Popular macro expert Lyn Alden is issuing a warning to investors, saying that the next Bitcoin (BTC) bull run could be a long way off.

In a new strategy session with crypto analyst Benjamin Cowen, Alden says that the Federal Reserve’s continued interest rate hikes are likely going to keep downward pressure on crypto assets.

“Right now in their hiking cycle, they’ve been hiking into a decelerating economy because they view inflation as the primary concern. They think that higher interest rates are a key way to get that under control. And so we see a similar dynamic to late 2018. That’s kind of been the story of all of 2022, hiking into that weakness.

And so I think as long as you have that dynamic, that is a challenging place for Bitcoin and similar assets. That doesn’t mean you have to have new lows. It’s quite possible that we’ve seen the lows. But I also don’t think it means that you’re going to get another straight up bull market anytime soon, until you have a shift either in policy or perception of that policy.”

Alden also says that the markets are assuming the Fed’s hawkish policies will eventually succeed to bring down inflation but notes it’s possible that they don’t work. If they don’t, it could lead to people losing faith in the Fed’s policies and investing in alternative assets.

“Right now, whenever you see higher inflation or whenever you see a strong labor market, the market is still fully assuming that the Fed has this under control, that if they get hawkish enough, they can crush this, they can cause this structural period of disinflation if they’re just tight enough.

And I think that, in the long run, not going to be rewarded because the inflation is largely fiscal driven, it’s largely outside of the Fed’s control. If anything, their interest rate hikes, even though they can quash some private sector inflation, they can exacerbate public sector inflation.

I think if the market realizes that at some point, if basically inflation keeps breaking out and they’re already in a recession and we’re still in inflation, that’s when I think you could get a shift and people say, ‘Well, wait a second, maybe more rate hikes are not going to get inflation under control, and maybe want to be in scarcer assets.’”

#bitcoin #crypto2023 #koinmilyoner #buildtogether #crypto101

The fact that ETH has been able to hold above the $1,400 level, for now, means that there hasn’t yet been a sustained, convincing break below the key 200-Day Moving Average level at $1,423. The 200DMA acted as strong resistance in 2022 and has been touted as a key support level for 2023.

A break below it would be a massive blow to the medium-term bullish ETH thesis, as a sustained break above the 200DMA (as seen earlier this year) is seen as a key indicator of a positive shift in the market’s medium-term momentum. If ETH falls back under $1,400, this momentum would have arguably evaporated.

Eyes will be on next week’s key US CPI inflation data release. ETH bulls will be hoping that the data surprises to the downside, resulting in markets further pricing out the risk of a 50bps rate hike from the Fed later this month. Bulls will also be hoping for some calm relating to the troubles faced by crypto-friendly US banks.

Key resistance to keep an eye on if ETH does bounce is around $1,460 in the form of the February lows. Meanwhile, to the downside, bears will be eyeing a retest of support at $1,350. A break below here could open the door to a retest of last November’s lows under $1,100.

According to DeFi Llama citing on-chain data, this is a key area of support given that a break below it would spark a massive $68 million in liquidations in long positions taken out on decentralized exchanges (DEX). Another level to watch, according to DeFi Llama, is around $1,240, where $30 million in DEX long are at risk of being wiped out.

#Ethereum #Bullish #koinmilyoner #crypto2023

A whale has moved $33 million worth of Ethereum to Binance in a single transaction.

ETH price is now exposed to massive volatility levels, dropping 2.18% from the $1,807 level reported earlier.

The general bullish outlook will be invalidated once PoS token drops below $1,636.

Ethereum price (ETH) earned a significant price gain on March 18 when it broke beyond the $1,800 level. However, recent market data shows that a significant chunk of ETH was transferred to the Binance exchange at 1:30 AM ET, casting doubts on a possible sale happening. The transfer resulted in the largest altcoin by market cap losing part of its market value.

Ethereum price slumps 2% on massive whale activity 

Ethereum price (ETH) slumped after 18,657 ETH tokens (approximately $33,130,424 at current rates) were transferred in a single transaction. The transaction was traced back to an unknown but affluent wallet, costing him a mere $1 transaction fee on the Ethereum blockchain. In most instances, when such a huge chunk of tokens is transferred to an exchange, it usually points to a prospective sell activity that eventually drives down the asset's price.

