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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..

• 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

• 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

• 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.

• 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 .

• Holders of the Bored Ape Yacht Club (BAYC) were observed to be in profit as demand for the NFT increased.
• BAYC and related assets made up 50% of the overall Ethereum [ETH] NFT volume in the past week, indicating a high level of interest and demand for BAYC and related assets.
• Sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar.

The crypto space has been in a state of flux lately with the price of Bitcoin and other virtual currencies fluctuating greatly. Despite the volatility, holders of the Bored Ape Yacht Club (BAYC) have remained profitable as the demand for the Non-Fungible Token (NFT) associated with the asset continues to grow. According to NFTstatistics.eth, a Bored Ape is now less than 50% of the total value of all the NFTs and coins each BAYC has received since minting.

The growth and adoption of BAYC has also been reflected in the increasing TVL collected by staking the asset. Data provided by Dune Analytics showed that the amount of TVL collected by staking BAYC had increased significantly, indicating growth in the network. However, the APY generated by staking this asset declined, which could be a cause for concern for investors.

The growing interest in BAYC was further evidenced by the fact that it made up 50% of the overall Ethereum [ETH] NFT volume in the past week. This indicated a high level of interest and demand for BAYC and related assets, which was reflected in the growing profitability of BAYC holders.

In addition to this, sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar. This is a positive sign for the NFT collection’s future growth and profitability. The average price for Mutant Ape Yacht Club [MAYC] also grew along with the number of holders holding the NFT collection. Its price grew by 14.30% in the last month, according to NFTGO.

Overall, the growth of BAYC and the associated NFTs has been an encouraging sign for investors and holders of the asset. With demand continuing to grow, it is likely that BAYC and its associated NFTs will continue to be profitable, despite the volatility of the crypto market.

• Bitcoin recently experienced a rally that pushed its value up by over 25%.
• Glassnode’s balance on exchanges metric displayed a low volume despite this surge.
• This low exchange balance could indicate a bullish trend for Bitcoin in the near future.

The recent surge in Bitcoin’s value has many investors and traders feeling optimistic about the king coin’s future. In late November and early December of 2017, Bitcoin was trading around the $17,000 mark. However, in the past couple of weeks, BTC has seen a nearly 26% increase in its value, which has pushed it above its level of initial resistance. This surge has led many to believe that the cryptocurrency market may see a further increase in the near future.

However, Glassnode’s balance on exchanges metric revealed something unexpected. Despite the current rise in Bitcoin’s value, the metric showed a low volume of BTC available on key exchanges. On 18 January, the Balance on Exchanges was 2,249,824.148 BTC, a new all-time low. Before this new low, on 19 December 2022, the volume of Bitcoin first fell to 2,249,845.086 BTC.

This low exchange balance could indicate a bullish trend for Bitcoin in the near future. Fewer people holding Bitcoin may sell them on exchanges, preventing a significant market correction. This shift to longer-term holding options, such as cold wallets, may mean an optimistic sentiment among Bitcoin holders. Additionally, with fewer traders selling, the market may be more stable, allowing for a more consistent price for Bitcoin in the future.

However, this is not always the case, as low balances on exchanges can sometimes signify a bearish trend. Investors should stay vigilant and monitor the market closely for any unexpected changes. Additionally, as always, it is important to diversify investments and not rely too heavily on one asset.

Overall, the low balances on exchanges could be an indication of a bullish future for Bitcoin. If more traders move to longer-term investment options and the market remains stable, the king coin may continue to rise in value. As always, it is important to remain vigilant and stay informed of any changes in the market.