Bitcoin’s price drop is leading to a significant reset across several key metrics, as the market’s leverage gets a forceful clear-out.
Currently, Bitcoin (BTC) hovers around $66,000, following a sharp 5% decline within an hour, as indicated by data from Cointelegraph Markets Pro and TradingView.
Despite a 7% decrease in value for April, this pullback could be beneficial for the overheated market by testing and reinforcing support levels.
A substantial liquidation event accompanied the recent price dip, amounting to $400 million for Bitcoin and altcoins combined, according to Cointelegraph.
This event has led to a noticeable shift in market dynamics, with funding rates turning negative, as highlighted by CoinGlass.
This shift suggests that the market is undergoing a purge of excessive leverage, critical for setting the stage for new price discoveries.
Popular trader Jelle remarked on the social platform X, “BTC & ETH margined contracts already into the negatives. All leverage must be destroyed before price discovery.”
QCP Capital, in its “Asia Morning Color” update, pointed out the swift nature of this market correction, attributing it to significant liquidations on platforms popular with retail traders like Binance.
These liquidations caused perpetual funding rates to drop dramatically, essentially recalibrating spot prices within the $60,000 to $72,000 range.
READ MORE: Dogwifhat Surges to Become Third-Largest Meme Coin, Overtaking Pepe Token in Market Cap
Despite the compression in perpetual funding rates, the rest of the forward curve remains elevated, leading to speculation about further adjustments in the market.
The market’s current state is further characterized by Bitcoin’s Relative Strength Index (RSI) returning to a neutral midpoint of 50 on daily timeframes, a critical threshold for maintaining uptrends.
Historically, Bitcoin has shown optimal performance when the RSI exceeds 70, a sign of being “overbought.”
This dynamic underscores the importance of RSI levels in gauging Bitcoin’s market stance.
Additionally, Bitcoin’s potential for an upcoming breakout is hinted at by the narrowing of Bollinger Bands on daily charts, a phenomenon noted by analyst Matthew Hyland who drew parallels to a similar pattern observed in February.
This tightening of the bands, not seen since Bitcoin’s rally from $45,000, alongside previous reports from late December 2023 on RSI and Bollinger Bands, suggests a looming acceleration in the bull market.
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The Tron Foundation, responsible for the layer-1 blockchain Tron, has filed a motion with a New York federal court to dismiss a lawsuit brought by the United States Securities and Exchange Commission (SEC), contesting the regulator’s attempt to govern activities primarily outside the U.S.
In a statement on March 28, Tron emphasized, “The SEC is not a worldwide regulator,” criticizing the SEC’s endeavors to enforce U.S. securities laws on actions that mainly occur abroad.
In March of the previous year, the SEC launched legal action against Justin Sun, the founder of Tron, alongside the BitTorrent Foundation, and Rainberry Inc., its parent company based in San Francisco, which Tron acquired in 2018.
The SEC’s lawsuit alleges that the sale of Tron and BitTorrent (BTT) tokens constituted unregistered securities offerings.
Tron, headquartered in Singapore, argues in its dismissal motion that the SEC’s lawsuit targets “foreign digital asset offerings to foreign purchasers on global platforms,” over which the SEC lacks jurisdiction.
The foundation asserts that the token sales occurred entirely outside the United States and were specifically designed to exclude the U.S. market, pointing out that the SEC failed to prove any initial sales to U.S. residents.
Furthermore, Tron disputes the SEC’s claim regarding subsequent secondary sales of tokens on U.S.-based platforms, labeling these allegations as “tenuous at best.”
It also challenges the notion that the tokens meet the criteria for investment contracts under the Howey test, a standard for defining securities in the U.S.
READ MORE: Bitcoin Surges to $70,000, Eyes Record Highs Amid Positive Economic Remarks from Fed Chair Powell
In addition, the SEC accuses Justin Sun of engaging in deceptive trade practices, including “manipulative wash trading” and undisclosed payments to celebrities like Soulja Boy and Akon for promotion.
Tron counters these accusations by stating the SEC has not substantiated these claims with specific facts, particularly any that would imply victims in the United States.
Tron further criticizes the SEC for its broad allegations and lack of detailed factual claims, suggesting that the accusations against it rely too heavily on generalizations and fail to outline the precise basis for fraud claims.