As a result of the activity, Ethereum price has taken a breather, easing back 2.53% from the $1,807 reported earlier and auctioning for $1,761 at press time. This comes as market FUD continues to linger in the industry. According to projections by prominent crypto analyst Akash Girimath, however, the current bullish narrative for ETH would only be invalidated once the price crosses below the $1,636 level.

A move below the aforementioned invalidation level could send Ethereum price down to lose the support offered by the 50, 200, and 100-day Exponential Moving Averages (EMAs) at $1,588, $1,553, and $1,529, respectively.

In extreme cases, the Ethereum price could drop to the $1,500 psychological level before buyers can attempt a recovery. Such a move would constitute a 15% downswing for the PoS token from current levels.

Meanwhile, Ethereum price still has some ground to cover before tagging the $2,000 psychological resistance level. The move would be feasible if the cryptocurrency sustains the current momentum, which, in turn, depends on the macroeconomic environment. Notably, the recent collapses in the banking sector fueled more liquidity into the crypto market, causing the Ethereum network to record a positive net flow of $35.8 million.

Ethereum price could resume its uptrend if Bitcoin remains bullish above $27,000 and ETH bulls hold forte by increasing their buying pressure. Moreover, the Ethereum network recently confirmed the official launch date for the Shanghai update, which will happen in three weeks.

#ETH #BTC #GPT-4 #koinmilyoner #Ethereum

The current market value of Bitcoin is $27,695.00 with a trading volume of $32.3 billion within the last 24 hours. Bitcoin's value has declined by nearly 2% in the past 24 hours. It is currently ranked #1 on CoinMarketCap, with a market capitalization of $535 billion.

The BTC/USD pair is currently consolidating near the $28,400 level, having breached the resistance level of $29,250. Due to the continuous bullish trend, there is a likelihood of further increase in Bitcoin's value to touch $29,250 or even $30,700.

Meanwhile, Bitcoin's support levels continue to hold steady at around $26,600 and $25,200.

The current Ethereum price is $1,753, and the 24-hour trading volume is $12.6 billion. Ethereum has decreased by nearly 2.50% in the past 24 hours. As of now, Ethereum holds the #2 position on CoinMarketCap with a live market cap of $214 billion.

The ETH/USD pair is currently experiencing a minor correction, albeit with less intensity than Bitcoin. Ethereum is facing some difficulty in breaking through the resistance at $1,800 and is hovering around the support zone of $1,700. 

If the pair manages to surpass the $1,800 level, it is expected to face resistance at the $1,900 mark.

The ETH/USD pair is expected to find immediate support at either the $1,700 or $1,620 level on the downside.

#ETH #Binance #BTC #BullRun #koinmilyoner

First Citizens BancShares, the parent company of First Citizens Bank, has made a significant move in the world of banking by agreeing to acquire Silicon Valley Bank (SVB). 

The Federal Deposit Insurance Corporation (FDIC) confirmed the deal in a statement on Monday, as reported by Bloomberg.

With a number of key crypto companies relying on SVB prior to its downfall, what impact will the acquisition by First Citizens BancShares have on the future of the crypto industry?

First Citizens Acquisition Of SVB: Details

After SVB experienced a run on deposits, leading to insolvency, the FDIC took control of the bank weeks ago. As part of the deal, First Citizens BancShares has agreed to purchase approximately $72 billion in assets from Silicon Valley Bank at a discounted price of $16.5 billion.

The FDIC will retain control of roughly $90 billion in securities and other assets of the California-based bank.

The FDIC will also receive equity appreciation rights in First Citizens BancShares, which could potentially be worth up to $500 million. The 17 former branches of Silicon Valley Bank will now operate as First Citizens Bank.

The failure of Silicon Valley Bank is expected to result in a loss of around $20 billion to the Deposit Insurance Fund, according to the regulator.

What This Move Means For Crypto

With the acquisition of SVB by First Citizens BancShares, there are concerns about how this move will impact the crypto market.

SVB has played a crucial role in providing banking services to some of the biggest crypto companies in the world, including Circle Financial.

Following Circle’s announcement that $3.3 billion of its deposits were being held at SVB, the value of its USDC stablecoin dropped below its $1 peg for a brief period.

The acquisition raises questions about whether the bank’s crypto services will continue, and if so, how they may change under new ownership.

While First Citizens BancShares has not publicly commented on the matter, industry experts believe that the acquisition may lead to some changes in the bank’s approach to serving the crypto industry.

#SVB #BTC #koinmilyoner #Fed #GPT-4

Ethereum options traders are slightly bearish amid uncertainty about the Shanghai upgrade and the ETH token unlock. 

Co-founder of Ethereum, Joseph Lubin, believes that it is extremely unlikely for Ethereum to be classified as a security. 

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 slight bearish sentiment among options traders. Analysts have noted a rise in open interest in Ethereum, as co-founder Lubin assures the ETH community that the altcoin is not a security. 

Ethereum options traders turn bearish on the altcoin

Ethereum options traders turned slightly beartish while Bitcoin trader sentiment leaned towards neutral ahead of the quarterly settlement. Based on data from options intelligence tracker Blofin Academy, the uncertainty surrounding the Shanghai upgrade scheduled for April and the limited hedging attributes of ETH compared to BTC, are the drivers of the bearish sentiment. 

Despite bearish sentiment among options traders, there is a spike in interest among crypto market participants. Ethereum Binance futures Open Interest hit a level previously seen during the collapse of Three Arrows Capital (3AC) in July 2022. Ethereum price was at $1,100 at the time. 

The above chart shows the open interest in Ethereum has hit levels previously seen during the 3AC collapse, and the price is holding steady above the $1,700 level. 

Ethereum co-founder assures holders ETH is not a security

Ethereum co-founder, Joseph Lubin, responded to critics that argue ETH is a security. Lubin stated that it is unlikely that the US financial regulator, the Securities and Exchange Commission (SEC), will classify Ethereum as a security. 

Lubin was quoted as saying:

I don’t think there’s any point to speculate on something that is extremely unlikely.

US regulators have differing opinions on whether the altcoin should be classified as a security. While Gary Gensler, chairman of the SEC believes ETH is a security, the chairman of the Commodity Futures Trading Commission (CFTC) has stated that ETH is a commodity. Despite regulators remaining divided on the issue, Lubin assures ETH holders that the asset is not likely to be classified as a security. 

#Ethereum #Binance #Fed #BTC #koinmilyoner

Bitcoin (BTC), the world's largest cryptocurrency, has gained popularity and experienced a spike in recent days, hitting over $28,000, a 22 percent increase this month and a 65 percent increase since the beginning of the year. Meanwhile, Ethereum (ETH), the second largest cryptocurrency, has been strongly bid around the $1,750 .

The current price of Bitcoin is $27,800, with a 24-hour trading volume of $14.3 billion. Bitcoin has increased by 1.5% in the past 24 hours. 

According to technical analysis, the BTC/USD pair is exhibiting a bullish trend at present. However, it could face some resistance when it reaches the $28,950 level.

If Bitcoin succeeds in surpassing the resistance level of $28,950, it could potentially drive its value higher to $29,200 or even $30,700.

However, if a bearish trend emerges, the support levels of around $26,600 and $25,200 are expected to offer significant support.

At present, the live Ethereum price stands at $1,760, with a 24-hour trading volume of $7.1 billion. In the last 24 hours, Ethereum has recorded a gain of 1%. Presently, Ethereum is facing difficulty in surpassing the resistance level of $1,800 and is trading consistently near the support zone of $1,700.

If the ETH/USD pair successfully breaches the $1,800 level, it is anticipated to face resistance at the $1,900 .

It is anticipated that support levels for the ETH/USD pair will be found at either $1,700 or $1,620.

#BTC #ETH #koinmilyoner #Fed #GPT-4

The financial world has been in turmoil following the collapse of Silicon Valley Bank (SVB), one of the three major banks serving the crypto industry alongside Silvergate and Signature Bank.

This unprecedented event has affected not only the banking sector but also the crypto market, leading to significant changes in industry operations and government actions.

In this article, we will discuss the implications of the SVB Bank collapse, its impact on the crypto market and the Federal Reserve’s delicate balancing act to maintain financial stability while combating inflation.

SVB Bank collapse and its impact on crypto

The SVB Bank collapse has sent shockwaves throughout the financial industry, particularly in the crypto space. Major crypto platforms, such as Coinbase and Binance, temporarily suspended USDC-to-USD conversions and the auto-conversion of USDC to BUSD, respectively.

Other projects, like AAVE, BENQI and Trader Joe, took measures to protect their platforms by freezing or pausing USDC and related markets. Companies with ties to SVB, including Circle, Roku, BlockFi and Roblox, also faced significant challenges.

Silvergate and Signature Bank – two of the main banks for crypto companies – have experienced their share of troubles as well. Silvergate announced it would be winding down operations and liquidating its bank, while Signature Bank was seized by banking regulators.

