7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week

There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions. 

Events That Could Affect The Market This Week

Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29. 

Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders.

The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side. 

Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions. 

Crypto Needs A Big Win This Week

Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors.

One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively. 

These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market. 

Crypto total market cap chart from Tradingview.com

Crypto Institutional Investors Are Frontrunning Retail As Inflows Reach Record Highs

Crypto investment products continue to shine in the middle of a strong bullish market sentiment. New data has shown institutional investors and traders are now going full speed on crypto investment products, allowing inflows to attain a new inflow record. According to CoinShares, a digital asset investment firm, digital investment products registered a record weekly inflow of $2.7 billion last week, pushing the year-to-date inflow near a new record.

Crypto Institutional Investors Continue To Aim Higher

The crypto market has attracted its fair share of rich visionaries and institutional traders over the years, with most just dabbling in and out. Recent market factors, however, have opened the industry and made it palatable to big traders. As a result, trading volume from this cohort of investors has ballooned to new highs.

In its latest weekly report, CoinShares noted that investment products based on cryptocurrencies reached a new milestone of $2.7 billion inflow last week, bringing the run to six consecutive weeks of inflows. Hence, the total inflow year-to-date is now at $10.3 billion, just $300 million shy of the $10.6 billion inflows recorded in 2021.

To put this into perspective, we’re less than three months into 2024, and inflows are already on par with those recorded throughout the bullish cycle in 2021.  At the same time, trading volume reached a new record of $43 billion for the week, smashing the $30 billion record set in the previous week.

Unsurprisingly, most of this activity can be credited to Bitcoin, with the majority of inflow going into the cryptocurrency. According to CoinShares, Bitcoin remained the focus of investors to attract $2.6 billion in inflows last week, representing 96% of the total inflow. This comes despite a $1.65 billion outflow from Grayscale’s Spot Bitcoin ETF.

Speaking of Spot Bitcoin ETFs, there’s no denying the fact that these investment vehicles have been the primary catalyst for Bitcoin’s recent growth. This has allowed Bitcoin to break over various price resistance to reach new all-time highs. Last week, the 10 ETFs in the US ended the week at a net inflow of $2.238 billion, with BlackRock and Fidelity leading the charge. Despite recent price rises, short Bitcoin products also recorded $11 million in inflows last week.

On the other hand, Ethereum investment products witnessed an outflow of $2.1 million last week to reverse $84.7 million inflows recorded in the prior week. This is despite Ethereum crossing over the $4,000 price level for the first time in two years. The reverse case is for Solana, which witnessed $24 million inflows after an outflow of $11.9 million in the previous week. 

Polkadot, Fantom, Chainlink, and Uniswap also saw inflows of $2.7 million, $2 million, $2 million, and $1.6 million, respectively.

Crypto total market cap chart from Tradingview.com

Institutions Can’t Get Enough Of Crypto As Trading Volumes Hit New $30 Billion Record

Inflows into crypto investment products have ballooned in the past few weeks to reach a record trading volume last week. According to CoinShares, digital asset investment products received inflows of $1.84 billion last week, the second-highest on record. Particularly noteworthy is that the inflow into crypto funds caused trading volume to cross over a weekly volume of $30 billion for the first time.

Institutions Rush To Crypto

Weekly trading volume in investment products has now displaced its 2021 record to cross over $30 billion. The timing is not a coincidence, as most cryptocurrencies are currently on the backs of bullish price action for the past few weeks.

Recent market dynamics have seen institutions and large traders rushing into crypto assets, most especially Bitcoin. Consequently, this cohort has become a large part of the crypto industry, contributing highly to a surge in trading volume across the board. 

As expected, the majority of inflows and trading volume was centered around Bitcoin. Bitcoin remains the most popular digital asset for institutions, and interest has really piqued since Spot Bitcoin ETFs went live in the US. Last week, the weekly trading volume for Spot Bitcoin ETFs alone crossed a record $22.3 billion. The ETFs ended the week at a net inflow of $1.72 billion, despite an outflow of $1.45 billion from Grayscale’s ETF.

According to CoinShares, around $1.73 billion, representing 94% of the total inflow into investment products, went into Bitcoin last week. The company also noted that investment products at times represented 50% of global Bitcoin daily trading volumes on exchanges. 

Ethereum led the altcoin market with a net inflow of $84.7 million, bringing its total net inflow this year to $137 million. This is Ethereum’s largest weekly inflow since mid-July 2022. However, its current $14.6 billion worth of assets under management is 38% below its all-time high of $23.7 billion.

XRP, Chainlink, and Litecoin registered inflows of $2.5 million, $1.6 million, and $1.2 million, respectively. Short investors also poured $22 million inflows into short-Bitcoin investment products.

On the other hand, Solana registered an outflow of $11.9 million last week. Its year-to-date flow has yet to turn positive, as it has been $14 million in outflows since the beginning of the year. Multi-asset products also saw outflows of $0.3 million. 

In terms of geographical location, the USA had the most inflows with $1.88 billion, Switzerland with $19.6 million, Australia with $3.7 million, and Brazil with $2.7 million. On the other hand, Canada, Germany, and Sweden had net outflows of $23.1 million, $34.8 million, and $31.6 million, respectively. 

Crypto total market cap chart from Tradingview.com

How To Buy And Trade Tokens On The SEI Network

In the dynamic trading world where time is of the essence and you are looking for a combo of speed and low fees, the SEI Network is the fastest decentralized Cosmos-based L1 blockchain that is trading-based with the availability of decentralized exchanges (DExs). 

The SEI Network has been optimized to handle large volumes of transactions quickly and efficiently while keeping costs low. This makes it an attractive option for businesses and individuals looking to exchange value in a fast, efficient, and cost-effective manner.

The network has an in-built order book that allows smart contracts to easily access shared liquidity. This shared liquidity feature makes it possible for smart contracts to interact with each other and exchange value without third-party interference. 

The way SEI is structured makes it possible for decentralized exchanges and trading applications in areas such as DeFi, NFTs, and gaming to provide the best possible user experience.

In this easy-to-follow guide, we will explore the main features of the super-fast SEI Network, how to set up a trading account, and the different ways to obtain and trade the SEI token. By the end of this guide, you will have a good understanding of how the SEI Network works, its advantages, and how to get started.