The foundation also invokes the major questions doctrine, arguing that the case should be dismissed based on principles that regulatory authority must be explicitly granted by Congress, a stance previously taken by other crypto entities in similar disputes with the SEC.
The SEC is expected to respond to Tron’s dismissal motion within two weeks, though the commission had not commented on the motion at the time of the report.
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A sudden drop in Bitcoin’s value by 5% on Tuesday triggered significant losses for traders with leveraged positions in cryptocurrencies, culminating in over $165 million in financial setbacks within a brief period.
This dramatic fall occurred early on March 2 UTC, with Bitcoin’s price plummeting from $69,450 to as low as $65,970 in under 30 minutes, according to TradingView data.
The sharp decrease in Bitcoin’s value led to the liquidation of leveraged positions exceeding $165 million, as reported by Coinglass.
This included over $50 million in Bitcoin long positions and more than $40 million in Ether longs, which constituted the majority of the losses.
Additionally, Dogecoin and Solana’s SOL saw around $6 million and $4 million in long positions liquidated, respectively, following behind Bitcoin and Ether in terms of impact.
Concurrently with the market downturn, Bitcoin exchange-traded funds (ETFs) experienced a significant withdrawal of funds, totaling $86 million, thereby ending a four-day streak of net positive inflows, based on FarSide data.
Notably, BlackRock’s ETF emerged as the top-performing fund with net inflows of $165.9 million, while Fidelity’s inflows amounted to $44 million.
However, these gains were offset by a substantial $302 million in outflows from Grayscale’s GBTC, resulting in net daily outflows of $85.7 million across all funds.
In the midst of these market movements, the US dollar-pegged stablecoin Tether (USDT) also experienced volatility, briefly deviating from its $1 peg to $0.988, as indicated by CoinGecko data.
The cause of this fluctuation remains uncertain, with speculation about whether it was due to an API error among data trackers or an actual drop in currency value.
Other price trackers did not register this depegging. Despite inquiries, Tether’s response to the situation was not immediately available.
This series of events underscores the volatility inherent in the cryptocurrency market, highlighting the risks associated with leveraged trading and the sensitivity of digital assets to market shifts.
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Innovation. Technology. Security. These are the backbones of what makes blockchain great. But it’s a part of finance that also enjoys its trends. The magic happens when an innovative trend becomes the next big thing.
RWAs. Options. LSTs. What were once fleeting trends grew to become the staples leading the charge into this bull cycle. Now, Cega is taking its turn, launching a gold-linked options product. It can potentially reshape DeFi by combining what users know, what they want, and something truly new.
The product fuses the traditional allure of gold as a secure asset with the high-yield potential inherent in DeFi options, a blend poised to redefine how investors approach yield generation. Because yield is what users are hungry for in this space. And to be successful, you have to give the people what they want. Here’s how this product, and others like it, are improving the space.
The Rise of Real World Assets (RWAs) and Liquid Staking Tokens (LSTs) in Crypto
Real World Assets (RWAs) and Liquid Staking Tokens (LSTs) are two of the latest developments in DeFi. These innovations are gaining popularity among investors and users alike due to their potential for providing higher yields and diversification opportunities.
RWAs refer to traditional assets such as real estate, commodities, and even fiat currencies that are tokenized and brought onto the blockchain. This allows for greater accessibility, liquidity, and efficiency in trading these assets while also opening up new investment opportunities for users.
On the other hand, LSTs are a form of staking where users can earn rewards by locking up their tokens to support a particular network or protocol.
These tokens represent a user’s stake in the network and can be traded or used as collateral for loans. For example, going to AAVE, lending rETH, and borrowing ETH against it, makes it difficult to be liquidated. rETH’s value is always higher than ETH, no matter how much it rises or dips. The only scenario that would put a loan at risk is a de-pegging event.
Both RWAs and LSTs are exciting developments in DeFi that have the potential to attract traditional investors to the world of crypto, while also providing more options and opportunities for current users.
Cega’s Newest Product
Cega’s initiative to link real-world assets (RWAs) with DeFi reflects a groundbreaking stride towards integrating gold’s stability and historical reliability with the avant-garde earning mechanisms of decentralized finance.
The allure of earning up to an 83% Annual Percentage Yield (APY) on staking currencies such as ETH, stETH, wBTC, or stablecoins like USDC is an enticing proposition for any investor.
