Market drop badly BEARS in control!!!

10.03.2023

Dear traders,

Market drops badly in front of CPI results and big sell volume hit market. Dollar show weakens and need to hold support after bad unemployment data.

Jake
TOP Trader

BTC:

BTC breaks 20.600$ support like bomb and big selling is on. Small bounce back is possible and that is good entry point for new short trades. Trade with small leverage short resistance long support.

ETH:

ETH didn’t hold support and break to 1360$ support. Bounce into resistance still possible. Trade with small leverage and short resistance.

XRP:

XRP drop hard and now bounce back with dollar weakening at moment. Support 0.365$ need to hold for push back. Still if market show weakness it will follow back down.

LINK:

LINK break into 5.9$ what was great drop and now bounce into resistance of 6.45$ what need to break for leg up.

SOL:

SOL short target was hit and lower then that to 16$ and now bounce back is need for holding it above 17$. Still show no strength and new lows are possible.

DXY:

DXY show weakness and drop to support 104.6 what need to hold for uptrend continuation.

Crypto/stock daily news:

4 NUMBERS TO KEEP YOUR EYE ON

9,861 BTC – how much the U.S. government moved from a self custody wallet to Coinbase.
Back in November 2021, the Feds recovered 50,000 Bitcoin after raiding the house of Silk Road hacker, James Zhong.
Yesterday, they transferred 9,861 of those BTC (~$217m) to Coinbase.
LIVE FOOTAGE OF THE FEDS TRYING TO DO CRYPTO…

And the guy who holds the keys to wallets, Michael Case (the district asset forfeiture coordinator for the U.S. Marshal Service), already said that when the Feds seize virtual currency, they’ll hold it in wallets until they eventually liquidate it all.

So, that 50,000 BTC is as good as gone… gulp.
But here’s the important thing to remember: the Bitcoin market is HUGE. Over $30B trades each day and Bitcoin has a total market cap of over $425B.
Selling 50,000 BTC will be like getting a paper cut – it’s gonna sting, but it won’t kill us.
It’s also interesting to note that the U.S. government is one of the largest Bitcoin holders in the world. They currently own 214,000+ BTC (that we know of).
That’s 1% of the ENTIRE Bitcoin supply. And they aren’t the only ones either…

Ukraine owns 45,351 BTC
China owns 194,000 BTC
El Salvador owns 9,500 BTC
Finland owns 1,981 BTC
Bulgaria owned 200,000 BTC, until they used the crypto to buy some F-16s. Yup, the fighter jets.
Would you look at that… countries that say they wouldn’t touch crypto with a 10-foot pole are actually some of the biggest whales in the game.

$38M – How much FTX paid its lawyers and advisors in January

According to court records, hundreds of lawyers, consultants, and accountants working for FTX billed the company a whopping $38M for January.
Here’s the breakdown of who got what:
Sullivan & Cromwell (law firm) billed $16.8M for 14,569 hours
Quinn Emanuel Urquhart (special counsel) billed $1.4M
AlixPartners (on-chain forensics) billed $2.1M for 2,454 hours of work
Even John Ray, the new CEO of FTX, made $300K in February.

Wow… If all we had to do was send a bill to FTX, we would’ve invoiced them for the 2,487,493,187 hours we spent covering this whole sh*tshow.

22,535x – A hacker earns a 22,535x return from an exploit.

Earlier this week, someone turned $71 → $1.6M on a DeFi lending platform called Tender.fi. And it wasn’t David Blaine…
It was a hacker that found a bug in the platform. This glitch let them borrow $1.6M in ETH using only $71 worth of GMX tokens as collateral. No bueno.
The good news? It was a white hat hacker.
These are people that find vulnerabilities but, instead of robbing the bank and running, they come back a few days later with the money and tell the bank manager how they did it.
Tender.fi and the hacker were able to negotiate a deal – the hacker would return the stolen funds and get $96,500 as a bounty. A win-win for everyone.

The lesson? White hat hackers are the heroes we don’t deserve, but we need.
(P.S. – we wrote about how a hacker saved Coinbase last year. Still one of the top 5 craziest stories ever.)
61.8% – Binance’s spot market share across crypto exchanges in February
According to CryptoCompare’s latest report, Binance increased its spot market share from 59.4% in January → 61.8% in February.

It’s the 4th straight month Binance has increased its lead, and the crypto exchange has more than doubled its market share over the last two years.
The crazy part? Binance also controls 62.9% of the derivatives market.
Derivatives trading = buying and selling contracts on an asset (i.e. betting on future prices to go up or down.)
Spot trading = buying and selling the actual asset itself
Binance has over 61% market share for both. Pretty damn impressive considering the crypto exchange has been targeted by the 3 words that bring Nightmares to Crypto Street…
Freddie Charles Kreuger
Fear Uncertainty Doubt (FUD).
Binance has been investigated by every regulator under the sun, cut off by partners like Paxos, and is somehow still going strong.
We’ll see if the crypto exchange can make it 5 straight months at the top. Stay tuned…