Galaxy Digital CEO Mike Novogratz believes that the US government is hostile towards the overall crypto industry.

In a new Bloomberg interview, Novogratz says that the administration of US President Joe Biden “doesn’t like crypto.”

According to Novogratz, the unraveling of FTX and its founder Sam Bankman-Fried is partly to blame for the hostile treatment the crypto industry is getting from Washington.

“And so now we’re under assault from the US government.

The Biden administration, the Democratic Party really doesn’t like crypto. Partly, because Sam Bankman-Fried was Joe Biden’s biggest donor. And he was the biggest donor to the Democratic Party. And he was engaged in a really intimate way with the SEC [U.S. Securities and Exchange Commission] and the CFTC [Commodity Futures Trading Commission].

And so the Democrats have egg all over their face and feel, ‘Oh I got to run from this’.

And you know there’s a small cabal… [U.S. Senator] Elizabeth Warren, [U.S. Senator] Sherrod Brown, [SEC Chair] Gary Gensler… that really are trying to, they call it Operation Chokepoint, you know crush crypto.”

The Galaxy Digital CEO says that the fact that the crypto community is “‘re-energized” makes him bullish.

“You’re picking a fight with a crypto community that loves this technology, that believes in it almost with religious fervor, that’s resilient as can be.

And so I’m bullish as can be, not because all the institutions are going to come in. That’s been slowed down. But because the people that started this revolution are re-energized.”

According to Novogratz, the Middle East and Asia now hosts some of the world’s most crypto-friendly jurisdictions at a time when the US is hostile towards the industry.

“We’re seeing overseas that [United Arab Emirates capital] Abu Dhabi is making a really friendly regime. Hong Kong, believe it or not, is coming up with one of the most-friendly crypto regimes…

And so we’re seeing overseas lots of activity. And domestically, a government that’s really trying to smoosh the industry.”

I

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A closely followed crypto trader believes Dogecoin (DOGE) is about to draw the attention of crypto traders.

Pseudonymous analyst Kaleo tells his 571,100 Twitter followers that DOGE chart looks primed for a burst to the upside.

According to Kaleo, Dogecoin will likely not remain a laggard relative to other altcoins for long.

“Still gonna ride with this DOGE king until it sees a decent squeeze. Chart looks too primed not to. 

Too many alts have been squeezed already for Dogecoin to not have its moment. Once again, plan on rotating quickly back into BTC – but still think there’s opportunity for a solid scalp.

One other thing to note is that when DOGE moves, it usually happens all at once – so better to enter when it’s boring like it is now.”

At time of writing, DOGE is trading for $0.775, slightly above the trader’s diagonal resistance at around $0.765.

The top crypto trader is also updating his short-term outlook on Bitcoin (BTC). Kaleo believes that BTC looks positioned to take out multiple resistances on the lower timeframe and rally above $30,000.

“AND BOOM THAT IS HOW IT’S DONE BOUNCE RIGHT OFF $27,500.

Now time to slowly grind back toward highs, reclaim $29,000 and initiate acceleration for full send.” 

At time of writing, Bitcoin is worth $28,632.

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Deep-pocketed crypto investors are suddenly shifting hundreds of millions of dollars worth of Bitcoin (BTC) and XRP as the markets trade sideways.

According to new data from whale-surveying platform Whale Alert, crypto whales have abruptly moved over 500 million worth of the top crypto asset by market cap in just 24 hours, the biggest transaction being 6,582 BTC worth $182,629,202 being transferred from an unknown wallet to another.

Other transactions involving the king crypto on Whale Alert’s radar include:

• 5,000 BTC worth $141,189,856 transferred from an unknown crypto wallet to another.
• 3,999 BTC worth $112,874,776 transferred from an unknown crypto wallet to another.
• 2,001 BTC worth $56,883,243 transferred from crypto exchange Gemini to an unknown wallet.
• 1,098 BTC worth $30,517,472 transferred from an unknown wallet to crypto exchange Kraken.
• 1,032 BTC worth $29,153,880 transferred from digital assets exchange Crypto.com to an unknown wallet.
• 1,001 BTC worth $28,455,835 transferred from crypto exchange Gemini to an unknown wallet.

