In another shocking twist that has dealt a severe blow to the price of bitcoin, crypto-friendly bank Silvergate announced that it would be winding down operations as the contagion from the FTX collapse spreads. Naturally, this led to a swift decline in the price of BTC, dragging it to the mid-$21,000s once more. This recent event, coupled with other developments in the market, could mean that bitcoin and others are moving back into the bear market.

U.S. President Biden Comes For Crypto Gains

According to a Wall Street Journal report, U.S. President Biden has once again turned his attention toward the cryptocurrency market in a way that would affect how investors trade assets in the space. A fiscal 2024 budget plan that is expected to be revealed on March 9 included a proposal to increase the capital gains from 20% to almost 40%.

One of the reasons given for this is to stop the phenomenon known as “tax loss harvesting” in crypto. What this means is that sometimes, investors would sell their cryptocurrencies at a loss to make it a claimable loss on their tax filings, but then repurchase the assets right after. This will however be limited to higher net-worth individuals making at least $1 million a year.

Despite this cutoff, the broader market has not received the proposal well. Participants in the space have expressed their displeasure at the proposal. One of these is crypto analyst Lark Davis who took to Twitter and posted the tweet below.

Bitcoin Returns To Bear Market Levels

As the news of Silvergate’s collapse and the new tax proposal by President Biden spread, digital assets in the crypto space quickly responded. Bitcoin lost its footing above $22,000 and fell to $21,500 for the first time in over three weeks.

Other digital assets in the space followed this trend with the likes of Ethereum, Cardano, and Dogecoin all cascading down with over 2% losses. This has pushed the crypto market farther back into the bear territory, increasing the possibility of a prolonged bear market. The tumble in price also saw market liquidations cross $100 million in the last 24 hours.

However, bitcoin has held up better than expected so far. The digital asset found support above $21,500, suggesting that there was still a reasonable amount of buy pressure in the marketing holding the pioneer cryptocurrency up. As such, liquidations have slowed down significantly in the last 4 hours to only $6.7 million.

Whether bitcoin will continue to fall remains to be seen at this point. If BTC is able to reclaim the $22,000 level before the trading day is over, then this would have only been a temporary setback and the cryptocurrency could resume its upward trajectory.

#bitcoin #crypto2023 #buildtogether #koinmilyoner #BTC

Dogecoin is rising above the $0.070 resistance against the US Dollar. DOGE could surge if there is a clear move above the $0.075 resistance zone.

DOGE gained pace and traded above the $0.070 support against the US dollar.

The price is trading below the $0.075 zone and the 100 simple moving average (4-hours).

There is a crucial bearish trend line forming with resistance near $0.074 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).

The pair could start a major increase if there is a clear move above $0.0750.

Dogecoin Price Regains Traction

After a steady decline, dogecoin price found support near the $0.0625 zone. DOGE formed a base above the $0.0625 level and recently started a fresh increase, similar to bitcoin and ethereum.

There was a break above the $0.0650 and $0.0680 resistance levels. The bulls pumped the price above the $0.0700 resistance zone. Finally, it tested the $0.0750 resistance zone and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $0.074 on the 4-hours chart of the DOGE/USD pair.

DOGE price is trading below the $0.075 zone and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0740 level. It is near the 50% Fib retracement level of the main drop from the $0.0831 swing high to $0.0627 low.

The first major resistance is near the $0.0755 level. It is near the 61.8% Fib retracement level of the main drop from the $0.0831 swing high to $0.0627 low.

A clear move above the $0.0755 resistance might send the price towards the $0.080 resistance. Any more gains might send the price towards the $0.088 level. A clear move above the $0.088 resistance could open the gates for an increase towards the $0.092 level.

Dips Supported in DOGE?

If DOGE price fails to gain pace above the $0.075 level, it could start a downside correction. An initial support on the downside is near the $0.070 level.

The next major support is near the $0.0675 level. If there is a downside break below the $0.0675 support, the price could decline further. In the stated case, the price might decline towards the $0.0625 level.

Technical Indicators

4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 30 level.

Major Support Levels – $0.070, $0.0675 and $0.0625.

Major Resistance Levels – $0.0740, $0.0750 and $0.080.

#Binance #DOGE #crypto2023 #koinmilyoner #dogecoin

Bitcoin price broke the key $22,000 support zone. BTC is showing bearish signs and might decline further towards $20,500 or even $20,000 in the near term.

Bitcoin is gaining bearish momentum below the $22,000 support zone.

The price is trading below $22,000 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down towards the $21,200 support or even $20,500.

