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

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

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

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

MATIC price risks a 10% downswing

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

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

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

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

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

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

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

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

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

#matic #koinmilyoner #BTC #crypto2023 #BNB

Which way will Bitcoin break out of last week’s range? On screen I have highlighted the price range between $29,000 and $26,700, representing the high and low of the week-long ranging period. The price has flirted with a break to the downside, touching as low as $26,500, but a confident close below $27,000 is still to occur.

Bitcoin surged in March as confidence in the global banking system was shaken with the fall of a few US regional banks and the Swiss giant Credit Suisse. As it stands, it appears that the risk of other banks going under is subsiding, which may also stifle the upside potential of bitcoin moving forward. The phycological level of $30,000 might be too lofty a goal for bulls now if a break to the upside does occur. Gold hitting $2,000 might be more likely at this point.

Elsewhere in the crypto sphere, and perhaps applying some more pressure on the price of Bitcoin, The Commodity Futures and Trading Commission has filed a complaint against Binance and its Founder Changpeng Zhao, for allegedly violating US trading and derivatives laws. Binance and Zhao are being accused by the CTFC of operating an "inefficient compliance program" and deliberately violating the law. Zhao has tweeted that the CTFC’s allegations are "fake news”.

#fud #Fed #Binance #bitcoin #koinmilyoner

Bitcoin price has broken out from a six-month range consolidation, soaring 13.91% to the current price of $27,787.

BTC could breach the $29,292 resistance level before a run-off to the $36,172 resistance level.

A daily candlestick close below the $22,649 psychological support level could invalidate the bullish narrative.

Bitcoin price has broken out from a six-month range consolidation, in tandem with two momentum indicators as BTC soared by a significant margin. The latest breakout comes amid the recent banking crises that pumped liquidity into the crypto market, causing a surge in prices for most cryptocurrencies. With the fifth range currently in play, here is what to expect from the flagship crypto.

Bitcoin price on course for more gains

Bitcoin price is on course to record more gains for investors after breaking out from five six-month ranges, each with positive indications from the Relative Strength Index (RSI) and the Awesome Oscillator (AO).

Bitcoin price consolidated between January and June 2012 before a 247% breakout. In the same way, the king crypto broke out from a six-month-long consolidation between November 2016 and May 2017, soaring around 4200% to the zone above $15,000. There was another bullish move around November 2020 after a six-month consolidation, catapulting BTC almost 470% to the $44,700 range and a fourth one around October 2020 that saw the flagship crypto escape almost 770% northward.

With the fifth one currently in play, an increase in buying pressure from current levels could see Bitcoin price shatter past the immediate $29,292 resistance level. A decisive flip of this barrier into a support level would add credence to the bullish thesis.

In highly bullish cases, Bitcoin price could break past the $36,172 equilibrium to tag the next obstacle at the $46,589 level. Such a move would constitute a 67.80% increase from the current level.

On-chain data, as presented by IntoTheBlock, also supports the bullish case for Bitcoin price. This fundamental index identifies investors' average purchase price of a cryptocurrency versus its current price. Its statistical model analyses crypto addresses (wallets) that bought the asset at an average price above or below the current market price.

Based on the on-chain metric, Bitcoin price faces the next resistance level around the $28,606 and $33,399 price range. This was an important supplier congestion zone because 1.4 million addresses bought 543,250 BTC at an average price of $30,823 around this area.

A successful attempt to push Bitcoin price past the zone mentioned above would add credence to the bullish narrative, inspiring immense buying from the investor cohort who may wish to record more gains. The ensuing buying pressure would cause BTC to increase even further.

Industry pundits like @Balaji are also very optimistic about Bitcoin price soaring, to the extent that he is betting $1M that BTC will surpass the $1 million mark in less than 90 days.

Conversely, if investor appetite takes over, Bitcoin price could drop towards the $22,649 support level or, in dire cases, tag the $20,000 psychological level. Such a move would denote a 27% drop from current levels. 

#BTC #Fed #Binance #koinmilyoner #BNB

Ethereum price rallied over 10% and broke the $1,600 resistance against the US Dollar. ETH could continue to rise if it stays above the $1,580 support zone.

Ethereum started a major increase above the $1,565 resistance zone.

The price is trading above $1,580 and the 100 hourly simple moving average.

There was a break above a crucial bearish trend line with resistance near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could correct lower, but dips might be limited below the $1,580 support.

Ethereum Price Surges Over 10%

Ethereum price spiked towards the $1,370, where the bulls took a stand. ETH formed a base and started a strong increase above the $1,450 resistance, similar to bitcoin.

There was a clear move above the $1,500 and $1,565 resistance levels. Besides, there was a break above a crucial bearish trend line with resistance near $1,480 on the hourly chart of ETH/USD. Finally, the pair surpassed the $1,600 resistance and traded as high as $1,636.