Bitcoin is trading for $27,878 at time of writing, a 1.3% decrease during the last 24 hours.

The whale-tracking platform also notes that high-net-work traders are shifting XRP, the native asset used to operate Ripple Labs’ payments platform. One crypto whale moved a staggering 100,000,000 XRP, worth $53,439,878 at the time, from one unknown wallet to another.

Other notable transactions involving XRP noticed by Whale Alert include:

• 95,000,000 XRP worth $51,699,751 transferred from an unknown crypto wallet to another.
• 31,723,527 XRP worth $17,098,354 transferred from crypto exchange Bitstamp to an unknown wallet.
• 19,000,000 XRP worth $10,198,480 transferred from an unknown wallet to crypto exchange Bitstamp.

XRP is trading for $0.536 at time of writing, a 2.7% dip during the last day.

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A widely followed cryptocurrency analyst says Bitcoin’s (BTC) dominance in the crypto markets is about to intensify, spelling trouble for altcoins.

The pseudonymous analyst Kaleo warns his 570,900 Twitter followers that time is running out to move their altcoin investments into Bitcoin before the performance of alts worsens.

Kaleo is predicting BTC’s dominance, based on the ratio of its market cap to the cumulative cryptocurrencies market cap, will soon surge from its current 47.48% to about 52% in April.

“Bitcoin Dominance looks incredibly bullish still. Here’s the deal – you have until BTC breaks above $30,000 to rotate your alts into more Bitcoin, because after that – the bleeding accelerates.”

Kaleo says Bitcoin’s performance continues to look strong with a recent bounce off the $27,500 level and now moving back toward the $29,000 level, which it held for a moment earlier this week.

“AND BOOM THAT IS HOW IT’S DONE BOUNCE RIGHT OFF $27,500.

Now time to slowly grind back toward highs, reclaim $29,000 and initiate acceleration for full send.”

Kaleo’s chart indicates he is predicting Bitcoin will hit $30,000 by April 5.

Bitcoin is trading for $28,495 at time of writing, up nearly 1% in the past 24 hours.

Next, Kaleo sets his sights on Ethereum (ETH), saying he is bullish on the smart contract platform with a diagonal break out on both the low time frame and high time frame charts.

“ETH is retesting the 2023 highs. Please tell me in what world this chart looks bearish…

There is zero way you can look at both the LTF chart above and the HTF zoom out and not tell me this is bullish.”

Ethereum is worth $1,832 at time of writing, up 2.7% in the past 24 hours.

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Cardano (ADA) creator Charles Hoskinson is predicting nation-states will adopt the smart contract platform within the next decade if anti-crypto forces do not get in the way.

In a new video update, Hoskinson tells his 320,000 Youtube subscribers that nation-states will likely one day rely on the Cardano ecosystem for a range of useful functions.

“I can see a path within five to 10 years that you can run a nation-state on technology like Cardano. I can see that happening. I can see a path where Cardano could be used to run a national identity system with principles. Or a payment system with principles. Or a CBDC [central bank digital currency] with principles that protects you. I can see that path.

And if left undisturbed, there are enough resources alone in the Cardano ecosystem to actually facilitate and grow that. It’s inevitable. We have the decentralized brain. We have the community. We’re growing at a rapid rate. We’ll wake up in five or ten years and there’ll be tens of millions of people. And those people will be engaged and enabled and have a treasury necessary to be able to carry that out and find those use cases and wire that in.”

But Hoskinson warns that some pretty powerful forces are looking to hold onto a hierarchal power structure by impeding the progress of crypto and decentralization.

