Solana’s recent price decline has captured the attention of investors, dropping to a four-month-low amidst escalating market concerns. The token’s downfall can be attributed to a significant loss of trading
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Solana’s native token hit a four-month-low price of $132 on Tuesday, down from its record high of $293 set in January.
XRP’s recent price movements have followed a pattern that crypto analyst Javon Marks believes signals the potential for a strong continuation rally. Sharing his analysis on the social media platform X, Marks pointed to a “hidden bullish divergence” on XRP’s daily candlestick chart. Despite the ongoing price crash, the presence of this bullish divergence opens up new bullish targets for the XRP price. XRP’s Price Crash Worsens, But Hidden Bullish Divergence Suggests Next Move XRP’s price action has faced consistent downward pressure over the past week, with the decline intensifying in the past 24 hours. At the time of writing, XRP has dropped by approximately 13% in the past 24 hours and is on the verge of retesting a crucial support level at $2. Related Reading: XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8 However, an interesting analysis shows that this decline is part of a hidden bull divergence pattern, where both the price and the RSI indicators are creating a series of highs and lows on the 1-day candlestick timeframe. This interesting pattern is characterized by higher lows and higher highs on the XRP price chart, while there’s a series of lower lows and lower highs on the RSI indicator. This divergent formation between the cryptocurrency’s price and the RSI is known to be bullish. Particularly, it suggests the selling pressure shown by the RSI could be slowing down. Javon Marks emphasized that XRP is preparing for a “massive continuation wave up” and that the necessary technical confirmations for such a move are already in place. This assertion builds upon his earlier February 18 analysis, where he described the hidden bullish divergence as forming in a “textbook fashion. Crash To Reverse Soon? Price Targets To Watch According to Javon Mark’s projection, an upside move would see the XRP price eventually creating a higher high, as expected from the bullish divergence pattern. In terms of a specific price target, Mark’s projection shows that the next peak could reach at least $3.80. If realized, this would push XRP beyond its current all-time high of $3.40. Related Reading: XRP Price Rallies To ATH At $3.4, Here’s What’s Driving It And Why The Pump Will Continue However, this outlook hinges on the XRP price holding above the bullish divergence support at $2. Any sustained breakdown below this threshold could challenge the strength of the projected rally and alter the bullish outlook. Adding to this perspective, Marks also noted the similarity between XRP’s consolidation in the past few weeks since it reached $3.36 and that of a consolidation after a strong rally in the first half of 2017 after a strong rally. Although the current consolidation phase has lasted longer than the one observed back then, both formations share key structural similarities. The 2017 consolidation ultimately led to a continuation rally that pushed the XRP price to new highs. If history repeats itself, the present consolidation could also be a precursor to another significant leg up. At the time of writing, XRP is trading at $2.15, down by 13.2% and 15.9% in the past 24 hours and seven days, respectively, and is now in danger of losing the $2.0 support soon. Featured image from Adobe Stock, chart from Tradingview.com
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . We’ve rounded up the myriad of crypto ETF plans issuers are dreaming up, and launching. The proposals continue to move beyond ones focused on solana, XRP and litecoin . An update from yesterday: A 19b-4 filing from Nasdaq signals Grayscale Investments’ intent to offer a Polkadot ETF. 21Shares put out a similar proposal a few weeks back. Polkadot (DOT) has a market cap of nearly $7 billion, ranking it 26th among crypto assets. The filing is not a proposal for Grayscale to convert one of its existing trusts to an ETF wrapper, like it had done with its bitcoin and ether products. That’s because it does not yet have a trust investing in DOT. I previously wrote about how Grayscale historically first goes with private placement launches for accredited investors before obtaining public quotations for unrestricted shares and making the products SEC-reporting companies. The conversion to an ETF is the final step. Grayscale skipped the initial steps upon filing for a Cardano ETF . Speaking of that product, the SEC acknowledged it in a Monday filing , noting the agency would solicit comments on the proposal. The thought is that Grayscale (despite not returning requests for comment) must feel it can take these shortcuts given the evolving regulatory environment . This comes after Nasdaq late last week filed to list shares of Canary Capital’s proposed HBAR ETF, which hold Hedera’s native cryptocurrency. This 19b-4 filing comes a few months after the company submitted an S-1 for the product in November. So, the momentum around altcoin ETF filings has not changed from when we last checked in. The next one we’ll see is anyone’s guess. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam. Empire : Start your day with top crypto insights from David Canellis and Katherine Ross. Forward Guidance : Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. 0xResearch : Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more. Lightspeed : All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus. The Drop : The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.
