Bottoms up, Ethereum!

DATE: 28-02-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin's [BTC] bull cycle in doubt thanks to new milestone Crypto's 1-week average market price fell below the 200-week average A drop is BTC's Open Interest evident too After weeks of fairly bullish movement on the price charts, Bitcoin [BTC] has seemingly lost a lot of its momentum. With the cryptocurrency struggling to hit $24,000, BTC hit a rare milestone - Its 1-week average market price fell below the 200-week average. According to a CryptoQuant analyst, a bull cycle will remain unconfirmed unless the aforementioned level is breached.  Bitcoin's ongoing market movement is an opportunity for those who are keen to accumulate the crypto for long-term gains. This could be profitable if BTC does indeed break past this level.  "I expect a sideways action long enough, like 2015-2016, to move towards sustainable growth rather than rushing like in 2019." The last 7 days have also seen a significant fall in BTC's Open Interest. A fall in the no. of open positions in the market is a sign of a fall in demand for the asset. Additionally, the cryptocurrency's indicators seemed to highlight a hike in selling pressure too.  Learn more Is Ethereum's [ETH] bottom close to forming? ETH addresses have started selling at a loss On the contrary, the no. of retail investors has continued to hike Like Bitcoin [BTC], Ethereum's price fortunes haven't been particularly bullish over the past week. In fact, according to Santiment, a few addresses have started to sell their ETH holdings at a loss. Historically, once the crowd starts exiting their positions more frequently at a loss, bottoms are likely to form. Simply put, the aforementioned finding is a sign that many traders lack confidence in ETH. Even so, it's worth pointing out that the MVRV Ratio for Ethereum remains positive. What this implies is that if a majority of ETH holders do sell, they'd be in profit.  Additionally, the declining long/short difference implied that it is mostly short-term holders who are selling their ETH for a loss. Also, the no. of retail investors has continued to hike. On the contrary, 39% of all ETH is being held by crypto-whales, in opposition to 11% for Bitcoin. This makes retail investors vulnerable to price swings fueled by whales.  Learn more Root cause behind Solana outage 'still unknown' Solana's outage last week still under investigation Transactions on the network have resumed this week Days after Solana saw yet another outage on the network, its blockchain engineers are yet to come to a conclusion about the root cause of the same. With the incident still under investigation and in light of the lack of clarity associated with the same, skepticism still reigns supreme as far as Solana is concerned.  According to Solana's latest communique, "Solana Mainnet Beta suffered a significant performance degradation, eventually leading the validator community to opt for a restart of the network." It added,  "Due to the performance degradation, validator nodes automatically entered vote-only mode, a 'safe mode' designed to help the network recover in the event of data unavailability." Here, it's worth pointing out that this isn't the first time Solana is in the news for its outages. In fact, there are many online claiming that design flaws are behind these outages. According to its Founder Yakovenko, however, that is not the case.  Learn more Binance moved $1.8B in collateral backing customers' stablecoins Allegations made by a Forbes report which claimed this was done without customers' knowledge Episode reportedly played out between August and December 2022 Binance, arguably the world's largest crypto-exchange, is at the forefront of controversies yet again after a Forbes report alleged that it moved collateral backing customers' stablecoins, collateral worth over $1.8B, without their express knowledge or consent. This episode is reported to have played out between August and December 2022.  According to Forbes, the collateral that was transferred out belonged to customers holding B-peg USDC tokens. This rendered the token unsecure despite the exchange claiming otherwise. These funds were reportedly sent to the likes of Alameda Research, Tron, and Cumberland, a high-frequency trading firm.  For its part, Binance was quick to react to the story, claiming that this is part of Binance's 'normal business conduct.' Just last month, Binance was in the news for co-mingling after it mistakenly kept customer funds and crypto-asset collateral in the same wallet. Coinbase to suspend BUSD trading Coinbase will be suspending BUSD trading by March BUSD is still the third-largest stablecoin in the market Coinbase has announced that it will be suspending the trading of Binance USD (BUSD) on March 13, 2023. The decision came right after the U.S. Securities and Exchange Commission (SEC) labeled the stablecoin as a security. The suspension would apply to Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.  "We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET." The news did not have a significant impact on the stablecoin though. According to CoinGecko, BUSD is still the third-largest stablecoin in the market, with the coin maintaining its dollar peg on the charts.  