“What’s happening is there is a movement right now, Choke Point 2.0, the globalist movement, the ESG [Environmental, Social & Governance] movement that recognizes that this model is the only thing that stands in the way of the pyramid. Because nobody’s going to embrace the pyramid if there’s another option that’s better.

If somebody comes to you and says, ‘I have a treatment for your cancer. You have two options: I can either cut off your arms and legs or I can give you this pill that has very limited side effects and cures it.’ Which one are you going to pick? You’ll be like, ‘Give me the pill!’ You can’t have the existence of the pill if your goal is to cut off the arms and legs. So that’s why people are attacking crypto so much these days. That’s why you see government reports coming so there are no use cases.

I’d like to believe being in control of my money, my identity, my data, my economic agency, my ability to participate in the world, my ability to restrain the power of government in my life – is pretty useful.”

I

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New data reveals that over a million transactions have already been conducted over Puppynet, the testnet of Shiba Inu’s (SHIB) highly anticipated new layer-2 scaling solution, Shibarium.

According to blockchain scanner Blockscout, 1,076,331 transactions have taken place over Shibarium’s testnet since it launched in its beta form last week.

Shibarium will be the Shiba Inu ecosystem’s new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Puppynet is Shibarium’s testnet before the mainnet launches.

Blockscout also finds that there are currently over 200,000 unique crypto wallet addresses using Shibarium.

Previously, Shiba Inu’s lead developer Shytoshi Kusama said the ultimate goal of Shibarium is to process transactions in mere seconds for less than pennies. The project’s development team believes this is how the protocol achieves “true decentralization.”

Currently, the testnet’s average block time clocks in at 7.7 seconds while its gas fees come in at just 1.5 Gwei, which is less than pennies.

Though no specific launch date has been revealed, blockchain analysis platform IntoTheBlock finds that about 70% of SHIB’s total supply is now being held by long-term holders anticipating the release of Shibarium’s mainnet.

SHIB is trading for $0.00001 at time of writing, a 1.75 decrease during the last 24 hours.

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Two widely followed analysts are disagreeing about the crypto market’s next big move as Bitcoin (BTC) and Ethereum (ETH) trade sideways.

The back-and-forth began when pseudonymous analyst Pentoshi shared a crypto market cap graph with his 683,300 Twitter followers.

“Crypto Total market cap BTC, ETH + ALTS 

I still can’t get over how clean this has been 

21′ lows have capped off upside for almost the past year 

2017′ (prev bull market highs) have marked the lows of the bear market”

The total crypto market cap measures the total value in the crypto markets, from Bitcoin to Ethereum to all the other altcoins.

In response, pseudonymous analyst Capo commented on the post, suggesting the charts indicate the total crypto market cap is about to fall off a cliff.

Capo’s graph prompted Pentoshi to respond, indicating that he disagrees with Capo’s prediction.

“If this actually happens I’d probably bring back all the profits I took out of this market and wouldn’t hesitate.”

Capo has maintained for months that the crypto markets are due for an epic crash. Recently, he shared this BTC graph with his 737,100 Twitter followers, predicting a major downfall for the king crypto in April.

“Capriltulation.”

When one follower suggested Capo was just trolling, Capo answered that he was not.

“Not really. It’s what I truly think, but with a touch of humor. What makes people bullish and confident is the price action but they don’t stop to think beyond that. The macro is what it is, and keeps getting worse.

Markets rise, a false rebound,

Built on sand, unstable ground.”

BTC is worth $28,492 at time of writing, up 0.05% in the last 24 hours.

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Sam Bankman-Fried is pleading not guilty to a new set of charges as the former crypto tycoon faces the possibility of spending decades in jail.

Federal prosecutors alleged in a new indictment unsealed on Tuesday that the founder of bankrupt crypto exchange FTX paid out $40 million in cryptocurrency to induce Chinese government officials to unfreeze the trading accounts of Alameda Research.

