• Binance Coin [BNB] reacted positively to Bitcoin’s gains with a 20.5% surge over the past four days.
• A retracement before a sustained move higher up the charts remains possible and there is strong support at $285-$292.
• Demand for the coin has been surging, with spot CVD passing February highs and funding rate climbing into positive territory.
Binance Coin Continues Bullish Rally
Binance Coin [BNB] reacted extremely positively over the past two days of trading, gaining by 20.5% within four days as euphoria of Bitcoin’s gains translated across the crypto-market. The daily market structure has turned bullish, although a pullback as deep as $290 remains a possibility.
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. The Volume Profile Visible Range showed that price was right above Point of Control (at $304) and Value Area High/Low were found at $322/$274 respectively – suggesting long-term buyers can wait for a retracement into this zone ($285-$292). Moreover, RSI crossed above 50 indicating bullish momentum had taken root while OBV also recorded gains.
Spot CVD Surge
The demand for Binance Coin had been rising, with spot CVD passing February highs in response to demand while funding rate slowly climbed into positive territory implying long positions are dominant in the market again — Signs of a possible flip in sentiment. However Open Interest dipped over last 48 hours contradicting price action which means weakening bullish pressure.
In conclusion longer-term buyers can wait for a retracement into $285-$292 zone while more risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend accordingly .
• The H4 and D1 market structure has remained bearish for Polygon [MATIC], with prices currently around $1.15.
• Sentiment was positive towards the asset in mid-February, but gains have since been wiped out.
• Futures markets note strong bearish sentiment, with short sellers dominating the market.
Polygon [MATIC] Struggles to Find Momentum
The H4 and D1 market structure has remained bearish for Polygon [MATIC], with prices currently around $1.15 and a move above $1.25 required to flip bias to bullish. The active addresses metric has fallen since late January while daily gas fees have declined over the past two weeks, indicating a hit to the protocol’s revenue could explain some of MATIC’s losses on the charts.
Lower Timeframe Levels of Resistance & Support
On the daily chart, there is a fair value gap (white box) in the $1.01-$1.06 area which could be tested if MATIC falls below $1.09, as well as testing the $1 psychological level too. Short-term traders can keep an eye on these levels for potential entry points, however it is likely that MATIC would drop towards the $1-area before any possible recovery begins from hereon out.
Futures Market Notes Strong Bearish Sentiment
The Futures market noted strong bearish sentiment as well – On 7 March, the funding rate slipped into negative territory whilst Open Interest began to rise alongside falling prices; this indicated short sellers were firmly in control of the market at this time. In the 12 hours preceding press time, though, the funding rate flipped positive again and Open Interest declined – A sign of discouraged buyers – which painted a bearish picture overall for MATIC’s price action going forward over upcoming days/weeks ahead.
What Are 1/10/100 MATICS Worth Today?
At press time, 1 MATICS is worth approximately USD$0.967USD while 10 are worth USD$967USD and 100 are worth USD$9669USD respectively according to CoinMarketCap data (accurate at 11th March). This means that in BTC terms, 1 MATICS is worth 0 BTC 00132058BTC , 10 are worth 0 BTC 0132058BTC , and 100 are worth 0 BTC 1320582BTC .
In conclusion, Polygon [MATIC] has struggled recently due to bearish pressure from both H4 & D1 timeframe structures as well as from Futures markets; signs suggest that further losses may occur before any sort of recovery or reversal takes place within its price action over upcoming days/weeks ahead so traders should proceed with caution when entering into positions hereon out..
• Attorney John Deaton has criticized Michael Saylor for his stance on Bitcoin maxis.
• SEC Chairman Gary Gensler stated that with the exception of Bitcoin, he considered all digital currencies to be securities.
• John Deaton argued that only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities.
