Over the weekend, Bitcoin experienced a significant downturn, approaching $60,000 on March 17, amidst ongoing selling pressure.
The cryptocurrency’s value dropped to new lows of $64,522 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView, following a week of achieving record highs.
This decline was marked by a series of lower lows and unsuccessful recovery attempts, with the sell-off accelerating ahead of the anticipated weekly candle close.
Skew, a noted trader, analyzed the market, highlighting potential buying zones between $60,000 and $64,000 on major trading platforms.
The trader pointed out on X that “Majority of the selling has been driven by takers (market selling),” with significant spot selling observed from major exchanges like Coinbase and Binance since Bitcoin hit $74K.
Despite the sell-off, there was notable dollar-cost averaging at lower prices, contributing to temporary rebounds.
This latest correction represented a 12% pullback in Bitcoin’s bull market, a modest dip compared to deeper retracements in past cycles while maintaining the overall upward trend.
READ MORE: Shiba Inu Burns Millions of SHIB Tokens, Aiming for Rarity Amidst Price Volatility
With U.S. spot Bitcoin exchange-traded funds (ETFs) set to resume purchasing on March 18, optimism remained in the air among some market participants.
Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, commented on X, “Yes, this is Bear Trap,” expressing confidence in the influx of liquidity into Bitcoin ETFs and suggesting substantial future allocations from real money.
Fahrer’s remarks hinted at potential large-scale institutional investment in Bitcoin in the near future.
As the week neared its close, attention also turned to the Bitcoin futures market, specifically the gap in CME Group’s Bitcoin futures.
The futures market closed on March 15 at $69,135, creating a “gap” with the spot price that some believed could catalyze a market recovery, as has been observed historically.
This gap, nearly $4,000 wide, and the anticipation of renewed buying interest from ETFs and possibly institutional investors, offered a glimmer of hope for a bullish reversal in the coming weeks.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In the last 24 hours, the value of Pepe has experienced a significant drop of 17%, bringing its price down to $0.000007162, alongside a trading volume decrease of 20% to $1.54 billion.
This decline follows a period of gradual growth for Pepe, which hit a new all-time high (ATH) on March 14, before facing a sell-off in the meme coin sector.
After achieving a sharp increase that exceeded its prolonged consolidation range, Pepe’s price formed a bullish pennant pattern, usually indicative of potential continued upward momentum.
However, the price has recently seen a downturn within this pattern.
This was after hitting resistance at its ATH of $0.00001086, leading to bearish pressure that pushed the price toward Pepe Coin’s support level at $0.0000066.
Technical analysis shows Pepe’s price dropping below the 50-day simple moving average on the 4-hour chart, while bulls strive to maintain it above the 200-day SMA, now a key resistance level.
The Relative Strength Index (RSI) suggests a possible turnaround from the oversold condition, signaling a bullish outcome if momentum increases.
READ MORE: Hong Kong’s SFC Adds MEXC to Warning List Amid Crackdown on Unlicensed Crypto Exchanges
Despite facing resistance at its ATH, the presence of a bullish pennant hints at a potential price rebound and another bull run.
Nonetheless, if bearish trends persist, Pepe could fall to the pennant’s lower boundary at $0.00000661, or even further to a support zone at $0.00000389.
In parallel developments, the new virtual reality project, 5thScape, is nearing its $2.5 million funding target, with $1.45 million already secured.
This pioneering VR/AR mixed-reality platform aims to bring together leading minds and has promised to release several VR games compatible with popular headsets.
The project’s staking feature allows investors to earn rewards and access special features, supported by a liquidity pool that’s expected to grow with increased player engagement.
Crypto analyst Michael Wrubel has expressed optimism about 5thScape, predicting significant growth potential post-launch.
With the 5SCAPE token priced at $0.00215, investors are encouraged to act quickly before the price increases to $0.00248 in just over six days.
To participate in the presale, transactions can be made with ETH, MATIC, USDT, BNB, or directly with a bank card on the official website.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The pending spot Ether ETF applications have an 85 percent chance of being approved by the SEC in May, according to an analysis by My Betting Edge.
The analysis is restricted to the current pending Ether ETF applications in the US, and does not cover future applications that may be filed.
My Betting Edge also emphasized that these percentage odds are for at least one of the ETFs being approved, not all of them.
