Trust is a two-way sword for crypto. Trustlessness is a foundational principle in this domain. But crypto-powered systems must also be trustworthy enough for users and investors to participate.

Can the two co-exist? Yes, indeed, since trustlessness is a technical feature while trustworthiness is social.

A system is trustless if it can function efficiently without requiring users to trust each other. However, it’s trustworthy if users can rely on it to function transparently, securely and consistently.

Given the series of systemic failures and malpractices witnessed in 2022 – from Terra to FTX – crypto innovators must commit to trustworthiness in 2023. That’s the only sustainable way forward for the industry to regain investor confidence and ensure adequate consumer protection.

It’s easier said than done, but thankfully, the tools to ensure systemic robustness and consistent performance are already available. The need of the hour is to use them with integrity and a forward-looking approach.

Crypto can’t afford the cost of mistrust

Trust is easier lost than gained – particularly in a nascent tech-driven industry like crypto that already has an abundance of critics and naysayers.

Belief in the future potential of crypto-based systems is key to their success. Some call it speculation but it’s such a belief that inspires early adopters to jump on the bandwagon.

Be it HODLing despite market downturns or acquiring property in the metaverse, crypto thrives on the promise of a better future.

The beauty (and significance) of it all is that it’s actually possible and not merely a myth. This is also why it bounced back time and again despite volatility, regulatory onslaughts and whatnot.

But everything lies in jeopardy when respected and revered faces end up on the wrong side of the profiteering game.

Severe allegations and revelations thus shook the industry’s core in 2022, with massive ripple effects that may continue throughout 2023. The trust was hampered significantly – if not lost completely.

Unfortunately, recent fiascos imposed a hefty price on the hitherto burgeoning crypto industry. The total financial losses across protocols amounted to over $3 billion in 2022.

And now layoffs are continuing en masse, with more than 26,000 employees losing their jobs. That’s essentially the price of mistrust – something the industry can’t afford to pay for long.

One must look the devil in the eye

Establishing trust is neither rocket science nor child’s play. It’s about prioritizing progressive norms like transparency, integrity, accessibility and security.

But this can be achieved only by identifying the existing loopholes (i.e., the roots of crises). One can’t possibly solve problems without understanding their causes. Unless, of course, they are content with ad hoc solutions.

The dwindling investor confidence and mistrust in the crypto industry today have many reasons. Greed is perhaps one of them.

But more concerningly, it’s due to the liquidity fragmentation inherent to the current landscape. Crypto exchanges and protocols can rarely interact, let alone share liquidity – a recipe for doomsday.

Several exciting avenues have emerged recently, from crypto-collateralized loans to high-frequency, algorithmic trading to stablecoins. Yet, it’s been impossible to actually tap their collective value so far since crypto assets remain locked up in isolated silos.

Although innovations to boost interoperability and composability are well underway, there’s still a long way to go in this direction.

Inadequate liquidity – besides blatant misappropriation – is currently among the greatest threats to systemic integrity in the crypto industry.

It’s thus necessary to implement smart systems for deep liquidity aggregation across centralized and decentralized exchanges.

Such solutions must also be intuitive and user-friendly, minimizing friction to the greatest extent possible. And they must be transparent enough to disincentivize fraudulent activities.

Smart order routing can join the dots

Liquidity points on the crypto landscape are like stars in the night sky – scattered, almost distant. But it’s possible to join the dots and let the constellations emerge.

SOR (smart order routing) is one potential method in this regard. Though it can’t curb malintent, it can ensure the best execution of crypto trades.

SOR’s most immediate and practical benefit is optimal price discovery for traders. However, its implications extend far beyond this point. SOR systems enhance liquidity distribution.

That too, without hampering healthy competition between exchanges and marketplaces. Instead, SOR enables the much-needed liquidity interactions between crypto platforms and ecosystems.

Combining AI (artificial intelligence) makes SOR even smarter, facilitating low-latency order matching and execution with minimal risks.

This can boost investor confidence and consumer protection by providing hedge exposures, deeper liquidity and lesser slippage. Rapid trade execution also allows for prompt exits when inevitable, adding another buffer for crisis-stricken investors.

Making AI and SOR-powered systems the norm will let the crypto industry build systemic integrity from the ground up. This can also be a means to eradicate liquidity crunches for good.

Of course, that’ll happen in the long run, one step at a time. But even at this moment, such progressive systems are crucial to making crypto reliable again.

Finally, setting the right standards and adhering to them is the way for crypto to regain the lost trust. That’s why it needs sustainable innovations from dedicated and level-headed innovators.

One must get into crypto for the long haul rather than trying to make off with quick gains.