Even more intriguing is the proposition that yields are paid in the staked currency, preserving the asymmetric upside potential attracting investors to these assets in the first place.
What Users Need – A Safety Net
However, the innovation doesn’t stop with impressive yields. Cega has deftly introduced a safety net for investors through downside protection features, ensuring that significant market dips won’t wipe out investments.
This assurance, attributed to a technical innovation known as a barrier option, plays a pivotal role in mitigating investment risks.
Pulling Away From the Competition
What sets RWAs, LSTs, and now Cega’s offerings apart is the democratization of finance. Historically, the realm of structured investments and exotic options was a fortress held by traditional finance powerhouses, accessible only to those within its walls.
Many new DeFi strategies represent a breach in this fortress. The once-exclusive financial tactics are now available to the broad DeFi community. Ideas like this not only make DeFi a great place to be; they’re the foundational principle of the financial freedom that drew so many early users to crypto.
The essence of these new products is in their ability to provide safer, higher-yield opportunities without compromising the principal’s security.
Linking the stability of gold, real estate, or other tokens – then giving them the liquidity of digital assets – offers a balanced portfolio strategy, particularly in times of market uncertainty. In a space full of volatility, they are the heroes Defi needs right now.
The Decentralized Future We’ve Waited For
The products mentioned today are more than just a financial innovation. It’s a gateway to a more inclusive, secure, and high-yield DeFi environment. Now that the world at large has fully embraced NFTs and GameFi, it’s time to take it to the next level.
Backed by giants like Dragonfly Capital and Pantera Capital, Cega is undeniably leading the charge towards a new era in decentralized finance – one where traditional and digital finance not only meet but synergize for greater investment opportunities. And that’s one example of one protocol going above and beyond.
There are many others out there. Rocket, Lido, and Stader are providing great opportunities in the space. As the market heats up, it’s important to perform due diligence and resist the temptation to throw money at worthless meme tokens.
Focus on projects that combine value for their users, unparalleled security, and a relentless drive to help usher in the future of inclusive finance for everyone.
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In a landmark decision by a UK court, £6 million ($7.6 million) of Craig Wright‘s assets have been frozen to ensure he can’t avoid paying legal costs from a lawsuit where he claimed to be Satoshi Nakamoto, Bitcoin’s founder.
This ruling followed revelations that Wright had transferred assets outside of the UK after a court had previously dismissed his claim to be Nakamoto.
Specifically, Wright shifted shares from his London-based company, RCJBR Holding, to a Singaporean firm on March 18, leading to heightened concerns over his intentions.
Judge James Mellor, addressing these actions, stated, “Understandably, that gave rise to serious concerns on COPA’s part that Dr. Wright was implementing measures to seek to evade the costs and consequences of his loss at trial.”
The judge’s decision to impose a ‘worldwide freezing order’ was in response to a request from the Crypto Open Patent Alliance (COPA) to cover their legal expenses totaling $8,471,225 (£6,703,747.91).
COPA, established in 2020, aims to foster cryptocurrency technology adoption and eliminate patents as a growth barrier.
Its membership includes notable entities such as Coinbase, Block, Meta, MicroStrategy, and others.
Wright, an Australian computer scientist, has been involved in copyright claims linked to the Bitcoin network, leveraging his alleged identity as Nakamoto.
In January 2021, he even demanded the removal of the Bitcoin white paper from two websites.
READ MORE: Ripple Launches Groundbreaking Automated Market Maker on XRPL, Revolutionizing DeFi Landscape
COPA countered Wright’s claims by filing a lawsuit in April 2021, arguing against his claims to the Bitcoin copyright.
The case saw contributions from early Bitcoin developers, leading to a March 14 verdict this year that strongly indicated Wright was not the true Nakamoto.
Wright’s contentious stance towards Bitcoin extended to suing 13 Bitcoin Core developers and several companies over copyright infringements in 2023.
The Bitcoin Legal Defense Fund opposed these actions, noting the detrimental impact of such lawsuits on the development of Bitcoin due to the stress and financial burden they impose.
Wright’s actions, including a 2019 copyright registration for the Bitcoin white paper and code in the US, faced significant backlash.
However, the Bitcoin white paper remains under an MIT open-source license, allowing free modification and reuse, safeguarding it from further copyright claims by Wright.