In early February, the U.S. Securities and Exchange Commission (SEC) postponed making a decision regarding a proposed spot ether (ETH) exchange-traded fund (ETF), a collaboration between Invesco and Galaxy Digital.
The new financial product aims to offer professional investors a direct avenue to invest in spot ether, providing an alternative to the current method of investment through ether futures listed on the Chicago Mercantile Exchange (CME), which has been one of the few options for regulated investors and funds in the U.S. to invest in the growth of Ethereum.
James Seyffart, an analyst at Bloomberg Intelligence, commented that the postponement by the SEC was anticipated.
Earlier in January, the SEC had also deferred its decision on a similar application by Grayscale Investments, which sought to transform its Ethereum trust product (ETHE) into an ETF, as well as on an application for an ether ETF by BlackRock.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The cryptocurrency market is witnessing significant fluctuations, particularly affecting meme coins, with Pepe’s value dropping by 14% to $0.00000898 as of 04:34 EST.
This downturn mirrors the broader market trends, as Bitcoin also sees a near 8% decline.
Meme coins, in general, are experiencing sharp drops, with Dogecoin and Shiba Inu each falling by 12%, and Floki Inu, previously a top performer, now facing a 17% reduction.
This market movement follows a notable shift away from meme coins, spurred by large investors moving their holdings to exchanges, signaling potential sales.
PeckShield’s report of Justin Sun transferring 7 billion FLOKI tokens to the Poloniex exchange underscores the sell-off.
The volatile nature of meme coins is highlighted by a statement from analyst @Coinmamba on X, comparing investing in them to a “modern-day Ponzi scheme.”
Despite the current market conditions, Pepe’s price finds some support at the 78.6% Fibonacci retracement level.
Technical indicators suggest the potential for further declines, with the Relative Strength Index (RSI) and Awesome Oscillator (AO) signaling a weakening bullish trend.
A breach below the 78.6% Fibonacci level could lead to further drops, potentially testing lower Fibonacci levels.
Conversely, a market rebound could elevate Pepe’s price, potentially surpassing previous highs.
READ MORE: Bitcoin Dips Below Weekly Lows Amid Market Optimism, Traders Eye Bullish Trends Despite Pullback
The meme coin Sponge V2, despite the market’s overall downturn, is capturing attention with promises of significant growth, buoyed by a successful predecessor and innovative features like a new staking model and a Play-to-Earn game.
Sponge V2’s upcoming listings on major exchanges and its impressive staking returns position it as a promising investment, according to experts and influencers like Jacob Bury.
Sponge V2’s revival, following an attack on its liquidity pool, includes a transition to the Polygon network and aims to capitalize on the meme coin market’s dynamics.
The project’s focus on absorbing liquidity and offering competitive annual percentage yields showcases its strategy to stand out in the crowded meme coin space.
The addition of a Play-to-Earn racer game further engages the community, offering $SPONGEV2 tokens as rewards for gameplay success, illustrating the project’s multifaceted approach to growth and investor engagement in the volatile cryptocurrency market.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In the dynamic cryptocurrency market, where trends and predictions play a crucial role in shaping investor behavior, a top analyst recently highlighted a new, promising crypto asset, signaling optimism for its future prospects.
This development comes as Pepe Coin (PEPE) and Shiba Inu (SHIB), two cryptocurrencies that have gained substantial attention and growth, gear up for further advancements, keeping the crypto community on the edge of their seats with anticipation.
Pepe Coin, drawing its name and branding from the widely recognized internet meme Pepe the Frog, has quickly become a favorite among both meme lovers and crypto investors, thanks to its meme-driven appeal and community-centric ethos.
This approach has led to a notable increase in its value, reflecting the growing demand for meme-based cryptocurrencies.
Shiba Inu, on the other hand, inspired by Dogecoin’s success, has carved out its niche in the market with its meme-infused identity and a decentralized ecosystem, garnering a dedicated following and significant market buzz.
As both PEPE and SHIB position themselves for their upcoming growth phases, investors are keenly observing potential catalysts that might propel these tokens to new heights, such as strategic partnerships, product innovations, or favorable market dynamics.
These developments could spark renewed interest and drive the prices upward.
Positioned for ongoing success, PEPE and SHIB’s unique offerings and active communities make them strong contenders in the fluctuating crypto landscape, ready to seize new growth opportunities and attract more investors.
Entering the scene with considerable promise is Retik Finance (RETIK), a decentralized finance (DeFi) platform poised for substantial growth, thanks to its innovative financial solutions aimed at bridging traditional finance and the crypto world.
