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Key Bitcoin price metrics point to BTC downside below $22.5K

Bitcoin (BTC) faced a 1-hour $1,420 pullback on March 3 following Silvergate Bank's 57.7% stock crash which was due to significant losses and "suboptimal capitalization." The U.S. fintech-friendly bank was a key financial infrastructure provider for exchanges, institutional investors and mining companies and some investors are worried that its potential demise could have wide-ranging negative impacts on the crypto sector.

The crypto-friendly bank discontinued its digital asset payment railway — Silvergate Exchange Network (SEN) — citing excessive risks. Silvergate also reportedly borrowed $3.6 billion from the U.S. Federal Home Loan Banks System, a consortium of regional banks and lenders, to mitigate the effects of a surge in withdrawals.

Among the impacted exchanges was Dubai-based Bybit, which announced the suspension of U.S. dollar transfers after March 10. The move follows Binance's international platform, suspending U.S. dollar fiat withdrawals and deposits on Feb. 6.

Fiat on and off ramps have always been a troublesome area due to the lack of a clear regulatory environment, especially in the U.S. Additional uncertainty came from the Wall Street Journal's March 3 report on iFinex, the holding company behind Tether and Bitfinex. Leaked documents and emails revealed the group relied on fake sales invoices and hid behind third parties to open bank accounts.

Despite a Wall Street Journal report alleging that Tether is being investigated by the Department of Justice, (USDT) is still the absolute leading stablecoin with a $71.4 billion market capitalization. The issue has spread across the industry as Paxos, the issuer of the third largest stablecoin, was ordered by the New York Department of Financial Services on Feb. 13 to stop issuing Binance USD (BUSD).

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More than just an airdrop? Arbitrum builds a resilient DeFi fortress with unique primitives

The total value locked (TVL) in DeFi applications on the Arbitrum, a layer-2 Ethereum network blockchain, has doubled since the start of 2023.

While investors’ hope of an ARBI token airdrop is a major factor attracting activity to the Ethereum layer-1 network, the ecosystem’s DeFi growth is also showing robust growth. 

Arbitrum has become a major hub for decentralized derivatives trading and offers high yields for crypto yield hunters, reminiscent of wild west DeFi days of 2020.

GMX and Gains Network takeover decentralized derivatives trading

GMX is the leading DApp on Aribitrum, which comprises 25% of the network’s total TVL. The perpetual swap trading platform pits traders and liquidity providers against one another. The liquidity providers own GLP tokens, an index of cryptocurrencies and stablecoins that act as trader counterparties. Meanwhile, stakers of GMX token earn 30% of the protocol’s fees, the platform offers real yields without diluting the token’s supply.

While the trading volume of GMX is nearly five times less than the leading decentralized exchange dYdX, it has started to threaten dYdX’s lead. Interestingly, despite having larger trading volumes, the TVL of dYdX is half of GMX, possibly due to dYdX inadvertently incentivizing wash trading through DYDX token emissions.

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Bitcoin ASIC manufacturer Canaan saw 82% revenue drop in Q4

The firm's revenue only fell by 14% for the entire year as part of better industry conditions in Q1 and Q2 2022.

Binance adds 11 tokens to PoR, claims $63B in reserves

The results have not been audited by any accounting firms.

7 blockchain project ideas for women

Blockchain technology is empowering women in developing countries with financial freedom and improved access to social inclusivity and growth.

D&D nukes NFT ban, ‘Kill-to-Earn’ zombie shooter, Illuvium: Zero hot take — Web3 Gamer

In this inaugural edition of Cointelegraph’s monthly Web3 gaming column, we highlight some of the top stories and events in the blockchain gaming space over the past few weeks, as well as upcoming releases.

Fortnite player sells Dookey Dash prize

It has been a little over a month since NFT behemoth Yuga Labs, the company behind Bored Ape Yacht Club (BAYC) and other top NFT collections, rolled out the skill-based game and NFT mint, Dookey Dash. 

Sent on a quest by a dog called Gary, players have to navigate through the sewers, dodging obstacles and collecting power-ups in pursuit of a golden key.

For three weeks, holders of Sewer Pass NFTs competed for the top spot on the leaderboard and different prizes. Though BAYC and sister collection Mutant Ape Yacht Club holders could claim a free pass, buying one wasn’t cheap. The floor price currently stands at 2.4 Ether (ETH) ($3,888)

That’s a lot to play Temple Run in a toilet.

Dookey Dash
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D&D nukes NFT ban, ‘Kill-to-Earn’ zombie shooter, Illuvium: Zero hot take — Web3 Gamer

Is play-to-earn really dead or will the dead rise again? Teen makes $1.6M playing Yuga Labs’ NFT game, and first impressions of Illuvium: Zero.

9 essential finance terms you must know

Boost your financial literacy with nine essential terms. From interest to assets, improve your money management skills.

BTC may need to dip to $19.3K to cool Bitcoin profit-taking — new data

Bitcoin (BTC) would need to return below $20,000 to reset a key metric that covers speculative profit-taking, data shows.

In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode revealed that short-term holders (STHs) might be dictating BTC price resistance.

Profit-taking reinforces resistance levels

As BTC/USD climbed toward $25,000, STHs — those holding coins for 155 days or less — began seeing substanti.

This was captured by the market value to realized value (MVRV) metric, which compares the Bitcoin market cap to the value of coins moved on-chain.

“By comparing these two metrics, MVRV can be used to get a sense of when the price is above or below ‘fair value’ and to assess market profitability,” Glassnode explains in an accompanying guide.

