Monthly Archives: Februar 2023

• Bitcoin [BTC] prices climbed from $16.5k to $23.7k in January before retracing to the $21.6k support level in February and then rallying hard to the $25.2k resistance.
• A breakout past the resistance from July would likely see large gains relatively quick, but bulls must be cautious as there is a chance of a deviation before a downturn.
• The spot CVD has made higher lows over the past month, indicating sustained buying pressure which could lead to a breakout past $25.2k.

Bitcoin [BTC] Price Rally

January was a solidly bullish month for Bitcoin [BTC]. The prices climbed from $16.5k to $23.7k, retraced to the $21.6k support level in February and then rallied hard to the $25.2k resistance level where it currently stands awaiting further gains or a deviation before a nuke or consolidation before pump decision by traders and investors alike..

USDt’s Dominance Falls

Alongside the crypto market rally, USDT’s [Tether] dominance fell, which meant Bitcoin’s rally was reflected across the altcoin market as well – setting up potentially large gains if BTC breaks out past its July resistance level of 25K .

Bullish Structure Unbroken

Looking at it from a market structure perspective, we can see that BTC has only made higher lows since it moved above 17K back in January – thus keeping this bullish structure unbroken at present time . Additionally, the RSI has remained above 50 since January suggesting that bulls are still dominant in terms of sentiment and trend direction .

Spot CVD Indicates Sustained Buying Pressure

The OBV also showed declining levels during pullbacks but rising levels during rallies suggesting no divergences between price action and OBV data – pointing towards sustained buying pressure that could push BTC price beyond 25K if successful . Additionally ,the spot CVD (convexity divergence) has made higher lows over recent months adding further weight to this argument .

Risk Management Crucial For Buyers

Risk management needs to remain top priority for any buyers however as there still exists potential for deviation prior to any nuke or pump decisions – with June’s drop from 28K down 22K taking only 3 days as an example of how quickly things can change direction .

• Polygon [MATIC] revealed updated statistics about its anticipated zkEVM, which nearly reached 300,000 transactions.
• Whale interest in MATIC increased due to decreasing exchange reserve and high demand from the futures market.
• The total number of wallets, contracts, and zk-proofs also went up.

Polygon’s zkEVM Milestone

Polygon [MATIC] revealed updated statistics about its anticipated zkEVM testnet, which nearly reached 300,000 transactions. This was a milestone for the future of scaling Ethereum [ETH], and a testament to the maturity of Polygon #zkEVM.

Whale Interest in MATIC

WhaleStats pointed out that whales seemed confident in MATIC as it ranked third on the list of cryptos being held by top 500 Ethereum whales. CryptoQuant’s data also revealed that MATIC’s exchange reserve was decreasing and total number of active wallets trading the token also went up. Santiment’s chart showed that MATIC’s DyDx funding rate remained relatively high over the past week, indicating high demand from the futures market. The token’s total supply held by top addresses also went up slightly, showing investors‘ confidence in MATIC. However, MATIC’s development activity decreased over the last few days.

Other Market Indicators

Market indicators looked bullish with Polygon ZK tweeting that other BIG NEWS is coming soon and sharing metrics for last week showing continued momentum 📈 To track investor profits related to POLYGON (MATIC), one can check out Polygon Profit Calculator.

Conclusion

With Polygon’s zkEVM testnet nearly reaching 300,000 transactions and whale interest increasing in MATIC due to various positive market indicators like decreasing exchange reserve and high demand from futures markets, investors may be optimistic about POLYGON (MATIC). It remains to be seen what happens next with this cryptocurrency as more news is expected soon!

• Two South Korean officials traveled to Serbia to track down Do Kwon, the founder of Terraform Labs.
• Reports emerged in December 2022 that he was hiding in Serbia after fleeing Singapore following Terra’s collapse.
• In September last year, a Seoul court issued a warrant for his arrest and South Korea has been actively seeking his whereabouts since then.

South Korean Officials Travel To Serbia

Two South Korean officials traveled to Serbia last week to track down Do Kwon, the founder of Terraform Labs and LUNA, who has been on the run since a Seoul court issued a warrant for his arrest in September last year. According to a 7 February report published by Bloomberg, the prosecutors‘ office in the South Korean city of Seoul confirmed that a prosecutor and a senior official from the Justice Ministry had visited the Balkan nation.

Do Kwon Flees Singapore

Do Kwon had left his home country and fled to Singapore shortly before his crypto empire came crashing down in May 2022. By September 2022, authorities in Singapore confirmed that Kwon was no longer in the country. It was subsequently reported that he had flown to Dubai before moving to another location.

South Korea Requests Serbian Cooperation

South Korean media reported that intelligence agencies had confirmed Do Kwon’s location in Serbia, with Chosun Media noting that the South Korean Ministry of Justice was requesting cooperation for their investigation from the Serbian government. South Korea does not have an extradition treaty with Serbia, which makes it an ideal place for Kwon to avoid investigation into charges over $60 billion worth of digital assets wiped out as part of Terra’s collapse.

Kwon Defends Himself On Twitter

On 1 February this year, Do Kwon took to Twitter to defend himself against accusations of stealing money and making secret cash-outs. The same month also saw South Korea’s Ministry of Foreign Affairs demand that Do Kwon surrender his passport and law enforcement seek an Interpol red notice against him.

Conclusion

Do Kwon remains at large despite multiple attempts by South Korean authorities over several months now trying to trace him down amid charges over violations of capital market laws and massive losses incurred due to Terra’s collapse.

• Lido’s [LDO] Wrapped State ETH [wstETH] was at the top of charts on Aave [AAVE], with its Total Value Locked (TVL) increasing from $7.86 billion to $8.07 billion over the last seven days.
• However, there has been a decline in APR, user base, whale interest, and network growth for Lido.
• These factors could impact the protocol’s performance in the near future and it remains to be seen if Lido can overcome these challenges.

Lido Tops Ethereum Market on Aave

At press time, Lido’s [LDO] Wrapped State ETH [wstETH] was at the top of charts in the Ethereum [ETH] market on Aave [AAVE]. According to Defi Llama’s data, its Total Value Locked (TVL) increased from $7.86 billion to $8.07 billion over the last seven days.

Challenges Lie Ahead

However, declining APR (Annual Percentage Rate), user base, whale interest, and network growth raised concerns for Lido’s performance in the future. Dune Analytics‘ chart showed that APR declined over the last week while Messari reported that revenue generated by Lido also decreased during this period to 8.42 million dollars. Furthermore, whale interest in the LDO token declined over the last month despite its prices moving upwards and network growth decreased as well due to lack of new addresses interested in LDO at press time.. The velocity of the token also decreased suggesting that activity among holders also declined.

Will Interest Grow?

Growing interest in staking ETH through Lido is reflected by an increase in its TVL but this could come to a halt due to its declining APR and other issues mentioned above which may discourage users from joining or continuing their investment with LDO tokens.

Impact On Price

If a large number of whales began selling their holdings it could affect negatively affect price of LDO token due to decrease liquidity which is why it is important for users who hold these tokens keep track of current trends and developments related to protocol performance and make informed decisions when investing or divesting their funds into or out of platform respectively .

Conclusion

Although Lido’s wstETH is topping charts on Aave at present time , it is important to consider all factors before investing . It remains to be seen if lido can overcome these challenges and continue performing successfully .