Crypto whales dumped vast amounts of Bitcoin (BTC) after plunging deep into panic mode. Bitcoin’s price slipped below $80K for the first time in months, heightening selloffs. At press time, BTC’s market cap stands at $1.7 trillion, with altcoins gaining ground. Despite declining BTC dominance, altcoins have also faced a bumpy trend in the same period. Whales Are Repositioning Assets On-chain data shows whales dumped over 40,000 BTC as the crypto dip bit harder. This comes on the back of negative sentiments as traders seek to mitigate losses. These movements have lowered the chances of a quick rebound although bulls offer other metrics for a recovery. Traditionally, asset repositioning extends the bear phase, usually salvaged by an influx of institutional investors. Several experts have projected a recovery by April citing on-chain and macro factors. In a Feb 28 report, Matrixport predicted the bear sentiment can extend between March and April before institutional investors pour funds into the market. “ Looking ahead, the forward-looking nature of this time series suggests that once this correction runs its course potentially last until March or April. Bitcoin could attempt to rally back toward previous highs. Analyzing macroeconomic trends and central bank policies gives us a clear edge in forecasting Bitcoin’s price trajectory. This type of analysis is only becoming more crucial…” Last year institutional funds pushed Bitcoin to multiple all-time highs, consolidating on gains recorded after the approval of spot ETFs. These products have attracted over $39 billion in inflows since January 2024. Traditional finance players increased their asset exposure after many years of skepticism. Overall, these players are projected to reclaim dominance, pushing the asset to a cycle peak. At the time of writing, BTC exchanged hands for $84,501. Investors Set Gaze on Altcoins While traders offloaded BTC from their holdings, some redirected assets to altcoins to capitalize on the deep. According to Ali Martinez, Solana (SOL) is experiencing major macro shifts after several whales bought the dip. In the last 72 hours, traders also purchased 170 million ADA. ETH bulls also joined the party after the price fell below $2,200. Top meme coins like Dogecoin and Shiba Inu also traded similarly amid investor interest. Most altcoin enthusiasts target spot ETF approval to ignite price leaps. This is expected to usher in the much-anticipated altcoin season.
In a significant move escalating the scrutiny over cryptocurrency regulation in the United States, Coinbase, a leading crypto exchange, is pushing for unprecedented transparency from the Securities and Exchange Commission (SEC). The exchange has officially filed a Freedom of Information Act (FOIA) request, demanding detailed financial records related to the SEC’s crypto enforcement activities during Gary Gensler’s tenure as chair. This action signals a growing tension between the crypto industry and regulatory bodies, highlighting the critical need for clarity and accountability in how digital assets are governed. Why is Coinbase Demanding SEC Spending Details on Crypto Enforcement? Coinbase’s FOIA request, spearheaded by its legal chief Paul Grewal, is not just a routine inquiry. It’s a strategic maneuver aimed at shedding light on the resources allocated by the SEC to crypto enforcement actions that fall outside the realm of fraud. According to a report by Fox Business’ Eleanor Terrett, the request specifically targets the period from April 2021 to January 2025, encompassing Gary Gensler’s chairmanship. Here’s a breakdown of what Coinbase seeks to uncover: Investigation Details: Comprehensive information about each non-fraud crypto investigation initiated by the SEC during the specified period. Employee Resources: Data on the number of employee hours dedicated to these investigations, including their pay scales and associated budgetary allocations. Financial Breakdown: A detailed account of how taxpayer money was utilized in these crypto investigations and enforcement actions. The core motivation behind this FOIA request, as articulated by Paul Grewal, is to ensure transparency for taxpayers. Coinbase believes that the public has a right to understand how government agencies are spending their resources, particularly when it comes to a rapidly evolving sector like cryptocurrency. This push for transparency arrives at a crucial juncture as the crypto industry grapples with regulatory uncertainty and seeks clearer guidelines from bodies like the SEC. Unpacking the FOIA Request: What Does Coinbase Hope to Achieve? Coinbase’s action is multifaceted, aiming to achieve several key objectives: Accountability: By requesting detailed spending information, Coinbase is essentially holding the SEC accountable for its resource allocation in the crypto enforcement domain. This move could potentially influence future SEC actions and resource management. Transparency: The FOIA request is a direct appeal for greater transparency. Coinbase wants to understand the SEC’s operational approach to crypto regulation, moving beyond broad statements to concrete data. Informed Dialogue: The data obtained through the FOIA request could serve as a foundation for more informed discussions and dialogues between the crypto industry and regulators. Understanding the SEC’s spending priorities can help industry players