3 - 5 minute read
The crypto market is currently slightly up, but experts warn of a sharp move that could occur in the near future. Joe DiPasquale, CEO of BitBull Capital, believes that Bitcoin is currently trading in a tight range and the lowering volume combined with the consolidation could indicate a sharp move is imminent. DiPasquale believes that a correction to $25K for Bitcoin would not break its bullish structure, but a move to $30K is likely to face resistance. Furthermore, Ethereum is relatively stable at the moment, and the Shanghai upgrade scheduled for mid-week is not translating into selling pressure. CryptoQuant reports that the majority of staked Ether is currently at a loss, suggesting that selling pressure is less likely to emerge.
Insights from CoinDesk Chief Content Officer, Michael Casey, suggest that the recent regulatory crackdown on the crypto industry stems from politicians’ anger and embarrassment. Casey argues that a significant number of politicians had forged connections with FTX’s former CEO, Sam Bankman-Fried, who had donated more than $74 million to politicians from both parties. The betrayal of trust after FTX’s rapid collapse in November led to a regulatory crackdown of multiple companies, driven significantly by the desire to punish Bankman-Fried.
For traders, this information suggests that a sharp move is around the corner for the crypto market, particularly Bitcoin, and that select altcoins may perform decently if Bitcoin remains in the current range for longer. While the Shanghai upgrade is approaching, the majority of staked Ether is currently at a loss, indicating that there may not be significant selling pressure. However, caution should be exercised when considering investments in altcoins given the recent regulatory crackdown on the crypto industry.
The recent regulatory crackdown on the crypto industry stemmed from politicians’ anger and embarrassment, according to CoinDesk Chief Content Officer Michael Casey. A significant number of politicians had forged connections with FTX’s former CEO, Sam Bankman-Fried, who had donated more than $74 million to politicians from both parties. The betrayal of trust after FTX’s rapid collapse in November led to a regulatory crackdown of multiple companies, driven significantly by the desire to punish Bankman-Fried.
The International Monetary Fund meeting is taking place, and Japan’s consumer confidence and Eco Watchers survey for March will be released. The New York Fed President will also give a speech.
Headlines
Meme coins have outperformed the broader crypto markets in recent days, but some traders warn that profit-taking could reverse the rally. The Bank of England is targeting a 30-strong team for digital currency, with positions such as Digital Pound Security Architect and Digital Pound Solutions Architect. The Sushi DEX Approval Contract has been exploited for $3.3M. Finally, drugs, erratic dismissals, and feuding founders are behind Bitcoin Marketplace Paxful’s unraveling.
These insights suggest that traders should exercise caution when investing in altcoins due to the recent regulatory crackdown on the crypto industry. Furthermore, investors should keep an eye on Bitcoin’s current tight range, as experts predict a sharp move in the near future. While the Shanghai upgrade is approaching, the majority of staked Ether is currently at a loss, indicating that selling pressure may not be significant.