Bitcoin Price Extends Drop

Bitcoin price failed to start a recovery wave above the $22,250 resistance zone. BTC bears remained in action and pushed the price further lower below the $22,000 support zone.

It opened the doors for more losses and the price dropped below $21,800. A new monthly low was formed near $21,600 and the price is now consolidating losses. Bitcoin price is now trading below $22,000 and the 100 hourly simple moving average.

An immediate resistance is near the $21,840 level. It is near the 23.6% Fib retracement level of the downward move from the $22,600 swing high to $21,600 low.

The next major resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $22,600 swing high to $21,600 low.

The main resistance is now near the $22,250 zone. A close above the $22,250 resistance might start a decent increase towards the $22,600 resistance zone. The next key resistance is near the $23,000 zone, above which the price might gain bullish momentum.

More Losses in BTC?

If bitcoin price fails to clear the $22,000 resistance and the trend line, it could start another decline. An immediate support on the downside is near the $21,600 zone.

The next major support is near the $21,200 zone, below which the price might drop to $21,000. The next major support is near the $20,500 level. Any more losses might send the price towards the $20,000 level.

Technical indicators:

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

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

Major Support Levels – $21,600, followed by $20,500.

Major Resistance Levels – $22,000, $22,050 and $22,250.

#bitcoin #buildtogether #crypto2023 #koinmilyoner #Binance

USDC, the stablecoin tracing the USD, is under immense pressure as users rush to convert to other assets, including BUSD by Paxos and USDT by Tether Holdings.

As USDC’s market cap rapidly shrinks, primarily because of mass exits, there has been a de-peg. The stablecoin is trading at $0.90 to the USD at the time of writing on March 11. 

However, amidst this fear, USDC won’t likely crash to zero like UST, the algorithmic stablecoin by Terra, did. 

The collapse of UST was attributed to its structure and backing by other digital assets, including Bitcoin and LUNA. 

Since it depended on algorithms to track the value of the USD and always ensure parity, any pressure on any underlying coins, Bitcoin or LUNA, led to intense selling pressure, causing a de-peg. 

The UST de-peg triggered a ripple effect that eventually saw the crypto market drop below $30k, causing massive liquidation and pain for affected holders.

What’s on the table currently is USDC by Circle. Although USDC is at $0.90, further weighing negatively on cryptocurrency prices, it is improbable that the USDC will drop to $0. 

As an illustration, the token has a circulating supply of $40.9 billion as of March 11. Each USDC token, it should be noted, is backed 1:1 with cash, and redemption means every backing cash or cash equivalent from Circle must be sold and disbursed to the client.

Expecting Normalcy To Resume On Monday?

Circle has said it has enough reserves despite $3.3 billion out of the total $40 billion held at Silicon Valley Bank (SVB). 

Because SVB was FDIC insured, there will be a 94% payout, meaning even if there is a loss of approximately $198 million, it won’t be a big dent for Circle to warrant fears and conversions to other stablecoins. The loss will likely be covered by interest payments from treasuries, where most of Circle’s assets are held in.

Several other factors worsen the current stablecoin’s preview, even contributing to the de-peg. The decision by Coinbase to pause USDC to fiat conversions over the weekend until Monday is stoking fear.

Related Reading: Binance To Raise USDT, USDC, and TUSD Transaction Fees On Tron By 160%

We are temporarily pausing USDC: USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.

From next week Monday, the peg will likely be restored as arbitrageurs flow back in.

#Binance #Binance #koinmilyoner #crypto2023 #buildtogether

A crypto strategist who correctly called Bitcoin’s (BTC) 2022 price floor thinks the king crypto may be one resistance level away from all-time high.

In a new strategy session, pseudonymous trader DonAlt tells his 48,900 YouTube subscribers that Bitcoin looks really, really good on the monthly timeframe after taking out resistance at $24,000.

According to the popular trader, the breakout is Bitcoin’s first real sign of bullis since November 2021, when BTC hit its all-time high of $69,000.

“[Bitcoin] hasn’t looked this good in a long, long time. Let’s be real right. When we look at the chart, we haven’t had any since the all-time high on the monthly. It’s been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically speaking, if this monthly closes above resistance [around $24,000], that’s actually the confirmation of the breakout, the first bullish signal. I think that could run for a little bit.

Usually, monthly signals run for longer than a candle or two, but they just keep on going… I’m just going to say $35,000 resistance and then if that breaks, I don’t think you want to sell before a new all-time high.”   

Looking at the weekly timeframe, DonAlt says that he sees a scenario where Bitcoin could rally close to $33,000 before correcting to $27,000 to set the stage for an attempt to take out resistance at $35,000.

