• Synthetix’s Perps V2 recently achieved a milestone with its cumulative volume reaching nearly $2 billion and daily volume touching $115 million.
• Market indicators showed signs of recovery, despite the recent bearish metrics.
• However, an address recently transferred 2.66 million SNX to Binance, which was worth over $7.5 million, indicating a potential price drop for SNX in the following days.

Synthetix [SNX] Achieves Milestone

Synthetix revealed in a recent tweet that Perp V2’s cumulative volume reached nearly $2 billion, while its daily volume somewhat touched $115 million. This was a commendable achievement, as only a week ago, Perp V2’s daily volume touched $100 million. Integrators have worked tirelessly to make this possible and cheers to them @Kwenta_io, @PolynomialFi, @DecentrexHQ and @dHedgeOrg for their efforts!

Market Indicators Show Signs of Recovery

Market indicators showed signs of recovery and suggested a price uptick despite bearish metrics. Realistic or not, here’s SNX market cap in BTC terms which could potentially increase with the latest news from Synthetix network.

SNX Fees & Revenue Spike

Thanks to the massive increase in volume, Synthetix’s fees and revenue also spiked over the last few days according to Token Terminal data. As per their report fees and revenue gained upward momentum since 7 March before spiking substantially on 12 March.

Whale Dumps SNX

Unfortunately the same might not be true for Synthetix token SNX due to whale activity that occurred around last week where an address transferred 2.66 million SNX worth over $7.5 million to Binance exchange from their own pocket – suggesting further price drops for SNX in coming days according to Lookonchain analysis team on Twitter post “Maybe he/she already sold $SNX on #Binance”

On-Chain Metrics Suggest Price Drop

On-chain metrics such as Binance funding rate declined considerably which indicates less demand from derivatives market – giving more reasons to worry about SNX’s future price as it had already registered 5% decline at press time trading at around $ 2.80 with total market capitalization above 700 Million USD mark according to CoinGecko data points

• The Silicon Valley Bank run caused fear, uncertainty, and doubt about Bitcoin earlier this week.
• However, the failure of yet another bank may have reversed public opinion and brought back support for the king coin.
• BTC volume has risen to almost a three-month high as transactions go up, while whale and shark accumulation continues despite FUD.

Silicon Valley Bank Run

The California Financial Institutions Control Board closed Silicon Valley Bank, which caused Fear, Uncertainty, and Doubt (FUD) about Bitcoin earlier this week. The FDIC was designated as the receiver to safeguard insured savings, although the reason for the shutdown is unknown. People’s reactions to the SVB failure suggest uncertainty is currently prevalent in the market. Circle announced that over $3 billion of its $40 billion was held by SVB which caused a capital flight of USDC holders exchanging their holdings for other stablecoins and Bitcoin.

Whales & Sharks Step Up Accumulation

Despite FUD that was caused by the Silvergate crash statistics from Santiment reveal that whale and shark accumulation is continuing with addresses with 10-10,000 BTC rising over 67%. On 11 March there was an upswing in whale and shark accumulation coinciding with USDC experiencing a capital flight.

BTC Volume Reaches Almost Three Month High

The volume metric on Santiment revealed an increase in business activity as BTC volume reached 45 billion at 9 a.m UTC on March 11th before reaching 35 billion by 5 p.m UTC on March 11th. This is notable because it is the highest Bitcoin has seen since December with 39 billion being recorded as of this writing.

Bitcoin Outflow Becomes Dominant

As more Bitcoin leaves exchanges USD Coin (USDC) has seen increased swaps suggesting an outflow from USDC to other stablecoins or even Bitcoin itself as investors become wary of holding USDC due to concerns about Silicon Valley Bank going bankrupt in 2023.