Features of SEI Network

Speed: 

The most unique feature of the SEI network is its speed. It is currently the fastest chain to finality, boasting an impressive lower bound of 300 milliseconds. With unparalleled speed and efficiency, SEI allows for transactions to be immutably recorded on the blockchain in record time using an on-chain order book.  

It is superior in terms of finality and is indisputable.  When using SEI, users experience the near-instantaneous confirmation of their transactions, providing a seamless and efficient blockchain experience. 

The network’s ability to achieve finality rapidly sets it apart from other blockchain platforms, making it an attractive choice for those seeking very fast and secure transaction processing. 

Frontrunning protection: 

The SEI network provides robust frontrunning protection, effectively combating the malicious practices that plague most of the other ecosystems. With advanced algorithms and stringent safeguards, SEI ensures secure and fair transaction processing, free from manipulation and unfair advantages. 

By prioritizing integrity and trust, SEI sets a high standard for ethical conduct and fosters a level playing field for all participants to engage and experience a secure and reliable platform where transactions are protected, and investments are safeguarded.

Twin Turbo Consensus: 

One standout feature of the SEI network is the twin-turbo consensus. This innovative consensus mechanism harnesses the power of two turbocharged engines working in sync to allow SEI to achieve exceptional speed and throughput, surpassing industry standards. 

SEI’s twin-turbo consensus is designed to handle a lot of transactions at once without slowing down or compromising reliability. It has the ability to adjust and allocate resources as needed when transaction volumes increase. 

This means that the SEI network can keep up with growing demands and perform at its best without compromising speed or dependability. So no matter how many transactions are happening, SEI is able to ensure smooth and efficient processing all the way.

Native Matching Engine:

SEI’s native matching engine is a valuable asset for exchange teams, offering rapid order matching and execution capabilities. It empowers exchanges to handle high volumes of transactions efficiently, catering to active traders on the network.

The engine’s flexibility allows customization to meet specific trading requirements, ensuring a tailored and user-friendly experience. With strict enforcement of matching rules, it upholds transparency and fairness in the trading process. Exchange teams leveraging SEI’s native matching engine can optimize their operations, enhance user experiences, and build a trustworthy trading ecosystem.

SEI Network: The Layer 1 For Trading

Trading is undeniably the most widely adopted use case for cryptocurrencies. However, it is a common misconception among crypto enthusiasts that trading is solely limited to decentralized finance (DeFi) applications. In reality, the need to exchange digital assets is fundamental to every aspect of the crypto ecosystem, ranging from social applications to non-fungible tokens (NFTs) and gaming.

Recognizing the significance of trading across the crypto space, SEI Networks has developed a Layer 1 blockchain specifically tailored to meet the diverse trading needs of users. SEI’s primary objective is to provide a robust, scalable, and seamless trading experience. By optimizing every layer of the technology stack, SEI ensures that users can efficiently exchange digital assets across various sectors while maintaining reliability and scalability.

SEI Networks addresses the scalability challenges associated with trading by building the first Layer 1 blockchain specialized for trading. This approach enables SEI to offer the most efficient infrastructure for the exchange of digital assets. 

By focusing on the unique requirements of trading, SEI Networks aims to enhance the overall trading experience for users and facilitate the seamless flow of digital assets across different applications and use cases.

With its emphasis on scalability, reliability, and user experience, SEI Networks is well-positioned to serve as a foundational blockchain platform for the trading of digital assets. Whether it’s DeFi protocols, NFT marketplaces, gaming platforms, or other crypto-based applications, SEI Networks provides a solid infrastructure to support the exchange of assets and foster the growth of the broader crypto ecosystem.

SEI Token

The rise in popularity of EVM-compliant blockchains and the parallelization process is driving the growth of the sei Network’s SEI token. SEI token serves as the native cryptocurrency within the SEI  ecosystem, SEI token fulfills a variety of roles, which include:

  1. Transaction Fees: SEI token is utilized to cover transaction fees incurred on the Sei Network. These fees serve as incentives for validators and contribute to the network’s security.
  2. Staking: SEI tokens can be staked by users to accrue rewards and bolster the overall security of the SEI Network.
  3. Governance: SEI tokenholders possess the ability to actively participate in the governance of the SEI Network. This participation encompasses voting on proposals and the election of validators.

SEI token presents itself as a promising cryptocurrency with a diverse range of potential applications, positioning itself at the forefront of blockchain innovation tailored for trading purposes.

How To Configure Your Wallet To Begin Trading On The SEI Network

To trade tokens on the SEI Network, you would first need to connect your wallet to the SEI Network. Keplr is a popular browser extension wallet that can be used to interact with the SEI Network. 

 Ensure your Keplr wallet extension has been added to your browser as shown below:

Keplr wallet

Once connected to your Keplr wallet, go to Keplr using the extension on your Chrome browser, click on the hamburger sign in the top left corner, and select “Manage Chain Visibility”: 

Chain visibility

Click on the search bar, next type in SEI, Enable it, and Save it:

Choose SEI network

How To Buy And Trade SEI  On Centralized Exchange Platforms

To embark on the journey of acquiring SEI, one can explore various prominent exchanges where SEI is listed. Platforms such as Binance, Kucoin, and COINEx offer a convenient gateway for purchasing SEI.

  1. Create or log in to an account with any of the exchanges listed above.

  2. Deposit Funds: After logging in, using the image below click on “deposit” to deposit funds into your account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.

  3. Navigate to SEI Trading Page: Once your account is funded, go to the dedicated SEI trading page or type “sei” in the search bar for easy navigation.  Here, you can find various trading pairs with SEI tokens.

    SEI EXCHANGE

  4. Choose a Trading Pair: Select the desired trading pair that matches SEI with another cryptocurrency. For instance, you may choose SEI/USDT if you wish to trade SEI against USDT (Tether).
    USDT buy
  5. Specify the Purchase Amount: Determine the quantity of SEI tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.

  6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. By following these comprehensive steps, you can easily trade SEI on CoinEx, taking advantage of the available trading pairs.

Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops

Once you’re done, go to your Keplr wallet, click on Deposit, and copy your SEI wallet. Then go over to your centralized exchange account, click on Withdraw, and then send your SEI tokens to your Keplr wallet address you copied earlier. (Always double-check to make sure you have the correct wallet address).

The SEI network is quite fast so the tokens should arrive in your Keplr wallet in a matter of minutes. As soon as the SEI tokens arrive in your wallet, you’re ready to start trading tokens on the network.

How To Trade Tokens On SEI Network Using Keplr Wallet

To start trading on the SEI network, navigate to the Astroport decentralized exchange (DEX). Visit the site’s homepage and click on “Start Trading” as indicated in the top right corner in the image below:

Astroport SEI network

The next step is selecting the SEI Network and clicking on the “Connect Wallet” option on Astroport at  the top right corner as illustrated below:

Connect wallet

Connect to your preferred wallet, in this case, it’s Keplr wallet:

Connect Keplr wallet

Once connected and the SEI network is enabled you can now trade on the SEI network by navigating to the DEX (decentralized exchange) in this case using Astroport and selecting the token pair you wish to trade.

You can search for the token you want to trade using the name or the contract address obtained from the project’s website or official social media handles. Select the amount of SEI tokens you want to convert to the new token and click “Swap.”

Astroport swap

Once the transaction has been confirmed, your tokens will be transferred to your connected (Keplr) wallet. Rinse and repeat to buy and sell tokens on the SEI network. 

Tracking SEI Token Charts

Users can also utilize Coinhall to check charts, providing valuable market insights. Coinhall offers two distinct advantages: comprehensive charting tools that provide in-depth market analysis, and real-time access to valuable insights for making informed trading decisions.

Coinhall SEI token charts

Conclusion

SEI network offers a fast, efficient, and cost-effective platform for buying and trading tokens. With its optimized infrastructure, SEI can handle large transaction volumes quickly and at low fees. It is the first sector-specific Layer 1 blockchain, specialized for trading to give exchanges an unfair advantage.

The SEI token has been able to maintain strong investor support on their platforms including a seven-day rally leading to over 43% surge. The network’s features, such as its speed, frontrunning protection, twin-turbo consensus mechanism, and native matching engine, make it an attractive choice for trading enthusiasts.

SEI’s native cryptocurrency, SEI token, serves various purposes within the ecosystem, including covering transaction fees, staking for rewards, and participating in governance.

SEI price chart from Tradingview.com (DeFi trading)

Top 5 Events That Shook Up The Crypto Industry In 2023

In the year 2023, the crypto industry witnessed a series of events that left a long-lasting impact on the crypto landscape. From the start of the Spot Bitcoin ETF mania to the increase in regulatory enforcement on major crypto organizations, 2023 was nothing short of a rollercoaster ride for crypto enthusiasts and institutional investors alike. So here are the top 5 events that shook the crypto industry to its core in 2023.

Blackrock Spot Bitcoin ETF Rocks Crypto

The world’s largest asset management company, BlackRock was the first major traditional investment firm to apply for a Spot Bitcoin Exchange Traded Fund (ETF). BlackRock submitted its application for a Spot Bitcoin ETF to the United States Securities and Exchange Commission (SEC) on June 15, 2023. 

Following the asset management firm’s application, various companies like Grayscale, Ark Invest, WisdomTree, VanEck, and others followed suit. Despite consistent approval delays by the US SEC, BlackRock utilized the time to revise its Spot Bitcoin ETF filing, incorporating cash redemptions to improve the fund’s approval odds. 

Sam Bankman-Fried Fraud Conviction

Founder and former CEO of failed crypto exchange, FTX, Sam Bankman-Fried was found guilty of all seven counts of fraud, conspiracy, and money laundering on November 2, 2023. 

The 31-year-old billionaire was convicted unanimously by the jury for misappropriating billions of dollars of customer funds and defrauding lenders to subsidiary company, Alameda Research. Bankman-Fried could potentially face a maximum of 115 years in prison. His sentencing date is scheduled for March 28, 2024. 

CZ Resignation From Binance Causes A Stir In Crypto Community

One of the most shocking events of 2023, saw the founder of Binance, Changpeng Zhao officially stepping down from his role as the CEO of Binance on November 21, 2023. 

The former Binance CEO pleaded guilty to breaking US anti-money laundering laws and resigned as part of a $4.3 billion settlement by the United States Department of Justice (DOJ).

CZ has also been restricted from leaving the United States until his court case is over as the court believes his vast resources make him a potential flight risk. And returning to Dubai which does not share an extradition treaty with the US could make things problematic.

Crypto total market cap chart from Tradingview.com (Crypto events)

XRP Ruling In SEC Case

Coming as a major victory in a three-year-long legal battle between Ripple and the SEC, US District Judge Analisa Torres ruled in favor of Ripple on July 13, 2023. The ruling declared that programmatic sales of XRP did not qualify as a security. 

This decision offered much-needed regulatory clarity for XRP, enabling the cryptocurrency to resume trading on major crypto exchanges that had delisted it during the SEC’s 2020 lawsuit.

Grayscale And Coinbase Rage Against The SEC

On August 29, 2023, world-leading crypto asset management company Grayscale won its lawsuit against the US SEC. The D.C. Circuit Court of Appeals gave a final ruling to the regulatory agency to terminate its rejection of the asset management’s Spot Bitcoin ETF application. 

On a similar note, Coinbase, one of the largest US crypto exchanges, filed a lawsuit against the SEC in April 2023 aiming to compel the regulator to provide regulatory clarity for the crypto industry. 

Subsequently, the SEC sued Coinbase on June 6, 2023, alleging that the crypto exchange had violated securities laws by operating as an unregistered broker. As a result, Coinbase formally requested the court to dismiss the SEC’s case against it. However, the case is still ongoing.

The Crypto Bulls Are Back: Digital Asset Inflows Cross $103 Million In One Week

Inflows into crypto investment funds have resumed after a brief hiatus two weeks ago, as evidenced by CoinShares’s latest analysis. According to James Butterfill, Head of Research at CoinShares, digital assets saw a net inflow of $103 million last week, as the wider crypto industry went through a few days of bullish sentiment. This is particularly exciting, as it signaled a change from the net outflows in digital asset investment funds witnessed two weeks ago. 