Ether price is now trading above $1,580 and the 100 hourly simple moving average. It is consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $1,370 swing low to $1,636 high.

On the upside, the price is facing resistance near the $1,630 zone. The first major resistance is near the $1,680 zone. The next major resistance is near the $1,700 level.

The main resistance is still near the $1,740 zone. A close above the $1,740 resistance zone might start a major uptrend. In this case, the price may perhaps rise towards the $1,850 resistance level.

Dips Limited in ETH?

If ethereum fails to clear the $1,630 resistance, it could start a downside correction. An initial support on the downside is near the $1,580 level.

The next major support is near the $1,560 zone. If there is a break below $1,560, the price might drop towards $1,500. It is near the 50% Fib retracement level of the upward move from the $1,370 swing low to $1,636 high. Any more losses might call for a test of the $1,430 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now in the overbought zone.

Major Support Level – $1,580

Major Resistance Level – $1,630

#Ethereum #ETH #koinmilyoner #buildtogether #Bullish

Bitcoin has died over 473 times according to media headlines, yet it always rises from the grave and rallies onward. A resurrection of the crypto market could be happening right now, as Bitcoin price has reclaimed the dreaded “death cross” on the 1-week timeframe.

Here’s a closer look at the moving average crossover that had the whole crypto market in fear, and what might happen now that it has been reclaimed.

The website 99 Bitcoins keeps track of each time the media mentions that BTC has died. Each mention must be “explicit about the fact that Bitcoin is or will be worthless” and the content must be “produced by a person with a notable following or a site with substantial traffic.” No small fries, or ambiguous “maybe Bitcoin could be dead” declarations are allowed.

The result is more 473 times BTC has been declared deceased. Every single time, Bitcoin has proven them wrong. But for the first time in history, crypto bears had a reason to be so negative. For the first time in the entire history of BTCUSD price charts, the top cryptocurrency by market cap formed a “death cross” of the 50-week and 200-week moving averages.

A death cross forms when the shorter moving average passes through the longer moving average from above. A golden cross forms when the same signal happens from below. Each signal tells investors that the long-term trend could be changing.

The death cross itself is bearish, which gave bearish crypto traders plenty of reason to stay short. But with Bitcoin now above it, a decision will have to be made: cover now, or stay the course with added risk of being stopped out higher.

Reclaiming Crossover Leaves Crypto Bears With Little Left To Cling To

With the death cross a proven bearish signal, the first-ever death cross forming in Bitcoin was another dangerous blow to already negative sentiment. BTCUSD 1W price charts are now above the two moving averages, potentially causing bearish traders to sweat.

The death cross on the weekly, and BTCUSD below the 50-month moving average were two of bears’ best arguments for why a new bull trend was nowhere in sight. Bitcoin also reclaimed the key moving average on the higher timeframe as well.

Finally, daily price charts have confirmed golden cross, and the longer-term moving average is beginning to turn upward – another bullish signal. Across the various timeframes there are still conflicting signals. However, with each moving average reclaimed, the bearish narrative is rapidly weakening.

#BTC #Binance #BNB #BullRun #koinmilyoner

nance claims to have no exposure to embattled Silicon Valley Bank.

The exchange has suspended its USDC-BUSD auto-conversion because of market conditions.

CEO Changpeng Zhao suggested that he might be interested in buying a bank in the future.

Binance CEO Changpeng ‘CZ’ Zhao said on March 10 that the exchange has no exposure to the embattled U.S. bank Silicon Valley Bank (SVB).

The disclosure had become necessary after reports emerged that some crypto banks like Circle and bankrupt lender BlockFi had exposure to the firm. According to CZ, Binance has no exposure to the bank, and its users’ funds were safe.

Meanwhile, Binance has suspended USD Coin (USDC) auto-conversion to its Binance USD (BUSD), citing current market conditions. The crypto exchange said it was witnessing high inflows that have increased the conversion burden. “This is a normal risk-management procedural step to take while we monitor the situation,” it added.

With this move, Binance joins a growing list of exchanges that have stopped supporting USDC conversions following its issues with SVB. Others on the list include Coinbase and Crypto.com.

While some within the community described USDC’s current situation as karma for its alleged role in BUSD’s earlier regulatory issue, CZ said he believes “[Circle] didn’t do anything to hurt BUSD. Anything that hurts one player hurts themselves.”

Is Changpeng Zhao Considering Buying a Bank?

Zhao hinted that he could consider buying banks following the recent issues with crypto-friendly banks. CZ tweeted a 2022 news story that stated that Binance was considering purchasing a bank. He said he is “not sure” if the time is suitable for the exchange to buy a bank.

Binance has made several investments in traditional institutions. In 2022, the firm made a $200 million strategic investment in the media firm Forbes. The crypto exchange also backed Elon Musk’s Twitter acquisition.