With SVB having a large number of crypto startups and VCs as customers, the failure of this crypto banking trifecta has rippled into the stablecoin market.

The federal government stepped in on Sunday to guarantee all deposits for SVB and Signature depositors, adding confidence and sparking a small rally in the crypto markets.

However, this event has highlighted the vulnerability of stablecoins, as USDC temporarily lost its peg and other stablecoins like DAI experienced fluctuations in value.

Industry response and actions taken

The industry’s response to the SVB collapse has been swift and decisive, with companies, regulators and government officials working together to stabilize the situation.

The Federal Deposit Insurance Corp. (FDIC) facilitated the resolution of SVB Bank, and the Federal Reserve announced the Bank Term Funding Program (BTFP) to support American businesses and households.

The Fed’s delicate balancing act

The Federal Reserve faces the challenge of fighting inflation while avoiding a financial crisis following the SVB Bank collapse. The central bank has announced the BTFP, providing one-year loans to banks, credit unions and other financial institutions that offer collateral.

This program allows the Fed to fulfill its role as the lender of last resort, ensuring the stability of the banking sector while continuing to combat inflation.

Conclusion

The SVB Bank collapse has disrupted the financial landscape, leading to significant changes in the crypto market and the banking sector. The industry’s response to these challenges has been swift, with companies, regulators and government officials working together to stabilize the situation.

As the Federal Reserve navigates this delicate balancing act, it remains to be seen how the long-term impact of the SVB collapse will shape the financial world.

Nonetheless, this event underscores the importance of vigilance and adaptability in an ever-evolving financial landscape.

The crypto industry will have to adapt to the changes brought on by the collapse of these major banks, and new players may emerge to fill the void left by Silvergate, Signature Bank and SVB.

#SVB #koinmilyoner #GPT-4 #Fed #koinmilyoner

After cryptocurrencies began their climb on Friday, surpassing $27,000 for the second time this week, Bitcoin price has regained nearly all of its losses from 2022.

In recent days, the cryptocurrency markets have escaped the grip of bears, with the majority of tokens breaking out of upward consolidation. At the time of writing, Bitcoin was halfway its $28K target – its highest since nine months ago – trading at $27,519, an increase of 36% over the previous week, according to statistics from crypto market tracker Coingeckos.

Bitcoin Price Shows Resilience

The price of Bitcoin rose 22% in the last two weeks and 13% in the last 30 days, according to the most recent data. The rise has raised the worldwide crypto market capitalization by over 5.4%. While some market experts say this to be a short-term bounce, a more significant price move appears imminent.

The overnight data from the Federal Reserve’s balance sheet indicating the injection of about $300 billion into the economy as part of the reaction to the banking crisis acted as a spark for new gains.

Bitcoin Emerges Victorious From Banking Crisis

In the wake of last week’s banking crisis, investors have applauded the resilience of cryptocurrency prices. It began with the closings of Silicon Valley Bank and Signature Bank late on Sunday, but throughout the week the spotlight was on First Republic Bank. Some major U.S. financial institutions came to its help late Thursday, depositing a total of $30 billion.

In light of the recent instability in the financial sector, many have stated that Bitcoin’s narrative is shifting. Inflation and Federal Reserve rate hikes continue to have a significant impact on the price movements of the cryptocurrency.

The bitcoin market may have mixed effects from the Fed’s rate move. A rate hike can raise borrowing costs, which can reduce demand for cryptocurrencies as investors seek safer and more reliable investments.

A rate hike can result in a boost of the U.S. dollar, which can render cryptocurrencies more expensive for foreign investors. Alternatively, as interest rates rise in the traditional financial markets, some investors may turn to cryptocurrencies as an alternate investment choice.

Crypto: Cushion Against Inflation

This is because virtual currencies are frequently viewed as a hedge against inflation and an alternative form of asset storage. In addition, some analysts assert that a rate hike can raise the appetite for cryptocurrencies as consumers strive to diversify their investments and safeguard against prospective economic downturns.

Ultimately, the influence of a Federal Reserve rate hike on the cryptocurrency industry is complex and can depend on a number of variables, such as the precise economic circumstances at the point of the rate hike and the investor sentiment towards cryptocurrencies.

The next Bitcoin pricepoint is eagerly awaited as numerous investors want to increase their portfolio returns. This expected price corresponds with a 2023–2030 expert forecast for Bitcoin.