better navigate the regulatory landscape. Potential for Reform: Coinbase explicitly expresses hope that the new SEC leadership will embrace improved accountability. This suggests that the FOIA request is also a proactive step towards advocating for more efficient and transparent regulatory practices within the SEC. The timing of this request is also noteworthy. With changes in SEC leadership anticipated or already underway, Coinbase may be strategically positioning itself to influence the future direction of crypto regulation in the U.S. The information gleaned from the FOIA could empower Coinbase and the broader crypto industry to advocate for more balanced and effective regulatory frameworks. Gary Gensler’s Crypto Stance: A Point of Contention? The FOIA request explicitly targets the period under former Chair Gary Gensler . Gensler’s tenure at the SEC was marked by a perceived increase in scrutiny and enforcement actions against crypto firms. While proponents argue this was necessary to protect investors and ensure market integrity, critics contend that the approach stifled innovation and lacked clarity. Here’s a look at some key aspects of Gensler’s approach to crypto regulation that might be prompting Coinbase’s FOIA request: Aspect Description Enforcement Focus Under Gensler, the SEC prioritized enforcement actions, often characterizing many crypto assets as securities and thus falling under SEC jurisdiction. This approach led to numerous investigations and lawsuits against crypto companies. Lack of Clear Guidelines Critics argue that while enforcement was ramped up, the SEC did not provide sufficiently clear guidelines for crypto companies to operate within regulatory boundaries. This ambiguity created uncertainty and compliance challenges. Resource Allocation Questions have been raised about the SEC’s resource allocation. Was the focus on enforcement disproportionate to the resources dedicated to providing regulatory clarity and fostering innovation? Coinbase’s FOIA seems to directly address this question. By seeking details on spending related to Gary Gensler ‘s era, Coinbase may be implicitly questioning the effectiveness and proportionality of the SEC’s regulatory strategy during that time. The FOIA request can be seen as a move to assess whether the resources spent on enforcement aligned with tangible benefits for the crypto ecosystem and investors. The Broader Implications for Crypto Regulation and Transparency Coinbase’s FOIA request extends beyond just financial transparency. It touches upon fundamental questions about the future of crypto regulation and the relationship between regulatory bodies and the burgeoning digital asset industry. Precedent for Transparency: If Coinbase’s FOIA request yields significant information, it could set a precedent for greater transparency from regulatory agencies not just in the crypto sector but across various industries. Shaping Regulatory Approaches: The findings from the FOIA request could influence how the SEC and other regulatory bodies approach crypto regulation in the future. It may encourage a shift towards more balanced strategies that combine enforcement with clearer guidelines and industry collaboration. Empowering Industry Dialogue: Increased transparency can foster a more constructive dialogue between the crypto industry and regulators. Data-driven insights into regulatory spending and priorities can lead to more informed and productive conversations. Public Trust and Accountability: Ultimately, initiatives like Coinbase’s FOIA request contribute to building public trust in both the crypto industry and regulatory institutions by promoting accountability and openness. As the crypto landscape continues to evolve, the demand for regulatory clarity and transparency will only intensify. Coinbase’s bold move to seek detailed spending information from the SEC underscores the industry’s proactive stance in advocating for a regulatory environment that is both effective and accountable. Actionable Insights: What Does This Mean for the Crypto Community? For the crypto community, Coinbase’s FOIA request offers several key takeaways and actionable insights: Stay Informed: Keep a close watch on the developments related to Coinbase’s FOIA request. The information revealed could significantly impact the regulatory discourse around crypto. Advocate for Transparency: Support initiatives that promote transparency and accountability in crypto regulation. Engage with industry bodies and policymakers to voice your perspectives. Prepare for Regulatory Shifts: Be prepared for potential shifts in regulatory approaches based on the outcomes of such transparency initiatives. Adapt your strategies to align with evolving regulatory landscapes. Engage in Constructive Dialogue: Encourage and participate in constructive dialogues between the crypto industry and regulatory bodies. Transparency is a crucial element in fostering mutual understanding and effective regulation. Coinbase’s pursuit of transparency is a landmark moment in the ongoing saga of crypto regulation in the U.S. It highlights the industry’s determination to operate within a clear and accountable framework, pushing for a future where innovation and regulation can coexist harmoniously. To learn more about the latest crypto regulation trends, explore our article on key developments shaping crypto policy and enforcement.