Operating on the Ethereum blockchain, RETIK introduces a range of DeFi products and services, including DeFi debit cards, smart payment gateways, AI-driven peer-to-peer lending, and secure multi-chain wallets, prioritizing accessibility, security, and user experience.
READ MORE: UK Financial Watchdog Eases Path for Crypto ETNs, Keeping Retail Investors on the Sidelines
Analysts are particularly bullish about RETIK’s potential for the following reasons: the platform’s presale stages have shown a strong surge in demand, indicating its attractiveness as an investment; its suite of innovative DeFi solutions tackles major financial industry challenges, setting the stage for long-term market success; the platform enjoys robust community support, providing a solid foundation for future growth; and strategic industry partnerships enhance RETIK’s market presence and expansion potential.
Although predicting exact price movements is challenging due to market volatility, analysts are optimistic about RETIK’s potential for significant appreciation, fueled by its groundbreaking offerings, growing demand, community backing, and strategic alliances.
As PEPE and SHIB brace for further growth, RETIK stands out as a compelling investment opportunity in the DeFi sector, ready to leave a significant mark in the crypto market with its forward-thinking approach, strong community, and strategic collaborations.
Amid the uncertainties of the cryptocurrency world, RETIK emerges as a noteworthy player for investors eager to delve into the expanding realm of decentralized finance.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Prosecutors are advocating for a substantial prison sentence for Sam Bankman-Fried, the ex-CEO of the now-defunct cryptocurrency exchange FTX, after his conviction on fraud charges.
They propose a term of 40–50 years, in contrast to Bankman-Fried’s defense team requesting a maximum of six and a half years.
Bankman-Fried, who could face a maximum of 110 years, was found guilty on multiple charges, including wire fraud, securities fraud, and money laundering conspiracy, on November 2, 2023.
The government’s 116-page sentencing memorandum, delivered to Judge Lewis Kaplan on March 15, offers a thorough account of Bankman-Fried’s illegal activities.
The document emphasizes his scheme to make unlawful political donations, efforts to bribe Chinese officials, banking misconduct, attempts at shifting blame, and obstruction of justice.
Notably, Bankman-Fried was not extradited by the Bahamas for illegal political contributions or charged with bribing Chinese officials.
The memorandum sharply criticizes Bankman-Fried for not genuinely acknowledging his role in FTX’s collapse and the ensuing loss of customer funds, stating, “The defendant has failed to take genuine responsibility for his role in the collapse of FTX and the loss of customer funds.”
READ MORE: UK Financial Watchdog Eases Path for Crypto ETNs, Keeping Retail Investors on the Sidelines
Highlighting the gravity of his offenses, the memorandum argues for sentence enhancements and draws parallels between Bankman-Fried and other infamous financial criminals like Bernie Madoff.
It also includes personal accounts from victims, underscoring the significant distress caused by FTX’s failure.
Prosecutors believe a sentence within their recommended range would serve dual purposes: ensuring Bankman-Fried pays for his crimes while safeguarding society by preventing future fraudulent activities.
They also seek an $11 billion judgment against him, highlighting the financial magnitude of his crimes.
The decision on the final sentence rests with Judge Kaplan, who is not bound by the prosecution’s recommendation.
The sentencing is scheduled for March 28, marking a pivotal moment in the case against the disgraced cryptocurrency mogul.
This case not only underscores the severity of Bankman-Fried’s actions but also serves as a cautionary tale in the volatile world of cryptocurrency trading and investment.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Big Eyes Coin has been accused of scamming its investors following the conclusion of its pre-sale.
Big Eyes Coin is a project that has garnered significant attention within the cryptocurrency community, emblematic of a new wave of meme coins with a distinct focus not only on creating wealth but also on fostering community engagement and contributing to environmental sustainability.
Conceptual Underpinnings
At its core, Big Eyes Coin is a decentralized finance (DeFi) project built on the Ethereum blockchain, leveraging the security, transparency, and smart contract capabilities inherent to Ethereum. It distinguishes itself from other meme coins by adopting a cat-themed persona, which is a strategic deviation from the prevalent dog-themed coins such as Dogecoin and Shiba Inu. This choice reflects a broader strategy to tap into the immense popularity of cats in internet culture, aiming to attract a wide and diverse audience to its ecosystem.