Because actions that destabilize trust and integrity aren’t good for anybody, the sooner this becomes a part of the crypto community’s collective realization, the better it’ll be for the future.

#Binance #BNB #BullRun #koinmilyoner #crypto2023

Bitcoin price slipped below the $20,000 psychological level, reaching early January levels.

On-chain metrics reveal that roughly $1 billion worth of BTC was moved at a loss before the sell-off.

The bearish outlook could see the big crypto slide as low as $17,000 in the upcoming days, especially if it shatters critical support levels.

Bitcoin price witnessed a steep correction that has knocked it below a key psychological level. The massive sell-off caused $303 million worth of liquidations in the last 24 hours as traders were caught off guard. But the long-term outlook shows that BTC is right where it should be. There is a chance for a recovery rally to originate, but investors should not hold their breath.

Bitcoin price action and where it stands

Bitcoin price shows that it has ventured into the weekly Fair Value Gap (FVG), extending from $20,386 to $17,181. FVG is an imbalance that occurs when one side of the camp takes over. In this case, there was an imbalance created by BTC buyers in early January, which led to a 21% return on a weekly candlestick. 

As Bitcoin price skyrocketed, it left a gap that was untouched by the subsequent candlestick, leaving an imbalance in its wake. Typically these gaps are filled as the asset drives back into it, rebalancing the inefficiencies. 

Interestingly for Bitcoin price, this FVG caused a shift in the market structure favoring the bulls, i.e., BTC set up a higher high relative to the October 31 swing high at $21,473. Such a development would suggest that the bullish outlook still persists on a high timeframe and that the current retracement is a good opportunity to accumulate. 

As long as Bitcoin price remains above November 2022 swing lows at $15,462, the weekly chart will show a bullish structure. With that in mind, an accumulation between $20,000 and $18,800 seems to be the best way to go.

However, investors also need to keep a close eye on the weekly Relative Strength Index (RSI), which has slipped below the midpoint after the recent sell-off. If bulls are in control, the weekly RSI should climb back above the 50 level and hold.

#bitcoin #koinmilyoner #buildtogether

Bitcoin, the world's top cryptocurrency, has undergone a significant drop, reaching its lowest value in two months. Ether, the second most valuable cryptocurrency, followed a similar path and also experienced a decrease in value. 

On March 10th, Bitcoin briefly fell below $20,000 for the first time in almost two months, hitting a low of $19,918.

 As a result, the dip in cryptocurrency prices is causing concern among investors and the industry as a whole. Furthermore, the fact that the total market capitalization of all cryptocurrencies has fallen below $1 trillion is a clear indication that the overall market is in for a challenging period.

The recent closure of Silvergate Bank is considered one of the main reasons behind the decrease in cryptocurrency values. The bank played a crucial role in providing services to crypto enterprises in the United States. Therefore, its closure could have a significant negative impact on the crypto sector.

The current live price of Bitcoin is $19,938, with a 24-hour trading volume of $43 billion. Over the last 24 hours, Bitcoin has decreased by 8.50%. It is currently ranked #1 on CoinMarketCap, with a live market cap of $385 billion. 

Bitcoin's technical analysis indicates a strong bearish trend for the BTC/USD pair, as it has breached the double-bottom support level of $20,350. Bitcoin's immediate support level is at $18,430. A breach below this level may intensify selling pressure, leading to a further drop toward the $16,400 level. 

Conversely, the initial resistance level is at $20,300, with a breakout above it likely to trigger buying pressure and push Bitcoin's price towards the $21,400 level. If there is additional bullish momentum, the BTC price may reach the $25,000

#BTC #Bullish #koinmilyoner #buildtogether #crypto2023

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

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

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

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

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

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

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

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

#bitcoin #crypto2023 #koinmilyoner #buildtogether #crypto101

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

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

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

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

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

#Ethereum #Bullish #koinmilyoner #crypto2023

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

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

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

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

Ethereum price slumps 2% on massive whale activity 

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

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

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

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

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

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

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

A crypto strategist who continues to build a following from timely Bitcoin (BTC) calls believes the king crypto is mirroring its early 2019 price action when it entered a brief period of consolidation before a parabolic push.

Pseudonymous analyst Kaleo tells his 569,400 Twitter followers that just like in 2019, Bitcoin appears to be in an accumulation phase as it respects a diagonal resistance on the four-hour chart.

“Plenty of similarities to the current range and where we were in the spring of 2019 after BTC broke out above the high timeframe bear market downtrend. A bit of chop here is expected before the real send begins.” 

Looking at Kaleo’s chart, he appears to predict that BTC could dip to the $25,000 level before breaking out of the diagonal resistance and rallying toward $33,000.