#bitcoin #BTC #Fed #Binance #koinmilyoner

Shiba Inu (SHIB), the popular dog-inspired cryptocurrency, is currently facing a tough time breaking free from its recent slump. According to on-chain data, both a decline in network growth and pressure from long-term holders looking to sell their holdings could potentially hinder SHIB’s price resurgence.

Recent data provided by Glassnode indicates a downward trend in the number of new addresses on the Shiba Inu ecosystem since the beginning of March. As of now, there are only 1,759 new addresses, a stark contrast to the 4,575 addresses recorded just a month prior in February. 

This noticeable decline could suggest a lack of interest in the coin or a shift in focus toward other virtual assets.

Shiba Inu Holders Offload Assets

The Shiba Inu community is grappling with more than just a decrease in new addresses. Santiment data suggests that long-term holders of the token are selling off their assets, leading to a significant sell-off and compounding the downward pressure on prices. 

On top of this, on-chain data indicates a lag in active addresses, which measures the number of participants involved in successful transactions on the network.

A decline in new addresses on a blockchain network can indicate a waning interest in the platform’s core services, which could pose a challenge for SHIB in the weeks ahead unless the trend reverses.

As of the latest update, the number of active addresses for Shiba Inu over the past 30 days has declined to just 106,000. This suggests that SHIB users have been less inclined to conduct transactions using the token. The probable cause of this trend could be SHIB’s recent underwhelming performance, which has led to a significant drop of 18.65% within the same time period.

Market analysts and SHIB investors alike are left speculating whether the current conditions will allow the popular cryptocurrency to rebound anytime soon. 

SHIB Burn Rate Increasesd

One curious development has been SHIB’s burn rate, which has skyrocketed by an impressive 5,000%. Despite this surge, the token’s value has remained flat, with no significant change observed over the past fortnight.

In normal circumstances, a rising burn rate would typically lead to an asset’s increased value due to a decrease in supply. This phenomenon is rooted in the fundamental principles of supply and demand – when an asset becomes scarce and demand for it remains consistent or even expands, its price should appreciate.

Nevertheless, bullish investors may regain control if SHIB manages to break through its current resistance level at $0.000012, which could lead to a more sustained price upswing.

#SHIB #BTC #BNB #koinmilyoner #GPT-4

A number of Chinese state-owned banks’ branches in Hong Kong have started offering services to local cryptocurrency companies, Bloomberg reported on Monday, as the city welcomes a growing list of cryptocurrency and digital asset firms looking to expand or relocate to the city.

The Hong Kong entities of Bank of Communications Co., Bank of China Ltd. and Shanghai Pudong Development Bank have started to offer services to local crypto firms or made inquiries about the same, according to the Bloomberg report that cited sources familiar with the matter.

Local companies in the crypto industry have traditionally had difficulties setting up corporate bank accounts, and the moves of these state-owned lenders reflect China’s backing in trying to boost the digital asset industry in Hong Kong, according to the report.

China banned crypto transactions on the mainland in September 2021, while Hong Kong has been embracing the sector with the October release of policy documents. The city aims to regain its position as an international finance hub for digital assets and companies involved in developing the Internet through decentralized blockchains, known as Web3.

Over 80 foreign and mainland China companies have expressed their interest in establishing a Web3 operation in Hong Kong, ahead of new crypto regulations that will take effect from June, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said last week.

Hong Kong’s Financial Secretary Paul Chan said last month that the government is setting aside HK$50 million (US$6.37 million) to develop the sector, which he calls a “golden opportunity” to lead innovative development.

#china #bitcoin #Altcoin #BNB #koinmilyoner

Billionaire investor Tim Draper says that Bitcoin (BTC) could be a tool for businesses to hedge against any potential banking crisis.

In a new memo directed at startup founders, Draper says the recent collapse of Silicon Valley Bank (SVB), plus the “over-regulation” of banks by the government means business founders should consider a more diversified strategy of cash management.

“Since boards and management are responsible for making payroll, even in times of crisis, it is important to build out contingency plans for bank failures that could happen more and more often if government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.”

The venture capitalist says businesses should consider holding at least two payrolls worth of Bitcoin or other crypto assets in their reserves as part of a diversification strategy.

“Businesses can no longer rely on one bank or one governing body to manage their cash. We recommend keeping at least six months of short-term cash in each of two banks, one local bank and one global bank, and at least two payrolls worth of cash in Bitcoin or other crypto currencies.

Excess cash can be longer term, but easily saleable in emergencies. For the first time in many years, governments are taking over banks and governments themselves are at risk of becoming insolvent.

