| Reading time: 5 minutes | News | Crypto Converter | Crypto Calculators | PancakeSwap (CAKE) skyrockets 45% as BNB Chain dominates DEX market | | Key points: | CAKE price surged 45% in 24 hours, reaching a high of $2.69. BNB Chain surpassed Solana in DEX volume, hitting $1.64 billion in 24 hours. Memecoin frenzy and Binance's USDT delisting drove trading activity.
| News - PancakeSwap's native token, CAKE, experienced an explosive price increase of 45% within the past 24 hours, surging from $1.78 to a high of $2.69 before stabilizing around $2.48. This rally extended its weekly gains to nearly 60%, making CAKE one of the top-performing altcoins. | The surge comes amid a significant uptick in decentralized exchange (DEX) trading on the BNB Chain, which saw $1.64 billion in daily trading volume, surpassing Solana and securing the top spot in the DEX market. PancakeSwap, the leading BNB Chain DEX, was at the center of this trading frenzy, processing $647 million worth of transactions in a single day. | Binance's USDT delisting sparks shift to PancakeSwap - One of the key catalysts behind CAKE's surge was Binance's decision to delist Tether (USDT) and other stablecoins for users in the European Economic Area (EEA) due to compliance concerns with EU regulations. This led traders to move their USDT off Binance and onto PancakeSwap, where the token accounted for 54% of the exchange's daily trading volume. | Memecoins fuel BNB Chain's growth - Another driving force behind the rally is the resurgence of memecoins on the BNB Chain. The network, once a dominant player in the memecoin space, is witnessing renewed investor interest. The total market capitalization of Binance Smart Chain (BSC) memecoins jumped 48% in the past week to $2.71 billion, thanks to projects like Mubarak (MUBARAK), which saw a 95% surge in a single day. | BNB Chain's Pascal Hardfork set to enhance transactions - The bullish sentiment surrounding PancakeSwap is further fueled by an upcoming upgrade to the BNB Chain. The Pascal Hardfork, scheduled for March 20, will introduce EIP-7702, allowing externally owned accounts (EOAs) to temporarily function as smart contracts within a single transaction. This innovation will remove the need for users to hold BNB for gas fees, making transactions more seamless and accessible. | What's next for CAKE? - With PancakeSwap leading the DEX market, Binance's regulatory adjustments driving trading volume, and the memecoin frenzy reviving BNB Chain's appeal, CAKE's upward momentum may continue. However, traders should remain cautious of potential market corrections as the hype settles. | If the current trends hold, CAKE could target the $3.00 resistance level in the coming days, with long-term prospects pointing toward a possible breakout beyond $3.40. | Whale's $445M Bitcoin short triggers failed hunt on Hyperliquid | | Key points: | A crypto whale took a massive $445 million short position on Bitcoin (BTC) using 40x leverage on Hyperliquid, triggering market-wide speculation. A coordinated effort by traders attempted to liquidate the whale's position by driving BTC's price up but ultimately failed. The whale simultaneously went long on the MELANIA token, adding intrigue to the high-stakes trade.
| News - A high-stakes trading battle unfolded on Hyperliquid as a crypto whale took a staggering $445 million short position on Bitcoin while simultaneously betting bullish on the MELANIA token. The massive leveraged trade ignited market-wide interest, with traders attempting to liquidate the whale's position by pushing BTC's price higher. However, the effort failed as the whale managed to reinforce their margin with a $5 million USDC deposit, avoiding liquidation. | Hyperliquid cheered the event, emphasizing how its platform's transparency enables traders to monitor large positions in real time, setting the stage for what it calls the 'future of decentralized trading.' | Whale's high-risk strategy and market response - The whale's short bet on Bitcoin involved a 40x leveraged position with a liquidation price of $86,000. As of writing, the position has yielded an unrealized gain of $1.3 million, per data from Hyperliquid and Lookonchain. | Meanwhile, traders led by a pseudonymous figure named CBB attempted to squeeze the whale by driving BTC above $84,690. The coordinated effort briefly pushed BTC higher, forcing the whale to add more collateral. Despite their attempts, the whale's position held strong, and the 'hunt' ultimately failed. | In a surprising twist, the same whale also took a bullish position on the MELANIA token, reportedly backed by MKT World LLC, a Florida-based company associated with former First Lady Melania Trump. This move has fueled speculation about the whale's trading strategy and potential insider knowledge. | Hyperliquid applauds the transparency of whale wars - Hyperliquid embraced the spectacle, stating that its trading transparency has 'redefined the market.' The platform emphasized that while screenshots can be faked, on-chain trading positions cannot, reinforcing its commitment to decentralization. | The recent battle highlights the evolving nature of decentralized trading, where whales, traders, and market spectators collide in real time. As Bitcoin hovers near critical levels, all eyes remain on Hyperliquid to see if another whale war is on the horizon. | Ethereum's outlook dims as Standard Chartered slashes target to $4K | | Key points: | Standard Chartered cuts year-end ETH price target to $4,000, citing structural decline and Layer 2 competition. Ethereum's on-chain metrics weaken, with declining TVL and negative ETF outflows keeping ETH below $2,000.
