$BTC 24 Hour High $38,466 / Low $36,363 | $BTC +2.5% Past 24 hours; -7.9% Past 7 days
Is crypto winter impending?
Good morning. The digital asset market took a slight breather as investors started to price in geopolitical tensions and the Fed’s hawkish monetary position. Though the Crypto Fear & Greed Index rose slightly today to 25, “extreme fear” still dominates the markets.
$BTC managed to bounce back overnight and is now trading at $38,300, briefly touching the 0.5 Fibonacci retracement level with support held. Should this fail to hold, it is critical for $BTC to defend the next critical support level at $30,000 (0.386 Fibonacci retracement level), which has held through the entire bull run of 2021. This level will ultimately determine where we are in the cycle and potentially lead to another sell-off in the event of failing to hold. As $BTC has already evaporated half its value since its November high, the bulls are starting thinking if $69,000 is already the potential peak of $BTC’s current halving cycle (4 years) until 2024, given the rising geopolitical risks and macroeconomic uncertainties. Futures volume dropped in January and February year-over-year.
$ETH equally battered over the last few weeks, with $2,200 levels holding as the next major support level. If it fails, we expect the price to drop below $2,000, the 1.618 Fibonacci retracement extension of the trading corridor that we have been in this month. Trading volumes are down across the board while funding rates are steadily reaching negative levels.
A recent trademark filed by the NYSE with the U.S. Patent and Trademark Office revealed that NYSE is potentially looking to operate a NFT marketplace to sell digital collectibles/art, cryptocurrencies and digital goods in the future. This ambitious move will put NYSE in an increasingly-crowded NFT marketplace, with OpenSea still dominating along with the likes of LooksRare, Rarible, etc. Besides, NYSE’s parent company, ICE, has a digital asset exchange (Bakkt) but has lost over 90% of its value since its debut in October 2021 due to regulatory hurdles.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.85T, +1.7% from yesterday
- $BTC is -0.37% at time of writing; 24H liquidations and funding rates: $59.22M, -0.00502% average
- $ETH is -0.64% at time of writing; 24H liquidations and funding rates: $38.85M, -0.00098% average
- Stablecoins market dominance: USDT 43.61%; USDC 28.91%; BUSD 10.01%; TerraUSD 6.72%; DAI 5.31%
Alts and DeFi watch:
- DeFi TVL: $195.61 (+0.56% over last 24h)
- $SOL +3.8% in the last 24 hours, +0.5% in the past week
- $SHIB +2.6% in the last 24 hours, -12.2% in the past week
- $SAND +8.6% in the last 24 hours, -19.50% in the past week
- $ENJ +4.0% in the last 24 hours, -8.8% in the past week
More news that caught our eye:
- London Stock Exchange acquires cloud-based technology provider Tora in $325M deal
- Brazil takes first step to regulate BTC
- Temasek led crypto platform Amber Group’s US$200M series B+ fundraise
- JPMorgan crypto exec Christine Moy is leaving the firm
- Grayscale launches campaign to encourage public comments on BTC ETF application
- Blockchain data shows BTC in a bear market — Here’s what comes next
- BTC inflows on the rise despite declining prices
- Terra raises $1B for an emergency BTC reserve
- Hollywood ready to invest in story of alleged ‘BTC bandit’
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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