IMF: Crypto-regulations over outright ban? IMF would rather regulate crypto-assets than an outright ban Option to ban cryptos not off the table During the Ministers' meetings in Bengaluru, India, IMF Managing Director Kristalina Georgieva claimed that the International Monetary Fund would rather regulate crypto-assets than impose an outright ban. According to the exec,  "Fully-backed stablecoins create a reasonably good space for the economy. but non-backed crypto assets are speculative, high risk, and not money. Our first objective is to differentiate between central bank digital currencies that are backed by the state and publically issued crypto assets and stablecoins." Georgieva went on to add that the option to ban cryptocurrencies should not be taken off the table if they begin to pose a greater risk to financial stability. An inability to protect consumers from the rapidly evolving world of crypto-assets could lead to an outright ban, she said.  The IMF, the Financial Stability Board, and the Bank for International Settlements are jointly preparing to release regulatory framework guidelines in the second half of the year. SEC: Robinhood subpoenaed over crypto-listing Robinhood Markets got a subpoena from SEC over crypto-listings Subpoena received soon after FTX filed for bankruptcy Robinhood Markets has announced that it received an investigative subpoena from the United States Securities and Exchange Commission over its crypto-listings, platform operations, and custody. This came in response to the crypto-bankruptcies last year. The brokerage received the subpoena soon after crypto-exchange FTX filed for bankruptcy, following the bankruptcy filings of several other major cryptocurrency trading venues earlier in 2022.  Robinhood also received subpoenas from the California Attorney General's Office in 2021, one seeking information about its crypto-arm's trading platform, business and operations, custody of customer assets and coin listings. The brokerage was also investigated by the Massachusetts Securities Division for allegedly targeting inexperienced investors.  Robinhood's crypto-division was also hit with a $30M fine by the New York District of Financial Services for failing to "invest the proper resources and attention to develop and maintain a culture of compliance." Bitcoin & co. head their separate ways Coin Price 24hr Market Cap ↓BTC $23,412 -0.3% $451 Billion ↓ETH $1,627 -0.5% $196 Billion ↑XRP $0.37 +0.1% $19 Billion  Bitcoin's [BTC] price dipped by 0.3% over the last 24 hours. Even so, the king coin was trading at $23,412 on the charts at press time. The RSI was treading just above the 50-mark with a reading of 51.85, indicating selling bias. The Awesome Oscillator appeared to confirm this trend, displaying both the red and green bars above 0 in bullish territory.  Ethereum [ETH] was trading at $1,627.61 at the time of writing, following a0.5% fall over the last 24 hours. The RSI's movement projected bullish market sentiment with a reading of 51.53. To further reinforce the trend, the Parabolic SAR flashed dots below the price A sign of a strong buyer's bias. XRP was trading at $0.38 following an appreciation of 0.1%. The RSI stood at 44.41 below the neutral 50-level, highlighting a strong bearish trend. This was also reflected by the Parabolic SAR as the dotted markers stood above the price. The Awesome Oscillator confirmed bearishness as it flashed red bars below 0. A sea of red for market's alts Coin Price 24hr Market Cap ↓MATIC $1.23 -3.4% $11 Billion ↓SHIB $0.00001252 -2.2% $7 Billion ↓AVAX $17.73 -2.7% $5.6 Billion MATIC, after a fall of 3.4% in 24 hours, was changing hands at $1.23. The AO was running above the midline flashing red candlesticks - A sign of bears gaining momentum. The RSI also noted a reading of 45.82, below the 50-mark, reaffirming a strong selling bias. SHIB lost 2.2% of its value in the last 24 hours, with the crypto changing hands at $0.00001252. Capital inflows were growing as the Chaikin Money Flow (CMF) moved above the zero line. However, the RSI was spotted with a reading of 47.16, indicating growing selling pressure. The Parabolic SAR confirmed the bias as the dots were above the price - Evidence of bearish momentum. AVAX was trading at $17.73, at the time of writing, after a 2.7% dip in the aforementioned period. The OBV indicated bearish momentum, giving sellers an edge. The MACD exuded red histograms below the half-line to confirm the bearish trend as the lines stood above zero, but progressed south. The DMI confirmed this sentiment as ADX and DMI+ had readings above zero. Green on the weekly charts Coin Price 24hr Market Cap ↑↑STX $0.89 +45.0% $1 Billion ↑↑FLOKI $0.00004806 +16.1% $467 Million ↑↑OP $2.87 +10.9% $616 Million STX recorded 45%% gains over the past week and was changing hands at $0.89. The Relative Strength Index noted a reading of 48.73, hinting at bearishness in the market. However, the Awesome Oscillator saw red and green bars flashing above the zero line. The Parabolic SAR confirmed bullish momentum.  FLOKI profited by 16.1% in the last 7 days, trading at $0.00004806. The MACD flashed green histograms above the half-line - A sign of strong buyers' momentum. The Relative Strength Index stood at 59.27, confirming the strong bullish trend. The Parabolic SAR revealed bullish tendencies as well.  OP appreciated by 10.9%, with the crypto trading at $2.87 over the aforementioned period. The crypto's charts saw sellers in control as the CMF lay below 0. The Parabolic SAR revealed a strong bearish trend as it was seen moving steadily above the price candles on the chart. The Awesome Oscillator also flashed red and green bars below the zero line. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe