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Buy signal for 2 strong cryptocurrencies this week The cryptocurrency market has retraced in the past few days, losing over $250 billion of total capitalization since March 14. This movement created potentially good entry points for cryptocurrencies with a strong long-term momentum, acting as a buy signal. Notably, the market remains strong despite the recent significant price correction, which is natural and expected in bull rallies. Finbold gathered the following data from CoinGlass on March 17. Looking at the weekly Relative Strength Index (RSI), we see an average of 60.37, in the “Strong” zone. Therefore, it is an important technical indicator of how most cryptocurrencies should still perform well in larger time frames. This week, Finbold identified neutral RSI cryptocurrencies in the daily timeframe that remained strong above the weekly average. Cardano (ADA) stands out with a strong buy signal despite a recent 7.63% drop in value, maintaining its position above the average weekly RSI. At $0.67, ADA presents a potential buying opportunity given positive market trends and Cardano's solid fundamentals. Similarly, Polkadot (DOT) exhibits strength, experiencing a recent price correction with its daily RSI hovering around neutrality at 51.95. Despite a 6.4% loss in the last 24 hours, DOT maintains a robust weekly Relative Strength Index of 67.23, indicating long-term potential. While other cryptocurrencies may present similar opportunities, investors should prioritize assets with strong fundamentals, a positive long-term outlook, and notable short-term corrections. However, it's important to remember the volatile and unpredictable nature of cryptocurrencies, necessitating caution to mitigate potential losses.

Shiba Inu Climbs the Crypto Rankings Shiba Inu (SHIB) remains a focal point of discussion within crypto communities, particularly as it recently ascended to the top ten crypto assets by market value. Notable crypto analyst and investor Rekt Capital has observed that SHIB has surged by over 200%. According to Rekt Capital, SHIB is poised to finalize its macro U-shaped reversal pattern at the $0.00003 level. Shiba Inu's recent surge in value has propelled it from the 18th position to become the tenth-largest cryptocurrency by market capitalization, garnering increased attention from investors. Despite experiencing a slight setback that briefly pushed it down to the eleventh position, SHIB has seen a remarkable 226% gain over the past week, currently trading at $0.00003370. This surge marks SHIB's highest valuation in recent times, positioning it as the second-largest meme coin with a market value of $19.7 billion. The growing activity within the Shiba Inu community has contributed to this upward trend, with trading volume exceeding $20 billion and showing signs of a parabolic rise. Surpassing other prominent crypto projects like Dogecoin, Solana, Binance Coin, and XRP in trading volume, SHIB has successfully breached the psychological resistance level of $0.00001. Analysts anticipate the next target to be the $0.0001 level, driven by increasing adoption rates and the continued support of the SHIB Army—a dedicated community of enthusiasts. Moreover, members of the SHIB Army have been advocating for Grayscale, a leading asset management firm, to launch a SHIB exchange-traded fund (ETF), further fueling optimism and attracting more investors. However, it's essential for investors to exercise caution and conduct their own research, as cryptocurrencies are characterized by high volatility and risk.

Bitcoin Sideways as ETFs Slow Down Bitcoin has been hovering around $67,000 for the past two days, encountering resistance at $67,600 after reaching an all-time high and briefly dipping to $59,000. Market activity appears to have stabilized following the recent recovery, with ETF inflows slowing down from previous days but remaining above average. On Wednesday, ETFs collectively purchased $332 million worth of bitcoin, down from $650 million on Tuesday but still higher than the average of $234 million. Notably, Fidelity saw an increase in purchases to $205 million from $125 million, while BlackRock bought $282 million, a decrease from $788 million on Tuesday. Grayscale's outflows have also decreased to $276.2 million from $332.5 million, signaling lower outflows for the week. While other cryptocurrencies, particularly Ethereum, seem to be trending downwards, bitcoin appears to be holding relatively steady. The Asian market has been bearish for about a week, bringing bitcoin down to $65,500 during their trading hours. However, both Europe and America have shown bullish sentiment. Bitcoin is currently consolidating just below its all-time high. If it maintains this sideways movement, it could indicate a potential upward trend. However, the slowdown in ETF inflows may suggest market uncertainty. Some speculate that there could be another test of the recent low at $59,000. Nevertheless, if bitcoin continues to hover around $67,000, it may build a base for a move towards $80,000, as consolidation typically builds support for upward movements. Overall, the current setup is seen as favorable if bitcoin continues to consolidate. The trading range has been between $64,600 and $67,600. However, any significant changes in market dynamics could alter this outlook. As long as bitcoin remains in a sideways pattern, it could signal positive momentum for future price movements.

Bitcoin Price Prediction: Will Powell’s Congress Testimony Impact BTC’s 12% Bounce Back? The price of Bitcoin has rebounded by 12% following its plunge below $60,000 on Tuesday. However, its upward momentum has been hindered by a strong sell wall observed in the price range between $67,000 and $68,000. Bitcoin made a dramatic move on Tuesday, initially surging to a new all-time high of $69,170 before swiftly plummeting below $60,000 to $59,323, according to CoinMarketCap data. This sudden drop triggered massive liquidations, exceeding $1 billion. Coinglass data indicates that approximately $800 million worth of liquidations were in BTC, with the majority comprising long positions, resulting in significant losses for leveraged bulls. What Caused the Sell-Off? Reports from market watchers suggest that profit-taking and miners selling from their wallets significantly contributed to the volatility, leading to the flash crash. Analysis of Miner’s Outflow (Total) trends by CryptoQuant revealed a sudden surge in selling activities, particularly from BTC miners. During this period, miners transferred a substantial amount of BTC to exchanges, presumably to sell at or near the previous all-time high. Despite the intense volatility, Bitcoin quickly rebounded on March 6, trading at $66,188 during US business hours. Several altcoins also experienced impressive recoveries, with Ethereum leading the way by surpassing $3,800. Altcoins like Uniswap (UNI), Leo Token (LEO), and Aptos (APT) saw significant single-digit and double-digit percentage recoveries. Bitcoin Price Prediction: What's Next for BTC After the Major Rebound? While the drop to $59,323 rattled investors, Bitcoin's swift rebound above $66,000 suggests that sentiment remains unchanged and the rally is likely to continue. According to the four-hour chart analysis, a period of sideways price action may precede another major move above the recent record high. The Moving Average Convergence Divergence (MACD) indicator supports a short-term bearish outlook after signaling a sell call for BTC. Further decline in the MACD indicator toward the neutral area (0.00), with the blue MACD line remaining below the red signal line, could prompt more selling pressure as traders aim to buy back at lower price levels. Bitcoin's immediate support is around the 20-day Exponential Moving Average (EMA) at $64,120. Continued candle closes above this level would stabilize the uptrend, potentially leading to another run toward $70,000. In the event of further declines, the confluence support provided by the 50-day EMA and the ascending trendline will attempt to absorb selling pressure. Investors may seize the opportunity of discounted prices to accumulate BTC while betting on the continuation of the uptrend, especially considering the performance of Bitcoin ETFs. BlackRock's IBIT ETF has seen significant daily net inflows, reaching $788 million, while Grayscale's GBTC experienced the largest daily net outflow of $332 million on March 5, although its cumulative total net inflow reached $8.56 billion. Jerome Powell's Congressional Testimony Federal Reserve Chair Jerome Powell is set to testify before Congress amid mixed signals from Bitcoin and gold in the traditional market. Lawmakers are expected to focus on the state of the economy, with discussions likely to center on potential rate cuts. Powell's remarks will provide insights into the Fed's stance on the economy, particularly regarding inflation and interest rates. Crypto market participants will closely monitor Powell's comments for any potential impact on Bitcoin's rally on March 6.