On March 4th, COINOTAG reported significant movements within the crypto ecosystem, particularly involving the FTX and Alameda asset wallet. According to Arkham Intelligence, data revealed that this wallet received a
A widely followed trader says Bitcoin ( BTC ) is showing a one-of-a-kind signal as it continues to go through a multi-month consolidation phase. Analyst Ali Martinez tells his 129,300 followers on the social media platform X that BTC may be gearing up for a huge upside burst after decoupling from global liquidity – a metric that measures the volume of financial flows. Prominent analysts in the industry believe that rising global liquidity often precedes Bitcoin bull markets as the increase in money supply gives investors the capital to invest in risk assets like BTC and crypto. According to Martinez, global liquidity has been on an uptrend since Q3 of 2024, while Bitcoin has been stuck in a wide trading range for months. “Global liquidity is on the rise again, and Bitcoin has historically been highly correlated to it. However, since July, BTC appears to be lagging behind, which could signal a unique buying opportunity!” Source: Ali Martinez/X For now, Martinez thinks it’s important for Bitcoin to stay above BTC’s short-term holder realized price, a metric that calculates the average price at which short-term investors – those holding Bitcoin for less than 155 days – purchased their coins. “A key signal for Bitcoin BTC to extend its bull run is reclaiming the short-term holder realized cost basis at $92,000!” Source: Ali Martinez/X At time of writing, Bitcoin is worth $92,670. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix 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 losses 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. Generated Image: Midjourney The post Bitcoin Flashing ‘Unique’ Bullish Signal As Global Liquidity Soars, According to Analyst Ali Martinez appeared first on The Daily Hodl .
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Cardano (ADA) experienced a historical price surge over the weekend, skyrocketing by around 76% in a single day after President Trump mentioned the creation of a U.S. Crypto Strategic Reserve, which included ADA as one of its key assets. Just hours after the announcement, ADA experienced an impressive surge, jumping from a low of $0.64 to a high of $1.13, quickly capturing the attention of both investors and analysts. This surge sparked a spike in demand for the cryptocurrency, with daily trading volume skyrocketing by over 2,000% in just 24 hours, but also fueled a wave of optimism. Late Monday, analyst Ali Martinez noted that the largest ADA whales on the network acquired a staggering 420 million ADA within the same period. Meanwhile, analysts are forecasting even higher potential for ADA’s price. In a tweet late Sunday, analyst Gert van Lagen set an ambitious target for ADA by applying the Elliott Wave principle to a monthly chart. He suggested that the cryptocurrency could surge to as high as $40 before experiencing a correction back to around $6. “The blue scenario just got a way higher relative likelihood than the black scenario” he wrote, suggesting this could be the last chance to buy ADA at current prices. Elsewhere, analyst Ali Martinez, suggested that ADA might soon break its $1.19 resistance level and could potentially double in price within a short timeframe. He emphasized that a 12-hour candlestick close above $1.19 would solidify the bullish outlook . Meanwhile, analyst Lord Durden pointed to a “gigantic cup and handle” pattern in ADA’s chart, suggesting the cryptocurrency could surge as high as $12, indicating that ADA could be on the verge of a major breakout. Beyond technical analysis, Cardano’s growing momentum is reflected in onchain data. According to Messari’s Q4 2024 report, daily active addresses have risen by 45% since the start of the year, while dApp deployments have surged by 60%, particularly in DeFi and NFTs. Additionally, data from DeFi Llama shows a sharp increase in Cardano’s Total Value Locked (TVL), rising from $324 million since March 1 to around $460 million presently, signaling heightened interest in the ecosystem. Furthermore, the potential launch of Cardano spot exchange-traded funds (ETFs) in the U.S. has created a growing sense of optimism with analysts seeing increasing opportunities for ADA, particularly with its unique position as an energy-efficient, scalable blockchain. The possibility of ADA benefiting from further ETF growth, particularly for institutional investors seeking exposure to Cardano, could fuel additional demand for the cryptocurrency in the coming months. Meanwhile, following the announcement of the U.S. Crypto Strategic Reserve, prominent figures in the Cardano community, including founder Charles Hoskinson, have been calling for the Gemini exchange, one of the largest crypto exchanges in the U.S., to list ADA. A potential listing on Gemini could provide yet another boost to ADA’s price and market visibility. ADA was trading at $0.97 at press time, reflecting a 14.91% surge in the past 24 hours.