On Feb. 24, Ethereum developers initiated the Pectra upgrade on the Holesky test network as scheduled. However, the launch did not go as planned, as the network encountered issues with finalizing transactions shortly thereafter. Hildobby, a data analyst at crypto venture capital firm Dragonfly, noted that the Holesky testnet had been down for nearly two hours following the Pectra launch due to “buggy code,” which caused an invalid block that most Ethereum clients accepted. Due to this, Holesky has been unable to finalize transactions. According to the analyst, only two Ethereum clients, Erigon and Reth, operated correctly. However, the bug affected clients like Geth, Nethermind, Ethjs, and Besu. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Wall Street tumbled on Tuesday as a sharp 4-year decline in consumer confidence rattled investors already on edge over Donald Trump’s latest tariff announcement. The S&P 500 plunged 0.9%, extending its four-day losing streak, while the Nasdaq collapsed 1.8%, wiping out last week’s record highs, per data from Google Finance. The Conference Board reported that consumer confidence for February sank 7 points to 98.3, a far steeper drop than the 102.5 estimate from Wall Street analysts, and it shows a crack in consumer spending power, with Americans now expecting inflation to rise to 6% over the next year, up from 5.2% last month. The weak outlook pushed stocks lower, with investors scrambling to assess the potential for a recession. Tech stocks sink as inflation fears mount The tech-heavy Nasdaq bore the brunt of the sell-off, as investors dumped growth stocks in the face of rising uncertainty. Tesla collapsed 7.8%, making it one of the worst performers of the day, while Palantir slid 3.6%. The Magnificent Seven tech giants, which have fueled much of Wall Street’s recent gains, all traded lower, erasing billions in market value. Meanwhile, world tech stocks have risen a MASSIVE ~1,700% since the beginning of 2009. By comparison, global stocks excluding the Technology, Media, and, Telecom (TMT) sector have gained just ~300%. Tech equities have more than DOUBLED since October 2022 while the remaining stocks are up just 40%. The US technology sector has been one of the major beneficiaries of this trend. Since October 2022, the Nasdaq 100 index has officially risen over +100%. This market needs Big Tech. Anyway, Bitcoin, a favorite among risk-hungry investors, also took a brutal hit, crashing 7.5% to $86,940. Traders pointed to rising inflation expectations and higher interest rates as factors squeezing riskier assets, with many pulling back from crypto and AI stocks. Nvidia lost 2%, extending its weekly drop to 13%, while Meta Platforms declined 1.2%. Bank stocks followed the downward spiral, as Goldman Sachs, Wells Fargo, and JPMorgan Chase each slid more than 1%. Traders are now questioning whether the Federal Reserve’s efforts to curb inflation could end up triggering a worse economic slowdown. Trump’s economic and geopolitical games At a White House meeting with French President Emmanuel Macron on Monday, Trump confirmed that a 25% levy on Canadian and Mexican imports will take effect next week. “These tariffs are necessary,” Trump told reporters. “We have to protect American workers.” The announcement affected commodity markets, as aluminum prices surged even before the tariffs were officially enacted, adding more pressure to rising costs. The inflation threat had already been looming, with January data showing a surprise jump to 3%, driven partly by an avian flu outbreak that sent egg prices surging. President Donald Trump is seeking to escalate U.S. semiconductor controls aimed at China, according to a report from Bloomberg. Trump’s economic policies faced severe legal setbacks on Tuesday, as a trio of federal judges issued rulings against his administration. In Washington, D.C., Judge Loren Alikhan extended a block on Trump’s freeze of federal spending for grants, loans, and financial aid. The judge blasted the spending freeze, writing, “Defendants either wanted to pause up to $3 trillion in federal spending practically overnight, or they expected each federal agency to review every single one of its grants, loans, and funds for compliance in less than twenty-four hours. The breadth of that command is almost unfathomable.” The spending freeze is part of Trump’s D.O.G.E initiative, a cost-cutting measure led by Elon Musk to slash government expenditures. The ruling temporarily pauses the department, putting another roadblock in Trump’s economic overhaul. Meanwhile, in Washington state, Judge Jamal Whitehead blocked Trump’s executive order halting the Refugee Admissions Program. Whitehead ruled that while Trump has the authority to regulate refugee entry, he “cannot ignore Congress’ detailed framework for refugee admissions and the limits it places on the president’s ability to suspend the same.” In the third case, in D.C. federal court, Judge Amir Ali for a third time ordered the Trump administration to release foreign aid funds. Ali’s order came at the end of a hearing where an attorney for aid groups told him that the money the judge previously had said should be disbursed to the group remained frozen. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Bitcoin (BTC) returned to its levels from the end of November 2024, completely reversing the US election narrative and Donald Trump’s influence on crypto hype. BTC accelerated its drop toward $86,000, sparking comments from Binance’s CEO Richard Teng that the move was a temporary retreat. The current market turbulence is a tactical retreat, not a reversal, wrote Binance’s CEO Richard Teng in a recent thread. The past two days caused market panic as Bitcoin (BTC) extended its drawdown from its all-time high. Teng believes crypto can bounce back even stronger, as it has shown after similar stress tests. Here's my thoughts on the recent market turbulence: It's important to view this as a tactical retreat, not a reversal. Crypto has been here before and bounced back even stronger. Here's why we should stay optimistic. ⤵️ A thread 🧵 — Richard Teng (@_RichardTeng) February 25, 2025 Binance went through $334M in total liquidations for the past 24 hours, a level that is not unusual for mid-cycle drawdowns. The Binance liquidations were surpassed only on Bybit, which turned into the most active market in the past 24 hours. Despite the price fluctuations and break below the $90,000 range, BTC has not seen a significant drawdown in this post-halving cycle. In other cycles, the depth of the bear market erased 70% to 90% of its value, but this time, BTC has seen corrections of up to 25%. In the short term, the BTC price move followed the liquidation of short positions all the way down to $86,000, as some traders predicted. The liquidation cascade affected other assets, shifting the available liquidity. After the recent drawdown, the crypto market will remain with a peak inflow of stablecoins, potentially moving to the next big trend while abandoning defunct narratives. BTC, ETH sink after Bybit stress test The market also sits at a crossroads that may define the coming months. The recent election cycle, followed by several meme token trends, was seen as an overly aggressive grab for liquidity, which essentially burned out the energy for a 2025 bull market. The Bybit hack , followed by significant liquidations on the exchange, was another stress test for the market. BTC has recovered after more significant liquidations, but this time, a general loss of sentiment may reverse the recent relatively easy rallies. Historically, BTC retains relatively low volatility. Even bull cycles have shown resilience, continuing after drawdowns of up to 40%. However, the latest post-halving market enjoyed outsized mainstream attention and caused high expectations of an always-growing market. For crypto, there are few mechanisms to forestall losses, even when there are dedicated buyers and holders. Liquidations for leveraged positions still cause significant price swings. The market is becoming better at absorbing the losses, and exchanges are more liquid with new inflows of stablecoins. Despite this, the market sentiment has changed dramatically, with traders showing extreme fear of opening new positions. Crypto assets still manage a small bounce off the recent lows During the latest drawdown, the percentage of addresses in profit was down to 89.33% . BTC has fallen to levels that may mean capitulation for some of the latest buyers. Despite this, even recent buyers expect a more active 2025 bull market and are reluctant to sell. Recent buyers of BTC are facing the challenge of holding widening unrealized losses after a dip to $86,000. | Source: Bitcoin Magazine Pro The recent dip to $86,000 showed BTC was resilient enough to bounce from the lows twice in a day. BTC recovered to $87,009.92 while previously bouncing over $89,000 again. Other altcoins took the recent correction in stride, with relatively small drawdowns. The market has affected hype assets the most, while altcoins remain in their usual range. After the loss of confidence in the meme market, most assets are down over 90%, and there are expectations memes may never recover. Overall, only the top 5 blue chips have recovered their all-time highs with ease, while other assets require much more liquidity and hype to make a return. The crash of the meme token market has deeply affected both Solana (SOL) and ETH, as the two assets are down more than 50% from their all-time high. With that recent drawdown, the entire ecosystems are getting reassessed for their abilities to lock in gains and retain liquidity for the long term. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
SEC Acknowledges Filing to Allow Staking for Grayscale Ethereum Spot ETF 💰Coin: Ethereum ( $ETH ) $2,486.01
CRYPTO MARKET AT THIS MOMENT: BTC: -4.00% ETH: -1.00% SOL: +1.40% XRP: +0.20% BNB: +1.07% 💰Coin: BTC ( $BTC ) $87,917.50 ETH ( $ETH ) $2,487.72 SOL ( $SOL )