Meanwhile, Binance is not the only crypto exchange considering a foray into the traditional financial space. BeInCrypto previously reported that Kraken said it has intentions to open a bank. Crypto-friendly banks have come under scrutiny following FTX’s collapse. The recent failure of SVB and Silvergate has further increased the scrutiny of these institutions.

#czbinance #Binance #safu #buildtogether #koinmilyoner

Binance altered storing the industry recovery fund as stablecoins and moved it to BNB, ETH, and BTC.

The crypto community believes that the decision could set off buying pressure.

Binance CEO Changpeng Zhao announced on 13 March that the exchange would stop keeping the rest of the $1 billion recovery fund in stablecoin.

CZ, as he is popularly called, confirmed that the fund had been kept in BUSD. But the ill-fated events that befell stablecoins recently have made it necessary to convert to crypto-native Binance Coin [BNB], Ethereum [ETH], and Bitcoin [BTC].

In November 2022, Binance announced a recovery fund after the FTX contagion revealed that crypto firms were not void of collapse. The exchange considered the fund helpful so as to bail out distressed crypto assets and projects in their time of need.

Switching the store of value ends in…

However, its Paxos-issued stablecoin got the regulatory hammer and has now been forced to change the storage location. And keeping in another stablecoin or a “trusted” bank could pose even more risk because of the turmoil around these entities.

Before the disclosure, the BNB value had increased by 9.28% in the last 24 hours. This increase, accompanied by an all-around market revival helped the coin regain the $300 region. But is BNB capable of rejecting bearish desire in the short term?

Indications from the daily chart showed that BNB was not entirely in a safety net because of the Directional Movement Index (DMI) signs. At the time of writing, the -DMI (red) was 22.01 while the +DMI (green) was 27.64.

Although the greens seemed higher, the Average Directional Index (ADX) did not confirm a sustained movement yet. At press time, the ADX (yellow) was 19.48. Since this indicator value was below 25, it meant that the BNB trend was not extremely strong.

However, the On-Balance-Volume (OBV) seemed to be closing higher than the previous days. If maintained, it could carve out a bullish outcome for BNB depending on the investors’ sentiment.

Soaring on the BNB chain

Further, the strife that hit the crypto topography last week could not hinder the BNB chain from registering landmarks with activities therein.

The metric measures the number of users who make the most out of their crypto assets by trading. The chain was also able to meet up the WAU number with an average daily transaction of 3.41 million.

Additionally, many comments from the CZ revelation aligned with a possible bullish market due to the exchange action. Notably, a few people in the crypto community believed that buying pressure would soon resume. And in response, could catapult the market in the upward direction. Consider this tweet, for instance. 

#BNB #crypto2023 #Binance #czbinance #koinmilyoner

After being shut down by U.S. regulators on Sunday, crypto-friendly Signature Bank director and former Congressman Barney Frank claimed they had “no indication of problems.” They suggested the bank’s closure was a “strong anti-crypto message” from regulators. 

Following the Signature director’s comments, the Department of Financial Services (DFS) claimed that the bank’s resolution “had nothing to do with crypto,” according to a report by Fortune Magazine. A Spokesperson for the Department of Financial Services told Fortune:

The decision to take possession of the bank and hand it over to the Federal Deposit Insurance Corp (FDIC) was based on the current status of the bank and its ability to do business in a safe and sound manner on Monday

Regulators Targeted Crypto Banks?

Despite the statements of Signature Bank director Barney Frank, the DFS told Fortune that with large withdrawal requests looming and increasing, the Department of Financial Services worked with board members and executives to evaluate the financial position of the pro-crypto bank. The regulator also evaluated the bank’s ability to meet withdrawal demands from its customers. 

According to the banking regulator, the DFS alleges that the bank’s closure was related to its inability to provide “reliable and consistent data,” which led to a significant crisis of confidence in its leadership.

Commenting on the case, Austin Campbell, former chief risk officer at blockchain infrastructure platform Paxos, warned that even if the Signature acquisition were unrelated to the bank’s crypto activities, the DFS’s actions would “damage” its reputation with the crypto industry. He added:

Regardless of what DFS’s intentions were, it was taken extremely negatively by the crypto community, and it will negatively impact trust in the DFS long term.

With over 20 years in the market, Signature Bank became the third regional bank to collapse in a week, following the collapse of other crypto-friendly banks such as Silvergate and Silicon Valley Bank. 

The former partner of the fallen bank and US-based exchange Gemini stated that the company had zero customer funds and zero Gemini dollars (GUSD) at Signature. In addition, the company claimed that all Gemini customer dollars are held at JPMorgan, Goldman Sachs, and State Street Bank. They concluded:

We continue to actively monitor counterparty risk due to banking partnerships to prevent any impact to Gemini customers.

The collapse of Silicon Valley and Signature Bank has created a domino effect on the banking sector of the U.S., pushing other regional banks in the country to the brink of a collapse and affecting the stock market and European banks.

#Binance #crypto2023 #koinmilyoner #Bullish #BNB

Cardano price tanked 22% in just 20 trading days.

