Monthly Archives: März 2023

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Crypto Bulls Return: BTC Surges 25% as Liquidations Reach $366M

21. März 2023 7:18 |

Summary:
• Bitcoin [BTC] surged past $28,000 to its best performance since June last year, increasing its value by 25% since last week and 15% on a month-to-date (MTD) basis.
• Total short liquidations reached $366 million over the last week, while Bitcoin’s MVRV ratio hit 1.405 and its circulating supply held in profit rose above 70%.
• Bulls returned to the crypto market with long positions taken for the coin increasing, indicating a possible bullish cycle without triggering an intense sell-off.

Bitcoin Price Surge

Bitcoin [BTC], the largest cryptocurrency by market cap, surged past $28,000 during Sunday trading hours to post its best performance since June last year. As per CoinMarketCap, BTC increased its value by 25% since last week, while on a month-to-date (MTD) basis the king coin grew by 15%. The stupendous performance came amidst the crisis induced by the collapse of big institutions like Silicon Valley Bank and Signature Bank, with more investors shifting funds into the crypto economy. BTC’s upswing pushed global crypto market capitalization to $1.16 trillion with a marginal increase over the last day.

Bull Market Signals

The sharp uptick in BTC’s price intensified discussion around the onset of the crypto market’s bull cycle. As per CryptoQuant, Bitcoin’s MVRV ratio hit 1.405 at press time. Generally, when the ratio is above 1 and below 3.7 (overvalued market), it signals a bull market phase. CryptoQuant analyst Saad4h stated that historically when this ratio reached this value it was always followed by at least a 50% increase in BTC’s price. Furthermore; The proportion of Bitcoin’s circulating supply that is held in profit soared to over 70%, well over its 365-day moving average which has been seen as evidence of a new bull cycle without triggering an intense sell-off..

Short Liquidations

The total number of short liquidations swelled to about $366 million over the last week as per Coinglass data which is similar trend witnessed at start of 2023 when BTC made strong upward move after lows of post FTX crisis.. The rally followed an announcement by Federal Reserve talking about coordinated effort with central banks from other countries to enhance provision U S dollar liquidity globally resulting investors shifting more funds into crypto economy hence pushing prices higher..

Long Positions Increase

The surge in BTC prices also resulted in increase in number of long positions taken for coins as per Coinglass data reflecting shift towards greed sentiment among community further strengthening expectations of sustained bull run..

Conclusion

Overall sentiment among investors remains positive as bulls return and how! The sharp rise in prices along with various metrics signaling bullish trends indicate that we could be entering new era for Bitcoin and cryptocurrency markets making now good time for investors take their positions before prices go even higher..

Posted in: Allgemein

APE and MANA Soar as Bitcoin Leads Market Rally

14. März 2023 13:41 |

• The prices of Apecoin [APE] and Decentraland [MANA] have appreciated over the last 24 hours due to a surge in Bitcoin’s price.
• A price chart assessment of both tokens indicated that the rally may be short-lived.
• Both APE and MANA are close to being oversold, with their key momentum indicators suggesting that buying pressure has dwindled.

Positive Correlation With Bitcoin

Sharing a statistically significant positive correlation with Bitcoin [BTC], the rally in the king coin’s price due to Federal regulators‘ decision to restore all deposits at Silicon Valley Bank (SVB) has resulted in price gains for Metaverse tokens like Apecoin [APE] and Decentraland [MANA]. In fact, according to CoinMarketCap, APE logged a double-digit rally of 14% in the last 24 hours. This, while MANA recorded a 9% hike over the same period.

Price Chart Assessment

While many traders have taken advantage of the price rallies to cash in profit, a price chart assessment of both tokens hinted at a price drawdown. Especially if buyers fail to sustain their momentum as the week progresses.

APE Price Analysis

At press time, APE was trading at $4.41. While its value surged over the last 24 hours, mirroring the market’s generally bullish trend, its set-up on the daily chart revealed that sellers have remained effectively in control. A look at Directional Movement Index (DMI) seemed to confirm this. At press time, Negative Directional Indicator line (red) was positioned above Positive Directional Indicator line (green). This meant that selling pressure overwhelmed buying momentum and Average Directional Movement Index line (yellow) pegged an uptrend which suggested strong selling pressure challenging buyers reversing it in interim with greater distribution underway key momentum indicators showed token is edging closer towards being oversold as RSI & MFI were spotted at 41.60 & 31.85 respectively indicating waning buying pressure once hype surrounding SVB customer deposits protection dies down APE’s price expected to fall further especially if new demand fails enter market

