform or act maliciously.
According to the research, spot Ethereum ETFs won’t affect the validator mix, but the proposed staking-enabled Ethereum ETFs, such as those of Ark Invest and Franklin Templeton, could become large enough to significantly influence validator power.
“Spot ether ETFs that simply hold ether will not affect the validator mix in Ethereum’s consensus mechanism. Spot ether ETFs that include staking, however, will do exactly that–at least if inflows are high enough,” added the analysis. “U.S. spot ether ETFs that incorporate staking...$ETH
Ethereum spot ETFs may intensify validator concentration risk, says S&P Global
The research focuses more on Coinbase as a potential risk factor due to its existing custodial role and potential to gain significant control through ETFs.
Spot Ethereum exchange-traded funds (ETFs), if approved, could intensify validator concentration risks within the Ethereum network, according to recent research from S&P Global.
The research, titled “U.S. Ether ETFs Could Exacerbate Concentration Risk,” sheds light on the potential impact of spot Ethereum funds on validator concentration on the Ethereum network, particularly those that incorporate staking.
“An increase in ether staking ETFs could affect the mix of validators participating in the Ethereum network’s consensus mechanism. The participation of institutional custodians could reduce the current concentration on the Lido decentralized staking protocol. However, it may also introduce new concentration risk, particularly if a single entity is chosen to stake the bulk of ether included in these ETFs,” stated the analysis.
Traditional spot Bitcoin ETFs secure their holdings in digital vaults, with their primary function being to mirror the asset’s market price. However, Ethereum’s unique proposition lies in staking – where crypto is locked up to support network operations and secure transactions, rewarding participants in the process. Despite potential rewards, staking introduces the risk of ‘slashing’ if validators underperform or act maliciously.
According to the research, spot Ethereum ETFs won’t affect the validator mix, but the proposed staking-enabled Ethereum ETFs, such as those of Ark Invest and Franklin Templeton, could become large enough to significantly influence validator power.
“Spot ether ETFs that simply hold ether will not affect the validator mix in Ethereum’s consensus mechanism. Spot ether ETFs that include staking, however, will do exactly that–at least if inflows are high enough,” added the analysis. “U.S. spot ether ETFs that incorporate staking...$ETH