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Dogwifhat (WIF), a cryptocurrency emerging from the world of internet memes, has made significant waves in the digital currency space by becoming the third-largest memecoin by market capitalization as of March 29.
This achievement saw it overtake the Pepe (PEPE) token in the rankings.
Achieving a new peak, the price of Dogwifhat soared to an all-time high of $4.64 on March 30, only to adjust slightly to $4.32 by 2:00 pm (UTC) the same day, based on data from CoinMarketCap.
The remarkable surge of over 87% in a week propelled Dogwifhat’s market cap to $4.3 billion, thus surpassing Pepe token’s valuation of $3.4 billion.
Such growth has positioned WIF as the 31st largest cryptocurrency overall.
The largest holder of WIF, despite the coin’s 431% increase over the past month, is opting to retain their investment.
Holding $139.5 million worth of WIF tokens, initially purchased at an average price of $0.32, this wallet now sits on an unrealized profit of $127.3 million, as per Coinstats.
READ MORE: Anthropic Shuns Saudi Investments Amid FTX Bankruptcy Sale, Citing National Security Concerns
The momentum behind Dogwifhat’s rise was notably boosted on March 14, reaching a then peak of $3 following a crowdfunding initiative that gathered over $700,000 for advertising the token on the Las Vegas sphere, resulting in a 25% price increase post-announcement.
Arthur Hayes, the ex-CEO of BitMEX and now chief investment officer at Maelstrom, forecasted on March 14 through an X post that Dogwifhat could reach a $10 valuation, stating, “The hat stays on while I count to $10.”
Dogwifhat joins the ranks of dog-themed memecoins like Dogecoin, which soared to a $75.2 billion market cap in May 2021, currently valued at $30.2 billion.
To match Dogecoin’s market cap, Dogwifhat’s price would need to reach $30.8 per token, an eightfold increase not deemed improbable in the volatile memecoin market.
Reflecting on Dogecoin’s performance during the 2021 bull market, it witnessed an over 892% price increase from $0.07433 on April 12, 2021, to $0.7376 on May 6, illustrating the dynamic and unpredictable nature of memecoin valuations.
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Coinbase’s Ethereum layer-2 network, Base, has experienced a significant surge in trading volume on decentralized exchanges (DEX) within just 24 hours, breaking its previous records and exceeding the $1 billion threshold.
Data from Dune highlighted this remarkable increase, showing that on March 30, Base’s DEX trading volume soared to $1.21 billion, a 25% rise from the previous day’s $959.63 million.
The bulk of this trading volume was concentrated on Uniswap, which dominated 64.3% of the activity.
It was followed by contributions from Aerodrome Finance and SharkSwap, which accounted for 9.7% and 7.8% of the volume, respectively.
Additionally, Base’s daily active users (DAU) also witnessed a boost, with a 12.4% jump from 153,000 to 172,000, while the average weekly active users over the past six weeks stood at 667,765.
Amidst this growth, there’s a buzz in the crypto community regarding Base’s potential to emerge as a new focal point for memecoins.
The crypto trader Wizard of SoHo, with a following of 97,000 on X, likened Base to an “early Solana” and foresaw the development of several billion-dollar memecoins on the network.
Similarly, Base contributor Jesse Pollak engaged his 73,200 followers in a discussion about when Base might become the “largest non-Ethereum on-chain economy,” with 49.4% of participants predicting it could happen within 3 months, and another 28.6% within a year.
READ MORE: BNB’s Rally Narrows Gap with Ether Amid Mixed Market Signals and ETF Outflows
Despite the buzz, the network presently lacks tokens with a market capitalization reaching or surpassing $1 billion.
However, memecoins like Degen (DEGEN) and Brett (BRETT) are notable, boasting market caps of $709.9 million and $654.6 million respectively, as per CoinGecko.
Notably, DEGEN’s market cap surged nearly fivefold from $143.4 million to $709.9 million in just seven days.
Furthermore, Coinbase announced plans on March 27 to transition more of its USD Coin stablecoin accounts for both customers and corporate entities to Base.
Max Branzburg, Coinbase’s vice president, emphasized that this move would enable the exchange to offer lower fees and quicker settlement times for managing and securing customer funds.
This adjustment will be applicable only to Coinbase.com accounts, excluding Coinbase Wallet users who manage their own private keys.