The accounts, which contained more than $1 billion in crypto assets, were frozen in early 2021 as China investigated an Alameda counterparty.

Reuters reports that Bankman-Fried pleaded not guilty to the bribery charge at a hearing before District Judge Lewis Kaplan in Manhattan federal court on Thursday.

The 31-year-old also entered a not guilty plea for charges accusing him of violating campaign finance laws.

In February, prosecutors hit Bankman-Fried with additional charges alleging that he conspired to make illegal political donations so legislators will pass laws that are favorable to his company.

Bankman-Fried’s lawyer, Mark Cohen, says he plans to contest the campaign finance and China-related charges by the May 8 deadline because these were filed after his client was extradited from the Bahamas.

The extradition treaty provides that Bankman-Fried may only be tried and punished for the cases that he faced at the time of the extradition unless the Bahamian government allows the new charges.

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March 31, 2023 – Dubai, United Arab Emirates

Unizen is thrilled to announce a strategic partnership with DWF Labs, a leading global digital asset market maker and multi-stage Web 3.0 investment firm.

This collaboration will enhance Unizen’s mission to address the challenges faced by Web 3.0 technology and create a seamless, frictionless experience for users by bringing together third-party blockchain projects from various networks under one roof, using the best interoperability and aggregation frameworks available.

Unizen is dedicated to solving the complexities and inefficiencies that currently plague the Web 3.0 ecosystem, such as research requirements, cross-chain bridging, native token gas fees and more.

Unizen’s all-in-one toolbox provides a user-friendly interface that integrates data and Web 3.0 applications from top blockchains, enabling users to have full control over their assets and access the best rates with ease.

The Unizen platform is built upon three core pillars – the Unizen interoperability protocol, Unizen liquidity distribution mechanism and the Unizen omni-chain data pool.

These groundbreaking innovations ensure seamless blockchain traversal of digital assets, optimal execution prices for all assets backed by decentralized liquidity and a uniform and standardized interface for apps and blockchain interactions across multiple networks.

Andrei Grachev, managing partner of DWF Labs, said,

“Unizen’s groundbreaking solutions – such as the Unizen interoperability protocol and liquidity distribution mechanism – are transforming the way users interact with multiple blockchain networks.

“We believe that Unizen’s innovative approach to solving the challenges faced by the ecosystem aligns perfectly with our mission at DWF Labs, and we’re looking forward to a fruitful collaboration that drives the industry forward.”

Sean Noga, CEO of Unizen, said,

“By partnering with DWF Labs, Unizen is proudly joining forces with a company that drives industry adoption and increases efficiencies and usability across the Web 3.0 landscape. We look forward to collaborating with DWF Labs to further enhance the user experience and foster the growth of blockchain technology.”

About Unizen

Unizen is an innovative project that addresses the challenges faced by Web 3.0 technology by creating a seamless, frictionless experience for users.

Unizen’s platform brings together third-party blockchain projects from various networks under one roof, using the best interoperability and aggregation frameworks available.

With our all-in-one toolbox, Unizen aims to revolutionize the Web 3.0 ecosystem by providing a user-friendly interface that integrates data and Web 3.0 applications from top blockchains.

Website | Gitbook | Twitter | Telegram | Discord

About DWF Labs

DWF Labs is a global digital asset market maker and multi-stage Web 3.0 investment firm, supporting portfolio companies, from token listing to market making to OTC trading solutions.

With offices in Singapore, Switzerland, the UAE, Hong Kong, South Korea and BVI, the investment company DWF Labs is an affiliate of Digital Wave Finance (DWF), which consistently ranks among the top five trading entities by volume in the cryptocurrency world through its proprietary technology for high-frequency trading.

Contact

Sean Noga, CEO of Unizen

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A leading crypto analytics firm says that key indicators are signaling Bitcoin (BTC) is on the verge of a bearish turn after an extended rally.