ADA bulls are under pressure from bears, who have been successful in squashing any upside attempt.

Expect to see the pressure build at $0.30 as another leg lower points to $0.265 as the next support.

Cardano (ADA) price is seeing its most important audience leaving price action at large. Medium-term investors are heading for the exit as several dark clouds form above the cryptocurrency industry. Already two banks have collapsed in the US. The uncertainty is making investors choose cash instead of leaving it at risk in Cardano.

Cardano price sees bears clawing the life out of bulls

Cardano price is in funeral mode as it becomes clear that the bull run for 2023 is dead and buried. With bears thus far successful in squashing any breakout attempt, it has become clear that bears are nowhere near cashing in on their profitable short positions. Proof of that is the many red markups on the red descending trend line that demonstrates such huge respect.

ADA only has a few cents to go to hit $0.30 with the monthly S2 and a pivotal level all falling in line very close to one another. Expect enormous pressure on that area with bears reluctant to start buying and cash in on their profit. Seeing bearish momentum is on the bears’ side, expect to see a sharp move lower toward $0.265 with another 13% on top of the already 22% loss from the past three weeks.

From a technical point of view, the Relative Strength Index (RSI) could trigger some buying in ADA regardless. Several automated trading engines will have notices that the RSI is oversold, which means that a small pause should get underway. Do not expect a sudden 180-degree move up, but rather a pop toward $0.324 is possible if bulls can break that red descending trend line.

#cardano #ada #koinmilyoner #bitcoin #buildtogether

The Swiss Bankers Association released a white paper on how Swiss banks can support the development of the country’s digital economy. A Swiss franc “joint” deposit token is the solution the group settled on. 

Stablecoins have limited penetration in the Swiss financial system, even as end-to-end digitization is becoming more common in business models, and no Swiss stablecoins are accessible by the general public, the paper says.

The authors of the paper suggest a variety of stablecoins — that is, a deposit token “issued by regulated and adequately supervised intermediaries” — issued and redeemed by smart contracts and denominated in Swiss francs. The token could be designed as a ledger-based security, rather than a set of instructions, to provide it with the greatest potential.

The paper identifies three design options for a deposit token: Standardized tokens that any commercial bank can issue with a uniform standard, colored tokens that are issued by commercial banks to any standards they choose, and joint tokens that are issued by a licensed and supervised special purpose vehicle consisting of participating banks. The authors prefer the last choice.

A joint deposit token would facilitate money creation due to its flexibility, have low fees and could earn interest when held in bank accounts. It would be less liable to runs than tokens issued by individual banks. Furthermore:

“From a technical standpoint, all the economic and legal requirements that have been identified can be met. […] In principle, the DT should operate on a public blockchain with additional protocols to ensure sufficient privacy and transaction efficiency.

The token would ideally be a layer-2 solution usable in decentralized finance (DeFi) applications and capable of self-custody or bank custody.

Deposit tokens are a relative newcomer to the ranks of digital currencies. According to a recent overview in The Washington Post, they originated in Project Guardian, an initiative the Monetary Authority of Singapore launched with several financial institutions in May 2022 that sought to explore DeFi applications in wholesale funding markets.

JPMorgan, one of the participants in Project Guardian, executed the first DeFi trade on a public blockchain as part of that project. JPMorgan and project participant Oliver Wyman released a paper discussing the merits of deposit token technology in February.

#Binance #BTC #BNB #koinmilyoner #BullRun

Binance CEO Changpeng Zhao acknowledged the changes in stablecoins and banks in the crypto ecosystem. 

The world’s largest exchange by trade volume has transparently converted $1 billion Industry Recovery Initiative fund to BTC, BNB and ETH. 

CZ took a dig at the banks faced with voluntary liquidation and collapse, recommending they do a Proof-of-Reserve for transparency. 

Binance, the world’s largest exchange by trade volume recently announced changes to its $1 billion industry recovery fund. The exchange's CEO, Changpeng Zhao took a dig at banks asking them to increase transparency and do a Proof-of-Reserve using Merkle trees. 

Binance’s $1 billion Industry Recovery Initiative fund turns to Bitcoin, Ethereum and BNB

The collapse of FTX exchange and Alameda Trading had a domino effect on cryptocurrency lenders, institutions and exchanges. Taking note of the effect and the need for an infusion of capital, Binance announced the Industry Recovery Initiative (IRI) in the last week of November. 

The exchange announced a $1 billion fund that will support crypto projects struggling with liquidity issues due to FTX's collapse. The fund held stablecoins as well, as part of the $1 billion. However the de-peg and collapse of USDC and subsequently other stablecoins in the crypto ecosystem has changed the landscape and dynamics for crypto market participants. 

Changpeng Zhao, the CEO of Binance addressed the uncertainty and offered the conversion of the recovery fund to Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) as a solution to alleviate concerns of crypto projects and traders. 