Conclusion

After experiencing FUD due to Silicon Valley Bank running earlier this week it seems like public opinion might be reversing in favour of Bitcoin after yet another failed bank causing whales and sharks to step up their accumulation while BTC volumes reach almost 3 month highs signaling an increase in business activity amidst fears that USDC could be impacted due to concerns around its stability following Silicon Valley Banks failure resulting in an outflow from USDC into other stablecoins or even Bitcoin itself

• Ethereum (ETH) has decreased by around 6% in the past three days, with its price at roughly $1,560 as of time of writing.
• The percentage of the overall Ethereum (ETH) supply on exchanges has decreased due to the price decline and is now at its lowest level in nearly five years.
• Exchange Netflow statistic revealed more Ethereum (ETH) outflows than inflows in recent days, indicating that withdrawal activity rather than a sell-off was driving the decrease.

Ethereum Price Decreases

Ethereum (ETH) has decreased by around 6% in the past three days, with its price at roughly $1,560 as of time of writing. Its price movement has fallen below the short Moving Average (yellow line), and resistance was discovered in the $1,600 to $1,700 price range. The Relative Strength Index (RSI) line has dipped just barely below the neutral region turning Ethereum’s trend from bull to bear. Additionally, volume indicators showed low activities.

Exchange Supply Falls

A Santiment report showed that the percentage of overall Ethereum (ETH) supply on exchanges reached its lowest level in nearly five years – making up almost 11% of total supply as of writing. This indicated that fewer people are transferring their holdings to exchanges and instead keeping them in their wallets. Furthermore, CryptoQuant’s Exchange Netflow statistic revealed more Ethereum (ETH) outflows than inflows in recent days indicating withdrawal activity rather than a sell-off was driving the decrease.

Response from Investors

Despite recent swings between highs and lows most investors have responded positively to these movements demonstrating confidence for recovery from recent losses sustained over previous months.

Price Predictions

Longterm predictions for ETH remain optimistic with analysts expecting prices to increase significantly by 2023-24 if market conditions remain stable or improve further over time with further development and adoption trends becoming increasingly apparent as digital asset investments become more popular and accepted worldwide..

Conclusion

In conclusion it appears likely that despite current downward trend ETH prices should pick up again soon given current market conditions and active development within this sector showing promise for increased growth potentials ahead which will likely be reflected soon in increasing prices once again over coming weeks or months ahead when combined with investor confidence remaining strong throughout this current downturn period..

• Cardano (ADA) was trading at $0.411 last Sunday and fell by 12.2% to trade at $0.361 the time of writing
• The market structure was bearish on the lower timeframes but there was a 4-hour bullish order block that could spark a rally in Cardano’s price
• Open Interest has fallen alongside the price over the past few days and there has been some liquidation of long positions when Cardano dropped from $0.38 to $0.365

Overview of Cardano (ADA)

This article looks at how recent market movements have affected Cardano (ADA) and whether it is a good buying opportunity for investors. Last Sunday, ADA was trading at $0.411 and in the past week, the price has fallen by 12.2% to trade at $0.361 at the time of writing. The market structure was bearish on lower timescales but a 4-hour bullish order block laid an invalidation level for buyers which could spark a rally in Cardano’s price if they take advantage of it.

Market Structure

The 4-hour and 1-hour chart show that there are lower highs and lower lows over the past week as well as strong bearish momentum with RSI being 32.9 and OBV being in a downtrend for three days now; however, this is also a retest of the H4 bullish order block which ADA made earlier this month, providing buyers with an opportunity to reverse prices back up near its peak around $0.41 from earlier this month if they take advantage of it before prices drop below $0.345 which would invalidate such an idea according to this analysis .

Open Interest & Liquidations

Open Interest has decreased along with prices over the past three days indicating reduced long positions taken in ADA due to bearish sentiment; however spot CVD made higher lows while climbing signifying demand within markets while liquidation charts showed some long positions were liquidated on 24 February worth around one million dollars when ADA dropped from 0$.38 to 0$.365 in two hours .

Conclusion

Overall although current indicators point towards continued bearishness, those willing to risk potential losses can indeed use this opportunity presented by bullish order blocks to purchase ADA near its support level with potential upside should bulls manage push prices beyond their previous peak near 0$.41 before any further drops below 0$.345 invalidate such an idea .