Crypto Fund Inflows Surge To $103 Million

Crypto asset investment funds witnessed a minor net outflow of $16 million two weeks ago, bringing an end to 11 consecutive weeks of inflows since September. However, according to a social media post by Butterfill, these investment funds attracted a $103 million net inflow last week. As expected, Bitcoin, again, led the charge, attracting 85% of the total inflow. Bitcoin saw an inflow of $87 million last week, bringing its total net inflow this year to $1.758 billion. 

Ethereum led the altcoin market with a net inflow of $7.9 million, bringing its total net inflow this year to $23 million. Solana followed suit with a $6 million net inflow. At the time of writing, Solana’s total inflow this year stands at $162 million, reflecting the better sentiment Solana has seen with institutional investors this year. 

On the other hand, Litecoin and Avalanche investment products were the only ones registering a net outflow during the week, with $0.4 million and $2.6 million respectively.

In terms of geographical location, Germany had the most inflows with $41.6 million, Canada with $25.8 million, USA with $20.4 million, and Switzerland with $15 million. On the other hand, Sweden had a net outflow of $8.7 million. 

Total assets under management now stand at $52 billion, representing 31% of the entire crypto market cap of $1.65 trillion. Most of this is traded in the United States, with US-based investment funds holding $37.8 billion worth of assets under management.

Crypto total market cap chart from Tradingview.com

State Of The Market

Investment in digital asset funds is largely tied to the sentiment among the spot market prices. As a result, the net inflows last week were a mirror of the price surge led by Bitcoin, with the crypto crossing over $44,000 multiple times during the week. Bitcoin has since corrected and is now trading at $42,390.

Ethereum’s lead in the altcoin market has been overshadowed by Solana since October. The crypto is up by 53% in a 7-day timeframe, hitting a yearly high of $124.92 on Christmas day. At the time of writing, Solana is trading at $114.  

Crypto Expert Delivers Top 8 Altcoins To Buy On Binance

As the crypto market enters into what could be considered to be another bull market, one analyst known as MacnBTC has come forward to give a list of altcoins that could do well going forward. The list includes altcoins currently listed on the largest crypto exchange in the world, Binance, making them very easy to get.

The Top Altcoins To Buy On Binance

Thorchain (RUNE)

Appearing at the top of the list is RUNE, the native token of the THORchain network. The decentralized cross-chain liquidity protocol has been garnering a lot of public attention, rising from as low as $0.789 to as high as $7 in 2023.

Chainlink (LINK)

Next on the list is Chainlink’s native LINK token which powers its decentralized oracle network. Chainlink has been touted to be at the forefront of asset tokenization, putting it at the helm of a potential $30 trillion sector.

Synthetix (SNX)

This decentralized liquidity provisioning protocol has continued to make its mark in the decentralized finance (DeFi) world. It cuts across leading networks like Ethereum and Optimism, and Synthetix’s native token SNX is at the forefront of it.

ORDI (ORDI)

The ORDI token is one of the first to take advantage of an entirely new type of token creation in the crypto industry. Bitcoin inscriptions allow for the creation of tokens on the Bitcoin network and ORDI is already seeing a lot of success and adoption following this.

Venus Protocol (XVS)

Venus protocol is both a synthetic stablecoin protocol and an algorithm money market on the BSC network. With its asset lending and borrowing solution, its XVS token is already on the way to becoming one of the most recognized names in the DeFi industry.

SushiSwap (SUSHI)

SushiSwap is one of the leading decentralized exchanges in DeFi coming up in the midst of names such as Uniswap (UNI) (launching as a Uniswap fork initially). It is an automated marker maker that allows users to take advantage of smart contracts to create markets for their tokens. As a result, its native SUSHI token has garnered attention in the last few years.

SingularityNET (AGIX)

AGIX is the token for SingularityNET, a blockchain-based platform that allows users to enhance the capabilities of artificial intelligence (AI). Its token has seen adoption as it is required for users to buy and test a wide range of AI services.

Balancer (BAL)

This automated market maker on the Ethereum blockchain acts as a self-balancing weighted portfolio and liquidity provider. Using the BAL token, users are able to earn profits by contributing to Balancer’s customizable liquidity pools.

Crypto total market cap chart from Tradingview.com (Altcoins Binance)

Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally

Ethereum, the world’s second-largest cryptocurrency, has seen its recent rally come to a screeching halt as Ethereum (ETH) has erased all of its gains in the wake of the highly anticipated Shanghai upgrade. 

While many had high hopes for this upgrade, which promised to improve the network’s speed and scalability, the market seems to have reacted negatively to the news. 

This sudden drop in price has left investors wondering what the future holds for Ethereum, and whether or not it can recover from this setback.

Crypto Market Downturn Drags Ethereum Lower

At the time of writing, the price of Ethereum stands at $1,860.72 according to CoinMarketCap, but the past 24 hours have not been kind to the cryptocurrency, as it has seen a slump of 4.05%. 

The past week has been even more unforgiving, with Ethereum experiencing a significant drop of 11.02%. The once high-flying cryptocurrency is now left to wonder what caused this downturn and whether it can regain its vigor in the days and weeks ahead.

In recent days, the cryptocurrency markets have been displaying signs of fragility, largely due to anxieties about persistently high inflation, fluctuations in the stock market, and the looming threat of an economic recession, which have all contributed to dragging prices downward. 

Against this backdrop, Ethereum has been experiencing a steady decline since Tuesday, a trend that has been mirrored in the wider cryptocurrency market. 

Bitcoin, for instance, has suffered a drop of over 3% in the past 24 hours alone and has fallen by more than 10% from its recent peak above $30,000, currently trading at just around $27,346.

ETH Price False Breakout Of Local Support Level: Potential Bounce-Back?

Despite a recent fall, the price of ETH experienced a false breakout of the local support level at $1,896. However, a daily closure far from the $1,900 mark may trigger a bounce back toward the $1,920-$1,930 zone tomorrow.

On a larger time frame, the situation for Ethereum remains bearish, with the bar on the verge of closing below yesterday’s low at $1,913.60. If this happens, there is a high likelihood of further decline towards the next significant support level at $1,846, a scenario that may play out until the end of the week.