Is MATIC in danger of falling off the $1 perch? Polygon successfully crossed the $1 mark in the last few days, but things might change soon. MATIC has experienced a notable surge in value, surpassing the $1 mark and sparking optimism for a potential bull rally. As of the latest data from CoinMarketCap, MATIC is trading at $1.10 with a market capitalization exceeding $10.9 billion, positioning it as the 15th largest cryptocurrency. Despite trading above $1, indicators of bearish sentiment have emerged, as evidenced by a decrease in MATIC's Weighted Sentiment. This suggests that investors may anticipate a price correction. However, the token's Social Volume has risen, indicating continued popularity within the crypto community. Analyzing further, metrics such as MATIC's MVRV ratio and Network Growth have seen declines, suggesting a potentially bearish outlook. The token's price touching the upper limit of the Bollinger bands on its daily chart also indicates increased sell pressure, potentially leading to a decline in value in the near future. Moreover, Polygon's RSI resting in the overbought zone further supports the likelihood of a price drop. Despite these indicators, the MACD displaying a bullish crossover and an uptick in the Chaikin Money Flow (CMF) suggest the possibility of a northbound price movement. Therefore, while there are signals of a potential price correction, the overall trend remains uncertain, with both bullish and bearish factors at play.

America on Eve of Banking Crisis, Warns Ex-IMF Official, With Hundreds of Lenders at Risk of Failure Hello Ivan, and welcome to Mad Crypto Money! This week's issue dives deep into the phenomenon known as the "memecoin supercycle" and explores whether you should jump on board for potential gains. Let's break it down. The Memecoin Supercycle: What's the Buzz? Last week saw some eye-popping gains in meme coins like Dogwifhat and MAGA Memecoin, sparking discussions about a potential "memecoin supercycle." This concept is based on the idea of unit bias, where people prefer owning whole units of something, even if it's just a meme coin. Crypto venture capitalist Andrew Kang likens memecoins to a "Skill-based Global Lottery Platform," where success hinges on predicting the most valuable memecoin and convincing others to join in. He predicts that memecoins will outshine everything else by a wide margin, fueled by a new wave of memecoin elites minted in this cycle. What's Driving the Memecoin Mania? The memecoin market has exploded, doubling its valuation in just a week and now worth over $44 billion. Travis Kling's "financial nihilism" thesis suggests that many investors have given up on crypto as technology but not as a speculative asset. This sentiment, coupled with a belief that "the system" is rigged, fuels the appetite for memecoins. To Join or Not to Join? While some have made staggering profits from memecoins, it's crucial to weigh the risks. Memecoin success stories are abundant, but so are tales of losses. Only invest what you can afford to lose, as the memecoin supercycle is essentially a high-stakes lottery where winning isn't guaranteed. In conclusion, while the memecoin supercycle presents tantalizing opportunities for gains, it's not without its risks. Approach with caution and only invest what you can afford to lose.

Bitcoin breaks $60K, US gov’t moves seized BTC, and more Bitcoin is rapidly approaching its all-time high price of $69,000, with the crypto market witnessing a bullish trend over the past week, surging by 20%. Currently trading at $61,911, Bitcoin is inching closer to breaking its previous record. If the current momentum continues, Bitcoin could potentially achieve a new all-time high in the near future, aiming for the next resistance level at $65,000. One notable project poised to benefit from Bitcoin's rally is Bitcoin Dogs, which is launching on the Bitcoin blockchain. Bitcoin Dogs aims to leverage the Bitcoin blockchain's capabilities to offer utility to its users, marking the first BRC-20 token ICO on the Bitcoin network. The project combines cryptocurrency, non-fungible tokens (NFTs), decentralized finance (DeFi), and Web3 culture to provide investors with an enticing value proposition. Bitcoin Dogs' ICO is gaining traction, coinciding with the recent launch of spot Bitcoin ETFs in the US by industry giants like BlackRock and Fidelity, which have contributed to Bitcoin's surge in value. Additionally, with the Bitcoin halving event approaching in less than 50 days, another significant rally for Bitcoin could be on the horizon, further enhancing the appeal of Bitcoin Dogs' ICO. The presale for Bitcoin Dogs has already raised over $6.3 million within three weeks, showcasing increasing investor interest in the project and its token. With a limited supply of 900 million $0DOG tokens, investors participating in the presale will gain access to an exclusive NFT collection and an immersive gaming ecosystem similar to popular titles such as Axie Infinity and Tamagotchi. Investors can purchase $0DOG tokens using ETH, USDT, and USDC stablecoins, with the tokens being minted on BRC-20 but purchased on ERC-20 platforms.

