Alex (@lexsii) • Hey
Chess player and crypto-enthusiast.
Publications
- Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near.
Polygon (MATIC) price awaits strong bullish cues that could propel the altcoin out of the consolidation it is currently stuck in.
Given that the altcoin is among the lowest profit-bearing assets, it is likely that investors will push for a price rise to book profits.
Polygon Investors Hint at Accumulation
MATIC price could see a breakout above the $ 0.74 barrier if only investors act accordingly. As long as these MATIC holders refrain from selling, consolidation could continue, and accumulation could enable an upswing.
This is the likely outcome for MATIC’s price, which is observing a surge in buying pressures. The supply held on the exchanges has seen a 20 million MATIC decline in the last three days. Although compared to other values and market capitalization of the altcoin, this supply is not much, it is a testament to the investors’ sentiment.
In the past, such instances of buying have been followed by short-term price spikes. If MATIC price witnesses the same outcome this time, it could invalidate the consolidation.
Less than 34% of the entire circulating supply of MATIC is in profits, which is relatively uncommon. Despite the recent corrections, at least 50% of most of the cryptocurrency supply is in profit.
This suggests that Polygon investors are likely desperate for profits, which could keep them from selling their holdings. Since MATIC has considerable room to grow, it could also witness extended bullishness.
- US Senator Elizabeth Warren Could Lose Her Seat to Crypto.
Pro-crypto advocate and aspiring US Senate candidate John Deaton has outpaced incumbent Senator Elizabeth Warren in fundraising during the year’s first quarter.
According to publicly available data from the Federal Election Commission, Deaton raised $ 1.36 million, surpassing Warren’s $ 1.1 million.
Fox Business journalist Eleanor Terrett revealed that Deaton’s support base included several prominent figures in the crypto industry, including Ripple’s Brad Garlinghouse and Chris Larsen, Cardano’s Charles Hoskinson, Gemini’s Tyler and Cameron Winklevoss, and Bitcoin entrepreneur Jameson Loop.
Earlier in the year, Deaton launched an official campaign to unseat Elizabeth Warren in the US Senate. Due to Warren’s pronounced anti-crypto stance, his campaign has drawn enormous support from industry leaders.
Warren has noticed Deaton’s momentum, as reports indicate she’s intensifying efforts to rally her donor base. The lawmaker reportedly portrayed Deaton as a crypto advocate aligned with the Republican Party, emphasizing her advocacy for stricter regulations on the industry.
- Bitcoin price today: BTC drops below $ 64k on dollar strength, GBTC outflows.
Bitcoin price weakened in Asian trade on Friday as strength in the dollar, which rebounded sharply to three-week highs, and the continuing large outflows from the Grayscale Bitcoin Trust (GBTC), pushed the world’s largest cryptocurrency below $ 64,000.
Bitcoin traded down 3.13% at $ 63,443.6 by 17:01 ET (21:01 GMT). The token saw a heavy dose of consolidation from record highs over the past seven days but still remained steady above weekly lows.
Strength in the dollar was the biggest source of pressure on crypto markets, as an unexpected interest rate cut from the Swiss National Bank and dovish signals from the Bank of England saw traders stick firmly to the greenback as among the few high-yielding, low-risk currencies. The dollar index surged to a three-week high of over 104 points.
In addition, US-listed spot Bitcoin ETFs, which have been the primary driver of the latest BTC rally, saw their fourth straight day of net negative flows. Interestingly, nearly all of the funds are seeing positive flows but it was not enough to offset the substantial outflows from GBTC, which experienced a $ 359 million withdrawal on Thursday, contributing to a total $ 94 million outflow across all funds in the group.
Bitcoin price heads for weekly loss amid dollar strength, profit-taking
The world’s largest cryptocurrency was now trading down about 5% from last Friday’s levels amid pressure from the dollar and sustained profit-taking.
The token had surged to record highs above $ 73,000 last week, as it benefited from strong capital flows into the recently-approved spot exchange-traded funds in U.S. markets. These funds were a key point of support for Bitcoin so far in 2024, with the token trading up around 50% for the year.
Bitcoin also remained well above lows hit during the week, when anticipation of a Federal Reserve meeting drove the token as low as $ 60,000.
But the near-term outlook for the token was clouded by a strong dollar, as signs of resilience in the U.S. economy, in comparison to its peers in the developed world, made the greenback appear especially attractive. The Fed may also lag most of its central bank peers in cutting interest rates.