Disclaimer

The information presented does not constitute financial, investment, trading or other types advice and is solely writer’s opinion

• Major VCs such as Dragonfly and Wintermute observed massive gains in their LDO portfolios over the last few months.
• The overall velocity of LDO declined, with whales losing interest in the token.
• Despite this, Lido’s revenue and unique depositors have seen an increase.

VC Funds Capitalize on LDO Token

Major Venture Capital (VC) funds such as Dragonfly and Wintermute have seen massive gains in their respective portfolios due to investments in the Liquidity Deficit Offering (LDO) token. Their portfolios grew by 39.2% and 17% respectively over the last month, with LDO making up a prominent part of their holdings. Paradigm fund, whose portfolio was almost entirely comprised of 90% LDO tokens, saw a 40% growth in the past month.

Whales Shy Away from LDO

Though VC funds are profiting from their investments into LDO tokens, investors should still proceed with caution. Over the last month, it has been observed that the overall velocity of transactions involving these tokens has decreased, indicating that whales are losing interest in them. However, new addresses continue to be attracted to these tokens as network growth increases.

Lido Rakes In Cash

The number of unique depositors on the Lido protocol has also increased according to Dune Analytics data – 123,840 depositors were present at the time of writing – which has resulted in a 32% increase in revenue for Messari’s data. This spike has contributed to an increase in its treasury funds which isn’t yet being put towards any upgrades or updates on its protocol as evidenced by declining code commits on GitHub.

Should You Invest?

Despite improvements seen within the protocol itself such as increasing revenue and number of unique depositors, on-chain metrics indicate that investors should be wary when investing into LDOs . If these treasury funds are invested into actual updates for its protocol however, future prospects may look brighter for both token holders and developers alike.

Check Out The Calculator!

If you’re looking for more information regarding your potential profits off LDOs then check out our very own Profit Calculator here!

• The Central Bank of the United Arab Emirates (CBUAE) recently launched its Financial Infrastructure Transformation (FIT) program to support digital transformation and financial services.
• The FIT program includes nine initiatives, including the launch of a Central Bank Digital Currency (CBDC).
• The CBDC will facilitate both domestic and cross-border payments, while other initiatives such as an eKYC platform and a card domestic scheme will improve regulatory compliance, reduce operational costs, enhance customer experience, and strengthen security and operational resilience.

Central Bank of the United Arab Emirates Launches FIT Program

The Central Bank of the United Arab Emirates (CBUAE) has recently launched its Financial Infrastructure Transformation (FIT) program with a vision to promote digital transactions and make the UAE a leader in financial services. H.H. Sheikh Mansour bin Zayed Al Nahyan serves as Deputy Prime Minister and Minister of the Presidential Court, as well as Chairman of the CBUAE’s Board of Directors for this initiative.

Goals Of FIT Program

The goals of this program include making digital transactions more efficient while providing better customer experiences. It also aims to reduce operational costs, improve regulatory compliance, and strengthen security and operational resilience throughout financial services in the UAE. This large project is set to be fully integrated by 2026 with nine key initiatives divided into three stages.

Stage One Initiatives

Stage one consists of three major initiatives: launching a Central Bank Digital Currency (CBDC), setting up an electronic Know Your Customer (eKYC) platform, and establishing a card domestic scheme. The CBDC will help facilitate both domestic and cross-border payments by addressing current inefficiencies associated with them while driving innovation for local payments within the region.

Stage Two Initiatives

The second stage includes developing several digital infrastructures such as a financial cloud, an Instant Payments Platform,and an open finance platform which will increase customer satisfaction along with better security measures for all customers using these services within the UAE region.

Conclusion

The Governor of CBUAE stated that they are proud to be building an infrastructure that supports growth throughout their country’s economy through this transformative FIT Program which was inspired by their wise leadership’s visions towards digitization .