At time of writing, Bitcoin is trading for $28,086. A correction to $25,000 indicates a nearly 11% decline for BTC should it hit Kaleo’s downside target.

According to Kaleo, a move down to $25,000 could change trader sentiment in Bitcoin as he believes it will erase bullish euphoria over BTC’s rally in the last few weeks and invite bears to abruptly reemerge.

“Revisiting $25,000 BTC before seeing $30,000 would be fun:

1) Guaranteed the $1 million Bitcoin in 90 days crowd would completely disappear during the little dip

2) Guaranteed whispers from the $12,000 crowd would creep back on the timeline just to have their hearts broken again.”

#Binance #bitcoin #BTC #koinmilyoner #BullRun

Billionaire venture capitalist Chamath Palihapitiya believes that the Federal Reserve did the worst thing possible by raising interest rates by 25 basis points amid the crisis in the US financial system.

In a new episode of the All-In Podcast, Palihapitiya says that the Fed should have hiked interest rates by 50 basis points, which he notes might trigger panic in the short term but would have eventually exposed what’s fundamentally broken in the system.

According to the venture capitalist, the Fed can deal with the chaos that comes from imposing higher interest rates, but they don’t have the appropriate tools that can handle inflation running amok.

“I think they should have raised 50 [basis points]. It would have created a little bit more chaos in the short term, but it would have set us up to understand what was fundamentally broken and still give the Federal Reserve the ability to use their balance sheet and use liquidity in the future to solve the problem. 

They took the worst option, which is neither did they cut nor did they raise enough… I think it’s high time that we acknowledge that we have a sticky inflation problem whose back we have to break. We’ve known since the Volker era what we need to do to do that, which is you need to get interest rates to be greater than terminal inflation, which means 5% Fed funds rate is insufficient. So we’re going to need to see a print of 5.5%, 5.75%. 

That’s when you’re going to have enough contraction, and then the Fed can come back with liquidity.”

Currently, the Fed funds rate stands at 4.5% to 4.75%. Palihapitiya says that the Fed’s ambivalence to take interest rates higher could actually hurt the economy.

“But if they don’t take these steps, we’re going to be in this very choppy neither here, neither there situation. And I think that is what causes the real damage because it’s the corrosive effects of uncertainty and what that does to lending, to risk taking, and I think that’s really bad for the economy.”

#Fed #Binance #crypto2023 #koinmilyoner #BTC

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

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

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

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

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

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

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

#ETH #Binance #BTC #BullRun #koinmilyoner

Nasdaq registered with the NYDFS for a limited-purpose trust company charter, which is set to operate its crypto custody business.

Nasdaq would join big finance companies like Fidelity and BNY Mellon to safekeep crypto assets starting with Bitcoin and Ethereum.

The stock exchange's announcement came a day after the SEC issued an alert against investing in crypto assets.

Nasdaq will be the newest major financial firm to enter the crypto space to try its hand at the market. While most investors and analysts look at it as a positive since it represents the involvement of institutional investors, some see it as a threat to what cryptocurrencies like Bitcoin and Ethereum stand for.

Nasdaq takes on crypto

Nasdaq announced that the stock exchange company would be launching its digital asset custodial services by the second quarter of this year.

The firm is pushing through the necessary regulatory approvals, applying to the New York Department of Financial Services for a limited-purpose trust company charter. This charter would serve as the overseer of the custody services business.

With this, Nasdaq would be joining the likes of Fidelity and BNY Mellon, which have been offering custodial services for cryptocurrencies for a while now. The recent rather violent conditions of the crypto market have concerned investors and regulators alike, and the arrival of major financial institutions for safekeeping could reinstate that confidence.

With firms like Nasdaq serving as middlemen to safekeep investors' crypto assets they could be held accountable in the event that something goes wrong in the crypto market.

The collapse of FTX and Terra, in addition to multiple other companies going bankrupt over the last year, could be the leading cause of investors potentially turning to traditional financial companies.

But at the same time, this would take away a critical aspect of what crypto was born for. The crypto space has been building itself to stand as an independent market over the last couple of years. To further strengthen the trustlessness (decentralization) that comes with the crypto market, self-custodial wallets were developed.

However, due to the crypto market still being in its infancy compared to the financial markets, most investors would turn to traditional financial firms during crisis events.

This is also because the crypto market lacks proper regulation and an overseeing body that could prevent situations like FTX and maintain investors' confidence to the point where people would not depend on firms like Nasdaq to safekeep their investments.

SEC issues alert for investors

Earlier this week, the Securities and Exchange Commission (SEC) took on the crypto market and advised investors to practice caution before entering the space.