Looking ahead from a midterm perspective, Ethereum’s price has retreated to the middle of a wide channel, with sellers taking control as the price remains below the crucial $2,000 mark. 

This indicates that the cryptocurrency may face continued pressure and struggle to regain its bullish momentum.

Tornado Cash Suffers 13% Bear Hit, Will Parole Save Price?

Tornado Cash token (TORN) is trading on a negative 13% in today’s trade session, canceling its previous day’s gains and rally, which saw the token rise close to the $12 mark. Coinmarketcap data reveals the token to be trading at $8.77 at the time of writing, a significant drop from where it was in price yesterday.

The TORN token and its decentralized mixing service platform became controversial when its developer, Alexey Pertev, was arrested mid-last year allegedly for money laundering. However, news about the possible jail release of Alexey circulated the industry yesterday, April 20, and created a rally for the TORN token.

Tornado Cash Developer Set To Be Released On This Date

According to a recent report, the developer of the TORN token, Alexey Pertev, is expected to be released on April 26, 2023, after spending nine months in detention without trial.

The news of his potential release came yesterday when the crypto markets were declining. However, the Tornado Cash token reacted to the news of Alexey’s release and defied market conditions by displaying bullish price action.

While the rally drew investors’ attention, the token could not continue its upward movements today despite positive price speculations by crypto experts and analysts.

Alexey Pertev, who is set to be released next Wednesday, will await trial from his home as ruled by a court in the Netherlands.

Upon his release, electronic monitoring devices such as an ankle bracelet will be installed on him and other monitoring devices in his home, according to the report.

At the time of writing, the TORN token is currently ranked among the top 3 losers in the cryptocurrency market. Alexey Pertev’s release date is approaching, and we may witness Tornado Cash reacting in price as it did with the news about his release.

 

Tornado

 

Bitcoin Price Impact On TORN Token

Bitcoin is on its 3-day bearish candle, failing to break the resistance slightly above the $30,000 price region. BTC price lost momentum after its previous week’s rally and failed to hold the key support level at $29,200.

Today’s trading session saw Bitcoin falling below $28,000 after it failed to hold $28,600 key support. BTC price fell to a 24-hour low of $27,815 but is now slightly back above the $28,000 price region.

Some Altcoins, including the Tornado Cash token, have brutally suffered from the Bitcoin price dump and are still yet to recover. However, a healthy recovery for Bitcoin price will be a good turning point for Tornado Cash as Altcoins are known to react to BTC price movements.

Tornado

 

Zilliqa (ZIL) Price Soars As Network Unveils Impressive Performance

Amid the bearish trend that suppressed several coin prices, including Bitcoin, the Zilliqa token emerged among the gainers. Zilliqa secured first place among top-gaining coins in the bearish cryptocurrency market with a 9% uptrend over the past 24 hours.

This price move follows a network performance statistics update shared by a Twitter community member @inna_everstake. According to stats, Zilliqa reached a new milestone in network addresses and daily transactions.

Zilliqa Hits Milestone In Network Activity

Zilliqa is a permissionless public blockchain that offers high transaction throughput. It aims to improve blockchain scalability and speed using sharding as a layer2 scaling solution. 

The Zilliqa network relies on shards to solve scalability issues. Each shard processes transactions independently. The number of transactions increases as the Zilliqa network grows and the number of shards increases.

Related Reading: Shiba Inu (SHIB) Price Momentum Screeches To A Halt: What’s The Outlook?

The recent network performance statistics suggest the Zilliqa network is rapidly growing and has gained more traction. According to the update, Zilliqa recorded 4,582,116 addresses with 47,937,935 transactions and over 5.5 billion staked ZIL tokens. 

The statistics are incredible, given Zilliqa’s position in the cryptocurrency market compared to other Smart Contract platforms like Cardano, Ethereum, and Solana. Another notable fact is that the total addresses recorded participate in active daily transactions.

Zilliqa’s improved performance could be due to the increasing number of new developers coming to build on the network. The Zilliqa ecosystem has been active in running innovative programs that attract new Web3 developers, which is why the network addresses and transactions skyrocketed.

ZIL Price Outlook Amid The Boost In Network Performance

Zilliqa is among the coins with the most dynamic price movement this year. Zilliqa opened in 2023 at $0.01585 but gradually rallied to its current price of $0.0331, a notable increase amid slight pullbacks.

Zilliqa (ZIL) Price Soars As Network Unveils Impressive Performance

Although ZIL is still 87.33% down from its all-time high price of $0.2563, recorded on May 6, 2021, it has improved considerably since 2020. 

ZIL’s price is over 1,210% higher than its all-time low of $0.002477 on March 13, 2020. At press time, ZIL is trading at $0.331, a 9% price increase from the April 20 closing price of $0.03015.

Related Reading: OKB Tallies 24% Increase But Active Addresses Fail To Keep Pace – Here’s Why

Even ZIL’s trading volume has increased by over 38% from $116.69 million on April 20 to $190.71 million today, April 21. That could be a further confirmation of increased network activity. 

ZIL also recorded a nearly 11% price gain over the past seven days when coins like Bitcoin and Ethereum gave up theirs. The token now has over 12% price increase in the last two weeks.

From the technical perspective, ZIL’s market sentiment is bullish, with the oscillators and moving averages flagging a strong buy signal.

Featured image from Pixabay and chart from Tradingview

OKB Unfazed By Crypto Market Bloodshed, Rallies 22% Today

OKB, the native cryptocurrency of the OKX exchange, is defying the odds in the midst of the current crypto market downturn, registering an unexpected surge in price and demand. 

Despite the latest turbulence in the crypto industry, OKB has managed to maintain its bullish momentum. This sudden upswing has caught the attention of investors and crypto enthusiasts alike, who are now scrambling to jump on the OKB bandwagon. 

But what is behind OKB’s remarkable resilience in the face of a bleeding crypto market, and what does this mean for the future of the cryptocurrency?

OKB Continues To Defy Crypto Market Trends With Impressive Rally

According to CoinMarketCap, OKB is currently trading at $52.98, up an impressive 12.34% in the last seven days. This surge in price has left many investors and analysts curious about the factors contributing to OKB’s bullish momentum, especially given the overall downward trend of the crypto market in recent weeks. 

The crypto market is currently facing a bleak state, with leading crypto Bitcoin struggling to reclaim the $30,000 mark and Ethereum falling below $2,000. 

Despite multiple attempts by Bitcoin to break past the crucial $30,000 resistance level, it has remained unsuccessful in doing so, resulting in a dip in investor confidence. 

Ethereum, on the other hand, has been facing its own set of challenges, with a drop in demand and increasing concerns about network congestion. The overall market sentiment has been bearish, with many investors pulling out of the market in anticipation of further price drops. 

Fundamental Factors Behind OKB’s Bullish Momentum

Meanwhile, OKB’s latest surge cannot be solely attributed to technical analysis, as fundamental factors played a significant role in its growth. Two key factors can be identified, the first being the announcement of the SUI blockchain and its integration with OKX

OKB holders will have the opportunity to purchase SUI tokens at a discounted rate, which has led to a significant increase in trading volume. 

The second factor driving OKB’s price is the upcoming launch of OKBChain, an L2 chain on Ethereum that will utilize ZK technology. The new chain will feature OKB as the token for gas fees, solidifying its role in the OKEx ecosystem. 

These fundamental developments have contributed to the resilience of OKB in the face of the current market downturn, and investors are closely watching to see how they will impact its future price trajectory.

As the crypto market continues to evolve and adapt, it will be interesting to see where OKB’s price trajectory is headed.

-Featured image from Blockchain News

Shiba Inu Gets Stuck In Price Range – Will SHIB Break Free?

Shiba Inu (SHIB), the beloved meme-inspired cryptocurrency, is feeling the heat as the entire crypto market bleeds red on April 21. But unlike some of its peers, Shiba Inu seems to be stuck in a price range, leaving investors wondering if it’s the calm before the storm or the new normal. 

When a cryptocurrency, or any asset, is stuck in a price range, it means that it has been trading within a specific range of prices for an extended period of time, with little upward or downward movement.

As the digital asset struggles to break free from its current slump, the question on everyone’s mind is: will Shiba Inu’s bark ever match its bite?

Shibarium Beta Progress A Ray Of Hope For Shiba Inu

Shiba Inu’s dedication to growth and innovation is on full display with the recent public release of Shibarium beta’s documentation and continued project developments. 

However, while the platform is making strides forward, SHIB’s price remains stagnant, as the market remains hesitant and uncertain. Despite Shiba Inu’s best efforts to expand their ecosystem and improve its capabilities, its fortunes have taken a recent hit, with the cryptocurrency experiencing a 2.30% drop in just 24 hours and a 6.84% slump over the past week, as reported by CoinMarketCap.

SHIB Burning Sees Mild Growth, Whale Trading Activity Down

As the price of Shiba Inu takes a much-needed breather, the total number of SHIB tokens being burned has seen mild but consistent growth. Within the last 24 hours alone, over 5.2 million SHIB tokens were burned, indicating that the community is taking steps to regulate the token’s supply. 

Shiba Inu’s impressive performance hasn’t gone unnoticed either, as the cryptocurrency has been on a rampage for the better part of the week.

The meme coin’s network activity reached a new high at the end of March, with nearly 36,000 SHIB addresses transacting on the network.

According to crypto-analyst Ali Martinez, citing Santiment data on Twitter, this was the highest daily surge in active addresses recorded in 2023, setting a record high for network activity since the beginning of the year.

However, despite the launch of the highly anticipated Shibarium L2, whale trading activity has continued to decline. This suggests that the market’s largest players may be sitting on the sidelines for the time being, waiting for the right moment to make their move. 

As the price of SHIB remains stagnant, it remains to be seen how these developments will impact Shiba Inu’s overall trajectory in the long run.

What’s Next For SHIB?

As Shiba Inu navigates through a period of uncertainty, it’s worth examining what the future holds for the cryptocurrency. While the recent Shibarium L2 launch and increased network activity have been promising developments, whale trading activity has continued to decline. 

This could be an indication that the market’s largest players are adopting a wait-and-see approach, looking for more clarity and stability in the market before making any significant moves.

-Featured image from Jake A Carlson

Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.

On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.

Shiba Inu Observes Highest Rise In Burn Rate - Is This Normal?

Why Is SHIB Burn Rate Increasing?

In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday.

According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens. 

Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down.

For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.

Increase In Shiba Inu Burn Rate, Does It Signify The Normal?

Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges. 

This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit. 

New SHIB Whales Emerge – What’s Next?

While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.

The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.

According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.

This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23.

So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.

Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.

Featured Image From Pixabay Kevin_Y, Chart From Tradingview

AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?

The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022. 

However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year. 

 With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. 

The Gist Of The Proposal & On-Chain Developments

Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.

This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol. 

The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked. 

At $86.02, What’s In Store For AAVE? 

The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started. 

Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70. 

Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.

As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground. 

With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.

Featured image by Kanalcoin.com

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development comes after increased scrutiny following the collapse of FTX and Terra Luna in 2022. 

In a press release on January 27, the White House put forward a comprehensive roadmap designed to protect investors and hold bad actors accountable. The roadmap highlighted several measures for more effective regulations in the crypto industry. 

A Two-Pronged Approach By U.S. Government

The U.S. government revealed that it had spent the past two years identifying the risks of cryptocurrency and finding ways to mitigate them. To ensure these measures are implemented, the White House intends to utilize a two-pronged approach. 

Firstly, the U.S. government has developed a framework for individuals and organizations to safely and responsibly develop digital assets. This includes addressing the risks they pose as well as highlighting poor practices within the crypto industry. 

Secondly, agencies have been mandated to increase enforcement and develop new regulations where needed. While there’s an increase in public awareness programs designed to help consumers understand the risks of buying cryptocurrencies. 

Related Reading: US Federal Regulators Warn About Crypto Activities

The White House also pointed out that Congress had a major role in expanding regulators’ powers and passing transparency laws for cryptocurrency companies. It also warned about passing legislation that would reverse the current gains and tie cryptocurrency with the U.S. financial system. 