Bitcoin is a hedge against a ‘domino’ run on the banks and on poor over-controlling governance.”

Earlier this month, Draper said he was nearly 100% sure that Bitcoin would explode to $250,000 per BTC in the next 18 months.

At time of writing, BTC is trading for $27,505.

#BTC #Fed #GPT-4 #ExchangeWithKindness #koinmilyoner

The Shiba Inu price has dropped by 0.5% in the past 24 hours, with its dip to $0.00001054 coming on a day when the overall market has barely moved.

Its current price represents an 8% rise compared to its 30-day low of $0.00000973, while the meme token has also gained by an impressive 30% since the start of the year.

With the beta launch of the Shibarium layer-two network having been completed earlier this month, SHIB looks set to build on its earlier growth in the coming weeks, particularly when the L2 has its full public launch.

And when the long-awaited SHIB: The Metaverse finally makes its appearance (potentially towards the end of the year), 

Shiba Inu Price Prediction as SHIB Jumps 8% from Recent Bottom – Where is the Next SHIB Target?

SHIB's indicators suggest it could begin rallying again in the not-too-distant future, with both its 30-day moving average (red) and relative strength index (purple) having taken dives in recent days.

Similarly, its 30-day average is very close to falling underneath its 200-day average (blue), at which point the altcoin will be due for a rebound.

A key resistance level for SHIB at the moment is $0.000011, which it has failed to pass on a few occasions in the past couple of weeks.

If it can break conclusively through this level then more rises are likely to come, although SHIB will probably require the wider market (and investor sentiment) to also mount a recovery at the same time.

That said, the ongoing rollout of Shibarium, which is now live in beta form, could mean that the token witnesses further gains in the near future, particularly when the layer-two network makes its full public launch.

Two things are particularly bullish about Shibarium, with one being technical and the other economic.

Firstly, the layer-two network will lower transaction fees and increases capacity for Shiba Inu, while also improving security and enhancing decentralization.

Secondly, the launch of the L2 will also result in an increase in Shiba Inu's burn rate, with 70% of the base transaction fee being destroyed.

Its team has big ambitions for the platform, with its official website describing it as "the future of entertainment, business, and gaming all rolled into one."

Combined with Shibarium, it could really herald a massive uptake in demand for SHIB, which could move through the gears and reach new levels.

Indeed, it's likely that Shibarium alone will push SHIB up to $0.000015 and $0.00002, while the eventual arrival of SHIB: The Metaverse could see it rise even higher, to $0.00005 or perhaps $0.0001 by the end of 2023.

#SHIB #koinmilyoner #Fed #koinmilyoner #GPT-4

Bitcoin price is still consolidating above the $27,000 support. BTC could start a fresh surge if there is a successful move above the $28,150 resistance.

Bitcoin is moving higher above the $27,500 resistance.

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

There is a key bullish trend line forming with support near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could surge if there is a close above the $28,150 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction after it failed to clear the $28,800 resistance zone. BTC dived below the $28,000 level and even broke the $27,500 support zone.

However, the bulls were active near the $27,000 support zone. A low was formed near $27,007 and the price started a fresh increase. There was a clear move above the $27,500 resistance zone. The price surpassed the 50% Fib retracement level of the downward move from the $28,798 swing high to $27,007 low.

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

On the upside, an immediate resistance is near the $28,120 level. It is near the 61.8% Fib retracement level of the downward move from the $28,798 swing high to $27,007 low. The next major resistance is near the $28,150 zone. A close above the $28,150 resistance might start another major increase. In the stated case, the price could rise towards the $28,800 level. Any more gains might send the price towards the $29,500 resistance zone.

Dips Supported in BTC?

If bitcoin price fails to clear the $28,150 resistance, it could start another decline. An immediate support on the downside is near the $27,800 zone and the 100 hourly SMA.

The next major support is near the $27,600 zone or the trend line. Any more losses might send the price towards the $27,150 support zone. The next major support is near the $27,000 level.

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

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

Major Support Levels – $27,600, followed by $27,000.

Major Resistance Levels – $28,150, $28,500 and $28,800.

#bitcoin #BTC #altcoins #koinmilyoner #GPT-4

The chain ID of the Shibarium testnet was a source of significant FUD.

Daily transactions on the test network zoomed to 718 on 24 March.

The FUD which gripped the Shiba Inu [SHIB] ecosystem since the testnet launch of layer-2 blockchain Shibarium, could soon be a thing of the past.