“Stuff like that happens all the time. When you get a rejection just before a big level on a high timeframe and then you have a weak pullback or two weeks into just another push into that monthly resistance, and then it actually shows whether it wants to go up or not.”

#bitcoin #BTC #koinmilyoner #GPT-4

Bitcoin price has historically breached the macro downtrend between 365 to 397 days before a halving.

The next Bitcoin halving is scheduled for April 2023, which stands to be within the expected range of the breakout.

On the micro-scale, BTC is performing exceptionally, reinforcing Bitcoin season.

Bitcoin is still the flagbearer of the crypto industry, and a lot is expected out of the biggest cryptocurrency in the world. While BTC has not been able to deliver per the expectation for a while now, things might be changing soon if this setup plays out.

Bitcoin in the macro timeframe

Bitcoin price dropped from its all-time high of $67,500 in 2022 to trade at $27,000 at the time of writing. Many analyses tried to pin this drawdown on macroeconomic events as well as internal crypto company failures. However, per crypto analyst and trader Rekt Capital, these events actually structured the repeat of a pattern.

Since the halving of 2016, Bitcoin price has been following this pattern which has played out successfully twice in a row now. According to Rekt Capital, BTC moved to form lows per a macro downtrend which the biggest cryptocurrency in the world broke out of close to a year before the halving.

In 2015 this happened 366 days before the halving, and a similar occurrence took place in 2019 395 days before the halving. Should this setup play out again, Bitcoin would successfully repeat this pattern for the third time as the next halving of April 2023 stands only 397 days away.

If the monthly candlestick close of Bitcoin is above the downtrend line, the macro downtrend would be invalidated. Breaking out of the same would potentially support a price rise in the long run. This is because the breakout before the previous halving noted BTC increasing by more than 183%. Although a similar rise cannot be expected this time around, the crypto asset would at least keep above $25,000.

Bitcoin season once again

Bitcoin price on the micro-scale has been performing pretty well, considering the nearly 35% rise observed by the cryptocurrency in the last seven days. Trading at $27,700, BTC rose from almost falling below $19,000.

But the rise in Bitcoin price was not met with similar enthusiasm in the case of altcoins, as only some of them managed to mark significant rises. Most of the top 50 altcoins over the last 90 days had lesser increases than BTC. 

Consequently, the market regressed to the Bitcoin season. For the altcoin season to arrive again, 75% of the top 50 altcoins must perform better than Bitcoin, which seems far away for now.

#bitcoin #Altcoin #BullRun #koinmilyoner #BNB

A pseudonymous crypto trader warns that Bitcoin (BTC) may not have bottomed out yet despite an over 30% rally in a matter of days.

Altcoin Sherpa tells his 10,800 YouTube subscribers in a new video that Bitcoin could hit a new 2023 high of over $30,000 before tumbling by more than 50% to up to around $15,000.

“I think that price is going to trade lower, possibly in the $20,000s, possibly in the $15,000, $17,000s again. That was kind of my overall opinion.

I do believe that bottoms take a long time to form. Wouldn’t surprise me at all to see something like you know we go back up $30,000, $31,000, $35,000 I have no idea where it stalls out at. And then you know we start to trade down again and maybe we form some sort of like double bottom…”

According to the analyst, Bitcoin could alternatively retrace slightly before embarking on a rally if the macro conditions allow it.

“If macro is okay overall and inflation is dying down, like the Fed [Federal Reserve Bank] wants a soft landing, and we see like this overall just kind of soft landing, then I don’t think we dip this far maybe we just dip a little bit…

And then like just start printing out a bullish market structure. Higher highs, higher lows at that point and everything is just dandy.”

#BTC #Binance #BNB #koinmilyoner #BullRun

Veteran analyst Peter Brandt says that Bitcoin (BTC) is not going to take very long to reach new all-time highs (ATHs).

Brandt, whose crypto reputation was made by calling Bitcoin’s 2017 collapse, is shooting down a prediction by pseudonymous crypto analyst Cheds that Bitcoin is unlikely to hit $50,000 within 90 days.

“In case you are wondering: BTC highly unlikely to come even close to $50,000 in the next 90 days, let alone $1 million.”

In response to Cheds’ Tweet, Brandt says,

“Some smoke too much wacky.”

Brandt says he is predicting Bitcoin will reach new all-time highs within 12 months.

“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs.”

He points to the historical performance of Bitcoin, saying his forecast is in line with the duration of prior market cycles.