In addition, the government intends to commit significant resources toward digital assets research and development, and this would help technologies power digital currencies and protect investors by default.  

Crypto Industry Still Reeling From FTX Collapse

The crypto industry is still recovering from the bearish markets resulting from several CeFi platforms’ high-profile collapses. 3AC, Voyager, BlockFi, and FTX were among the top platforms to file for bankruptcy, with the quartet holding more than $100 billion in assets. 

The nature of FTX collapse brought about increased scrutiny of the crypto industry. Congress testimonials exposed the risk-averse nature of crypto companies’ executives as details emerged that Sam Bankman-Fried misused clients’ funds through his trading firm Alameda Research. 

BTCUSDT_2023-01-28_13-35-57

The ripple effect was massive as several individuals and firms exposed to the platform suffered huge losses, with some companies forced to shut down. These events caused concerns and reactions from within and outside the crypto space. It is, therefore, unsurprising that the U.S. government is looking to tighten its grip on regulations. 

Related Reading: Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

Months after the FTX crash, there’s still increased skepticism about the crypto industry. There’s an increase in the amount of bitcoin withdrawn from exchanges, and earlier this month crypto bank, Silvergate revealed that clients withdrew almost $8 billion of their crypto deposits. 

Featured image from Pixabay, chart from TradingView.com

Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal

Federal prosecutors of the Southern District of New York overseeing the current case against Sam Bankman-Fried, the disgraced founder and former CEO of FTX, want the court to impose tighter bail conditions on the defendant.

SBF Using Signal

Based on their investigations, they discovered that Sam Bankman-Fried, also known as SBF, had messaged the general counsel of FTX US via Signal. 

Signal is a messaging app similar to WhatsApp. The platform offers instant messaging across platforms, allowing people to communicate privately. Signal creators’ primary focus is on security and privacy. The application is run as a non-profit managed by a foundation. Over 40 million people use it, and per court filings, SBF is one of them.

Investigators said messages sent to the general counsel of FTX US, an individual who can be a potential witness in the ongoing criminal case against SBF, were “suggestive of an effort to influence a witness’ potential testimony.” 

On January 15, SBF, prosecutors say, messaged the general counsel asking if they could “reconnect” and “if there’s a way for (for them) to have a constructive relationship, use each other as resources.”

Investigators claim these messages are concerning because, considering the nature of the current investigation, the general counsel might have access to information that might help indict the defendant. 

For his action, federal prosecutors are asking the overseeing judge to prevent SBF from communicating with former employees and to stop using Signal. His continued communication would be contrary to the bail terms.

Even in his house arrest, the former CEO continues to receive visitors. For instance, there are reports that author Michael Lewis visited SBF. He is writing a book about the crypto entrepreneur.

The Collapse Of FTX

SBF managed FTX, an exchange that was at one point one of the most liquid in the world, only after Binance and Coinbase, since launch. However, it later emerged that through Alameda Research, SBF was misusing user funds to recklessly trade, invest in crypto projects, and donate to U.S. political parties.

Falling crypto prices also accelerated the collapse.

Bitcoin Price on January 28

Following the collapse of FTX and the revelation of the extent of SBF’s misappropriation, U.S. authorities are charging the 30-year-old with, among others, money laundering, fraud, and campaign finance violation.  

SBF is out on a $250 million bond and has pleaded not guilty to all the charges against him. Apart from the various interviews he did earlier before his arrest, it has emerged that the former CEO has begun mounting a defense of his own. Recently, it was revealed that he had been laying out his turn of events leading to the collapse of FTX on Substack, a media platform.

Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is suspending dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022.

In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its “5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A” to preserve capital. 

Focus On Liquidity

The crypto bank said its primary focus is maintaining a highly liquid balance sheet with a strong capital position. This will give it an advantage as it navigates the high volatility in crypto. The move means the crypto bank will have more capital than customers’ digital assets.

The bank’s board of directors will re-evaluate the payments of quarterly dividends depending on market conditions evolve. 

There was no official comment from any of Silvergate’s executives.

The high volatility in crypto saw prices peak at around $70,000 in November 2021 before plunging to $15,300 in November 2022.

Bitcoin Price on January 28

Losses were due to several macroeconomic factors and crypto-related events. The shift in monetary policy saw central banks hike interest rates to tame runaway inflation. 

In return, this change saw capital flow in the other direction, away from what investors would ordinarily label as “risky”, including crypto and stocks, to safe havens like bonds and gold. 

Silvergate Forced To Take Bold Steps 

The collapse of several CeFi platforms, first 3AC, Voyager, and BlockFi, before FTX said it was halting withdrawals and eventually filing for Chapter 11 bankruptcy protection, broke the markets. In the aftermath, crypto assets capitulated, with Bitcoin sinking to 2022 lows. 

At one time, FTX was valued at over $32 billion. It later emerged that Sam Bankman-Fried misappropriated clients’ funds through the exchange’s related trading firm, Alameda Research.

The risk to safety from investors spilled over to Silvergate, stretching the crypto bank. On January 17, Silvergate posted its financial statements with the United States Securities and Exchange Commission (SEC), saying they posted a loss of $949 million in 2022. This was a sharp reversal in fortunes considering the bank made $75.5 million in profits in 2021. 

Early this month, Silvergate clients withdrew almost $8 billion of their crypto deposits. Reports indicate that roughly 66% of the bank’s clients pulled out their coins in the last three months of the year. Subsequently, the bank was forced to sell $5.2 billion of its assets to cover costs and remain liquid amid the industry’s rapid changes.  

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

The conditions of the cryptocurrency market have changed drastically; according to an analysis by QCP Capital, the options market in its current state makes the crypto industry look like a major crisis, such as the shutdown of crypto exchange FTX after filing for bankruptcy, never happened.

Trading desk QCP Capital published observations on the crypto industry, revealing some key points to consider for the coming months.

The Crypto Market Comes Back To Life

QCP’s analysis points out that Bitcoin (BTC) risk reversals have been trading in positive territory over the past week, which tells us that calls (buys) have been more expensive than puts (sells) since 2021 across multiple tenors.

This is unusual for the sector as BTC typically has a persistent put skew, mainly due to miner/treasury hedging activity. The chart below depicts this market behavior and the bullish sentiment impacting the options sector.