Community and Cultural Impact
The essence of Big Eyes Coin lies not just in its financial mechanisms but significantly in the vibrant community it seeks to build and nurture. The project places a heavy emphasis on community involvement, with mechanisms in place for governance, charitable activities, and content creation. By fostering a sense of ownership and participation, Big Eyes Coin aims to create a self-sustaining ecosystem where community members are motivated to contribute to its growth and to the welfare of the broader community, including environmental conservation efforts.
The cultural impact of Big Eyes Coin can be seen in its marketing and promotional activities, which often incorporate playful, engaging content that resonates with the broader internet culture. This approach not only aids in breaking down the complex and often intimidating world of cryptocurrency for the average person but also cultivates a brand that is accessible, relatable, and fun.
Economic Model
The economic model of Big Eyes Coin is designed to support its long-term sustainability and growth. It features a tokenomics structure that includes transaction taxes to fund various aspects of the project, such as liquidity provision, marketing, and charitable donations. Additionally, the model emphasizes the scarcity of the token through mechanisms like burning, which are intended to support its value over time.
One of the standout features of Big Eyes Coin’s economic model is its commitment to charity, particularly in supporting ocean conservation projects. A portion of the transaction taxes collected is allocated to reputable organizations working on preserving marine biodiversity, highlighting the project’s dedication to leveraging cryptocurrency for social and environmental good.
Contributions to Blockchain and Environmental Conservation
Big Eyes Coin contributes to the broader blockchain ecosystem by demonstrating how meme coins can transcend their origins as speculative assets to become vehicles for positive community engagement and social impact. It showcases the potential of DeFi to democratize finance, provide avenues for charitable giving, and create inclusive communities around shared interests and values.
In terms of environmental conservation, Big Eyes Coin’s commitment to donating a portion of its proceeds to ocean conservation initiatives sets a precedent for how cryptocurrency projects can contribute to solving real-world problems. This approach not only adds a layer of purpose to participating in the Big Eyes Coin ecosystem but also raises awareness among its community members about the importance of environmental stewardship.
Final Thoughts
Big Eyes Coin represents a novel intersection of meme culture, cryptocurrency innovation, and social consciousness. By leveraging the widespread appeal of internet cat culture, it has carved out a unique niche in the crowded cryptocurrency space. Its focus on community engagement, environmental sustainability, and an accessible economic model offers a compelling blueprint for future projects in the DeFi space. As the project continues to evolve, its success will likely hinge on its ability to maintain its community-driven ethos, innovate within the rapidly changing landscape of blockchain technology, and fulfill its commitments to environmental conservation. Through these efforts, Big Eyes Coin has the potential to not only create wealth for its participants but also contribute to the greater good, showcasing the transformative power of cryptocurrency.
The Biden administration is currently facing significant pressure to assist in the release of Tigran Gambaryan, a Binance executive and former U.S. federal agent, along with another Binance executive, Nadeem Anjarwalla.
Both have been detained by the Nigerian government since February 26, 2024, without their passports.
This call for action has been prominently voiced by the U.S. Chamber of Digital Commerce, which expressed its concerns through a blog post on March 15, advocating for swift diplomatic measures to rectify what it deems a grave injustice.
Highlighting the gravity of the situation, the Chamber pointed out the detention of Gambaryan under dubious conditions as a dire precedent that threatens the safety and legal security of American entrepreneurs abroad, particularly in the cryptocurrency sector.
The Chamber emphasized, “The unwarranted detention of Tigran Gambaryan is more than a legal issue; it is a matter of national dignity and the protection of American citizens worldwide.”
This statement underscores the perceived arbitrariness of Gambaryan’s detention, lacking due process, and posing a significant challenge to the norms of international law and diplomatic relations.
READ MORE: Trader Misses $1 Million Jackpot by a Day in Frog-Themed Memecoin Frenzy on Solana Network
Nigeria, which receives over $1 billion in U.S. foreign aid annually and is considered an ally of the United States, has yet to provide a clear rationale for the detentions.
The issue first came to light in late February, with the Financial Times reporting on the situation without naming the detained executives specifically.
Gambaryan and Anjarwalla, the latter holding dual citizenship in the United Kingdom and Kenya, traveled to Abuja on February 25 upon an invitation from the Nigerian government.
Their visit aimed to discuss a dispute involving Binance’s alleged illegal operations in the country.