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Over the weekend, XRP experienced a minor setback, decreasing by 1.36% on Saturday and closing the session at $0.6219.
This dip reversed the gains from Friday, highlighting the volatile nature of cryptocurrency markets.
The decline occurred amidst a backdrop devoid of new developments from the ongoing SEC vs. Ripple litigation, instead reflecting market reactions to a significant court decision involving Coinbase.
On Wednesday, a partial victory was recorded for Coinbase in its Motion to Dismiss (MTD) against a lawsuit, but the celebration was muted as the court’s decision also hinted at challenges for Coinbase, Ripple, XRP, and the broader cryptocurrency sector.
The dismissal pertained only to certain allegations, leaving intact serious charges of securities law violations.
Legal analysts had speculated that a complete win for Coinbase might have prompted the SEC to reconsider its stance against Ripple.
Stuart Alderoty, Ripple’s Chief Legal Officer, took to X (previously known as Twitter) to comment on the implications of the recent court ruling, criticizing the SEC’s approach and expressing skepticism about their evidence.
Alderoty’s statements underscore the ongoing tension and the critical eye Ripple maintains towards the SEC’s legal maneuvers.
READ MORE: BNB’s Rally Narrows Gap with Ether Amid Mixed Market Signals and ETF Outflows
The court’s ruling, articulated by Judge Katherine Failla, underscored the allegations against Coinbase for operating as an unregistered securities intermediary.
This decision not only affects Coinbase but also casts a shadow over the cryptocurrency industry at large, especially as it involves 13 cryptocurrencies accused of being offered and sold as investment contracts.
In a broader context, the legal landscape for cryptocurrencies in the United States is becoming increasingly complex.
Recent judgments, including one against Terraform Labs, have started to shape a regulatory environment that could extend SEC oversight across the digital asset domain.
These developments are pivotal, potentially influencing the future of Ripple and XRP, among others.
XRP’s market position, in the meantime, remains resilient.
Despite short-term fluctuations, indicators like the 50-day and 200-day Exponential Moving Averages (EMAs) suggest a bullish trend.
Technical analysis points to possible resistance and support levels, with a notable emphasis on the potential for XRP to challenge higher price points, should it overcome immediate barriers.
As the cryptocurrency community watches the unfolding legal battles, the SEC’s aggressive posture towards the sector demands investor vigilance.
The outcomes of these cases, including the one involving Coinbase, could significantly impact market dynamics and regulatory approaches in the U.S. digital asset space.
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Ethereum (ETH) is on the cusp of potentially climbing higher, drawing attention from breakout traders.
However, the journey upward isn’t straightforward, as market dynamics often see an initial move in the opposite direction to gather liquidity.
This necessitates patience among ETH enthusiasts eager for gains.
The price of Ethereum has recently carved out a trading range, plummeting 25% from $3,054 to $4,095 between March 11th and 20th.
Presently, ETH has surged past the mid-point of this range, stationed at $3,574, signaling a promising, albeit volatile, ascent.
This abrupt price movement, while tempting for traders, warrants caution.
The cryptocurrency market is notorious for its swift reversals following initial breakouts, aimed at amassing liquidity beneath critical thresholds.
READ MORE: BNB’s Rally Narrows Gap with Ether Amid Mixed Market Signals and ETF Outflows
Since hitting its range low on March 20th, ETH has been marking progressively higher highs, suggesting the possibility of a retracement following a breakout above $3,574 and $3,658.
A dip to $3,461 may offer a strategic entry point for long positions, especially if Bitcoin (BTC) completes its liquidity accumulation phase.
Under these conditions, ETH could surge, surpassing the $3,658 barrier and potentially retesting the significant $4,000 level.
A further push could see it reaching $4,095, especially under strong selling pressure.
Conversely, should Bitcoin falter in its recovery post-liquidity collection, it could drag altcoins, including Ethereum, downward.
A drop to Ethereum’s range bottom at $3,054 and a subsequent shift of this level to resistance could negate the optimistic outlook for ETH, hinting at a continuation of the downward trend.
Such a scenario might precipitate a near 2% fall in Ethereum’s price, potentially bringing it down to the psychologically important $3,000 mark.
This forecast underscores the nuanced and speculative nature of cryptocurrency trading, emphasizing the need for caution and strategic patience among investors.
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