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Data shows the cryptocurrency market has witnessed massive liquidations during the past day following the recovery Bitcoin and the altcoins have made. Bitcoin & Altcoins Have Jumped Back Following Trump’s Announcement Bitcoin and the rest of the cryptocurrency sector ended February on a very bearish note, as the market went through a deep drawdown that took BTC to as low as $78,000. In a flash, however, the digital assets have seen their fates flip during the past day. Related Reading: Solana Now Retesting Realized Price: Will Shift To Bear Market Happen? The impetus behind the recovery move has been Donald Trump’s announcement of a Crypto Strategic Reserve that includes Bitcoin, Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). The announcement came through the president’s official Truth Social handle. In the initial post, Trump only mentioned the altcoins XRP, SOL, and ADA, but in a follow-up post, he also confirmed BTC and ETH, saying they will be “the heart of the Reserve.” Since the US elections, the Crypto Reserve has been something much-anticipated in cryptocurrency circles, so it’s not surprising that the news has been able to have a drastic effect on trader mood. From the graph, it’s visible that Bitcoin approached the $95,000 level during the surge, but its price has since witnessed a small pullback to $92,800. Ethereum has displayed a similar pattern, although its retrace from $2,550 to $2,360 has been notably larger than BTC’s. Overall, the top two cryptocurrencies are up 8% and 6% during the last 24 hours, respectively. Interestingly, XRP, SOL, and ADA, the three coins initially announced, have shown much stronger rallies of 17%, 13%, and 48%, respectively. The bullish momentum hasn’t been restricted to just these five included in the Reserve, as coins across the space have observed some degree of rise. A consequence of all this volatility has been that liquidations have piled up on derivatives platforms. Crypto Derivatives Market Has Just Seen $971 Million In Liquidations According to data from CoinGlass, a total of $971 million in cryptocurrency derivatives contracts have found liquidation in the past day. “Liquidation” here refers to the forceful closure any open contract undergoes after it has amassed losses of a certain degree. Below is a table that breaks down the relevant numbers related to the latest mass liquidation event. As is visible above, around $558 million of these liquidations involved the short investors, representing over 57% of the total. These traders making up for the majority of the event is naturally expected, as the market has gone up inside this window. Though, despite the bullish action, around $412 million in long holders still got liquidated as a result of the pullback. Related Reading: Bitcoin Whales Buying The Dip: $1.28 Billion Added Below $90,000 In terms of the individual symbols, Bitcoin and Ethereum have predictably come out on top with $353 million and $182 million in liquidations, respectively. Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
Cryptoquant CEO, Ki Young Ju argues that Donald Trump’s latest hints at a U.S.-centric crypto strategy raise questions about America’s influence on the crypto market and whether U.S. interests are dictating digital asset dominance. U.S. Interests Could Shape the Future of Crypto In a series of social media posts, Donald Trump spoke about creating a