Ethereum Staking Giant Ether.fi Raises Fresh $27M Ether.fi has secured $23 million in Series A funding, bolstering its Ethereum staking and restaking offerings, leading to a significant increase in total value locked (TVL) to $1.66 billion. Ether.fi has successfully raised $23 million in a Series A funding round, led by Bullish Capital and CoinFund, with significant contributions from other prominent entities such as OKX Ventures, Foresight Ventures, Consensys, and Amber. This funding milestone highlights the growing interest and confidence in the Ethereum staking sector, showcasing ether.fi's pivotal role in this expanding market. The Series A round follows a previous $4 million fundraising effort through a simple agreement for a future equity (SAFE) round, bringing the total funding to $27 million and affirming industry support for ether.fi's innovative approach to Ethereum staking and restaking. Ether.fi has experienced remarkable growth, with its total value locked (TVL) surging to $1.66 billion from $103 million, according to DefiLlama data. This exponential growth underscores the protocol's robust framework and ability to attract significant capital within the decentralized finance (DeFi) sector. The restaking strategy offered by ether.fi allows users to earn additional yields on their staked Ethereum (ETH), with an annual yield of 3.85% for ether stakers. This innovative solution promotes liquidity and participation in the DeFi ecosystem by enabling users to re-stake their ether on EigenLayer in exchange for eETH, a liquid token that integrates seamlessly across DeFi platforms. The overall capital locked across restaking protocols has surpassed $10 billion over the past two months, reflecting bullish sentiment in the investor community. Ether.fi's CEO and co-founder, Mike Silagadze, emphasized the company's commitment to revolutionizing the DeFi space through innovative restaking services. Ether.fi distinguishes itself by allowing speculative deposits and redemptions, highlighting its reliability and dedication to empowering users within the Ethereum DeFi ecosystem. This unique approach positions ether.fi as a leader in the market, poised to shape the future of decentralized finance.

Ethereum Foundation Announced: "The Date Has Been Clarified for the Major Update "Dencun" in ETH!" As the Ethereum community eagerly anticipates the Dencun upgrade, the Ethereum Foundation has officially confirmed the date for this significant event. The upgrade is scheduled to take place on March 13, 2024, at 13:55 UTC. In a statement, the Ethereum Foundation announced the successful activation of the Dencun network upgrade across all test networks. Now, the upgrade is ready for deployment on the Ethereum mainnet, set to be activated on March 13, 2024, at 13:55 UTC during period 269568. The Dencun network upgrade, succeeding last year's Shapella upgrade, incorporates several changes. Notably, it introduces temporary data blobs through EIP-4844, also referred to as "protodanksharding," aimed at reducing L2 transaction fees. The announcement of the Dencun upgrade has already had a positive impact on the price of ETH. Analysts attribute ETH's recent price surge in part to the anticipation surrounding the Dencun upgrade, highlighting its significance in driving market sentiment and investor interest.

