From the perception that Bitcoin is preparing for a new rally to OKX trying to establish a presence in Hong Kong. Here are some highlights from the crypto market.
Bitcoin News
Analyst Smart Contracter believes that BTC is preparing for a rally after dropping to around $26,500 yesterday.
Before BTC price dropped, Smart Contracter told his 222,000 Twitter followers that the top asset was showing signs of bullish exhaustion on the 1-hour chart and could retrace towards a target around $26,000. .
Following yesterday's correction, he said BTC 's corrective momentum may be complete and the chances of BTC returning to high time frame support at $25,800 are quite low.
“BTC has swept past the local bottom. The minimum target for the retracement has been met.”
Source: Smart Contracter
Smart Contracter used Elliott Wave theory, a technical analysis method that predicts future price action by following crowd psychology, which manifests in waves. In theory, a bullish asset usually resumes its uptrend after forming a corrective ABC wave.
Looking at the analyst's chart, it looks like Bitcoin completed the ABC wave in the 1-hour timeframe after establishing yesterday's local low.
Ripple News
XRP, the digital asset associated with Ripple Labs, has recently seen a significant increase in its social dominance.
XRP 's social presence has hit a year-long high, after the price surpassed $0.49, marking the first time since Nov. 6 that XRP has achieved this feat.
Over the past few weeks, XRP has shown remarkable price performance. Since March 21, the digital asset has increased by 30%, pushing its price to its highest level since November. This impressive rally has attracted renewed interest from the crypto community, including retail and institutional investors.
Source: TradingView
As XRP approaches the critical $0.50 resistance, market participants are closely watching its performance. A successful break through this important hurdle could signal further upside potential for the asset in the near future.
Binance News
As the crypto industry continues to evolve, the regulatory landscape is also rapidly changing. The latest news regarding the CFTC lawsuit against Binance and its CEO CZ has sent shockwaves through the industry, with many wondering what impact this lawsuit will have on the space. crypto.
Since the news broke, BUSD reserves on the exchange have plummeted. This shows that news about the lawsuit is affecting the market.
Source: CryptoQuant
According to data from CryptoQuant, BUSD reserves on the exchange fell by 500 million after the CFTC lawsuit. This is a worrying signal and it remains to be XEM what the long-term effects of this will be.
Many industry experts have speculated on the impact of this issue on the broader crypto market. Some suggest that this could be the start of a contagion trend, with other Stablecoin also affected by the scrutiny that Binance is currently facing.
Binance Opens More Trading Pairs With TUSD
Binance has announced the opening of trading for LDO/TUSD, Matic/TUSD, OP/TUSD, SOL/TUSD, SSV/TUSD and XRP/TUSD pairs at 15:00 on March 29 (UTC).
Users will enjoy zero maker fees until further notice. This offer is expected to encourage more traders to explore and use these new trading pairs.
TUSD, which replaced Binance's Stablecoin BUSD, is controlled by Justin Sun, who was sued by the SEC.
The move comes after Paxos, the company behind Stablecoin BUSD, announced on February 21 that it would stop issuing new BUSD due to a directive from the New York Department of Financial Services.
Binance has been working to replace BUSD trading pairs with other Stablecoin . The exchange recently swapped its BUSD holdings in the Safe Asset Fund for Users (SAFU) for TUSD and USDT.
The decision was made to ensure that assets in SAFU continue to protect users in the long term, as BUSD's market capitalization declines over time.
NFT News
The UK Treasury is canceling plans to issue a government-backed NFT that aims to make the UK a global crypto hub.
Originally proposed by the Prime Minister of the United Kingdom, Rishi Sunak, in April 2022, the Royal Mint was tasked with issuing tokens in the summer of 2022 but there was a delay. The Royal Mint previously revealed plans to use blockchain technology to track gold supply in 2017.
In a statement on Monday, the UK's economic secretary, Andrew Griffith, said plans were not underway "at the moment" but the proposal would remain under XEM in the future.
According to the BBC, Baldwin cited economic uncertainty in the crypto sector as one of the factors that caused the collection to shut down.
“We have not seen much evidence that voters should put their money in these speculative tokens, unless they are willing to lose all of their money. The Royal Mint has made this decision together with the Treasury.”
FTX News
On-chain data shows that a wallet controlled by bankruptcy fund FTX received a large amount of Arbitrum's ARB token AirDrop from wallets linked to Alameda Research.
According to Arbiscan (layer-2 Arbitrum blockchain browser), FTX's crypto wallet owns 33,125 ARB tokens, worth about $42,000 (at the ARB price on the afternoon of March 27).
FTX wallet receives large amount of token AirDrop from Arbitrum | Source: Abiscan.
In addition to ARB, this wallet also holds several other cryptocurrencies including 10 million USDC, nearly 3 million USD – WBTC and 4 million USD – ETH. All of these tokens were merged from the same crypto wallet linked to Alameda from 11/13 (2 days after FTX filed for bankruptcy).