According to the latest update provided by a SHIB influencer, the chain ID of the Shibarium testnet, also called ‘Puppynet’, has been changed. As per a screenshot posted in the same thread, the new chain ID was 719.

The chain ID of the Shibarium testnet was a source of significant FUD.

Daily transactions on the test network zoomed to 718 on 24 March.

The FUD which gripped the Shiba Inu [SHIB] ecosystem since the testnet launch of layer-2 blockchain Shibarium, could soon be a thing of the past.

According to the latest update provided by a SHIB influencer, the chain ID of the Shibarium testnet, also called ‘Puppynet’, has been changed. As per a screenshot posted in the same thread, the new chain ID was 719.

Basis of the FUD

The chain ID of the Shibarium testnet became a bone of contention as soon as it was launched. A Shiba Inu discord channel member pointed out that Shibarium’s chain ID shared the same ID as the Rinia testnet blockchain.

The member insinuated that Shibarium might have copied the genesis file from the Rinia testnet and changed their name to Shibarium without changing the chain ID.

While Shibarium developers termed this as a coincidence, the revelation caused much furor in the SHIB community and the price of SHIB fell by more than 8%.

However, after the announcement of a new chain ID, the FUD might subside. And there were strong positive signs coming from Puppyscan, the Puppynet explorer. The daily transactions on the network zoomed to 718 on 24 March, after staying lulled for the last few days.

Furthermore, the Shibarium team was also working on the faucet update. Faucets are used to obtain the test cryptocurrency needed to interact with the testnet blockchain. The Shibarium faucet will utilize a BONE token in order to allow users and developers to perform tests on the network.

Whales are back in business?

Meanwhile, SHIB exchanged hands at $0.00001055 at the time of writing, falling by 1.21% over the previous day, per CoinMarketCap.

With clarity on chain ID in place, big addresses were attracted to SHIB. As per Santiment, the supply held by large addresses as a percentage of the total supply increased over the last two days.

However, despite the increase in transaction numbers, data from Shibburn revealed that the burn rate declined by over 92% in the last 24 hours, with a little over 1.34 million tokens removed from circulation.

#SHIB #shibarium #koinmilyoner #Fed #GPT-4

A crypto strategist who accurately predicted Bitcoin’s (BTC) floor price last year believes that the king crypto is now in the early stages of a new bull market.

Pseudonymous analyst DonAlt tells his 471,000 Twitter followers that many traders still believe that Bitcoin is still in a downtrend even after breaking out from a multi-month reversal pattern.

“All I see is disbelief. Not sure whether it’s my own that crypto is bound to go to zero or if it’s disbelief of the that think shorting into a banking crisis after a nine-month bullish reclaim and range breakout is a good idea.” 

The popular crypto trader shows the negative funding rates in various crypto exchanges, indicating that traders are still betting on BTC to go down, while supporting his thesis that a disbelief rally is underway.

A disbelief rally traditionally happens at the start of a bull market, when traders that have been conditioned by the previous bear market still expect prices to eventually go lower despite the asset’s strength.

Says DonAlt,

“BTC just broke out of none months of consolidation And this is funding? Need someone smarter than me to explain this to me because this just looks like utter foolishness to me.”

DonAlt is also mapping out BTC’s worst-case and best-case scenarios. In both scenarios, however, Bitcoin just goes up.

“Worst case: red

Best case: green.” 

According to DonAlt, the high timeframe breakout of BTC could propel the king crypto to as high as $100,000.

“Greed entry: Now

Not so greedy entry: $25,606

Target 1: $36,000

Target 2: $60,000

Target 3: $100,000.”

At time of writing, Bitcoin is trading for $27,570.

#BTC #bitcoin #koinmilyoner #Fed #GPT-4

ARK Invest’s Cathie Wood says Bitcoin (BTC) is likely to explode in value if people’s confidence in the financial system continues to dwindle.

In a new YouTube update, Wood says that Bitcoin’s decentralized nature and scarce supply will attract capital looking for a superior store of value compared to what has historically been available to them.

“[Bitcoin is] playing the store of value role right now. And, if the global monetary systems right now, shall I say, lose the confidence of people generally, there will be a shift to more crypto from a store of value point of view, certainly. 

What will happen then, is the price of Bitcoin – remember there are only two million more to be minted – the price of Bitcoin will go through the roof.”