Their discussions with Nigerian officials on February 26 were meant to address the government’s request to telecom providers to block access to Binance and other crypto exchanges, which were blamed for the naira’s devaluation and facilitating illegal fund flows.
However, instead of making progress, both executives were taken to their hotels after the meeting, instructed to pack up, and subsequently moved to a “guesthouse” operated by Nigeria’s National Security Agency, as per their families.
This incident occurred shortly before Binance announced its withdrawal from Nigeria on March 5.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Recent data from the Shibburn tracker reveals a significant amount of Shiba Inu (SHIB) meme coins has been permanently removed from circulation.
In the last 24 hours, a combined effort from the SHIB community has successfully transferred 28,709,351 SHIB coins to a dead wallet, making them inaccessible and effectively reducing the total supply.
This was accomplished through six dedicated transactions, with the two largest transfers removing 21,657,489 and 6,824,773 SHIB coins respectively.
This action represents a step towards making Shiba Inu a rarer asset in the cryptocurrency market.
The SHIB army’s initiative to burn these coins demonstrates a commitment to increasing the value of their preferred cryptocurrency by decreasing its availability.
In parallel with the coin burn, the Shiba Inu cryptocurrency has experienced significant price movements.
READ MORE: UK Financial Watchdog Eases Path for Crypto ETNs, Keeping Retail Investors on the Sidelines
Over the last two days, SHIB saw a sharp decrease in its value, dropping by 19.20%, with 13.17% of this decline happening in the last 24 hours alone.
This downturn followed a period of impressive growth where SHIB eliminated two zeros from its value, peaking at $0.00003. As of now, it has corrected to a trading price of $0.00002811.
The fluctuations in Shiba Inu’s price are closely tied to the broader cryptocurrency market trends, notably following a major correction in Bitcoin’s value.
After reaching an all-time high of $73,750, Bitcoin experienced a downturn, currently trading at $68,321.
This movement reflects the volatile nature of the cryptocurrency market, where significant gains can be quickly followed by rapid declines.
The recent activities around Shiba Inu, from coin burning to price adjustments, highlight the dynamic and community-driven aspects of meme cryptocurrencies.
These events underscore the unique factors that influence the valuation and perception of digital currencies like Shiba Inu in the ever-evolving crypto landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In recent legal filings, U.S. prosecutors disclosed attempts by Sam “SBF” Bankman-Fried to rehabilitate his image following the 2022 downfall of FTX.
A Google document, attached to the sentencing memorandum filed on March 15, outlined Bankman-Fried’s 19 strategies aimed at shifting the narrative around the cryptocurrency exchange’s collapse.
These strategies ranged from making media appearances, such as on Tucker Carlson’s show while announcing a political affiliation shift, to disseminating documents to the media, critiquing legal representation, and promoting a staunchly pro-crypto stance alongside an anti-Binance campaign.
The inclusion of this document is part of the prosecution’s case advocating for a severe penalty for Bankman-Fried, who was convicted of fraud and money laundering charges last November.
This document, prosecutors argue, illustrates Bankman-Fried’s potential to perpetrate further fraudulent activities if given the opportunity to reintegrate into society prematurely.
They highlight an instance where, even after FTX declared bankruptcy and subsequent to his indictment, Bankman-Fried pondered over initiating “Archangel LTD,” a venture akin to FTX’s operations aimed at re-establishing an exchange platform.
READ MORE: Hong Kong’s SFC Adds MEXC to Warning List Amid Crackdown on Unlicensed Crypto Exchanges
While the government seeks a prison term of 40 to 50 years, considerably less than the possible maximum of 110 years as per U.S. sentencing guidelines, Bankman-Fried’s defense is advocating for a sentence under seven years.
This plea was made in a memo on Feb. 27, ahead of District Judge Lewis Kaplan’s sentencing decision set for March 28.
Prosecutors further critiqued Bankman-Fried’s sentencing submission for attempting to downplay his crimes as simple misjudgments or misunderstandings, referencing letters from his defense requesting a lenient sentence.
They assert that Bankman-Fried is keen on crafting a narrative of redemption, aiming to manipulate others into investing based on deceitful premises and unfounded optimism.
This case follows a jury finding Bankman-Fried guilty on all seven counts leveled against him by the U.S. government, charges he has denied.
In a related development, FTX’s new leadership announced plans to settle debts with creditors, calculating repayments based on the cryptocurrency values at the time of its bankruptcy filing.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.