Still, with the Fed maintaining its outlook for at least three interest rate cuts in 2024, the dollar is expected to eventually decline. Markets are still positioned for a 25 basis point cut in June, according to the CME Fedwatch tool.
Such a scenario bodes well for Bitcoin, given that the token’s highly speculative nature helps it thrive in a low-rate environment.
A halving event, which is expected to slash the generation of new Bitcoin by 50%, is also expected to push up prices in 2024. The halving is expected to occur by April.
"ETF activity may begin to slightly fade away and make room for the highly-anticipated halving. With the way ETF activity impacts Bitcoin now, it is this rewards-halving event that will determine Bitcoin’s next course of price action," Elitsa Taskova, Chief Product Officer at Nexo, told Investing.com.
Mike Novogratz on why Bitcoin is likely to remain on an uptrend
During the Bitcoin Investor Day in New York on Friday, Mike Novogratz, the CEO of Galaxy Digital, forecasted a bullish future for Bitcoin due to concerns over US fiscal practices.
Highlighting the national debt exceeding $ 34 trillion and government expenditure reaching 25% of GDP, he argued that Bitcoin serves as a reliable safeguard against the risks of inflation and the devaluation of currency, amidst growing government borrowing and spending.
"What's the macro story for bitcoin?" said Novogratz. "It's relatively simple. Our government can't keep its pants on and stop spending money. That went from a problem in the early 2000s to a crisis with Donald Trump and Joe Biden. They go down as the two presidents who destroyed our fiscal stability."
Novogratz's stance resonates with investors using Bitcoin to hedge against fiscal unpredictability.
He traced the rise in government spending through the Trump and Biden eras, highlighting the entrenched nature of structural deficits.
"Until you see a government, both Dems and Republicans, that says 'enough,' bitcoin's going to keep going higher," Novogratz said.
- SEC charges 17 in $ 300 million Crypto Ponzi scheme targeting latinos.
WASHINGTON D.C. - The Securities and Exchange Commission (SEC) has charged 17 individuals connected to CryptoFX LLC, a Texas-based company, for orchestrating a Ponzi scheme that amassed $ 300 million by defrauding over 40,000 investors, primarily within the Latino community. The SEC's legal action, announced today, follows an emergency intervention in September 2022 that initially disrupted the fraudulent operation and charged the firm's main operators, Mauricio Chavez and Giorgio Benvenuto.
The scheme, which ran from May 2020 to October 2022, involved individuals from Texas, California, Louisiana, Illinois, and Florida, who acted as leaders of the CryptoFX network. They allegedly promised investors returns of 15 to 100 percent through crypto asset and foreign exchange trading. However, the SEC's complaint alleges that the majority of the funds were not used for trading but were instead diverted to pay earlier investors and for personal enrichment, including commissions and bonuses for the defendants.
The complaint also details that two defendants, Gabriel and Dulce Ochoa, continued to solicit investments even after the court's orders to halt the scheme, with Gabriel Ochoa instructing investors to withdraw their SEC complaints to recover their investments. Another defendant, Maria Saravia, is alleged to have misled investors by claiming that the SEC's lawsuit was a fabrication.
The SEC's charges against the Ochoas, Saravia, and other defendants include violations of antifraud, securities registration, and broker registration provisions of federal securities laws. Additionally, Gabriel Ochoa is charged with violating whistleblower protection provisions. The SEC is seeking permanent injunctions, disgorgement with prejudgment interest, and civil penalties against each defendant.
Two of the charged individuals, Luis Serrano and Julio Taffinder, without admitting or denying the allegations, have consented to final judgments that enjoin them from future violations of the pertinent securities laws and have agreed to pay a combined total of over $ 68,000 in penalties, disgorgement, and interest.
The SEC's investigation, led by the Fort Worth Regional Office, continues as they conduct litigation seeking justice for the victims. This case serves as a reminder of the risks associated with unregistered investment offerings and the importance of verifying the legitimacy of investment opportunities.
The information in this article is based on a press release statement from the Securities and Exchange Commission.
- Donald Trump: "Bitcoin? It's hardly worth banning it."
During an interview with CNBS, Donald Trump (Donald Trump) announced that he notices: the first cryptocurrency has more and more supporters. And he made it clear that when he becomes president, perhaps he will keep Americans access to BTC:
"Bitcoin continues to gain popularity, I'm not sure it needs to be banned."
Donald Trump has previously criticized cryptocurrency, calling it a threat to the dollar and a tool for illegal trading operations. However, in recent years, he has tried to cash in on the issuance of his own non-mutualizable tokens.