“Dangerous to have opinions that are without fact. New ATHs in April-June 2024 would be very much in line with past cycles. The amount of disinformation in crypto is amazing to me.”

Brandt says he is not basing his prediction on next year’s halving event for Bitcoin when the new supply of BTC is reduced by half, which he says is not as important as some suggest.

“Halving is waaaaaaaaaay overrated and a non-event.”

Bitcoin is worth $28,086 at time of writing.

#Binance #BTC #BNB #GPT-4 #koinmilyoner

The top executive of the world’s largest asset manager says that developed markets are not catching up in terms of financial innovation.

In his annual letter to investors, BlackRock chairman and CEO Laurence Fink says that interesting things are happening in the crypto space even after the collapse of FTX and other firms in the industry.

“In many emerging markets – like India, Brazil and parts of Africa – we are witnessing dramatic advances in digital payments, bringing down costs and advancing financial inclusion.”

But despite the progress seen in emerging nations, Fink says developed markets including the US continue to face high payment costs due to failure to keep up with advances in digital payment.

“By contrast, many developed markets, including the US, are lagging behind in innovation, leaving the cost of payments much higher.”

Fink says crypto needs regulation given the elevated risks involved with the nascent asset class, but he says digital asset technology has the potential to transform financial markets.

“For the asset management industry, we believe the operational potential of some of the underlying technologies in the digital assets space could have exciting applications. In particular, the tokenization of asset classes offers the prospect of driving efficiencies in capital markets, shortening value chains, and improving cost and access for investors.”

#BTC #blockchain #BullRun #koinmilyoner #crypto2023

Serious escalation in the official SHIB discord.

Allegations that Shiberium is a ripped chain from Rinia; they forgot to change the chain ID.

Moderators claim team manipulation and silencing by Shytoshi Kusama.

There is serious escalation on the SHIB official discord channel after one of the team members claimed that Shiberium is a ripped chain from Rinia. Based on their argument, the chain ID, which ought to be completely unique as it is used by MetaMask and other wallet applications to determine which network to use for transactions, has a different genesis.

Shiberium and Rinia share a single ID

When one network copies the chain ID of another, it becomes a de-service to the first chain because anyone interacting with that chain will interact with the original chain owner. This is the case unless the second chain asks the original chain owner to turn off their nodes.

Reportedly, this is the case between Shiberium and Rinia, with one of the moderators, Trophias, who had expressed interest in being a validator for over 15 months, saying Shiberium is using Rinia’s genesis file.

Rinia has been live and owned that chain ID since February and was planned in December.

Based on Trophias’ argument, while Shiberium changed the name of the genesis file from Rinia, they forgot to change the chain ID.

This explains why users found pre-bought assets on the metaverse, yet Shiberium went live only a few days ago. Nevertheless, Trophias, who is a top-ranked communty member, says that the metaverse team, himself included, was not privy to what is on the shib.io website, with accusations of asset purchases without modification or anything else. He added, “it randomly just appeared as Shiboshis bar.”

The moderator cites Shytoshi Kusama firing the entire metaverse team as the reason for not knowing what was happening. Calling out the management for lack of transparency and communication, he says:

We were left pending, …she [Marcie] told us that we are not fired or removed, yet our access got pulled, and then all the other weird shit started happening.

Further, Trophias also alleges that Shytoshi sent goons to threaten his life and that of his family.

The leak of the discord conversations has provoked different comments on crypto Twitter, with some asking Shytoshi for answers. The keyboard confrontation has also affected investors, with up to $5m worth of BONE unstaked, according to Etherscan data.

In the end, Shytoshi highlighted that there was a new team and new social media platforms committed to building against all Fear, Uncertainty, and Doubt (FUD).

SHIB falls 10% amid code-related drama

Shiba Inu (SHIB) price has fallen 10% in the last 24 hours amid allegations of the stolen Shiberium code. BONE and LEASH have also been affected by the drama, falling more than 10% in the same timeframe. 

 

#SHIB #shibainu #shibarium #koinmilyoner #BTC

Bitcoin price surged above the $28,000 resistance zone. BTC is correcting gains, but dips might be limited below the $26,200 support zone.

Bitcoin is up over 20% in a few days and there was a move above the $28,000 resistance.

The price is trading above $27,000 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $27,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rally further if it stays above the $26,200 support zone.

Bitcoin Price Extends Rally

Bitcoin price remained well bid above the $25,000 support zone. BTC started another steady increase and was able to clear the $26,500 resistance zone, outperforming altcoins such as Ethereum and Ripple.