MANA Price Analysis

At press time MANA was significantly oversold touching lower band of Bollinger Bands indicating sellers increasingly let go holdings while this could mean correction underway positions RSI MFI didn’t confirm same showing buying pressure weakened further suggesting potential downside movement had started however bulls need take back reigns soon or bearish run will continue gaining strength

Conclusion

With both APE and MANA close to being oversold and their key momentum indicators suggesting waning buying pressure, it is likely that once the hype surrounding SVB customer deposits protection dies down these tokens‘ prices will fall further unless new demand enters into the market

Posted in: Allgemein

SEC Accuses Crypto Firm of $18M Fraud: Regulation by Enforcement Diktat?

7. März 2023 20:02 |

• The US Securites and Exchange Commission (SEC) has filed a lawsuit against Utah-based crypto-firm Green United for allegedly selling bogus crypto-mining equipment worth $18 million.
• Investors were promised returns of 40-50% monthly on their GREEN tokens. However, the so called Green Boxes were actually S9 Antminers – Bitcoin mining equipment and the Green Blockchain did not exist.
• The SEC is seeking permanent injunctions, disgorgement and civil penalties against Green United and the two individuals responsible for running it.

SEC Accuses Crypto Firm of Violating Securities Laws

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Utah-based crypto-firm Green United for allegedly violating federal securities laws by selling bogus crypto-mining equipment worth $18 million in return for tokens.

Promises Made to Investors

Green United marketed these „Green Boxes“ as specialized cryptocurrency mining machines capable of mining GREEN tokens on the Green Blockchain. In return, investors were promised a 40-50% monthly return on their investments in GREEN tokens. They were also told that the success of their investments was contingent on Green United keeping control of the „Green Boxes“ hosted at its data center.

Reality Behind Promises

However, according to the SEC these machines never mined any GREEN tokens because they were not mineable crypto assets. Furthermore, there was no such thing as a “Green Blockchain” as it did not exist either; instead, GREEN tokens were created on the Ethereum blockchain several months after investors purchased them in April 2018.

How Funds Were Used

The complaint further states that a significant portion of funds raised from investors was used to fund operational and promotional activities of Green United rather than improving investor returns. The value of GREEN tokens never increased either; they could only be traded on secondary markets from fall 2020 onwards at prices drastically lower than what had been initially promised (two cents per token).

Seeking Penalties Against Individuals Responsible

The SEC is now seeking permanent injunctions, disgorgement and civil penalties against both Green United and two individuals responsible for running it: its founder and main promoter

Posted in: Allgemein

TUSD Surges to Become Fifth Largest Stablecoin By Market Cap

1. März 2023 2:25 |

• True USD [TUSD] has become the fifth-largest stablecoin by market capitalization, surpassing Binance USD [BUSD]
• A closer examination shows that its market cap has experienced a dramatic increase on 27 February, breaking the $1 billion barrier.
• Positive netflow and increased activity were seen as evidence of the surge, which is likely due to regulatory issues with BUSD and Binance’s reliance on TUSD.

True USD Surges to Become Fifth Largest Stablecoin

True USD has become the fifth-largest stablecoin by market capitalization, surpassing Binance USD [BUSD]. At press time, True USD was the fifth largest stablecoin by market capitalization per statistics from Coin Market Cap. Its market capitalization has increased by over 15% in the last 24 hours, reaching over $1.1 billion at the time of writing.

Positive Netflow and Increased Activity

A closer examination shows that its market cap has experienced a dramatic increase on 27 February, breaking the $1 billion barrier. Positive netflow and increased activity were seen as evidence of this surge, which can be further examined through looking into Glassnode’s Netflow measure and Santiment’s volume statistic.

Regulatory Issues with BUSD

The revival of True USD coincides with Binance’s growing reliance on it due to regulatory concerns with BUSD. Coinbase recently delisted BUSD owing to regulatory issues and according to research conducted by Nansen on the blockchain, Binance minted almost $130 million worth of TUSD in the past week.

Dai Still Largest Stablecoin

Although it has seen some increase recently, its market valuation of a little over $1 billion is still dwarfed by that of Dai [DAI],the fourth largest stablecoin worth more than $5 billion.

Conclusion

Overall, True USd has surged in popularity in recent weeks due to regulatory concerns surrounding other stablecoins such as Binance USD [BUSD], leading to an increase in its overall market capitalisation up to just under $1.3billion at present.

Posted in: Allgemein