If BTC breaches $70,500, it could signal the end of the current adjustment

If BTC breaches $70,500, it could signal the end of the current adjustment

March 25, 2024

I. Mainstream exchange news

  • Coinbase's ranking in the US app store continues to decline, currently ranking at 319.
  • Kraken UK Managing Director Bivu Das expressed his support for the UK's approval of a Bitcoin ETF at the London Digital Asset Summit.
  • Node Monkes surpasses Bored Ape Yacht Club in market cap, ranking second after Cryptopunks.
  • Whales Market founder said that the GM white paper will be published next week, and pre-trading will start on Whales Market.
  • Friend.tech plans to distribute venture capital points to users.
  • YGG is exploring the transition from chain game guilds to chain game guild protocols.
  • The US SEC has once again postponed its decision on Grayscale's Ethereum futures ETF.
  • Ethereum restaking projects Puffer, Bedrock implements the Manta Restaking Paradigm, offering doubled airdrop points.
  • Worldcoin announces the implementation of personal data custody, ensuring user data won't leave their phones.
  • WisdomTree obtains a trust company license from the NYDFS, enabling the launch of its crypto wallet in New York.
  • BlackRock said apart from Bitcoin and Ethereum, the company has no intention of introducing more crypto products.

III. Funding news

  • ​​Saudi Arabia plans to set up a $40 billion fund focused on Artificial Intelligence investment.
  • Web3 gaming information platform GAM3S.GG completes a $2 million strategic funding round and plans to launch native tokens.
  • Real-time payment protocol Sablier completes a $4.5 million seed funding round.
  • Polygon-based streaming app SAVAGE completes a $1.5 million seed funding round.

IV. Regulatory news

  • EU bans the use of unidentified self-custodial crypto wallets for crypto payments.

Market overview 

Last week, BTC exhibited volatility and currently shows a double bottom pattern on the 4-hour chart, with lows at $60,775 and $62,270. Viewed on a daily scale, the market has experienced a primary correction from $73,777 to $60,775. It seems likely to sustain above the $60,775 level. The immediate focus remains on the $66,000 short-term support and the crucial mid-term resistance at $70,500. Should a breakout materialize, it would potentially signal the end of the current short-term market adjustment.

DEGEN token has broken its all-time high, with a market cap close to $200 million 

Originally, Degen was a reward token for participants of the Farcaster Degen channel. It now has a substantial number of developers, crypto content creators, and enthusiasts, gradually becoming a leading memecoin in the Base ecosystem. As the Base ecosystem's Total Value Locked (TVL) exceeds $870 million, funds continue to flow into the Base. In the recent week, DEGEN has over tripled in price. Meanwhile, the top dex of the Base ecosystem, Aerodrome, saw its TVL increase by 22.8% in the last seven days, reaching $370 million. It's another crucial area to keep an eye on.

Stani continues to increase holdings in BONSAI

BONSAI is a DN404 standard token launched on the Polygon. Users can receive one NFT for every one hundred thousand BONSAI tokens held. In its first season, it plans to air-drop to 4,500 active Lens accounts, which constitute 25% of the air-drop. It has received several tweet shares from Stani, the founder of AAVE & Lens. Based on the most recent on-chain data, Stani's three accounts continue to amass BONSAI, with holdings surpassing a value of 120,000 USDT. BONSAI's market cap currently stands at $14.19 million. Given the upcoming Lens token issuance and anticipated public chain expectations, BONSAI merits continuous attention.

TON ecosystem

TON Foundation announced the first season of the Open League will launch on April 1st. They will offer a community reward of 30 million Toncoins, currently valued at $150 million. Users can earn token rewards by participating in various activities such as The League, Token Mining, Quests & Airdrops, and Liquidity Pool Boosts. Projects that are gaining attention within the ecosystem include FISH, STON, DUCK, MRDN, and TONY. TON's TVL has exceeded $80 million. With more and more funds continuing to flow into the ecosystem, TON is expected to have substantial growth potential.

STRX soars 65% in one week 

StrikeX (STRX), a blockchain solutions provider focusing on tokenized assets, was partly acquired (33%) by CMC Markets in June 2023. By combining StrikeX’s expertise in tokenization and self-custodial technology with CMC Markets’ rich experience in financial services, they are simplifying the way that individuals and businesses invest in digital assets. STRX and other assets in the RWA sector are attracting market interest. More recently, news of BlackRock launching its first tokenized fund had some frontrunners gaining momentum - ONDO incurring a weekly gain of 94%, CFG 52%, POLYX 80%, and GFI 50%. It could be worth paying attention to the head projects in the RWA track.

Significant token unlocks this week

Optimism (OP) will unlock 24.16 million tokens valued at approximately $84.32 million on March 29th, accounting for 2.4% of the circulating supply.

Echelon Prime (PRIME) will unlock 1.66 million tokens valued at approximately $37.53 million on March 31st, accounting for 4.65% of the circulating supply.

Yield Guild Games (YGG) will unlock 16.69 million tokens valued at approximately $16.89 million on March 27th, accounting for 5.39% of the circulating supply.

SingularityNET (AGIX) will unlock 8.84 million tokens valued at approximately $9.26 million on March 28th, accounting for 0.69% of the circulating supply.

Sui (SUI) will unlock 4 million tokens valued at approximately $6.68 million on March 31st, accounting for 0.32% of the circulating supply.

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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