| News - Ethereum (ETH) faces a challenging outlook after Standard Chartered downgraded its 2025 year-end price target from $10,000 to $4,000, citing a structural decline in its market dominance. The report highlighted the growing impact of Layer 2 solutions like Coinbase's Base, which has reduced Ethereum's market cap by $50 billion. | Meanwhile, on-chain data suggests ETH struggles to reclaim $2,000, with decreasing network activity, falling Total Value Locked (TVL), and negative ETF flows weighing on sentiment. | Ethereum faces structural weakness - Standard Chartered's report warned that Ethereum's dominance has been weakening over time, particularly due to Layer 2 networks shifting value away from ETH's base layer. The bank estimates that Base, one of the leading L2 solutions, has significantly contributed to ETH's market cap decline. | The report also suggests that Ethereum's underperformance may continue, unless the Ethereum Foundation implements commercial policy changes, such as taxing Layer 2s—a move Standard Chartered sees as unlikely. | The bank expects ETH/BTC ratio to drop to 0.015 by 2027, marking its lowest level since 2017. However, it still anticipates some recovery in ETH's price, supported by Bitcoin's rally lifting the broader crypto market. | Weak on-chain activity and bearish technicals - Ethereum's technical and fundamental indicators also paint a bearish picture. The Total Value Locked (TVL) on Ethereum has dropped 47% from its January high of $77 billion to $46.37 billion as of March 11. | Decentralized exchange (DEX) trading volume on Ethereum has also seen a 30% decline over the last week, with notable protocol losses: | Maverick Protocol activity dropped 85% Dodo's volume declined 45% Lido's TVL fell 30% over 30 days
| Adding to the negative outlook, Ethereum spot ETFs have faced outflows for 17 consecutive days, marking the longest streak since records began in 2015. US-based ETFs saw $265.4 million in outflows, contributing to further price weakness. | Bearish technicals hint at $1,530 ETH - ETH has been consolidating within a bear flag pattern, indicating further downside risk. The critical support level at $1,880 is under pressure—if breached, ETH could drop to $1,530, a 20% decline from current levels. | For a reversal, bulls need to push ETH above $1,970, breaking the bear flag's resistance to regain momentum. Until then, Ethereum's structural challenges and weakening demand suggest continued underperformance. | South Korea rejects Bitcoin reserves: IMF standards cited | | Key points: | South Korea's central bank has dismissed the idea of including Bitcoin in its foreign exchange reserves, citing price volatility and liquidity risks. The Bank of Korea (BOK) stated that Bitcoin fails to meet the IMF's foreign exchange reserve management standards, which require stable liquidity and minimal credit risk.
| News - Despite growing global interest in Bitcoin as a strategic reserve asset, South Korea's central bank has officially ruled out the possibility of holding BTC in its foreign exchange reserves. The Bank of Korea (BOK) emphasized that the cryptocurrency's extreme price volatility makes it an unsuitable asset for maintaining stable national reserves. | According to a report from Korea Economic Daily, the BOK made its stance clear in response to an inquiry from the National Assembly's Strategy and Finance Committee. The central bank explained that Bitcoin's erratic price movements could significantly impact transaction costs when converting BTC to cash, posing financial risks. Furthermore, it stated that Bitcoin does not meet the International Monetary Fund's (IMF) standards for foreign exchange reserve management, which focus on prudent liquidity and credit risk management. | South Korea's crypto market thrives amid caution - While South Korea maintains one of the world's most active cryptocurrency trading ecosystems, with billions of dollars in daily transactions, regulators remain cautious about integrating digital assets into the nation's financial system. Calls from crypto industry lobbyists and Democratic Party lawmakers to incorporate Bitcoin into the country's reserves and develop a won-backed stablecoin have gained some traction. However, the BOK maintains that its reserves must have high liquidity and investment-grade credit ratings—criteria that Bitcoin does not fulfill. | Professor Yang Jun-seok from the Catholic University of Korea reinforced this perspective, stating that foreign exchange reserves should primarily consist of the currencies of key trading partners. Meanwhile, KAIST's Professor Kang Tae-soo suggested that the U.S. is more likely to leverage stablecoins to maintain dollar dominance rather than rely on Bitcoin. | Global trends and South Korea's position - The decision comes amid increasing global discussions on the role of cryptocurrencies in national financial strategies. Earlier this month, U.S. President Donald Trump signed an executive order establishing a strategic Bitcoin reserve and digital asset stockpile, triggering widespread debate among global