There was a clear move above the $27,500 and $28,000 resistance levels. The price traded to a new multi-week high at $28,450 and is currently correcting gains. There was a minor downside correction below the $28,200 and $28,000 levels.

Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the upward move from the $23,913 swing low to $28,450 high.

Besides, there is a key bullish trend line forming with support near $27,100 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $28,000 level. The next major resistance is near the $28,500 zone or the recent high.

A close above the $28,500 resistance might start another surge. In the stated case, the price could rally towards the $29,500 level. The next key resistance is near the $29,800 zone, above which the price might test the $30,000 barrier.

Dips Supported in BTC?

If bitcoin price fails to clear the $28,500 resistance, it could start a downside correction. An immediate support on the downside is near the $27,400 zone.

The next major support is near the trend line and $27,000, below which the price even test the 100 hourly simple moving average. The next major support is near the $26,200 level. Any more losses might send the price towards the $25,000 level.

Technical indicators:

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

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

Major Support Levels – $27,200, followed by $26,200.

Major Resistance Levels – $28,000, $28,500 and $30,000.

#bitcoin #BTC #BullRun #koinmilyoner #GPT-4

Bitcoin price is moving lower and trading below $25,000. BTC remains at a risk of a downside break if it stays below the $25,200 resistance zone.

Bitcoin started a downside correction below the $25,500 support zone.

The price is trading above $24,000 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $24,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if it stays above the $23,500 support zone.

Bitcoin Price Trims Gains

Bitcoin price started a downside correction from the $26,500 resistance zone. BTC declined below the $25,500 and $25,000 support levels to move into a short-term bearish zone.

The price even declined below the $24,000 level and traded as low as $23,913. It is now consolidating in a range above the $24,000 level. It is trading near the 23.6% Fib retracement level of the recent decline from the $26,526 swing high to $23,913 low.

Besides, bitcoin price is now trading above $24,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $24,500 on the hourly chart of the BTC/USD pair.

Clearly, the price is near an inflection zone, with an immediate resistance near the $24,500 level. The next major resistance is near the $25,200 zone. It is near the 50% Fib retracement level of the recent decline from the $26,526 swing high to $23,913 low.

A close above the $25,200 resistance might start a fresh increase towards the $26,000 resistance. The next key resistance is near the $26,500 zone, above which the price might rise towards $27,500.

Downside Break in BTC?

If bitcoin price fails to clear the $25,200 resistance, it could start another decline. An immediate support on the downside is near the $24,000 zone.

The next major support is near the $23,500 zone and the 100 hourly simple moving average, below which the price gain bearish momentum. The next major support is near the $22,600 level. Any more losses might send the price towards the $22,000 level.

Technical indicators:

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

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

Major Support Levels – $24,000, followed by $23,500.

Major Resistance Levels – $24,500, $25,200 and $26,000.

#BTC #BNB #BullRun #koinmilyoner #Binance

he price of Conflux (CFX) increased for the second consecutive day as cryptocurrencies rebounded amid the ongoing crisis hounding the banking sector.

Binance reports that CFX is the top-performing cryptocurrency on Monday. CFX achieved a peak of $0.2093, which was approximately 50% higher than the token’s all-time low less than a week earlier.

In recent weeks, the price of CFX tokens increased by nearly 700%, reaching a high of $0.3595. CFX was trading at $0.2599 at the time of writing, up 38% in the previous 24 hours and 31% in the past seven days.

Conflux Rises On Legalization Of Crypto Trading In HK

Conflux’s trading volume grew in response to the enormous demand for China-related blockchains and tokens. It is the first blockchain in China that complies with regulatory requirements and uses the Tree-Graph consensus technique to boost bandwidth and scalability.

According to analysts, the legalization of crypto trading in Hong Kong is the key factor behind Conflux’s increase. The expectation is that China will soon follow.

The price of CFX has risen dramatically as word of this has circulated. Yet, it is unclear whether this report of China opening its market to cryptocurrencies is merely a speculation or whether it is grounded in truth. This has not hindered Conflux users from achieving profits in excess of 1,000%.

Continual wagers that the U.S. Federal Reserve would not be as hawkish as anticipated also contribute to the growing price of CFX

The majority of analysts anticipate that the central bank will be more cautious in dealing with inflation in the upcoming sessions due to the changing market conditions.

In February, the U.S. economy added over 300,000 jobs, according to data released on Friday. The unemployment rate is stagnant around 3.6%, although wage inflation is declining. Experts predict that the United States’ inflation rate remained high last month.

The blockchain’s recent agreement with China Telecom to deliver Web3-enabled mobile devices with blockchain-powered SIM cards has yielded substantial benefits.

It is predicted that Conflux would connect conventional industry to Web3 technologies. Conflux has also recently formed a strategic agreement with NFT-social media site Little Red Book.

Banking Crises: A Boon For Crypto?

Banking crises can provide a favorable atmosphere for the widespread adoption of cryptocurrencies as an alternative investment and store of wealth.

Reduced confidence in conventional banking institutions, inflation fears resulting from the printing of more currency, and a rise in demand for safe-haven assets can all contribute to this.

Some investors view cryptocurrencies as a safer choice because of their limited supply and decentralized nature.

Meanwhile, the global crypto market capitalization recovered and reclaimed the $1.02 trillion milestone over the weekend, following several days of decline.

At the time of writing, the global crypto market valuation was $1.03 trillion, representing an 8.33% increase over the previous 24 hours.

#Binance #crypto2023 #koinmilyoner #dyor #BNB

A massive bank is now on the brink as fears about the safety of the modern banking system spread around the world.

Credit Suisse shares have plummeted 25% in the last 24 hours amid revelations that its largest shareholder, Saudi National Bank, has decided it will “absolutely not” prop up the troubled bank and inject more capital.

Credit Suisse shares tumbled so far and so fast that it triggered an automatic trading pause on the Swiss market, reports UPI.

The sharp drop follows revelations that the bank’s customers began pulling out cash in significantly higher amounts late last year.

The bank also expects its earnings to take a major hit after one of its clients defaulted on margin calls.

The news follows the federal shutdown of two large regional banks in the US – Silicon Valley Bank and Signature Bank.

Amid those shutdowns, the Biden Administration promised all depositors would be made whole and announced the creation of a new facility designed to lend money to banks in need of more capital to stay afloat.

The banking crisis has fueled a rapid rise in the price of Bitcoin (BTC), which was created anonymously after the 2008 financial crisis as an alternative to the banking system.

And the narrative that Bitcoin offers an antidote to traditional banking appears to be taking hold, according to Google Trends.

Worldwide searches for the term “Bitcoin bank” have exploded in the last week, as the price of BTC jumped from a low of $19,662 on Friday to a high of $26,111 on Tuesday.

Bitcoin enables direct, instant and practically free peer-to-peer transfers around the world in the form of the digital asset BTC.

Its code-based monetary system is unable to ask for or require a bailout, and instead relies on individuals around the world who power the network and back BTC with their own capital.

After reaching that yearly high, BTC has retraced to $24,260 at time of publishing, down 6.6% in the last 24 hours.

#BTC #BNB #koinmilyoner #Binance #crypto2023

US President Joe Biden is expected to release a new budget plan on March 9, proposing changes to crypto taxation

The new crypto tax policy is projected to raise $24 billion, targeting wash trading in cryptocurrencies. 

Reports have suggested that Non-fungible tokens could be taxable and anyone who has dealt with digital assets must report their activities to the IRS. 

US President Joe Biden is set to unveil the new budget plan on Thursday, March 9. Reports have suggested that crypto market participants can expect changes to crypto taxation, targeted towards wash trading and taxing collectibles, digital art. 

US President Joe Biden is set to target wash trading and this plan could directly affect crypto trading. According to a Wall Street Journal report President Biden will propose changes to crypto taxation rules. Currently, rules against wash trading apply to stock and bond trading, those rules are not being applied to crypto trading. 

As of now investors can sell certain investments and accept a tax-deductible loss before reinvesting. This is considered an illegal practice in stocks and bond trading and the government wants to prevent it in crypto trading as well. 

The new crypto tax policy could raise $24 billion as part of Biden’s broader 2024 budget plan. There is a likelihood that Biden’s proposal gets opposed by the Republican party. 

Tax policy changes that affect crypto investors in the US

While Biden’s changes are not guaranteed to come into effect, the Internal Revenue Service (IRS) recently expanded the scope of crypto tax rules in February 2023. These changes require anyone who has dealt in cryptocurrencies to report their activities. 

Another report suggests that Non-fungible tokens (NFTs) could be taxed. According to a recent third-party survey by CoinLedger, only 58% of the survey participants have included cryptocurrency on their tax reports in 2022. 

What traders and analysts think about Biden’s proposed crypto tax rules?

DivXMan, crypto trader and YouTuber is bullish on the updated crypto tax rules. The crypto trader believes the updated rules could incentivize holding Bitcoin in the long term.  