In a new blog post, Santiment says five indicators are flashing bearish for Bitcoin even though the king crypto is making moves closer to the $30,000 price level.

According to Santiment, the trading volume is cooling off.

“The recent rally saw pretty decent trading volume coming in at the start, which is a healthy sign. However, things started to slow down a little as we inch higher. Now we are observing a divergence in Price and Volume, which usually isn’t a good thing as it is signaling that there’s exhaustion in the price action.”

Next, Sentiment says that the Social Volume and Social Dominance indicator is at a high level, which historically indicates the top of a price rally has arrived.

“BTC’s Social Volume and Social Dominance are at its highest level in a year, indicating that the crowd is getting somewhat excited. This usually precedes a local top.”

According to Santiment, the third bearish indicator is that long-term holders of Bitcoin are starting to become active again.

“Since mid-March, we saw two such spikes, between 2,800 and 3,000 BTC that are pretty long-term (five years) being activated. Could it be due to the crypto crackdown or CTFC [Commodity Futures Trading Commission] vs. Binance case? Whichever the case, seems like some whale is probably feeling a little jittery about everything that’s going on.”

The second to last indicator signaling bearishness is the activity of Wrapped Bitcoin (WBTC) borrowing on lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE), according to the analytics firm.

“Currently, we are seeing cautious borrowing of WBTC at this price range, nothing too insane yet but looks like folks have started to short.”

Lastly, Santiment says Bitcoin’s market-value-to-realized-value (MVRV) ratio, which seeks to capture market bottoms and tops based on the average profitability of all Bitcoin holders, is indicating that the Bitcoin rally may soon come to an end.

According to Santiment, the MVRV ratio may be forming a similar pattern seen in 2019.

“If history is to repeat, then, we might just see a sharp spike marking a local top and a dreadful bleed out like 2019. Granted, macro conditions today are very very different from that of 2019. It still remains to be seen how BTC is going to navigate through the chaos.”

Bitcoin is trading for $28,035 at time of writing.

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Cryptocurrency analyst Benjamin is warning that Cardano (ADA) and other altcoins are primed for losses when paired against Bitcoin (BTC).

Cowen tells his 738,700 Twitter followers that against Bitcoin, Cardano could bottom out at 0.00000400 BTC, or $0.11, a drop of 69.8% from current levels.

“I think ADA/BTC would be lucky to bottom at 0.00000800 BTC, but 0.00000400 BTC could be final support (though it could represent a higher US dollar valuation at 0.00000400 BTC than at 0.00000800 BTC).”

In a chart depicting the likely trajectory of Cardano when paired against Bitcoin, Cowen seems to suggest that the seventh-largest crypto asset by market cap could hit the final support level in the third quarter of 2023.

“ADA/BTC”

Cardano is trading at 0.00001326 BTC, or $0.37, at time of writing.

Citing his own experience, Cowen says that seemingly small gradual losses as altcoins depreciate against Bitcoin tend to balloon over time.

“A common response to my posts about altcoins bleeding back to BTC is ‘Hey, it’s only -2%!’

But it goes on and on.

I have lived this before. Before you know it, your altcoin is down 90-95% against BTC and you thought it was ‘holding up well’ the entire way down.”

Giving the example of Chainlink’s (LINK) performance against BTC from 2018 to 2022, the popular analyst says that an altcoin that shows bullish price action against Bitcoin during a bear market is likely to perform well when altcoins start rallying.

“Yes, for instance, LINK/BTC showed relative strength in 2018, and then did very well in 2019/2020.

So if you notice certain altcoins putting in higher lows on their BTC pairs (which most won’t be), then that could be a good sign for that altcoin during the next altcoin season.”

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A new Hong Kong-based fund is reportedly raising money to support early-stage and developing ventures in the digital asset space.

Bloomberg reports that the ProDigital Future Fund has already secured at least $30 million in funding commitments and aims to raise a total of $100 million by the end of the year to invest in startups.