Interestingly, CZ took a dig at banks, asking them to share their Proof-of-Reserves for increased transparency. The Binance CEO acknowledged that the exchange is looking for a new banking partner. The crypto trading platform recently distanced itself from the crypto-friendly Silvergate bank that announced voluntary liquidation. 

All these banks are audited, right? Crazy idea: maybe banks should do a Proof-of-Reserve using merkle trees? ‍♂️ Even if it is not 100%, we should know the %, right? Transparency.

— CZ Binance (@cz_binance) March 13, 2023

The industry giant’s move is expected to return public confidence to cryptocurrencies like Bitcoin, Ethereum and the exchange’s native token BNB. 

#czbinance #Binance #bitcoin #Ethereum #koinmilyoner

Bitcoin price shows a strong surge in buying pressure that has triggered a 22% upswing in the last three days.

This uptick is now facing a question, retrace and rebuild momentum or continue the ascent and tag $30,000.

Investors need to watch out for signs emerging on a lower timeframe to determine where BTC is headed next.

Bitcoin (BTC) price has recovered the losses it experienced by the end of last week. The sell-off was caused mainly due to failing banks in the United States which in turn triggered a depeg in major US-based stablecoins. However, by the end of the week, there were assurances that the Federal Reserve would make affected investors whole, which instilled confidence and catalyzed this recovery rally. 

Also read: USDC mayhem catalyzes recovery rally in Uniswap and Curve DAO

Bitcoin price at an inflection point 

Bitcoin price slipped below its ascending parallel channel on March 2 and what followed next was four long days of tight consolidation. The sell-off that began in the 2nd week of March accelerated, leading to 10% losses by March 9. 

As the US banks started collapsing consecutively, the stablecoin de-peg caused panic in the markets, pushing holders to swap their affected stables into other safer alternatives like unaffected stablecoins, including USDT, BUSD and TUSD. Others had a more creative approach and swapped their USDC to BTC. Some market participants purchased USDC at a discount, hoping that USDC would go back to the peg. 

Additionally, assurances from the concerned authorities were the key that initiated the rally. Following this was Biannce CEO openly stating that he would convert the $1 billion of the Industry Recovery Fund into Bitcoin (BTC), Ether (ETH) and Binance coin (BNB)

So far, Bitcoin price has managed to overcome the $23,000 hurdle and is currently hovering around $24,290 after collecting the buy-stop liquidity (BSL) resting above $24,000. There is another set of BSL above the $25,000 psychological level.

If Bitcoin price manages to flip this resistance barrier into a support floor, it would trigger a rally to the next major hurdle at $28,000 and the next psychological level at $30,000.

Exploring BTC’s bearish case and factoring in US CPI

While the bullish outlook for Bitcoin price is mainly driven due to panic and frenzy, investors need to be cautious of jumping on the bull train at the wrong time. The upcoming US Consumer Price Index (CPI) announcement on March 14 at 12:30 GMT is a key event that will potentially turn the tide.

Typically, a higher-than-anticipated CPI number would be bad news for investors since it would warrant tighter interest rates from the Fed. A tighter interest rate, especially a 50 basis point (BPS) hike in the decision, will be better for the US Dollar and not so much for the risk-on assets like cryptos or the stock market. 

To summarize, a higher CPI would be bearish for Bitcoin price in the short-term, i.e., BTC could plummet in the short-term, causing bulls that hopped on the long-only trade late to likely get liquidated.

However, the chart attached below shows a different outlook, an opposing one over longer durations. Specifically, Bitcoin price shows a steady decline over the course of when CPI comes in hotter-than-expected

There were two non-events where BTC rallied instead of dropping when the CPI number came in higher than the consensus. 

So, all-in-all, investors who are confident in their bullish positions need to rethink their stance as CPI is more than likely going to come in hotter. The reason for this can be found in Fed Chair Jerome Powell’s testimony on March 8, where he described that the inflation was growing and their efforts so far were not enough. This hawkish stance suggests the possibility of the CPI coming in hotter-than-anticipated, which could cause the markets to drop, catching the bulls off-guard. 

A daily candlestick close below the $22,419 level will invalidate the bullish thesis for Bitcoin price. A breakdown of a critical support floor could potentially plunge BTC into the weekly Fair Value Gap’s (FVG) midpoint at $18,783.

#crypto2023 #BTC #koinmilyoner #BNB #dyor

Polygon Global Head of International Capital Colin Butler talked about what can be expected out of the network going forward.

Butler stated that Polygon is largely focused on developing products to scale Ethereum, pointing out the zero-knowledge protocol (ZKP) to be a crucial part of this.

MATIC price recovered over the weekend, rising about 15% in the span of three days to trade above $1.18.

Polygon has emerged as not only the biggest Layer-2 (L2) blockchain on Ethereum but in the world as well. However, the network is not yet done with scaling as over the next couple of years, Polygon intends on onboarding a billion people to blockchain.