This means if you buy a digital asset, it crashes, and you sell, then buy it or a similar asset/derivative within 61 days at equivalent value; you can’t claim a taxable loss on the sale. Overall this is a good thing. It incentivizes holding Bitcoin long term vs risky trading.

Nagato, a crypto trader and analyst, took the development with a grain of salt. The technical expert believes words like “propose” and “expect” matter less than action. Biden’s updated crypto tax rules could face rejection by the Republicans.

#bitcoin #crypto2023 #crypto #buildtogether #koinmilyoner

Bitcoin (BTC) funds are bleeding coins as U.S. bank failures fuel expectations of an early Federal Reserve (Fed) pivot in favor of liquidity easing.

Data tracked by ByteTree Asset Management shows the number of coins held by close-ended funds, spot and futures-focused exchange-traded funds (ETFs) in Europe, the U.S. and Canada has declined by 16,560 BTC ($409 million) this month, reaching a 17-month low of 826,113 BTC.

ETFs and other investment vehicles that allow taking exposure to bitcoin without having to own the cryptocurrency are widely considered a proxy for institutional activity.Fcyyp

The decline in fund balance suggests a lack of institutional participation in bitcoin's recent rally, reportedly fueled by safe-haven demand and renewed hopes for Fed rate cuts in the second half of the year. According to some observers, the gains are evidence of bitcoin's strengthening appeal as a hedge against the banking system.

Bitcoin picked up a strong bid near $19,600 late Friday after Silicon Valley Bank, formerly one of the top 20 lenders in the U.S., shut operations. Prices have risen over 25% since then, reaching a nine-month high of $26,501 on Tuesday, CoinDesk data show.

"Institutions aren’t buying the narrative that BTC is serious and here to stay," Charlie Morris, chief investment officer at ByteTree Asset Management, told CoinDesk. "Wealth management industry globally is very light in both bitcoin and gold."

Morris, however, cautioned against drawing conclusions from the data, saying a large outflow from a single fund is mainly responsible for dragging the tally lower.

Besides, the decline in the balance held in funds does not necessarily mean the price rally lacks strength and is unsustainable. Markus Thielen, head of research and strategy at Matrixport, said the balance held in funds accounts for a small portion of the total market and other sources of demand are lifting prices higher.

"The fund holdings data is not meaningful. I suspect USDC holders are converting their stablecoin into BTC," Thielen noted. Binance recently announced that it is converting $1 billion worth of funds held in BUSD to bitcoin, BNB and ether.

#BNB #Binance #BTC #koinmilyoner #BullRun

Bitcoin exchange inflow volume hit a three-month high of 2,237 BTC.

BTC reserves on exchanges continue to increase as part of the Bitcoin liquidity absorbed by Coinbase gets redistributed. 

Analysts believe that macroeconomic scenario and risk aversion of market participants could increase selling pressure on Bitcoin. 

Bitcoin exchange inflow hit a three-month high, indicating a rise of BTC reserves on cryptocurrency exchange platforms. Typically, a spike in BTC reserves is considered indicative of rising selling pressure on the asset. 

Bitcoin on-chain metrics indicate increase in selling pressure on BTC

Bitcoin inflow to cryptocurrency exchange platforms has climbed consistently over the past week. Based on data from crypto intelligence tracker Glassnode, BTC exchange inflow hit a three-month peak of 2,237 Bitcoin. 

The rise in inflow of Bitcoin to exchange platforms is typically considered a bearish sign. A higher volume of BTC held in exchange wallets implies there is a higher volume of the asset available for sale, increasing selling pressure and negatively influencing the cryptocurrency’s price. 

Interestingly, rising exchange inflow has translated into increased BTC reserves on exchanges, except for Coinbase. It's important to note that the institutional activity on Coinbase was one of the main catalysts for the $25,000 breakout. 

On March 11 and 12, institutional investors engaged in mass Bitcoin purchases on Coinbase. Part of the absorbed BTC is now being withdrawn from the exchange and redistributed. 

Analysts at CryptoQuant believe it is possible that the redistributed BTC is being sold, due to the macro scenario of risk aversion and a drop in market liquidity as a whole.

#bitcoin #BTC #BullRun #BNB #koinmilyoner

Filecoin price dipped below the immediate support to trade at $5.68 at the time of writing.

FIL could dip below $5 if the critical support at $5.46 is lost.

The altcoin would invalidate the bearish thesis if it climbs back to yesterday’s highs.

Filecoin price bore the brunt of the broader market cues and lost nearly half the increase observed by the asset in the span of a day. If this uncertainty continues, expect a decline below the critical support level and toward a monthly low.