The regulatory body issued a bulletin saying that companies offering digital asset investments or services may not be complying with the existing securities laws. 

The commission even warned investors against having absolute faith in Proof of Reserves reports as they do not assure whether or not entities hold sufficient assets as they claim. Alerts as such would certainly push people against investing in the crypto space, and even if they do, they might turn to Nasdaq and other companies' custodial services to protect their investment.

#Fed #Binance #BTC #ETH #koinmilyoner

Polygon Labs has recently made a major announcement that is set to impact the Ethereum network’s future positively. The protocol has launched Polygon zero-knowledge proof Ethereum Virtual Machine (zkEVM) on mainnet Beta, a permissionless and public network allowing users to transact and build. 

According to the announcement, to further support the protocol’s development, Polygon zkEVM is now completely open-source. With this launch, Polygon is allegedly helping to pave the way for the next chapter of Ethereum’s development and offering developers and users a new tool for building decentralized applications. 

What Are The Benefits Of Polygons’s New zkEVM?

The Polygon zkEVM is a zero-knowledge proof (ZPK) scaling solution developed by the same protocol, designed to enable faster and cheaper transactions on Ethereum’s network. The public testnets for zkEVM have established it as a leader among Ethereum Virtual Machine (EVM) equivalent ZK scaling solutions. 

One of the key benefits of zkEVM is its use of zero-knowledge proofs, which ensures security and reduces gas fees. Another win for users is that zero-knowledge proofs enable transaction verifications without revealing sensitive information, making them highly secure. 

Furthermore, Polygon’s zkEVM is designed to be fully compatible with the EVM, so developers can easily deploy existing Ethereum smart contracts on the network, facilitating developers to migrate their existing applications to zkEVM. 

Additionally, the zkEVM is designed to improve the scalability of Ethereum, allowing faster and more efficient transactions with lower fees for developers and users of the protocol’s new feature. 

Polygon Takes Precautions Against Potential Risks of zkEVM Mainnet Beta Launch

According to the announcement, the protocol refers to the risks of using zkEVM Mainnet Beta. While the launch of the mainnet is a significant development for the protocol, undetected bugs can always disrupt the network’s stability. 

To address these potential risks, Polygon Labs has outlined “stringent” security measures, which will include the establishment of a temporary security council, which will be responsible for overseeing the network’s security and addressing any issues-

The security council will comprise various companies and organizations in the blockchain industry. Moreover, Polygon will implement a bug bounty program, which is intended to incentivize researchers and developers to identify and report any bugs or vulnerabilities that they discover in the Polygon zkEVM Mainnet Beta. 

With the risks and potential vulnerabilities, the established bug bounty program will have rewards of up to $1,000,000 being offered for documenting critical vulnerabilities, according to the protocol. 

Despite the positive development of the new Polygon feature, the protocol’s native token, MATIC, has not responded positively to the announcement. Currently, MATIC is trading at $1.0462, indicating a decline of over 5% in the last 24 hours.

However, the launch of these new developments has been met with positive reception from the cryptocurrency community, which could have a positive impact on MATIC’s price in the long term.

#matic #polygon #koinmilyoner #fud #Fed

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

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

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

First Citizens Acquisition Of SVB: Details

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

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

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

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

What This Move Means For Crypto

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

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

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

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

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

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

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

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

Ethereum price holds steady at the $1,700 level with rising market interest in the altcoin. 

Ethereum, the second-largest altcoin by market capitalization, is holding steady above the $1,700 level despite slight bearish sentiment among options traders. Analysts have noted a rise in open interest in Ethereum, as co-founder Lubin assures the ETH community that the altcoin is not a security. 

Ethereum options traders turn bearish on the altcoin

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

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

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

Ethereum co-founder assures holders ETH is not a security

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

Lubin was quoted as saying:

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

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

#Ethereum #Binance #Fed #BTC #koinmilyoner

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

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

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

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

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

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

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

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

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

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

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

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

SVB Bank collapse and its impact on crypto

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

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

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

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

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

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

Industry response and actions taken

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

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

The Fed’s delicate balancing act

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

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

Conclusion

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

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

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

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

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

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

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

Bitcoin Price Shows Resilience

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

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

Bitcoin Emerges Victorious From Banking Crisis

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

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

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

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

Crypto: Cushion Against Inflation

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

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

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

#bitcoin #BTC #Fed #Binance #koinmilyoner

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

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

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

Shiba Inu Holders Offload Assets

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

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

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

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

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

SHIB Burn Rate Increasesd

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

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

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

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

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

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

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

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

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

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

#china #bitcoin #Altcoin #BNB #koinmilyoner

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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