Put skew drives the price of puts higher and calls lower. This difference in pricing between options is called skew and, under normal circumstances, puts trade with higher volatility than calls precisely because investors are hedging some of their bullish positions.

For the trading desk, this means that the sentiment in the cryptocurrency market has shifted from bearish to bullish, a culmination of what has been happening in the macro market and the slight recovery in the economy.

Bulls Might Get Their Hearts Broken On Valentines Day

Ethereum’s (ETH) implied volatility (IV), which represents the expected volatility of a stock or currency over the option’s life, has fallen, indicating complacency as the market prices out fears of a price collapse, according to the analysis.

Crypto

The enthusiasm in the market can be measured by the amount of “fear of missing out” (FOMO) that has set in, with many chasing prices and the top by buying high delta calls and going long in the spot market over the past week.

With the upcoming “Big Bad” Federal Open Market Committee (FOMC) meeting, the trading desk expects the market to be more cautious and conservative.

According to QCP, the following potentially problematic date will be February 14th, when the following CPI report will occur, which can potentially “break the heart of the bulls.”

For QCP, this is the same scenario the market experienced in December. Similarly, the price may experience a topside breakout characterized by a highly sharp and violent movement.

Bitcoin is currently trading at $23,200 and seems to be paving the way for the conquest of new levels. It has gained 0.7% in the last 24 hours and 10.3% in the last seven days. Bitcoin is trying to break the next obstacle represented by the $24,400 level.

Crypto BTC BTCUSDT ETH ETHUSDT

Ethereum is trading at $1600, up 0.3% in the last 24 hours, with sideways price action. The next resistance wall is at $1,691, a zone the bulls have not visited since September 2022. Ethereum has gained 3.8% in the last seven days.

Crypto ETH ETHUSDT Bitcoin BTC BTCUSDT

Cover image from Unsplash, charts from Tradingview.

What Is Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?

Last year, NUCypher and KEEP Network merged and created the Threshold Network, a decentralized organization that addresses the myriad of privacy and security concerns in the blockchain space. Its utility and governance token, T, has been on the rise since the start of 2023 as the network produced more buzz.

The coin is up 146% in the weekly, becoming the biggest gainer in the top 100 crypto list of CoinMarketCap today. 

On-Chain, Off-Chain Developments List Threshold

On January 26th, centralized exchange CoinBase announced the support for the Threshold token. This listing would enable the token to gather momentum in the retail investor space. The dev team is also focused on developing its tBTC project, a way for Bitcoin holders to use their coins on Ethereum-based DeFi.

According to Threshold’s blog post earlier this week, the network’s early launch of its  Bitcoin-Ethereum bridge was a response to the recent developments in the world of bridging the two major cryptocurrencies. 

A Quick Definition Of Threshold (T)

The T token is a cryptocurrency that serves multiple purposes, including making payments, influencing the direction of the project through voting, and staking for interest and other incentives.

It is one of the most significant Web3 initiatives because of the cross-chain element of the network and the privacy and access control features it employs.

Threshold is not your normal cryptocurrency, as it does not want to make its users wealthy through trading and investment, nor does it strive to ensure that transactions are completed in the quickest possible time.

Although it does not provide NFTs or a metaverse, it does come with a number of DeFi features.

What Does This Mean For Threshold (T)?

The token has reached new highs after the CoinBase listing announcement. Threshold is currently trying to break above $0.064 which it has been unsuccessful in doing so. Threshold is supported at $0.042, the same support level that has not eased the May to June crypto market crash levels. 

If the token suffers a correction phase, T might revert back $0.033 support which could possibly blunt a bearish market movement.

At the time of writing, T holders are realizing gains despite the token’s bullish momentum showing signs of easing down.

In the short to medium term, investors and traders of the token should expect volatility to enter the market if the token ends today unable to inch up to its desired targets. Meanwhile, as this scenario might play out, Bitcoin is attempting to breach the $23k resistance. 

If BTC breaches through this resistance, Threshold can rely on its somewhat high correlation with the king crypto to boost gains.

-Featured image by Aviationist

Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin?

Dogecoin, the original memecoin of the crypto industry, has not seen a monumental rise in price unlike other altcoins of late. According to CoinMarketCap, DOGE has only risen 5.56% in the past week with its biggest gains seen in the monthly time frame. 

At its current market cap of $11.3 billion, the token is surpassed by other altcoins in terms of growth. However, DOGE still remains a dominant force in the world of memecoins as it has been for a long time. 

DOGE Compared To Other Memecoins

Compared to its peers, Dogecoin is still a popular choice for investors in the crypto industry. In terms of market cap, the token dominates SHIB by a wider margin. Even with Shiba Inu disrupting DOGE’s dominance, it still has a long way to go for SHIB to be level with DOGE. 

However, Shiba Inu has been distancing itself from its memecoin past. With Shibarium around the corner, we might see SHIB gain more dominance in space. Since last year, Dogecoin has been silent in the development space with the only spike in activity being the October 2022 upgrade of the token’s wallet. 

But external developments still favor DOGE. According to recent news about Tesla’s financials, the company has not bought or sold Bitcoin for two consecutive quarters. Despite this, the company still only accepts DOGE for crypto payments. This gives DOGE some real life utility as a form of payment.

However, with the electric vehicle industry facing a tougher time right now, we might see DOGE perform poorly compared to other memecoins, or altcoins in that matter, in the foreseeable future. 

Sideways Movement Continues For DOGE

As the time of writing, the price movement of DOGE has stagnated and started to oscillate above and below $0.08. Analysts are bullish about the coin’s short to medium term growth with the target set at $0.118. 

However, Dogecoin bulls should lower their expectations as the previous few weeks shows. DOGE, even with strong correlation with Bitcoin and Ethereum, only grew by 11% which is comparably lower than other altcoins who are in the top 100 list.

Now that Bitcoin and Ethereum have hit their respective price ceilings, Dogecoin will have a harder time to rally in price in the medium to long term. Short term, we might see DOGE bulls break the deadlock and gain ground above $0.093. 

But caution should be exercised as the stagnant nature of the current price movement could also be the start of a strong bearish market movement.

-Featured image by Money