The fund is particularly interested in tech companies with connections to China that are establishing their presence in Web3. To date, ProDigital Future Fund already funded six crypto-related projects, which include Hong Kong-based metaverse firm GigaSpace and Australia-based digital sports league operator One Future Football.

The report comes as Hong Kong pushes to become a major digital asset hub in the region. In February, the city’s Securities and Futures Commission (SFC) published a consultation paper on proposed licensing requirements for virtual asset trading companies.

The regulator is also soliciting the public’s view on whether retail investors should be allowed to access digital asset trading platforms, which could legitimize the trading of crypto assets.

Amid concerns that Hong Kong may change its stance on crypto, ProDigital Future Fund backer and tech investor Curt Shi says he is optimistic that the city will continue to have a degree of openness and flexibility.

“I understand the concerns, but nothing is perfect given the complexity of the crypto economy and current geopolitical situation. Our strategy is to continue to see how things go.”

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An Ethereum (ETH)-based decentralized finance (DeFi) altcoin has ripped by more than 82% this week as most crypto projects tracked sideways.

InSure DeFi (SURE) is an insurance ecosystem for the blockchain realm that helps protect users of DeFi, non-fungible tokens (NFTs) and metaverse gaming.

The project’s native token, SURE, is worth $0.00798 at time of writing. The 182nd-ranked crypto asset by market cap is up 82.4% in the past week, 203.5% in the past 30 days and more than 320% since the start of 2023.

The Hong Kong-headquartered crypto exchange Hotbit listed the crypto asset on Monday. Vulkania, a crypto dashboard and data aggregation platform, rolled out a dashboard for inSure earlier this month. And O3 Labs, a decentralized exchange (DEX), listed SURE on March 4th.

InSure aims to offer portfolio protection to DeFi traders from scammers and unexpected losses.

Explains the project’s whitepaper,

“The project aims to create an ecosystem to distribute the risks, where premiums are determined by a Dynamic Pricing Model. Capital required to back the risks at any point of time will be based on the market pricing of SURE tokens and community demand for insurance of the crypto portfolios.

A decentralized support system will be established to diligently process all the insurance claims and implement the layers of inSureDAO voters to make sure any fraudulent claims are flagged and only valid claims are fulfilled.”

Despite inSure’s massive gains this year, it still remains 93% down from its all-time high of $0.113970, which it hit in early 2021.

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Top crypto exchange by trading volume Binance has rolled out new trading support for an under-the-radar decentralized finance (DeFi) altcoin.

Binance listed Radiant Capital (RDNT) in its “Innovation Zone,” a dedicated trading space for crypto assets that could be more prone to rapid price swings.

Radiant says that it “aims to be the first omnichain money market where users can deposit any major asset on any major chain and borrow various supported assets across multiple chains.”

Radiant V2 currently ranks 58th among all DeFi protocols with $164.09 million in total value locked (TVL), according to the crypto tracker DeFi Llama. The project’s TVL has surged by more than 14% in the past 24 hours and more than 38% in the past seven days. 

The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Radiant Capital’s native token, RDNT, is worth $0.383 at time of writing. The 355th-ranked crypto asset by market cap is up 9.6% in the past 24 hours, 6.7% in the past week, and more than 26% in the past 30 days. RDNT is also up more than 843% since the start of 2023.

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A trader who accurately predicted the floor price of Bitcoin (BTC) in 2022 is updating his outlook on the flagship crypto asset.

In a new TechnicalRoundup video, pseudonymous trader DonAlt tells his 49,500 YouTube subscribers that he remains bullish on Bitcoin and the weekly and monthly charts are why.

According to DonAlt, his bullish thesis will be invalidated if Bitcoin falls below $22,000.

“So far so good, right? The buys that we’ve done at $16,000 almost up 2X. And there’s still quite a bit to go.

