Dear traders,
Market pump crypto dump will it follow stock market or fall even more. Interesting week in front of
us.
Jake
TOP Trader
BTC:
BTC consolidating in range of 22.300-22.500$. Next move will show where market will go under 22k
or back above 23k. Still possible fake out to 23k and back to 21k range. Take shorts in range close to
23k and long at 21.700$.
ETH:
ETH consolidating at 1560$ range and still show no power for recovery. We could see retest of
support at 1460$ range and then bounce up. Trade with small leverage.
XRP:
XRP break all support and touch 0.35$ target and bounce back to support. If not old we could see next push up to 0.35$. Good for taking better short possition. Still big sell off XRP is still on.
LINK:
LINK now 7$ support act as resistance and a retest of 6.45$ is just matter of time. Still not looking
good for the next leg up.
SOL:
SOL drop to 20$ support and now holds above. Slowly coming to my short target of 17$. Trade with
small leverage.
DXY:
DXY still holds above 104.6 what is good for next leg up. DXY up market down.
Crypto/stock daily news:
NUMBERS OF THE DAY
$185M — The amount of crypto liquidations in a 45-minute span on Thursday.
News of Silvergate delaying their 10-K caused crypto to go into panic mode on Thursday:
Ethereum lost $10B of market cap in less than 10 minutes
Bitcoin lost $23B of market cap in less than 10 minutes
A total of $211M was liquidated on the crypto market Thursday, the second-highest total in 2023
Even though no one wants to see $185M worth of liquidations in less than an hour, it wasn’t THAT
bad of a day considering a major crypto bank seems to be going down in flames.
44% — How much BUSD’s (Binance’s stablecoin) market cap has fallen in the past 3 weeks.
The issuer behind BUSD, Paxos, has been in more legal trouble than an NFL player.
On February 12th, the New York District of Financial Services ordered Paxos to stop minting and
issuing BUSD
On February 13th, the SEC issued a Wells notice (meaning it is considering enforcement action) to
Paxos
Since then, BUSD has lost ~$7B in market cap. As of yesterday, BUSD’s market cap was below
$9.5B for the first time since June 2021.
And just to add salt to the wound, Coinbase is delisting BUSD on March 13th.
$8.9B of FTX funds are confirmed missing.
Yesterday, the Wall Street Journal confirmed the exchange can’t locate $8.9B worth of customer
funds.
How did this happen?
FTX lent $9.3B of customer assets to Alameda Research, which only had around $475M of cash on
hand as of Jan. 31st.
The court filing also revealed FTX owes customers $1.6B worth of Bitcoin but only has $1M worth
of Bitcoin on the books. Oops
Imagine the price of Bitcoin if Samuel actually bought it instead of shoveling the cash to his
money-burning sister company…
17.1M — Staked ETH that will be unlocked in early to mid-April.
Three things in life are certain -> death, taxes, and Ethereum devs delaying network upgrades.
This time, the Shanghai Upgrade (the next Ethereum network upgrade after The Merge) was
delayed from March to the first or second week of April.
Once the upgrade is live, 17.1M of staked ETH (~$26.5B), or 14% of the supply, will be unlocked.
That means it’s time to sell, right? After 6 months of staking ETH, these holders are going to cash
in, right?
Maybe, but maybe not. Some people think the upgrade will actually increase the number of
staked ETH, because it will increase flexibility for direct and liquid stakers.
Plus, ETH is only up 11% since the Merge date, so it’s not like there are monster gains to be cashed
in (yet).
Final words:
Whole crypto drop from bad news on market. And TA show it would go that way now 22-21k need
to hold or we could see under 20k again. Bears are roaring this week will be big for next market
move.
Whole crypto drop from bad news on market. And TA show it would go that way now 22-21k need to hold or we could see under 20k again. Bears are roaring.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
Good luck with trades!
Author
Jake
TOP Trader