Filecoin price falls to test a key support

Filecoin price declined by more than 16% in the last 24 hours, resulting in the cryptocurrency falling to the critical support level of $5.46. The uncertainty in the financial market due to the banking crisis is also having effects on the altcoin’s price action. 

Looking at the chart, the possible course of action for cryptocurrency is a bearish outlook. If the panic continues and FIL slips below the critical support level at $5.46, the altcoin would be at risk of declining by another 15% to fall to a month-long low of $4.79.

But the Relative Strength Index (RSI) here indicates that there is some bullishness present in the momentum. Although the indicator's downtrend around the midline may indicate a potential decline in FIL, it also hints at a possible increase if the middle line at 50 is tested as support.

In doing so, a recovery could be triggered, and the cryptocurrency could be saved from falling by another 15%. However, in order to invalidate the bearish thesis, the cryptocurrency would need to breach the critical resistance at $5.59 and flip it into a support floor. This would enable the altcoin to rise further and recover the losses noted over the last month and tag $7.87.

#BTC #BNB #BullRun #koinmilyoner #crypto2023

Bitcoin’s leap in dominance comes after the cryptocurrency hit its highest levels since last June in the mid-$26,000s earlier this week, a stunning recovery from last week’s dip to new two-month lows under the $20,000 level. Last week’s dip was triggered by broader risk-off flows after a spate of crypto/tech-friendly US banks went under.

This week’s recovery was triggered by a combination of bullish factors, analysts think, including 1) a proactive response from US authorities to backstop deposits and 2) launch a new bank liquidity program (which helped USDC, a key part of the crypto market’s plumbing, recover back to its $1 peg), and 3) expectations that the risk of a banking crisis would deter the Fed from engaging in substantial further rate hikes.

The aforementioned narrative around Bitcoin being a safe haven against trouble in the traditional financial system is also touted to have helped, just as it is being touted as boosting Bitcoin versus its major crypto rivals. What the cause of the rebound, analyst price predictions have become substantially more bullish.

Technical signals look good; Bitcoin rebounded strongly from its recent retest of the 200DMA and Realized Price (both just under $20,000), a sign the bull market is robust, and the recent breakout above $25,200-400 area resistance is deemed as opening the door to a run higher towards the next resistance area in the $28,000 area.

On-chain indicators that can signal when a bear market is over continue to send good signals, as discussed in this recent article. Metrics relating to Bitcoin’s on-chain activity (like daily transactions, new address creation, daily active users, no. of addresses with a non-zero balance) generally also continue to trend in a positive direction.

Traders will continue to monitor the health of the US and global financial system, with any signs of further cracks potentially adding further fuel to Bitcoin’s rally. Next week’s Fed meeting will be another key event to watch, with this week’s US CPI and PPI (thankfully for the Fed) giving them some room to signal a slightly less aggressive tightening outlook. That could be another tailwind for Bitcoin.

#bitcoin #BTC #BNB #koinmilyoner #Bullish

Bitcoin, the world's largest cryptocurrency, continues its upward rally and attracted more bids around the $28k mark as the total cryptocurrency market capitalization exceeded $1.17 trillion, indicating positive momentum in the crypto market and contributing to BTC gains. 

This trend coincides with some major US banks experiencing challenges, which has renewed discussions about the significance of digital currency.

Former Coinbase CTO Balaji Srinivasan believes that if a global banking crisis occurs, Bitcoin's price could reach $1 million in less than 90 days. He anticipates a hyperinflationary scenario in the United States caused by a banking crisis, which will cause Bitcoin's value to skyrocket in the coming days.

Srinivasan has even bet $2 million on his prediction of the future of the US economy and its potential impact on Bitcoin's value. The continuous financial instability has fueled demand for Bitcoin and other cryptocurrencies as a safe-haven investment, resulting in a spike in BTC prices.

On Monday, the BTC/USD pair continued to rise, breaking through the resistance level of $27,750. If this bullish trend continues, it could potentially reach $30,700 or even higher. 

However, if the support levels at $26,700 or $25,200 fail, the next support level for Bitcoin is at $23,150. Despite potential dips, the overall trend remains strong due to the formation of bullish engulfing candles.

On Monday, the ETH/USD pair is showing a bullish bias, but its upward momentum is not as strong as Bitcoin. Ethereum is currently struggling to break through the $1,800 level. If the ETH/USD pair manages to surpass this level, it is likely to face immediate resistance at the $1,900 $.

On the lower side, the ETH/USD pair is likely to gain immediate support at either the $1,700 or $1,620 level.

#Binance #BTC #BNB #koinmilyoner #GPT-4