All coins/tokens of the FTX wallet are on the Arbitrum blockchain. Previously, Alameda used this layer-2 network to provide Liquidity for protocols like Sushi and Stargate Finance.
Metaverse News
According to the Wall Street Journal (WSJ), Disney has laid off about 50 people on the metaverse development team. This move is part of the company's plan to cut staff.
Disney is in the process of laying off 7,000 employees in an effort to control costs and grow lean businesses.
Disney began developing its metaverse strategy in mid-2022. At that time, the company announced that it would choose Polygon as its blockchain network for this area. At the same time, Disney also recruited consultants with expertise in NFT and DeFi to research and develop metaverse products.
However, according to the WSJ, some of Disney's plans related to the metaverse are still unclear despite having announced its involvement in the field for nearly a year. Currently, the company is XEM whether to continue to encroach on the Web3 segment in the near future.
News KILT
Bitcoin Suisse has announced support for KILT as part of their offering to institutional investors. This makes Bitcoin Suisse the world's first crypto-custodial financial services provider, providing institutional investors with secure access to the KILT blockchain.
KILT is a blockchain identity protocol that allows the creation of decentralized identifiers and verifiable credentials. The network is backed by its native token, KILT, and provides secure identity solutions for both businesses and consumers as the underlying layer for Web3.
KILT Protocol is one of the first projects to build on Substrate, a modular blockchain system that offers seamless integration with Polkadot.
According to Dirk Klee, CEO of Bitcoin Suisse, the addition of KILT to their Vault will provide their institutional customers with access to identity tokens, with interesting use cases across services. finance and KYC, media, gaming, music, NFT and IoT.
This announcement highlights the growing importance of blockchain identity protocols and their potential use cases in a variety of fields. With Bitcoin Suisse backing, KILT is well-positioned for greater institutional adoption and use, furthering its goal of becoming a fundamental layer for Web3.
News OKX
In a significant move, OKX, the world's second-largest cryptocurrency exchange by trading volume, announced that it has established a presence in Hong Kong to launch virtual asset services in the region. area.
The company intends to apply for a virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorism Financing (Amendment) Ordinance 2022, scheduled to take effect on June 1, 2023, as well as as Category 1 & 7 licenses under the Securities and Futures Ordinance.
The move comes after more than a year of preparation by OKX to meet regulatory, product, security and compliance requirements. The exchange sees great potential in Hong Kong and is committed to investing and working with regulators over the next five years to further build the ecosystem in the country.
News Yuga Labs
Yuga Labs, the developer of the popular NFT Bored Ape Yacht Club (BAYC) collection, has announced the release of a new title called Legends of the Mara (LOTM).
According to a statement from Otherside on March 28, the game will have its own unique collection and will be a 2D sequel to the story of protagonist Kodas.
LOTM will give players an immersive experience, allowing them to participate in farming and hunting activities as well as take on the role of gatekeeper, which is scheduled for release in May 2023.
Yuga Labs first hinted at the project last month, marking exactly one year since the launch of Otherside. Although Yuga Labs has revealed that ApeCoin will play an important role in LOTM, there are no further details about the game.
News Flare
At a time when most industry players are cutting back on the profits they have accumulated over the past few days, Flare Network (FLR) is showing signs of good growth. At the current time, the digital currency is trading around $0.042, up 23% over the past 24 hours.
FLR Price Chart – 1 hour | Source: TradingView
Although its growth has slowed somewhat over the past week, Flare is still able to sustain a 32% gain in this time frame.
Flare Network has seen a lot of positive trends across the ecosystem, including ongoing voting on a proposal that seeks to rearrange smart contracts on the network, as well as the Songbird protocol.
The Flare ecosystem is also growing with many new protocols appearing, helping to expand the utility and reach of the protocol. One of them is SpendTheBits Inc, a Canadian digital wallet service provider.
In a recent update, SpendTheBits said that it has officially started implementing a proof of concept, integrating the STB app with the Flare Network to bring more advanced Bitcoin payment methods to market.
News Linea
On March 28, ConsenSys' zkEVM solution announced the public testnet deployment, and announced the official name of Linea.
Accordingly, after a long testing process, ConsenSys said that it has brought its layer-2 Ethereum to the public testnet stage, which is open to all users, developers, projects to connect and test through. MetaMask.
The project also revealed that, since opening the closed testnet from December 2022 until now, Linea has recorded more than 1.5 million transactions after just a few weeks of testing.
Linea is a zkEVM solution, which is both a layer-2 built-in Ethereum Virtual Machine, and uses Zero-knowledge Proof technology to ensure data authenticity. ConsenSys asserts that Linea will have high transaction speed and low transaction fees, as well as superior scalability to meet user requirements.
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Viet Cuong
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