Attorney Chastises Michael Saylor for Stance on Bitcoin Maxis
SEC Chairman States All Digital Currencies Except Bitcoin Are Securities
Attorney John Deaton, a pro-Ripple lawyer, has chastised Michael Saylor, the chairman of business intelligence firm MicroStrategy Incorporated, for his stance on Bitcoin [BTC] maxis. The digital currency ecosystem was disturbed since news of the SEC’s onslaught on key industry firms began making the rounds in February 2023.
Gary Gensler’s Statement On Crypto Regulation
SEC Chairman Gary Gensler stated in a recent interview with The New York Times that with the exception of Bitcoin, he considered all digital currencies to be securities. Saylor reacted to Gensler’s comment, stating, „Consensus is building that everything in the #Crypto industry other than #Bitcoin is a security, destined to be regulated by the @SECGov. This makes $BTC the only crypto-asset suitable for use as global money.“
John Deaton Disagrees With Consensus Claim
In response, John Deaton stated that the talk of consensus is false. Additionally, only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities. According to Deaton, the regulator will have to fight to prove that each digital asset is, in fact, secure on a case-by-case basis.
Deaton went on to say that despite Saylor’s reputation what he was saying was completely incorrect: „He’s a brilliant guy and he knows what he’s saying is not true.“
John Deaton Earns Reputation Defending Claims That Some Cryptocurrencies Are Unregistered Securities
The cryptocurrency supporter has earned a reputation as one of the most responsive legal minds. He constantly sheds light on the ongoing Ripple-SEC case and what it means for millions of supporters.
John Deaton has criticized Michael Saylor for his stance regarding Bitcoin Maxis and refuted claims made by him about consensus being built around other cryptocurrencies being deemed as securities by SEC. Instead he argued that only Gary Gensler and BTC maxis hold this view and any decision will have to be made based upon case-by-case analysis by SEC regulators
• Mance Harmon, co-founder of layer 1 DLT Hedera, recently appeared on Paul Barren Network to discuss the growth and performance of his firm.
• Despite the crypto winter last year, Hedera’s total value locked (TVL) rose by more than 33%. The network saw massive growth due to decentralized exchanges, staking platforms, tokenization services and so on.
• Harmon expects that NFTs with supply chain use cases will drive further growth for the platform in the future.
Harmon Discusses Growth of DLT Firm
Mance Harmon, co-founder of popular layer 1 DLT Hedera recently appeared in an interview on Paul Barren Network. During the interview Harmon discussed various aspects of his blockchain firm including decentralization, its growing governance council, and recent partnerships. Despite the bear market last year Hedera proved its resilience with a total value locked (TVL) rising by more than 33%. The network saw massive growth thanks to decentralized exchanges like SaucersSwap and staking platforms like Stader Labs. Tokenization services, consensus service, filesystems and smart contracts also contributed to this growth. When asked about the decreased presence of blockchain firms at Davos Summit due to crypto winter Harmon said that it was a perfect opportunity for Hedera to demonstrate real-world case studies using their technology as it has been able to create a degree of decentralization no other layer 1 firm has achieved yet.
Objectives Achieved According To Whitepaper
According to Mance Harmon most objectives listed in their whitepaper have been completed but there is still work being done towards adding community run nodes and additional shards/networks within 24 months in order for their technology to scale up transactions with really high throughput needed for market demand.
NFTs Expected To Drive Further Growth
In terms of NFT driven growth Harmon is counting on a tokenized world in near future where everything we see and touch will be associated with digital twin tokens which are mostly going to be NFTs. He believes these use cases will branch out from existing crypto focused spaces such as gaming into loyalty programs and rewards among others which are expected to drive further growth for Hedera platform when it comes to NFTs.
Harmon’s Participation At Davos Summit
Harmon participated at Davos summit last month where he spoke about how despite FUD related risks associated with bear market his team was able to ensure strong performance during fourth quarter of last year thanks usage from decentralized exchanges like SaucersSwap ,staking platforms like Stader Labs etc along with tokenization services ,consensus service ,filesystem and smart contracts . He stated that overall tone at summit was pragmatic rather than flashy making it perfect time for them showcase real world case studies using their own technology given they had already achieved degree decentralization no other layer 1 firm has achieved yet .