The ARK Invest CEO also says that BTC’s recent rally amid a banking crisis and general economic uncertainty is proof that it is beginning to succeed at fulfilling the role of a store of value.

Bitcoin is a store of value and an investment. Limited to 21 million units, so right now the inflation rate is 1.8% per year, that’s how much is mined. In a couple of years that will be cut in half to less than 1% and it will keep getting cut in half until we reach that 21 million.

We’re at 19 million units right now. So, to watch [Bitcoin] go from $19,000 to [almost $29,000] in the span of a couple of weeks, is proof positive that people do believe that it is a store of value, that the developers, the coders, the programmers who have built in this mathematical metering are not going to change it.”

#bitcoin #Binance #koinmilyoner #czbinance #Fed

A closely followed trader believes that Bitcoin’s (BTC) current market structure looks similar to its price action in the second half of 2020 before the king crypto convincingly took out the $20,000 level.

Pseudonymous trader Cantering Clark tells his 163,300 Twitter followers that Bitcoin looks bullish after managing to absorb the sell-off last Friday.

According to the analyst, BTC bulls have the upper hand as long as Bitcoin trades above support at $27,000.

“So we failed to break out of the inside day setup, and instead it looks like we accumulated a bit of panic selling below. Coin margined OI (open interest) is up, probably due to hedging, and some long stablecoin margined OI is down, part of the flush. I grabbed a long as long as yesterday’s lows hold.” 

At time of writing, Bitcoin is trading for $27,644, well above the trader’s support area.

The trader also highlights that Bitcoin’s four-hour chart appears to mimic a pattern witnessed in November 2020 when BTC took a breather before taking out the key psychological area of $20,000.

“I don’t like to lean on fractals, but this one from 2020 looks almost identical to what we have now on the 4-hour chart. This occurred as price consolidated under the 2017 high.” 

Although Cantering Clark is bullish on BTC, he says that traders should be patient and wait for more signals. According to the analyst, BTC still continues to trade within a narrow range between $27,000 and $28,868. A break of either the low or the high of the range could determine BTC’s next move, says Cantering Clark.

“I think it is worth being patient with Bitcoin here, given the high timeframe break, but I do see the other side’s valid points about possible distributive price action. That being said, there is a pretty clean inside day break that is set up. Acceptance above or below yesterday’s range should offer a brief continuation play. If through the lows, down to $26,5000, and a break above possibly much longer of a throw to $30,000.”

#bitcoin #koinmilyoner #Binance #Fed #GPT-4

Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.

Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below.

Technology for Compliance & US Blocks. Binance.com has developed best-in-class technology to ensure compliance. Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML. We block US users by nationality (KYC), IP (including commonly used VPN endpoints outside of the US), mobile carrier, device fingerprints, bank deposit and withdrawals, blockchain deposits and withdrawals, credit card bin numbers, and more.

We are aware of no other company using systems more comprehensive or more effective than Binance.

Cooperation and Transparency with Law Enforcement. Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally. Binance currently has more than 750 people in our Compliance teams, many with prior law enforcement and regulatory agency backgrounds. To date, we have handled 55,000+ LE requests, and assisted US LE freeze/seize more than $125 million in funds in 2022 alone and $160 million in 2023 so far.

We intend to continue to respect and collaborate with US and other regulators around the world.

Registrations and Licenses. Binance.com holds the highest number of licenses/registrations globally, 16 and counting, and is well regarded by our user community.

Trading. Binance.com does not trade for profit or “manipulate” the market under any circumstances. Binance “trades” in a number of situations. Our revenues are in crypto. We do need to convert them from time-to-time to cover expenses in fiat or other crypto currencies. We have affiliates that provide liquidity for less liquid pairs. These affiliates are monitored specifically not to have large profits.

Personally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card.

Binance.com has a 90 day no-day-trading rule for employees, meaning you are not allowed to sell a coin within 90 days of your most recent buy, or vice versa. This is to prevent any employees from actively trading. We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.

I observe these policies myself strictly. I also never participated in Binance Launchpad, Earn, Margin, or Futures. I know the best use of my time is to build a solid platform that services our users.

At Binance, we look for amicable solutions to all problems. We are collaborative with regulators and government agencies all around the world. While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require. And above all, we believe in doing the right thing by our users at all times. In this journey towards freedom of money, we do not expect everything to be easy. We do not shy away from challenges.

We thank you for your unwavering support!

CZ

CEO @Binance

#czbinance #Binance #bitcoin #fud #koinmilyoner

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