What can we expect from the Polygon roadmap?

In a webinar on Monday, the Global Head of International Capital at Polygon, Colin Butler, talked about what the world can expect from the L2 in the future. Without disclosing much, Butler stated that the major focus of Polygon is on bringing the technology to more people and in order to do that, it plans on advancing the institutional staking narrative. Butler stated,

“Our mandate has a deep desire to allow a billion people to onboard to blockchain, that is what we are also focused on. Polygon is making strides towards that objective. We need institutions to come in and help us secure our network via staking.

Although only adding users to its network is not Polygon’s goal, as its primary focus is still on Ethereum. The executive said that Polygon, one to five years from now, looks at Ethereum as the global settlement layer, and Polygon intends to be the execution layer. Talking about the same, Butler stated,

“What Polygon wants to focus on is allowing the world access to Ethereum… From Polygon’s perspective, Ethereum has by far, in order of magnitude, the highest level of security and decentralization... The suite of products that we are focused on, including zkEVM and things like that are all about scaling Ethereum… that’s the macro picture.

Polygon, in its future roadmap, is focused on developing the network around zkEVM (zero-knowledge Ethereum Virtual Machine), calling it an evolution explained saying that when billions of dollars are moving on-chain, it is better not to have a bridge that someone could hack. zkEVM solves this issue as it only submits proofs back. Adding to the same, Butler iterated,

“The longer-term iteration might not be proof of stake, we’re not planning on deprecating it anytime soon, but I think trends would speak towards more security.

MATIC price climbs back

MATIC price rose to trade above $1.18 at the time of writing, after charting 8.5% gains on Sunday. Following the tumultuous three weeks of posting red candles, the altcoin finally recovered some of its losses, rising by 15% in the last three days. Bouncing off the critical support level at $1.028, the cryptocurrency is looking at rising back to its year-to-date highs.

In order to make this happen, MATIC would need to secure the critical resistance at $1.167 as a support floor. This would enable the altcoin to rise through the barrier at $1.280. If this resistance is breached, investors can expect an eventual recovery to year-to-date highs at $1.568.

However, if the broader market cues turn bearish due to the ongoing bank crisis, MATIC price could end up correcting lower. If the critical support at $1.024 is thus lost, the bullish thesis would be invalidated, and the cryptocurrency could end up crashing by 20% to tag $0.930.

#matic #polygon #crypto2023 #koinmilyoner #BTC

A blockchain security firm Halborn identified major vulnerabilities in over 280 major blockchain protocols. 

Halborn briefly assessed Dogecoin’s open source code and identified vulnerabilities that were tackled by developers since March 2022. 

Litecoin, Zcash and several other blockchain networks and nearly $25 billion in crypto assets are currently at risk, according to the firm. 

Halborn evaluated several crypto blockchain networks and identified vulnerabilities that put nearly $25 billion worth of assets at risk. The blockchain security firm’s assessment revealed critical and exploitable vulnerabilities that put upwards of 280 networks including Litecoin and Zcash at risk. 

Blockchain security firm identifies $25 billion risk in 280 blockchain networks

In March 2022, Halborn, a blockchain security firm was contracted to evaluate the Dogecoin open source codebase for any vulnerabilities that could affect the security of the blockchain.

During this assessment, several critical and exploitable vulnerabilities were identified by Halborn and have since been fixed by the Dogecoin team.

Post a broader review, Halborn determined that the same vulnerabilities affected over 280 other networks including Litecoin and Zcash, putting over $25 billion dollars of digital assets at risk.

The firm has code-named this vulnerability Rab13s. Assessing open-source code for blockchain networks like Dogecoin, Litecoin and similar codebases opened the possibility of attack in peer-to-peer (p2p) communications, through consensus messages. 

The team made contact with affected networks for responsible disclosure and explained the risks in its blog. The simplicity of the vulnerabilities makes them likely to be attacked and Halborn successfully developed an exploit kit for Rab13s that includes a proof of concept with configurable parameters in order to demonstrate the attacks on different networks.

#DOGE #Bullish #BTC #koinmilyoner

The features of a risk-off asset have been shown by the crypto king. Over the course of the last three days, we have observed strong upward momentum as investors look for safety. Bitcoin was in serious need of rebranding itself as a secure haven and an alternative to the established international financial system. It has come to our attention that there is a significant amount of interest in bitcoin, and it would seem that this boom will continue even if a number of prominent crypto banks have shut their doors. The beauty of bitcoin is that it is not too reliant on this, which is another of its strengths.

Because of the collapse of the SVB, it is possible that some chief financial officers would now look to bitcoin as a means of diversifying their risks. Bitcoin has once again shown its capacity to withstand any form of uncertainty, which is why this is the case.

In addition, there is a demonstrated historical record of investors favouring stable currencies over bitcoin, which indicates that this preference may soon be reversed. People are now aware that bitcoin is the most revolutionary financial innovation ever created since it is the most secure and transparent digital currency available.