• Ethereum’s DeFi Total Value Locked (TVL) is the highest in the market, but other chains have been outperforming it recently.
• TRON and Optimism have seen a significant increase in their TVLs over the last 30 days, while Ethereum has had difficulty keeping up.
• Scammers have also taken advantage of Ethereum’s network by creating fake wallets and using them to phish unsuspecting users.

Ethereum’s Slowing TVL

Despite planning a series of upgrades in 2023, Ethereum [ETH] has not had the best of starts to the year. Bar the altcoin fantastic rally like the rest of the market in January 2023, the network has been full of irregularities and dawdling. Notably, a fundamental bragging right has been its capability to house several decentralized applications (dApps). This same proficiency is why its DeFi Total Value Locked (TVL) is the highest. At press time, Ethereum’s TVL was valued at $28.99 billion. However, other chains in the DeFi ecosystem seem determined to outperform the second-ranked project in market value.

TRON and Optimism Outperforming ETH

A noteworthy competitor that has given Ethereum a run for its money is TRON [TRX], the Justin Sun-led project. In the last 30 days, TRON’s TVL increased 26.82% even though it still played second fiddle to Ethereum. In addition, the trendy Optimism [OP], whose aim is to scale the Ethereum ecosystem by using optimistic rollups, has also outperformed the Ethereum TVL. Despite being far below Ethereum’s worth, OP’s TVL increased 56.56%, according to DeFi Llama. An interpretation of this chart means that unique depositors have preferred to pump more liquidity into these chain over ETH . Also, both TRON and OP had seen an overall improvement in health when compared with ETH .

Scammers Targeting ETH Network

But it isn’t just blockchain which is at risk here – its users are too! On 7 February 2021 Peckshield Alert tweeted that two top spenders on Ethereum were actually scammers all along – they were using fake smart contracts wallets as part of a phishing scam designed to lure unsuspecting addresses into giving away private information or funds without their knowledge or consent!

How Much Are 1/10/100 ETH Worth?

How much are 1/10/100 ETHs worth today? As per CoinMarketCap data on March 9th 2021 , 1 ETH was equivalent to US$1 581 , 10 ETH equalled US$15 811 and 100 ETH equalled US$158 110 .

Conclusion

In conclusion , despite having one of highest DeFi Total Value Lock (TVL), it appears that competing cryptocurrencies such as TRON and Optimism are fast catching up with Etheruem . Additionally , scammers have been taking advantage of this situation by employing various phishing tactics against unwitting users . Finally , as per CoinMarketCap data on March 9th 2021 , 1/10/100 Etheruem was equalent respectively US$1 581 / US$15 811 /US$158 110 respectively

• A new report published by a court-appointed examiner has shed light on the operations of crypto lender – Celsius – before it declared bankruptcy.
• The investigation found that the business model advertised to customers was different from the actual operations of Celsius and that the crypto lender had been insolvent since its inception.
• The report also found that Celsius had been involved in price manipulation by buying CEL tokens to prop up its price, which enabled its insiders to benefit from the inflated value of the firm’s balance sheet.

A court-appointed examiner has recently released a report that reveals details about the operations of Celsius, a crypto lender that declared bankruptcy in July 2022. According to the report, the business model that Celsius advertised to its customers was not the same as what was actually being done. Furthermore, the report stated that the crypto lender had been insolvent since its inception.

In addition, the report found that Celsius had engaged in price manipulation in order to prop up the value of its CEL token. The crypto lender had purchased CEL tokens with the intent of increasing its price and its buying spree inflated the price of the token by 14,751% by June 2021. This inflated price was beneficial to the insiders of Celsius who held the token, as it increased the value of the firm’s balance sheet to $1.5 billion in December 2021.

The report also criticized Celsius for lacking transparency since its start. It claimed that instead of buying CEL tokens when needed to pay rewards, the crypto lender began timing its purchases to create activity in the market and even placed “resting” orders to buy CEL, which were triggered if the price of CEL dipped below a set amount.

The report is a stark reminder of how an unregulated industry can lead to problems for investors and customers alike. The report stated that Celsius had used customer and investor funds to prop up CEL’s price, which is a clear violation of trust and the law.