Monthly looks good, monthly is bullish if the next two days go horribly wrong and we dump below $23,000 forget I ever said that and hide in your bunkers because we’re f*cked at that point. But I doubt that’s going to happen…

The weekly looks good as long as we realistically hold $20,000. That said, my new invalidation is anything really below this [$22,000].

Basically, if we come back below this current impulse candle that we’ve had, I think it’s done for.”

Bitcoin is trading at $28,641 at time of writing.

On the next key level, if Bitcoin maintains an upward trajectory, the pseudonymous crypto trader says that “the next resistance is $35,000, so that’s been the target.”

According to the pseudonymous trader, the banking crisis has created a strong narrative for the crypto market.

“Bank bailouts are basically the most bullish thing you can have for crypto. It’s why crypto exists, it’s why a lot of us are in this market. It’s basically opening the eyes to a lot of people that what’s going on in the world is not really right.

It becomes the narrative to play, which I like. We have a strong narrative now and we have a strong narrative going into the halving. So we not only have the meme halving pump coming, we also have a strong narrative for it. So that’s a good one, it’s a good combination to have.”

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A deep-pocketed Dogecoin (DOGE) investor is suddenly shifting hundreds of millions of DOGE across multiple transactions as the meme asset surges in price.

New data from whale-surveying platform Whale Alert reveals that the high-net-worth trader abruptly moved 350,000,000 DOGE, worth $26,581,455 at the time of its movement, from one unknown crypto wallet to another.

According to the blockchain search engine Blockchair, the fee to move the millions of tokens cost just 4.16 DOGE, or $0.31. The blockchain tracker also finds that the whale sent the crypto over 11 separate transactions.

Last week, the team behind Dogecoin announced they would be updating the project as a means of making it easier to develop.

At the time, DOGE developer Michi Lumin said they would be adding support for QR codes, other languages, message signing and Windows-enabled programs.

According to Lumin, the update will also patch up many of the prominent issues Dogecoin developers have been running into, such as memory integrity checks, truncation fixes and length checks for edge cases.

DOGE has been on a tear this week, surging as it went from its seven-day low of $0.0723 to a peak of $0.0768, a 6.2% increase.

It has since stabilized and is moving for $0.0749 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A widely followed crypto analyst says he is still “cautiously bearish” on the crypto markets as long as Bitcoin (BTC) remains below $29,000.

Looking at Ethereum (ETH), trader Justin Bennett says the leading smart contract platform could quickly and briefly pump to nearly $1,900.

“We also saw Ethereum testing the September 2021 trend line at $1,680 on Monday, a must-hold level for bulls.

So we have a well-defined ETH range between $1,715 and $1,840.

Given this range and the short liquidations that have developed at $1,870, I wouldn’t be surprised to see a quick pump above range highs to flush shorts.”

The trader also says that ETH’s immediate future depends on how it reacts to the $1,840 price level.

“Liquidation clusters like the one above often act as magnets, especially in ranging markets.

Whether that becomes a deviation or not will depend on how ETH reacts to $1,840.

If we see a break and hold above $1,840, the $2,030 resistance could be next.

Of course, a break above $1,840, followed by a close back below, would confirm a bearish deviation and likely send ETH back to $1,700.”

Bennett also advises traders to watch ETH at the micro-range of $1,785-$1,790.

“ETH reclaimed the level as support on Wednesday, so any higher time frame close below would set up a minor deviation for a move back to $1,715.”

ETH is worth $1,788 at time of writing, up 3% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Binance responds to the letter from US senators alleging that the world’s largest crypto exchange by trading volume is a hotbed of illegal financial activities.

In a letter dated March 1st addressed to Binance CEO Changpeng Zhao and Binance.US President Brian Shroder, Senators Elizabeth Warren, Chris Van Hollen and Roger Marshall said that the platform facilitated over $10 billion in payments to criminals and sanctions evaders.

Citing media reports, the legislators said that Binance and its related entities also purposely evaded regulators and hid basic financial information.