Xai Launching Staking Rewards for Ethereum Gaming Network—Here's How It Works Arbitrum's layer-3 gaming network Xai is gearing up to introduce staking rewards this week, marking a significant milestone for the platform. Additionally, Xai is poised for further expansion in March, promising exciting developments for users and enthusiasts alike. Stay tuned for more details as they unfold. Xai, a layer-3 Ethereum gaming network utilizing Arbitrum technology, is poised to initiate the first phase of its staking rewards program this week, following the XAI token airdrop in January. This initiative aims to incentivize stakers while rewarding early supporters of the platform. The rollout is scheduled for Tuesday, offering a glimpse into how the staking mechanism will function. Initially, the Xai Foundation will introduce staking capabilities for owners of Sentry Keys, which are NFT-based nodes operated by network supporters. With nearly 35,000 observer nodes sold to over 6,300 unique owners, Sentry Key operators were the primary beneficiaries of January's XAI airdrop. Through the launch of staking and the introduction of the escrowed XAI (esXAI) token, the Xai network will provide additional incentives to owners. Each Sentry Key can be paired with up to 25,000 staked esXAI, representing XAI tokens. Owners with multiple keys can stack their tally, enabling them to stake larger amounts of esXAI. Additionally, Xai has implemented rewards tiers with bonuses, enhancing the staking rewards for Sentry Key owners based on their staked amounts. In March, the Xai Foundation plans to expand the scope of staking rewards by introducing pools. Sentry Key node owners will be able to operate pools where general XAI token holders can stake their esXAI. The Foundation is still finalizing the formula for distributing staking rewards around the pools and intends to adjust tier thresholds based on the initial wave of staking. Looking ahead, the Xai Foundation envisions these pools as a means for Xai games and other projects to engage audiences by airdropping NFTs and tokens. Furthermore, XAI token holders will have the opportunity to delegate their governance voting rights to a pool. In terms of future developments, the Xai network has several games in the pipeline, including titles like Final Form and LAMOverse from Ex Populus, a studio collaborating with the Xai Foundation. Additionally, NFT game Crypto Unicorns announced plans to migrate from Polygon to Xai. The XAI token reached an all-time high price of $1.59 on Sunday, preceding the staking launch, indicating strong market interest and confidence in the platform. As of the latest data from CoinGecko, the token is trading at approximately $1.51.

JPMorgan Chase Customers Forced to Pay ‘Unconscionable and Predatory’ Fees Despite Doing Nothing Wrong: $5,000,000 Lawsuit A collective of JPMorgan Chase customers is joining forces to file a lawsuit against the banking behemoth, alleging that they were subjected to "unconscionable and predatory" fees. According to reports from Forbes, the lawsuit asserts that Chase imposed fees of up to $30 on customers for bounced checks, even in cases where the checks bounced due to circumstances beyond the customers' control. The five customers involved in the lawsuit, seeking a minimum of $5 million in damages, contend that JPMorgan Chase essentially acknowledged the unfairness of the fees by removing references to them from deposit agreements and fee schedules in March 2023. According to the lawsuit, which spans the period from November 2021 to October 2022, the customers were charged the "deposited item return fee" even when the bounced checks were not their fault. Recently, JPMorgan Chase decided to eliminate the fee in question, aligning with regulatory efforts aimed at eliminating hidden and excessive fees in the banking industry. JPMorgan Chase has opted not to comment on the lawsuit, which was filed in the federal court in White Plains, New York.

Bitcoin Logo Turns 14: Look Back at Satoshi's Creation and Changes Crypto exchange Binance recently reminisced about a significant milestone in the evolution of the Bitcoin logo. The throwback reflects on the journey of Bitcoin's visual identity, underscoring its enduring legacy and evolution within the cryptocurrency space. Bitcoin, the pioneering cryptocurrency, boasts a distinctive logo recognized worldwide: a white, double-striped "B" set against an orange circle. However, this iconic symbol was not the original concept envisioned by Bitcoin's enigmatic creator, Satoshi Nakamoto. In fact, the Bitcoin logo has undergone several revisions, mirroring the evolution and innovation of the project itself. In a recent X post, crypto exchange Binance took a nostalgic trip back to a pivotal moment in the Bitcoin logo's evolution. Binance tweeted, "14 years ago today, Satoshi Nakamoto uploaded the second iteration of the Bitcoin logo. 8 months later, gold turned orange." The initial version of the Bitcoin logo featured a gold coin with the letters "BC" inscribed within it. However, on February 24, 2010, Satoshi introduced a new design, asking, "New icons, what do you think? Better than the old one." This updated logo retained the gold coin motif but incorporated two vertical strokes within the central symbol, resembling the letter "B." Notably, unlike the Thai baht, these strokes extended only from the top and bottom of the "B," rather than crossing through its center. Subsequently, in November 2010, a user known as Bitboy introduced further modifications to Satoshi's design. Bitboy replaced the gold coin with the now-iconic orange circle, lending the logo a more contemporary and abstract aesthetic. Additionally, Bitboy rotated the "B" logo 14% clockwise. This revised logo garnered widespread acceptance within the Bitcoin community and has since become the official symbol of Bitcoin. Importantly, it was released into the public domain, enabling unrestricted usage by anyone. Despite Bitcoin's remarkable growth and advancements, the identity of Satoshi Nakamoto remains shrouded in mystery, with no definitive explanation to date. Martti Malmi, Satoshi's earliest collaborator, recently shared 120 pages of email correspondence between himself and Nakamoto, shedding light on the cryptocurrency's formative years. Nevertheless, Nakamoto's true identity continues to fuel speculation within the crypto community.