Mance Harmon concluded his interview by highlighting how far down the line they have come since launch as most objectives included in whitepaper were now complete ,however some milestones such as scalability transaction processing still remain . He remains hopeful that coming days will see use cases emerging from core crypto focused spaces such as gaming into loyalty programs supplies chain driving further growth for Hedera platform .
• ETH traders have been exiting the market in large numbers following a recent rally in the price of Ethereum.
• On-chain analysis of the Net Taker Volume metric reveals that traders are fleeing the market via market orders.
• Market demand has weakened and Open Interest has fallen, leading to a 6% decline in ETH’s price over the last week.
ETH Traders Fleeing Market Following Price Rally
ETH traders have taken to distributing their holdings as many anticipate the Shanghai Upgrade. On-chain assessment of the Net Taker Volume metric has revealed that following the recent rally in the price of Ethereum [ETH], traders have been exiting the market in large numbers, with the highest volume of exits seen since the collapse of Terra-Luna.
Net Taker Volume Reveals Aggressiveness Of Sellers & Buyers
According to CryptoQuant analyst Maartunn, this metric tracks the aggressiveness of both buyers and sellers for a specified crypto asset by calculating the difference between ‚Taker Buy Volume‘ and ‚Taker Sell Volume‘. These are market participants who use market orders, willing to buy or sell at any cost but prioritize exiting their position quickly. With ETH’s Net Taker Volume at its deepest negative value since May 2022, „traders on Ethereum are escaping the market through market orders, which is pushing prices down,“ Maartuun noted.
Market Demand Weakens & Open Interest Falls
Data from Santiment shows that after ETH crossed $1600, new demand for it weakened drastically with daily addresses created falling by 88%. Additionally, per data from Coinglass during that period, ETH’s Open Interest fell by 5%, indicating a shortage of investor attraction and potentially resulting in a drop in price.
Hedging Against Impending Price Drawdown
Maartunn advised: „The strongest signal of this indicator is when prices are still relatively high yet Net Taker Volume is deeply red – which is where Ethereum currently stands. This doesn’t mean that Ethereum can’t bounce back short term but as long as Net Taker Volume shows negative values it’s better to sell than buy.“
Shanghai Upgrade Might Work Wonders
Despite this current situation many investors maintain a positive outlook due to anticipation surrounding The Shanghai Upgrade which could potentially pump liquidity into markets again and bring about an increase in investor confidence.
• CAKE posted a bearish rising wedge channel pattern and 9% gains after the FOMC announcement.
• PancakeSwap [CAKE] saw an uptick in total value locked (TVL) in the past few days.
• If Bitcoin fails to reclaim the $23.5K zone, bears could continue to devalue CAKE, but bulls could attempt a break above the wedge and aim at $4.722.
PancakeSwap [CAKE] Price Prediction 2023-24
At press time, CAKE traded at $4.305 while Bitcoin [BTC] was below the crucial $23.5K price level. PancakeSwap [CAKE] posted about 9% gains after the FOMC announcement, however its price action in the same period chalked a bearish pattern which could suggest a possible drop in the next few hours/days.
Bearish Rising Wedge Pattern
CAKE formed a rising wedge pattern – a typical bearish formation which means there is high possibility of bearish breakout or price reversal where bears could break below the wedge and settle at $3.845 in the next few hours/days however such drop must break key support levels like $4.236, 26-period EMA, $4.144, and $3.950 so bears should be cautious of these levels as any bullish influence can cause an upswing invalidating this bearish bias towards aiming at $4.722 mark if bulls gain control over the situation with help from BTC price surge above its current level of 23500$.
Total Value Locked (TVL)
PancakeSwap recorded an uptick in TVL in the past few days according to DefiLlama data on January 31st TVL was approximately 2 billion 45 million dollars while now it has risen to 2 billion 57 million dollars at press time which is likely to boost investors’ confidence for native token and may cause an uptrend rally eventually leading towards bullish breakout above mentioned wedge invalidating bearish bias along with increase revenue recorded by CAKE towards end of January and early February will also help bulls gaining confidence if BTC regains 23500$mark or surges above it then convincing bullish breakout for CAKE is likely to happen soon as well increasing investors’ confidence even more than before..
Overall, CAKE’s current structure suggests that bulls have control over its price action as indicated by RSI and OBV readings however bears should still be aware of key support levels like 4236$, 26-period EMA, 4144$ and 3950$ which if broken will confirm bearish breakout towards 3845$ mark while on other hand a convincing bullish breakout can only happen if BTC regains 23500$ level or surges above it confirming investor’s confidence increase once again leading towards upswing rally for CAKE ultimately aiming at 4722$ target successfully invalidating all previous predictions made during this article/discussion as well!
• OANDA has been named Singapore’s #1 crypto broker for client satisfaction in a recent survey.
• This marks the second consecutive year OANDA has received this honor, demonstrating its position as the preferred choice for crypto traders in Singapore.
• OANDA offers a user-friendly interface, advanced tools, and 24/7 customer support to help traders make informed decisions.
OANDA, a leading online trading platform, has been recognized as Singapore’s #1 crypto broker for client satisfaction according to a recent survey conducted by a leading financial news outlet. This is the second consecutive year that OANDA has received this honor, solidifying its position as the go-to choice for crypto traders in Singapore.
The crypto industry has the potential to revolutionize financial transactions by using decentralized currencies such as Bitcoin and Ethereum. Blockchain technology is also believed to have the potential to disrupt a variety of industries, making it an exciting space for investors. Although the crypto industry is still in its early stages, it has significant potential for growth and innovation.
OANDA is at the forefront of the crypto industry in Singapore, providing a robust platform for traders to buy and sell Ethereum and other popular cryptocurrencies. The survey, which evaluated the top crypto brokers in Singapore based on customer service, platform usability, and trading options, found that OANDA provided the best overall trading experience. This is a testament to the hard work and dedication of the OANDA team, who continuously strive to improve the platform and add new features to meet the evolving needs of its clients.
The platform offers a user-friendly interface, advanced tools, and 24/7 customer support to help traders make informed decisions. OANDA also offers a variety of educational resources to help new traders learn more about the crypto industry and develop their trading strategy.
Overall, OANDA’s commitment to providing a top-notch trading experience has made it the go-to choice for crypto traders in Singapore. The platform’s Ethereum trade offering has opened up the crypto market to traders and allowed them to access the second-largest cryptocurrency by market capitalization. With its user-friendly interface, advanced tools, and 24/7 customer support, OANDA is the perfect choice for anyone looking to get involved in the crypto industry.
• Bitcoin investor appetite has resumed, according to multiple indicators.
• Open Interest and the MVRV ratio is on the rise, while the leveraged positions are being liquidated.
• There is still a risk of a potential downside due to the Digital Currency Group and Genesis solvency issue.
The past several weeks have seen a resurgence of investor appetite for Bitcoin (BTC). Numerous indicators have suggested that the cryptocurrency is on its way to another bull run, with open interest, the MVRV ratio, and leveraged positions all pointing in the right direction. However, there is still a risk of a potential downside due to the Digital Currency Group and Genesis solvency.
CryptoQuant’s analysis of the Bitcoin market on 19 January showed that holders of BTC were shifting their coins from the spot to the derivatives market. As this allowed them to tap into leverage, the open interest in the derivatives market has been steadily increasing since the start of the year. While the estimated leverage ratio dropped off in the first half of January, it was starting to rally at press time.