The report raises serious questions about the operations of Celsius and the industry as a whole. It is clear that more regulations are needed to protect investors and customers from similar scams in the future. The report also serves as a warning to those considering investing in crypto, as it shows the importance of researching a company and its operations before investing.

• The Lido [LDO] protocol witnessed a surge in the number of staked deposits on its platform in the past week.
• Layer 2 solutions such as Wrapped stETH [wstETH] saw an increase in growth, indicating that more users were turning to L2 solutions to stake their assets.
• Despite the growing TVL, the number of unique users on Lido declined by 7.31% in the past month, however, the revenue generated by Lido increased by 6.31%.

The Lido [LDO] protocol has been experiencing a surge in staked deposits on its platform in the past week, as more users are opting to stake their holdings through the Lido platform. This surge in staked deposits has seen an increase in Lido’s Total Value Locked (TVL), growing by 7.77% in the last week. Along with this, Layer 2 solutions such as Wrapped stETH [wstETH] have also seen an increase in growth, indicating that more users are turning to Layer 2 solutions to stake their assets and that Lido is benefiting from this trend.

However, despite the growing TVL, the number of unique users on Lido has declined in the past month by 7.31%. This implies that while more users are staking their assets on Lido, fewer are actively using the protocol and engaging with its services. Nevertheless, the revenue generated by Lido has increased by 6.31% over the last week.

In addition to this, the negative long/short difference on Lido suggested potential selling pressure as prices rose. This could be attributed to users selling their staked assets to take profits. As such, Lido’s staked deposits could see a decline in the near future.

Overall, while Lido has seen a surge in staked deposits and an increase in its TVL, the decline in unique users and the potential selling pressure could have an impact on the platform’s growth.

– Bitcoin’s [BTC] price rallied by more than 2% during intraday trading on 23 January, trading at levels last seen in August 2022.
– On-chain data provider Glassnode’s report revealed shifts in the behaviors of new investors, long-term holders, and miners, which might indicate profit-taking.
– Glassnode’s assessment of BTC’s Percent Supply in Profit metric showed that the surge in price since the beginning of the year represented one of the sharpest spikes in profitability compared to prior bear markets.

The recent surge in Bitcoin’s [BTC] price has seen the leading digital asset reach levels last seen in August 2022. During the intraday trading session on 23 January, the coin saw an impressive rally of over 2%, pushing its price to new highs. This has put many holders in profit.

On-chain data provider Glassnode recently released a report assessing the behaviors of new investors (short-term holders), long-term holders, and miners. The report indicated that profit-taking might be occurring following a significant bearish trading period in 2022.

Glassnode’s report looked at BTC’s Percent Supply in Profit metric. It found that the surge in price since the beginning of the year represented one of the sharpest spikes in profitability compared to prior bear markets. This is a promising sign that the market is healing after the heavy deleveraging pressures inflicted in the second half of 2022.

To determine what new BTC investors have been up to, Glassnode assessed the coin’s Percentage of Short-Term Holder Supply in Profit metric. It found that most new investors have been making profits from the recent rally.

Glassnode also looked at BTC’s Net Realized Profit and Loss metric. It found that the market has suffered two large capitulation events (Terra-Luna and FTX collapse), which resulted in a net loss of 2.9% and 3.7% of the king coin’s market capitalization per week, respectively. However, with the recent spike in BTC profitability, the market has shifted to a state of profit dominance.

Overall, the recent surge in Bitcoin’s [BTC] price has seen the leading digital asset reach levels last seen in August 2022. On-chain data provider Glassnode’s report revealed shifts in the behaviors of new investors, long-term holders, and miners, which might indicate profit-taking. Furthermore, Glassnode’s assessment of BTC’s Percent Supply in Profit metric showed that the surge in price since the beginning of the year represented one of the sharpest spikes in profitability compared to prior bear markets. This is a promising sign that the market is healing after the heavy deleveraging pressures inflicted in the second half of 2022.