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Algodex reveals wallet infiltrated by 'malicious' actor as MyAlgo renews warning: Withdraw now

Crypto exchange Algodex and wallet provider MyAlgo have both suffered security breaches in the last few weeks.

Wallet tied to Uranium Finance hacker reawakens after 647 days, shifting $3.3M

The hacker has other associated wallets that have also shifted funds to privacy networks such as Aztec.

Coinbase CEO hints its new layer-2 network could include AML measures

Brian Armstrong said centralized firms have a responsibility to monitor transactions and carry out AML checks.

Tornado Cash dev says 'sequel' to crypto mixer aims to be regulator-friendly

Soleimani explained that the “critical flaw” with Tornado Cash is that users cannot prove that they’re not associated with a criminal enterprise stealing or laundering crypto funds.

Bitcoin price enters ‘transitional phase’ according to BTC on-chain analysis

The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance.

Now Bitcoin is threatening a retest of the $22,000 level, and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hits, some analysts believe Bitcoin could drop as low as $19,000.

Bitcoin options by strike price. Source: Coinglass

A handful of analysts still project BTC to hit $25,000 in the short-term, on-chain data highlighting a few reasons for price resistance at higher levels.

Realized price metric highlights profit-taking

Market participants’ concern over the Federal Reserve’s interest rate hikes and high inflation are heavy macro headwinds facing Bitcoin and this has investors weighing the time value of money (TVM) of BTC investments. To measure TVM on-chain, Bitcoin holders can be put into groups based on the amount of time they held BTC and average the acquisition cost.

Investors that purchased BTC within the last six months benefited from the early bear market conditions and have an average realized price of $21,000, which places them in profit. The average market realized price across all BTC holders is $19,800, also currently in profit.

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Hermès asks court to halt sales of MetaBirkin NFTs following recent jury decision

The court filing from Hermès on Friday stated that Rothschild had continued to promote his NFTs even after a nine-member jury found Rothschild liable for trademark infringement, trademark dilution, and “cybersquatting.”

Investor concerns persist as crypto investment products see 4th week of outflows

According to CoinShares, outflows from crypto investment funds amounted to $17 million last week, marking the fourth consecutive week of outflows.

Warning sign for ETH price? Ethereum volume profile is down 90% since March 2020

The price of Ethereum’s native token, Ether (ETH), has recovered 78% since June 2022. But this doesn’t guarantee further upside, particularly with declining trading volumes suggesting that the risk of a major correction is high. 

Ether volume profile drops 90% since March 2020

A “volume profile” indicator displays trading activity across prices, with the blue indicating buying volume and the yellow indicating sell volume. 

Illustration of a volume profile bar. Source: TradingView

In March 2020, when the market bottomed, Ether’s volume profile on a weekly chart showed about 160 million ETH trades across the $85–$270 price range. At the time, the selling volume was greater than the buying volume by around 4 million ETH.

But Ether buying volume regained momentum after ETH price rallied above $270 in July 2020.

Notably, between July 2020 and November 2020, the Ether volume profile displayed about 64.25 million ETH trades across the $270–$450 range, with buying volume exceeding selling volume by almost 1 million ETH.

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Frax’s shift to a fully backed stablecoin signals the end of DeFi’s algorithmic experiment

The Frax community recently approved a proposal to make its FEI stablecoin fully backed by USD equivalents, rather than maintaining a partially backed and semi algorithmic stablecoin. With Frax’s decision, the days of experimentation with algorithmic stablecoins could finally be behind us.

The decentralized stablecoin space has only proved effective with ETH, USDC and BTC backed stablecoins. The failure of algorithmic stablecoins (like UST) and depegging of overleveraged stablecoins (like MIM) has become one of the primary reasons for loss of confidence in decentralized stablecoins.

The decentralized stablecoin space is still tiny

Decentralized stablecoins account for 5.5% of the total stablecoin supply. MarkerDAO’s DAI commands the lion’s share of this with 71% dominance. The transfer volumes of decentralized stablecoins are largely dominated in DAI and have declined since Q3 2022, suggesting that activity across the sector is still inhibited.

90-day moving average of decentralized stablecoin transfer volume. Source: Dune

During the bull run of 2021 and 2022, platforms like Abracadabra and Luna flourished due to higher yields, but when the market took a negative turn these stablecoins were some of the first to collapse. Luna’s UST stablecoin crashed in May 2022 after major withdrawals of the stablecoin disrupted its algorithmic mechanism. 

Before its collapse, UST had become the third largest stablecoin with a larger supply than BUSD and only behind the USDT and USDC. However, the ripple effects of Luna’s collapse caused Abracabra’s MIM stablecoin to lose its peg due to widespread drop in prices of assets backing MIM. Liquidations piled across the platform with no buyers, leading frequent dips below the $1 peg level.

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Bitcoin traders eye $19K BTC price bottom, warn of ‘hot’ February CPI

Bitcoin (BTC) failed to react at the March 6 Wall Street open as consensus formed around a potential violation of $20,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$19,000 BTC price is “breakdown target”

Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it clung to $22,400 at the time of writing.

Motionless throughout the weekend, the pair offered few trading opportunities as concerns built up over the impact of forthcoming macroeconomic data from the United States.

Specifically, the February print of the Consumer Price Index (CPI), due March 14, is expected to be “hot,” or above expectations, analyst Venturefounder said.

“New Bitcoin higher low, and the bearish RSI divergence continues,” he wrote in a Twitter update on the day.

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What are artificial intelligence (AI) crypto coins, and how do they work?

Discover how AI crypto coins enable decentralized AI and ML networks for the secure, transparent exchange of data and value.