financial institutions. Meanwhile, Japan's Financial Services Agency is currently reviewing crypto legislation, prompting South Korea's regulators to reassess their stance on crypto-related financial products, including exchange-traded funds (ETFs). | Despite these developments, the Bank of Korea remains firm in its position, underscoring the importance of stability and liquidity in reserve assets. While South Korea's retail crypto market continues to thrive, its central bank is unlikely to shift toward Bitcoin reserves anytime soon. | | More stories from the crypto ecosystem | | Did you know? | In 2024, North Korean state-backed hackers, mainly the Lazarus Group, stole over $1.3 billion in cryptocurrency, using the funds to evade sanctions and finance weapons programs. In early 2025, they were linked to an additional $1.5 billion theft from Bybit, the largest crypto heist in history. By the end of 2024, an estimated 6.8% of the global population—over 560 million people—owned cryptocurrencies. This surge in adoption was driven by growing institutional interest, expanding regulatory clarity, and increased accessibility to digital assets worldwide. In March 2025, the U.S. Senate Banking Committee approved the GENIUS Act, a bill establishing a regulatory framework for stablecoins. This legislation aims to integrate digital assets into the financial system while addressing concerns about consumer protection and financial stability.
| | Top 3 coins of the day | PancakeSwap (CAKE) | | Key points: | At press time, CAKE was trading at $2.59, reflecting a 45.70% surge in the last 24 hours. The Bollinger Bands widened significantly, indicating increased volatility, while the Awesome Oscillator flipped bullish with a rising green histogram.
| What you should know: | CAKE witnessed an explosive rally, surging over 45% in a single day. This price jump followed renewed momentum on BNB Chain, particularly in memecoin trading, and PancakeSwap briefly overtaking Uniswap in daily trading volume within specific markets. The Bollinger Bands expanded sharply, indicating heightened volatility, with CAKE's price pushing toward the upper band—a sign of strong bullish momentum. The Awesome Oscillator (AO) flipped positive, showing strengthening bullish momentum after an extended downtrend. Trading volume spiked significantly, reinforcing the price breakout. If CAKE maintains this momentum, the next resistance level to watch is $3.00, while immediate support rests around $2.20. Market participants should closely monitor further developments in the BNB ecosystem and PancakeSwap's DEX growth, as these factors could sustain the ongoing bullish sentiment. | Ethereum (ETH) | | Key points: | At press time, ETH was trading at $1,901, reflecting a 0.69% increase over the last 24 hours. Despite the slight recovery, ETH remained in a bearish structure, with its price struggling below the 9-day SMA and the RSI hovering near the oversold zone.
| What you should know: | Ethereum saw a modest uptick after a prolonged downtrend but continued to face resistance around the 9-day SMA, which stood at $1,914 at the time of writing. The RSI at 34.88 indicated that ETH was still near oversold conditions, suggesting selling pressure had weakened but buyers were yet to regain momentum. Trading volume remained relatively stable, hinting at indecision in the market. Additionally, Standard Chartered recently revised its year-end price target for ETH down to $4,000, citing concerns about a structural decline. This bearish outlook may have contributed to ETH's sluggish price action, as investors remain cautious. If ETH maintains its current momentum, the next key resistance stands at $2,000, while support rests at $1,800. A break below this support level could signal further downside, while a push above resistance may encourage a trend reversal. Traders should monitor ETH's ability to reclaim key levels in the coming sessions. | Kaspa (KAS) | | Key points: | At press time, KAS was trading at $0.07, reflecting a 0.26% increase over the last 24 hours. Despite slight gains, the broader downtrend persisted as the 9-day SMA stayed above the price action.
| What you should know: | Kaspa's price showed minor signs of recovery, but the broader bearish trend remained intact. The 9-day SMA hovered above the price candles, reinforcing continued selling pressure. The Directional Movement Index (DMI) indicated a weakening downtrend, as the ADX (yellow) line started to decline while the -DI (red) and +DI (green) lines moved closer, signaling a potential shift in momentum. Trading volume remained relatively low, suggesting a lack of strong bullish conviction despite the recent price stabilization. If KAS sustains its gradual upward movement, resistance lies near $0.08, while support is at $0.06. A break below this level could accelerate losses, while an uptick in buying activity may fuel further recovery. Traders should monitor volume dynamics and broader market sentiment for confirmation of trend shifts. | How was today's newsletter? | |
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