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.
Reddit, the well-known social media platform, is currently under investigation by the Federal Trade Commission (FTC) of the United States concerning its practices of licensing data for the training of artificial intelligence (AI).
This probe surfaces as Reddit is on the brink of launching its highly anticipated initial public offering (IPO).
The company disclosed the FTC’s investigation in an updated Form S-1 registration statement to the U.S. Securities and Exchange Commission on March 15, 2024, following a notification from the FTC the previous day.
In the filing, Reddit expressed that the FTC’s inquiry did not come as a surprise, attributing it to the “unique nature” of its technology and business partnerships.
Despite this, Reddit maintains its stance of innocence, asserting it has not participated in any unfair or deceptive trade practices.
This investigation sheds light on the regulatory challenges Reddit faces amidst AI’s increasing integration and acceptance.
While the company is confident in its compliance with laws, it acknowledges the investigation’s potential to be drawn-out and unpredictable.
Reddit stated, “Any regulatory engagement may cause us to incur substantial costs, and it is possible for any regulatory engagement to result in reputational harm or fines, cause us to discontinue or modify our products, services, features, or functionalities, require us to change our policies or practices, divert management and other resources from our business, or otherwise adversely impact our business, results of operations, financial condition, and prospects.”
A significant aspect of the situation is Reddit’s $60 million annual deal with Google, established in February, which allows Google access to Reddit’s vast user data for AI training purposes.
This agreement not only enhances the relationship between Reddit and Google but also gives Reddit more visibility on Google’s platforms in exchange for its valuable data.
The use of user data for AI purposes has sparked concerns among privacy advocates and regulatory bodies.
Reddit acknowledges in its filing that its data licensing efforts are in their infancy and could be affected by changing regulations.
Reddit has been proactive in its approach to AI and cryptocurrency, revealing investments in Bitcoin and Ether as part of its financial strategy in preparation for its IPO.
The company also mentioned acquiring Ether and Polygon for virtual transactions on its platform.
As Reddit ventures into AI and cryptocurrency, it aims to leverage the growing market for these technologies.
Citing forecasts by the International Data Corporation, Reddit pointed out that the global AI market, excluding China and Russia, is expected to reach $1 trillion by 2027, with a 20% compound annual growth rate.
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.
Bybit, a leading crypto exchange, is introducing a new promotion called “Deposit Dash” in celebration of the Ethereum Dencun Upgrade, aiming to improve the blockchain’s scalability and efficiency. This event, which runs from March 13 to March 27, provides an excellent opportunity for both new and seasoned cryptocurrency enthusiasts.
New participants purchasing a minimum of $100 in ETH via various methods will receive a $10 bonus in either mystery Layer-2 tokens or USDT. Moreover, bonuses are up for grabs for those engaging in derivatives or spot trading, or investing in Bybit Savings within the event timeframe.
Adding to the excitement, Bybit’s Deposit Delight campaign, extending until April 7, allows participants to earn up to 305 USDT by registering and completing specific tasks. This initiative welcomes both new users, with a chance to gain up to 305 USDT, and existing ones, who can secure up to 300 USDT in bonuses.
Emily Bao, a Web3 evangelist at Bybit, expressed enthusiasm for the Ethereum Dencun Upgrade celebration through these events, emphasizing the opportunity for users to earn significant bonuses and delve into the potential of Layer-2 tokens.
“We are thrilled to celebrate the Ethereum Dencun Upgrade by offering our users the chance to earn significant bonuses through our Deposit Dash and Deposit Delight events,” she said.
“This is a fantastic opportunity for both new and existing users to get involved, maximize their deposits, and explore the potential of Layer-2 tokens.”
Bybit’s initiative reflects its commitment to nurturing a thriving and accessible crypto ecosystem, enabling users to engage with the latest blockchain innovations while enjoying substantial rewards.
Shiba Inu, the meme-inspired cryptocurrency, has recently witnessed a significant surge in interest from large investors or “whales.”
These major players are often known for their strategy of buying up assets during downturns, and current trends suggest they are actively accumulating SHIB tokens.
Data from IntoTheBlock reveals an astonishing 602% increase in net flows from these large holders, indicating a pronounced buying spree coinciding with a recent drop in SHIB’s price.
Over the last 48 hours, Shiba Inu’s value has fallen, marking its second day of decline amidst a broader downturn in the cryptocurrency market.
This market-wide slump was influenced by a robust inflation report, leading to speculation that the Federal Reserve might delay any cuts to interest rates.
As a result, Bitcoin and other cryptocurrencies faced downward pressure, with SHIB experiencing a 6.20% decrease to $0.00002722.
This downturn extends its fall from a high of $0.0000327 on March 15, following an earlier peak of $0.000045 on March 5. Since then, SHIB has entered a phase of consolidation, trading within a specific price range.
Analysts point out the critical price range for Shiba Inu to maintain is between $0.000026 and $0.000033.
READ MORE: Trader Misses $1 Million Jackpot by a Day in Frog-Themed Memecoin Frenzy on Solana Network
This range is significant because 4,210 addresses purchased 61.06 trillion SHIB tokens at an average price of $0.00003 within it.
Below this zone, support is considerably thinner, with 9,100 addresses having bought 2.57 trillion tokens between $0.000025 and $0.000026.
The rapid rise of Shiba Inu at the start of March did not allow much time for establishing strong support levels in its current trading range.
The most substantial support for SHIB is found between $0.000008 and $0.000014, a zone where 439,510 addresses acquired 260.48 trillion tokens at an average price of $0.000010.
As the market watches closely, the immediate future for Shiba Inu likely involves continued consolidation or range-bound trading, setting the stage for the next significant price movement.
The actions of large holders and their continued interest in accumulating SHIB during its price dips underscore the dynamic nature of cryptocurrency markets and the strategic maneuvers of significant investors.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Dubai International Financial Centre (DIFC), renowned for being a unique economic hub with over 5,000 inhabitants, has recently unveiled significant legislative advancements.
These include the introduction of a pioneering digital assets law, a comprehensive security law, and modifications to pre-existing legislation.
Embedded within its own legal framework that draws from English law, the DIFC’s legislative reforms are strategically designed to align with the swift evolution seen in global trade and financial sectors.
These changes aim to offer legal clarity for both investors and users involved with digital assets.
In an official statement, the DIFC underscored the importance of these legislative updates in providing legal certainty in the rapidly evolving digital landscape.
Jacques Visser, the Chief Legal Officer at the DIFC Authority, highlighted the significance of these reforms by stating, “We consider this legislation to be groundbreaking as the first legislative enactment to comprehensively set out the legal characteristics of digital assets as a matter of property law.”
The newly introduced Digital Assets Law encompasses seven pages, supplemented by appendices, marking a comprehensive approach towards regulating digital assets.
Although the law amending several previous legislations to incorporate digital assets is noted, it wasn’t accessible online at the announcement time.
READ MORE: Bitcoin Dips Below Weekly Lows Amid Market Optimism, Traders Eye Bullish Trends Despite Pullback
Furthermore, the introduction of the Security Law 2024, which supersedes the 2005 law and its 2019 update, reflects a robust framework that integrates Financial Collateral Regulations.
This law is crafted in the spirit of the United Nations Commission on International Trade Law’s Model Law on Secured Transactions, ensuring alignment with global best practices.
The DIFC has also been proactive in refining its cryptocurrency regulations in 2022 and initiated incentives for AI and Web3 companies in 2023.
Demonstrating remarkable financial health, the DIFC reported a net profit of $203 million in 2023, marking a 45% increase from the prior year, alongside a 34% surge in new registrations.
This growth trajectory is further enriched by the diversification of its ecosystem, including a notable rise in hedge fund operations and an expansion of businesses from Europe and the United States.
While the DIFC’s Digital Assets Law is positioned as an innovative legislative move, it’s important to acknowledge that other jurisdictions, including China, Singapore, and Hong Kong, have also recognized digital assets as property through judicial decisions in the preceding year.
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.