Recently, Donald Trump recognized that the demand for bitcoin is growing? and supported the idea of regulating the US cryptocurrency market.
- Crypto firm Galaxy says bitcoin will 'climb the wall of worry' as the bull market continues.
Crypto firm Galaxy released a research note this week assessing the dip in crypto on Tuesday, March 5, and what it means for the bull market.
In a note from the firm's research team, they said BTC is "still not for rookies" after the premier cryptocurrency fell following the new all-time high earlier in the week.
"The drawdown was compounded by significant long liquidations -- $ 400m between 2-3 pm ET alone," noted the analysts. "The last 24h (as of 7 am ET Wednesday) saw more than $ 800m in long liquidations (and more than $ 1bn total including short liqs) across crypto futures exchanges."
With bitcoin going on to reach further new all-time highs, Galaxy said volatility is back and is likely to remain "as we scale the wall of worry."
"Some old coins did revive yesterday [March 5] and probably sell, possibly helping to create the intraday top," said the analysts. "Blockchain data suggests that a large chunk of coins mined all the way back in 2010 came online yesterday and moved onchain – we assume these were sells. Everyone has a price, and if this was one person and they did sell, they probably wished they'd sold in 2021 at these levels and decided to take
money off the table now that we're back."
However, when the firm assessed data from Coin Days Destroyed, they noted that old coins coming online tend to mark either bullish peaks or desperate bottoms.
Nevertheless, "make no mistake, we will climb a wall of worry as this bull market continues," declared the analysts, who believe the bitcoin rise is "still just getting started.
"Have conviction, take your coins into self-custody if you can, and enjoy the greatest game the markets have ever seen," they concluded.
- Chia XCH crypto review - $ 300 coin (currently $ 50)
Chia is bigger than bitcoin itself.
- Litecoin Climbs 10% In Rally - https://invst.ly/13s3dv
- HONG KONG (Reuters) - Hong Kong's largest bitcoin futures exchange-traded fund saw its assets under management swell five-fold in the past five months to just over $ 100 million, as local investors chased the rally in the world's best-known cryptocurrency.
Hong Kong has been a relative latecomer to crypto trading, approving its first three cryptocurrency futures ETFs in late 2022.
CSOP Asset Management, which manages the CSOP Bitcoin Futures ETF, said demand grew substantially in February.
The approval and launch of spot bitcoin ETFs in the U.S. this year has spurred demand from investors who believe the token's limited supply will push prices higher, said Alessandro Zhu, who oversees crypto products and is deputy head of fixed income at CSOP Asset Management.
Bitcoin's significant outperformance of Hong Kong stocks has also boosted demand, he added.
Zhu noted that although cryptocurrency trading is banned in mainland China, offshore Chinese financial institutions could invest in bitcoin ETFs in Hong Kong.
Bitcoin has gained 45% this month alone and, trading around $ 63,000 on Thursday, is closing in on its November 2021 record highs near $ 69,000.
Assets under management for CSOP Ether Futures ETF have also benefited, doubling this year.
Volumes have surged.
Average daily turnover for the CSOP Bitcoin Futures ETF this year has jumped to $ 2.8 million compared to $ 0.97 million last year, now at par with turnover in some Hong Kong property giants such as the Wharf (Holdings).
Some market participants expect Hong Kong to approve the first spot bitcoin ETF this year as officials are keen to develop the city as a hub for virtual assets.
"Hong Kong’s bitcoin ETF is showing promising signs with a large number of (spot bitcoin ETF) applications to Hong Kong Securities and Futures Commission in the past few months," said Kennix Chan, executive director of Victory Securities.
- Going into the fantasy world
- ****SCENES transitions from a drop to an ongoing piece of performance art
Ive tried to write freely about the last months and why SCENES has become this evolving piece of art that comments on our relationship between personal moments, music and technology
https://mirror.xyz/sofractures.eth/Ru2BxUxn9mojWWXno8v1KsNnPrsfMOYGkd0bYz8DvAg
- we got new friend in @club/pets club
- Gitcoin is entering its end game with a laser focus on grants 🎯 The shift includes forming Grants Labs, spinning out Passport, and doubling down on community-led innovation. Learn more:
https://gov.gitcoin.co/t/gitcoin-entering-the-end-game/17560
- 🩶
- Taking it to another level!
- Awesome post
- Evolution
A creepy video from AI about the future evolution of humanity.
- Artificial intelligence is making its way into the world of crypto.
- Played chess all day today. They should create cryptochess so that you can earn money from the game.