Strictly speaking, the barrier of 25K is anticipated to maintain the growing momentum in check, and if this barrier is broken, then the door will be opened to the next level, which is 30K.

#bitcoin #crypto2023 #BTC #koinmilyoner #Binance

Bitcoin price declined on Tuesday afternoon, reversing the day’s early gains, as the broader crypto market reacted to the latest financial sector crisis and inflation data headlines.

Bitcoin (BTC) was trading at $24,833 at the time of writing, down 8% from its intraday high of $26,502 on Tuesday morning, its highest level in nine months, according to data from crypto market tracker coinmarketcap.

In response to the publishing of the latest Consumer Price Index (CPI) data for the month of February 2023, BTC witnessed a quick and considerable increase, surpassing the $26,000 mark.

Bitcoin registered this multi-month milestone after the U.S. Bureau of Labor Statistics reported that the CPI for All Urban Consumers (CPI-U) rose 0.4% in February, down from 0.5% in January.

CPI Data’s Impact On Bitcoin Price

This suggests that the release of CPI data had a discernible effect on the cryptocurrency market, causing investors to boost their Bitcoin holdings.

The CPI is a measure of inflation in the US, which measures the changes in the prices of goods and services over time. Its release frequently causes changes in market sentiment as investors adjust their portfolios in response to economic changes.

Statistics from TradingView indicated BTC/USD setting monthly highs of $24,917 on Bitstamp overnight. When the impact of multiple US bank closures pushed crypto markets soaring, the pair stayed bullish.

Bitcoin climbed to heights that were not reached since last summer on Tuesday, continuing its advance for a second day as investors evaluated the latest inflation figures.

Bitcoin Temporarily Hits $26K

Coin Metrics data indicates that Bitcoin was up 3.4% at $25,150 at its most recent valuation. Experts had identified $25,400 as a significant level to monitor.

Meanwhile, Bitcoin’s minor pause in price gains and changing course back to the $24K region could imply that Federal Reserve managers face less compulsion to lift their benchmark rate’s target spectrum in hopes of bringing inflation in check.

If the Federal Reserve (the central bank of the United States) raises interest rates slowly over time, it might be good for bitcoin. Bitcoin is considered a risky investment because it doesn’t pay any interest to its investors.

But when interest rates rise, it becomes more expensive for companies and individuals to borrow money, so they are less likely to invest in risky assets like bitcoin. Instead, they may choose to invest in safer investments that pay them interest.

So if interest rates rise slowly, investors may still be willing to invest in bitcoin instead of those safer investments.

Since late last week, cryptocurrency prices have risen considerably, with market sentiment making a U-turn as U.S. regulators acted swiftly to rescue depositors of Silicon Valley Bank and Signature Bank.

#BTC #BNB #BullRun #koinmilyoner #Binance

After a recent widespread downturn that has engulfed the majority of the cryptocurrency market, Polygon (MATIC) is back to trading in the green, and OpenAI’s artificial intelligence (AI) tool ChatGPT sees potential improvement for the token’s price by the end of the decade.

Indeed, Finbold asked the AI tool to provide a possible trading range for MATIC by 2030, taking into account the network’s success and development so far, the number of users, past performance, chart patterns, current market conditions, and other factors.

ChatGPT says: $10 to $50

After diligently reminding that “cryptocurrency markets can be highly volatile and subject to various factors that can impact price movements,” ChatGPT has listed some of the elements that could contribute to the boost in usage and value of the Polygon network.

As it explained, these include “Polygon’s growing network and partnerships, as well as its unique features such as fast transaction speeds and low fees,” in addition to the “increasing demand for decentralized applications (dApps) and the use of smart contracts on the Polygon network.”

Considering these factors, ChatGPT gave a general trading range for MATIC:

“Based on this information, some experts suggest that Polygon’s price could reach anywhere between $10 to $50 or even more by 2030. However, it’s important to note that these are speculative predictions and should be taken with caution.”

Polygon price analysis

Meanwhile, Polygon was at press time changing hands at the price of $1.05, up 3.13% on the day, as it tries to reverse the losses of 6.77% accrued over the previous week, as well as the 14.49% drop during the previous 30 days, as per the data retrieved on March 12.

As the AI tool itself noted, whether the predictions it offered come true will depend on a multitude of factors, including “market conditions, competition, regulatory developments, and technological advancements” such as the launch of the Polygon zkEVM mainnet beta, set to take place on March 27.

#matic #polygon #koinmilyoner #crypto2023

Four altcoins that have been trending hard over the past week are significantly outperforming other crypto assets amid a marketwide rally.

One of the hottest altcoins in the last seven days is Conflux (CFX), a public blockchain that aims to connect Asian and Western communities and economies.

CFX rallied from a seven-day low of $0.14 to a high of $0.42 to mark a staggering 200% rise. CFX continues to trade near its highs as it is worth $0.41 at time of writing.

Next up is MASK, the Ethereum (ETH)-based governance token of the Mask decentralized autonomous organization (DAO). The Mask Network is a decentralized portal that allows users access to blockchain features on top of existing social networks.

The crypto asset surged from a low of $2.70 on March 13th to a weekly high of $6.66 for an increase of over 146%. Just like CFX, MASK is trading near its seven-day high as the altcoin is worth $6.51 at time of writing.

Another altcoin that’s on the up and up as of late is Stacks (STX), a layer-1 protocol that aims to enable smart contracts and boost the utility of Bitcoin (BTC).

The crypto asset skyrocketed from a low of $0.57 on March 12th to a weekly high of $1.30, representing a surge of more than 128%. Stacks has retraced since and is trading at $1.19 at time of writing.

The last coin on the list is ImmutableX (IMX), a protocol that’s designed to enable developers to build fast, scalable and secure applications for blockchain-based games and non-fungible tokens (NFTs).

IMX climbed from a seven-day low of $0.78 to a high of $1.59 to mark a rally of over 103%. The 45th-ranked crypto asset is also trading near its weekly high as the token is worth $1.53 at time writing.

#BTC #Fed #GPT-4 #altcoins #koinmilyoner

In the past week, MANA has turned bearish, and at press time, the altcoin continued to show similar trading patterns. On higher time frames, the coin was negative, with selling strength remaining considerably higher than buying pressure.

The technical outlook also sided with the bears, as the price still showed that sellers were in control. Demand for MANA remained low, displaying a decline in accumulation.

Although in the previous-to-last week, MANA gained significant strength and dragged the price from the $0.50 zone to $0.67, it quickly experienced a retracement met with selling pressure that intensified bearish price action.

The price could continue to move south if the coin failed to remain above its crucial support level. Additionally, Bitcoin was trading above the $27,000 mark with an imminent price correction. In case of dips on the king coin’s chart, MANA is also likely to decrease in value, so buyers need to be careful. The coin’s market capitalization has fallen, indicating that selling strength was building up on the daily chart.

 At the time of writing, Decentraland’s (MANA) price was $0.56, but it has since fallen back to the $0.50 price zone. After dropping below the crucial support zone of $0.62 to $0.60, MANA continued to decline.

Currently, the local support level for MANA is at $0.51, and if the broader market keeps moving downward, MANA could fall to $0.47.

The overhead resistance for the coin is at $0.58, and if it surpasses this level, it could reach $0.60. The recent decrease in MANA trading volume suggests an increase in selling pressure.

The coin buyers attempted to recover, but the bears continued to pull the altcoin down at the time of writing. The Relative Strength Index was below the half-line, signifying a rise in selling strength for the coin.

#mana #decentralized #koinmilyoner #Binance #BNB

Euler Finance, a permissionless lending protocol compliant with the Ethereum network was hit by an attack and lost $8 million. 

The protocol completed a $32 million financing round in 2022 with participation from industry giants Coinbase, Jump, Jane Street, Uniswap and the defunct FTX exchange.

Smart contract audit firm BlockSec identified the $177 million attack and warned crypto market participants of the threat. 

Euler Finance’s token EUL price nosedived 26.2% in response to the attack on the lending protocol. BlockSec, a smart contract audit firm monitored the attack and informed the crypto community. The project lost $177 million in four transactions, a year after completing a financing round that involved industry giants like Coinbase, Jump, and now defunct crypto exchange FTX. 

Euler Finance hit by $177 million attack 

Euler Finance is a permissionless lending protocol built to facilitate crypto lending and borrowing. The protocol’s token is EUL, an ERC-20 token compliant with the Ethereum network. 

BlockSec, a smart contract audit firm identified the attack and informed crypto market participants of the threat. Initially, $8 million was suspected to have stolen, the intelligence protocol identified a loss of $177 million in four transactions. 

Euler Finance made headlines in 2022 for raising financing from industry giants like Coinbase, defunct exchange-FTX, Jump, Jane Street and Uniswap. The protocol

Interestingly, in September 2022, IntoTheBlock announced the development of a risk monitoring dashboard for Euler Finance. The need for risk management and identification of threats in advance, remains key to the DeFi ecosystem. 

EUL bleeds in response to news of the attack

The lending protocol’s ERC-20 token nosedived by 26.2% since the news of the attack on the project, dropping from $6.14 to $4.44 within a few hours. The possibility of recovery of hacked funds is bleak according to crypto expert ZachXBT who terms the attack was “blackhat.”

The expert identified the attacker’s address as the one that exploited a random protocol on Binance Smart Chain a few weeks ago and deposited funds to the mixer, Tornado. This poses a challenge for the Euler Finance team that has affirmed users that the investigation is ongoing. 

#bitcoin #crypto2023 #Binance #koinmilyoner #buildtogether