The CryptoQuant analysis also revealed that Bitcoin’s MVRV ratio was attempting to recover above 1. This is a key indicator of the start of an uptrend. This was backed up by the Puell multiple, which has also been steadily increasing in favor of a positive trend.
Despite the positive market signals, there is still a risk of a potential downside. This is due to the issue of Digital Currency Group (DCG) and Genesis solvency, which has been caused by GBTC mismanagement. If there is a large liquidation event as a result of this, it could cause another major selloff and erode BTC’s latest gains. This might be why the Purpose Bitcoin ETF holdings have been offloading its BTC. Additionally, the number of addresses holding more than 1,000 BTC has only increased slightly since the start of January 2021.
Overall, while investor appetite for Bitcoin is starting to pick up again, there is still a risk of a potential downside. Investors should take caution and do their own research before making any decisions.
• Avalanche [AVAX] witnessed a 20% surge in price in the last 10 days.
• Bulls could possibly target the $14.0 supply zone if BTC is bolstered by the US Consumer Price Index (CPI) announcement.
• The Relative Strength Index (RSI) on the daily chart was at 57, showing buying pressure has increased steadily in the past 10 days.
Over the past 10 days, Avalanche [AVAX] has seen a tremendous surge in price, shooting up from $10.85 to $12.97 and currently trading at $12.53. This 20% rise has been fuelled by the increased demand in the derivatives market, which has kept the bulls in full confidence. Moreover, with the US Consumer Price Index (CPI) announcement set for January 12, the Bitcoin market could be bolstered, which could further fuel the AVAX rally.
On the daily chart, the Relative Strength Index (RSI) is currently at 57, indicating a considerable level above the 50-midpoint. This shows that buying pressure has increased steadily over the last 10 days, giving the bulls the upper hand. This could help the AVAX bulls to push the price above the $12.97 level, and if successful, the $14.0 supply zone would be the next target. However, if the bulls do manage to reach the supply zone, they will be met with intense opposition from the sellers. Therefore, investors with diamond hands could wait and sell off at this zone to maximize their profits.
On the other hand, if the BTC fails to break above the $17.50K mark, then the AVAX bulls could find it difficult to push the price above the supply zone. Therefore, it is essential to keep an eye on the BTC market, as it could be the deciding factor in the AVAX price rally.
• Indonesia plans to launch a crypto exchange in 2023.
• The country is shifting the regulatory oversight over crypto to the Financial Services Authority.
• The shift in regulatory authorities will affect the 383 crypto assets and 10 local coins currently available in Indonesia.
As the world continues to evolve, so does the financial sector, and Indonesia is no exception. In 2023, the country is set to launch its own crypto exchange, marking a major shift in the country’s crypto industry.
The shift in regulatory oversight of crypto to the Financial Services Authority (FSA) signals a move away from the current Commodity Futures Trading Regulatory Agency (Bappebti), which has been in charge of crypto assets for several years. Didid Noordiatmoko, the acting head of Bappebti, stated that the FSA will assume regulatory power over crypto assets from the commodities agency over the next two years.
In addition to the launch of the exchange, the FSA will also be responsible for the 383 crypto assets and 10 local coins which are currently available in Indonesia. Bappebti is currently reviewing another 151 assets and 10 local coins. The country has 16 million crypto investors, with more rushing in despite an industry-wide downturn.
The shift in regulatory authorities is expected to have a positive impact on the crypto industry in Indonesia. An official from Indonesia’s Ministry of Finance stated that the shift of regulatory power from commodities to securities agency was warranted due to the status of crypto assets as investment vehicles. He added: „In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.“
The launch of the crypto exchange in 2023 is set to usher in a new era of growth and development within the Indonesian crypto industry. With the new regulations in place, the country hopes to create a safe and secure environment for the trading of crypto assets. It is also hoped that the exchange will bring much needed liquidity and stability to the market, as well as provide investors with a greater range of options when it comes to investing in crypto.