Spot Bitcoin ETFs Break Record With $50 Billion Trading Volume Regulatory approval has been a significant catalyst for the growth of Bitcoin, as evidenced by the surge in trading volume for spot Bitcoin ETFs. This uptrend reflects increasing investor interest and confidence in these regulated investment vehicles. According to available data, the cumulative trading volume for spot Bitcoin ETFs rose from $28.3 billion at the beginning of the month to $50.5 billion by the end of Thursday's trading day. Notably, Tuesday saw a multi-week high trading volume of over $2.5 billion, contributing significantly to the overall increase. On Thursday alone, spot Bitcoin ETF trading volume reached $1.2 billion, with BlackRock's IBIT leading at $457.2 million, followed by Grayscale's GBTC and Fidelity's FBTC at $348.8 million and $255.7 million, respectively. Competition among spot Bitcoin ETFs is evident in market share dynamics, with Grayscale's higher fee GBTC fund witnessing a decline in market share from 50.5% to 28.6% since the launch of spot Bitcoin ETFs on Jan. 11. In contrast, BlackRock's IBIT has experienced a notable increase in market share, growing from 22.1% to 37.4% during the same period. Thursday witnessed a unique trend in net flows, with spot Bitcoin ETFs recording net inflows of $251.4 million after experiencing net outflows on Feb. 21. Fidelity's FBTC led the inflows with $158.9 million, followed by BlackRock's IBIT with $125.1 million, while Grayscale's GBTC saw $55.7 million in outflows. The collective Assets Under Management (AUM) of the nine spot Bitcoin ETFs, excluding Grayscale's converted GBTC fund, is rapidly approaching 300,000 BTC, totaling 292,615 BTC, equivalent to approximately $14 billion based on current market prices. In contrast, assets held by Grayscale's GBTC have declined by over 25% since Jan. 11, from approximately 619,000 BTC to 454,660 BTC ($24 billion) as of Thursday. Despite recent price fluctuations, with Bitcoin trading at $51,207, down 2% over the past week, the cryptocurrency remains up 26.5% for the month and 21% year-to-date. This reflects the continued bullish sentiment surrounding Bitcoin and its increasing adoption in traditional investment channels through spot Bitcoin ETFs, which is expected to reach a new level in March.

Coinbase Backs Grayscale's Ethereum ETF: 'Virtually Identical' to Bitcoin ETFs Coinbase argues that the Securities and Exchange Commission (SEC) should approve an Ethereum (ETH) spot exchange-traded fund (ETF) based on Ethereum's technical setup and market capitalization. Coinbase has thrown its support behind Grayscale's application to offer a spot Ethereum exchange-traded fund (ETF) by converting its current Ethereum Trust product, urging the United States Securities and Exchange Commission (SEC) to grant approval. In a detailed report submitted to the SEC, Coinbase highlighted Ethereum's market maturity, regulatory compliance, and similarities to Bitcoin, arguing that ETH should be considered a commodity rather than a security. The report also praised Ethereum's decentralized governance and its effectiveness in mitigating risks of fraud and manipulation. This backing from Coinbase comes amid broader discussions in the financial industry about potential risks associated with concentration in the Ethereum network, particularly concerning spot Ethereum ETFs that include staking options. Despite these concerns, the approval of Bitcoin spot ETFs by the SEC in January marked a significant regulatory milestone for the crypto industry, boosting market confidence and leading to a surge in cryptocurrency prices.

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