This week saw Coinbase and Binance reach the inevitable turning point for crypto regulations just as USDT set a new ATH market cap surpassing $83.2B. Meanwhile, ChatGPT boosts AI-related crypto returns 41% thus far just as LV enters the NFT space with exclusive collectibles priced at €39,000. XRP was in the headlines too as XRP Ledger aims to challenge ETH and teams up with cybersecurity firm FYEO. Finally Cathie Wood showed her confidence in Coinbase by acquiring over $20 million worth of the stock.
Tether USD₮ has reached an all-time high, surpassing its previous market cap high of $83.2B, meanwhile the launch of ChatGPT has had a significant impact on AI-related crypto returns, with an impressive increase of up to 41%. In a surprising move, luxury brand Louis Vuitton is stepping into the NFT space by offering exclusive NFTs with a price tag of €39,000. The XRP Ledger is making waves as it aims to dethrone Ethereum, reaching a new milestone in its development alongside cybersecurity firm FYEO. And despite recent challenges, renowned investor Cathie Wood shows her confidence in Coinbase by acquiring over $20 million worth of the company's stock.
Stellar's USDC stablecoin is set to conquer the market as it launches on Ethereum scaling solution Arbitrum, providing efficient transactions. Meanwhile, Xapo Bank is strengthening the integration between crypto and retail banking by expanding Euro payment options, making digital assets more accessible than ever. FIO Protocol takes a step towards universal web3 identities with the introduction of FIO handles meanwhile, in a groundbreaking move, Zion Social Network embraces Bitcoin payments via the Lightning Network, offering instant and secure transactions through their messaging platform. And finally, Amboss launches the LINER Index, providing a comprehensive measure of BTC yield and cost.
A draft crypto legislation has been unveiled by Republicans this week, proposing the division of authority over crypto between the CFTC and SEC. Across the pond, UK lawmakers are also calling for a dedicated government role to oversee crypto regulation, emphasizing the importance of well-informed governance. Meanwhile, the crypto giants Coinbase and Robinhood, along with the CFTC, are set to testify in Congress regarding the draft crypto bill, while Binance and Coinbase go to war with the SEC. And in the midst of regulatory discussions, Coinbase's CEO has boldly defended the platform, assuring users that their funds are safe amidst the SEC lawsuit.
JPMorgan is harnessing the power of blockchain technology for dollar trades in India, bringing efficiency and transparency to the financial landscape. Meanwhile, First Digital is making waves as it launches its own stablecoin, adding to the growing crypto market in Hong Kong. In the Philippines, more than 400 small businesses are now accepting Bitcoin payments, signaling a shift towards digital currency adoption. And hold on tight because El Salvador is unleashing "volcano energy" with its planned 241-megawatt Bitcoin mining operation, solidifying its position as a crypto-friendly nation. But that's not all! DMCC and Bybit are joining forces in Dubai to propel crypto and Web3 adoption, paving the way for an exciting future in the Middle East.
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Profit-taking is in full swing as the SOPR (Spent Output Profit Ratio) reaches its highest peak since December 2020. But don't worry, the Bitcoin network is flexing its muscles with the mean hash rate hitting a record high, showcasing the growing computational power fueling transactions. While some investors are cashing out, the largest whales, with over 10,000 BTC, are on a relentless accumulation spree. Hold onto your hats as other groups of holders are distributing their coins. And here's a twist: addresses with balances exceeding 100,000 BTC saw a significant 31% monthly decrease
The LTFs on BTC/USD show aggressive price reactions over the past week leading to price now ranging sideways as we enter the weekend around the 1H 50 EMA. Moving forward we are likely to either see a retracement to the extreme bullish order block where support may be found.
Alternatively, if the bulls are to take control we would see a push higher into the $27200 price point where we would meet bearish order blocks in premium for potential profit-taking from buyers to take place.
BTCUSD raided engineered sell-side liquidity sitting below the $25,700 price lows formed over the past few weeks, coming extremely close to the daily 200 EMA and bullish order block collectively acting as support.
This led to price now being pushed up finding resistance at the daily 50 EMA, as price continues to be squeezed between both bulls and bears trading off of the daily EMA's we look for a break and retest of either to confirm direction, given the reaccumulation nature of price over the past two and a half months we could be seeing further bullish prices in future.
In a massive move, one of Ethereum's co-founders sent a staggering 22,000 ETH to Kraken, creating a buzz in the community. But that's not all—hold onto your seats as the top 10 non-exchange addresses now collectively hold a record-breaking 31.8 million ETH, valued at an astounding $59.6 billion! A crypto whale made headlines by withdrawing 703,871 USDC and 2.5 million USDT via Aave, only to turn around and purchase $3.35 million worth of ETH. Meanwhile, the number of ETH holders continues to soar, reaching a remarkable 98.4 million, while ETH on exchanges hits a five-year low at 17.2 million. And let's not forget the ETH fees, which have dropped to a close-to-two-month low following the recent meme coin-mania.
ETH/USD found support at the bullish order block at $1770 this week for the third week in a row, briefly dipping below the daily 50 EMA. Given the fact the 200 EMA is fast approaching, we could see price test the EMA before finding support and buyers pushing price higher to retarget the $2000 psychological price level.
Moving forward we would look for price to either move from current levels to $2,000 before any signs of retracement or slowly grind lower to find support at the 200 EMA or potentially break even lower.
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