“Your actions have called into question the legitimacy of your business and the safety of your customers’ assets and raised concerns about the potential impact of these activities on the stability of the crypto market and the broader financial system.”

In an open letter dated March 28th, Binance says that the senators based their accusations on articles that have either incorrect or incomplete information about the platform.

The firm says it considers regulation as the best form of user protection and prioritizes local regulatory compliance.

“Consistent with this commitment to regulatory compliance—and contrary to public reporting based on outdated and incomplete information—Binance decided to launch a separate US entity, Binance.US, in 2019, to establish a compliant platform for US users.”

Binance says it is committed to providing a safe and transparent platform.

“Binance has shared its cold and hot wallet addresses, as well as published Merkel tree proof of reserves, proof of collateral for B-Tokens, and its six commitments to a healthy exchange. Binance also publishes information regarding the processes for burning its native token BNB.

Binance has also established user security measures, including the Margin Insurance Fund, to protect users from losses when their cross/isolated margin equity is less than zero or when a user is unable to repay their debts.”

The firm also assures that its users will have no problem withdrawing their funds.

“Binance carefully safeguards its customers’ assets. Importantly, Binance holds a one-to-one reserve of users’ assets. This means that users can withdraw 100 percent of their assets from the platform at any time.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The UK Twitter account of one of the biggest fast food chains in the world is endorsing a popular dog-themed meme asset, helping inspire a rally.

In response to the news that Burger King Paris is accepting Bitcoin (BTC), the Burger King UK Twitter account says “We Need Doge,” presumably referring to Dogecoin (DOGE) as a payment option.

News of the tweet helped send DOGE skyward as the meme token went from its seven-day low of $0.0723 to a peak of $0.0768, a 6.2% increase. Dogecoin has since retraced and is moving for $0.0749 at time of writing.

Earlier this week, Burger King announced that its Paris locations would be accepting digital assets in collaboration with Instpower, Alchemy Pay (ACH) and Binance, the world’s largest crypto exchange platform by volume.

“At restaurants in Paris, the global fast-food chain Burger King has installed the popular Instpower power bank rental machines that accept crypto payments facilitated by crypto payment providers, Alchemy Pay and Binance Pay.

Instpower is a world-leading power bank-charging service and has teamed up with Binance Pay and Alchemy Pay to let its users pay with cryptocurrency for power bank devices at more than 14,000 locations worldwide.

Burger King in Paris marks the latest big step forward for the firm and for the acceptance of cryptocurrency for real-world goods and services.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A popular crypto strategist is updating his outlook on Bitcoin (BTC) amid an extended rally and weighing in on Ethereum (ETH) scaling solution Arbitrum (ARB).

Pseudonymous analyst Altcoin Sherpa tells his 194,100 Twitter followers that Bitcoin is likely consolidating around its current price value of $28,278 ahead of an imminent breakout.

Sherpa shows a chart that illustrates previous periods of consolidations before big surges. He says Bitcoin is likely repeating a similar pattern.

“BTC: Good, solid lows take days and weeks to form. They always feel so choppy/boring while they are going but when you zoom out, it makes sense. These consolidations are healthy. Highs and lows stand out to you on the chart.”

According to Sherpa, Bitcoin is currently in a two-week consolidation phase and urges patience before a possible big breakout move. The seven previous consolidation periods he highlights in 2020 and 2021 range between 25 and 63 days.

“We’re currently in a two-week consolidation period right now, to be determined if we leg up or not. Patience…”

Next, Sherpa looks at Polygon (MATIC)-rival Arbitrum and sets a near-term range between $1.30 and $1.50.

“ARB: I think that the next significant resistance area is $1.50, we haven’t seen any 4h closes above that area. Buy the dip spot would probably be around $1.30. Still think this one looks pretty decent overall.”

Arbitrum is trading for $1.33 at time of writing, up 10.3% in the past 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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