Cardano (ADA) poised for fourth day of drops amid ongoing market sell-off
Bitcoin dominance is currently challenging a significant resistance level, which could dictate the market’s direction for both BTC and altcoins. As the ongoing tug-of-war between BTC and altcoins intensifies, analysts
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The White House crypto summit on Friday was supposed to be a turning point for crypto investors, but it barely made a dent. Self-proclaimed ‘crypto president’ Donald Trump invited top executives from major crypto companies to discuss his administration’s plan to roll back the regulatory crackdown imposed under Biden. Instead of getting the green light for real government backing, attendees were left with vague commitments and a market that dropped instead of rallying. By late afternoon, Bitcoin had already fallen 3%, sitting at $87,000, and by the end of the week, it was down 7%. Meanwhile as of press time Sunday, crypto markets have erased over $100 billion of total market cap this morning as Bitcoin falls below $83,000. Is liquidity drying up? Strategic bitcoin reserve turns out to be old news On Thursday night, David Sacks, Trump’s “crypto czar”, made what sounded like a major announcement: Trump had signed an executive order to create a strategic bitcoin reserve. Investors immediately jumped on the news, thinking the government was about to buy up Bitcoin and inject real demand into the market. But once the details came, the excitement collapsed. The reserve wasn’t for new Bitcoin purchases. It was just a repackaging of Bitcoin the government already had—coins seized by law enforcement in criminal cases. No new investments, no additional funding, no timeline for future buys. A separate “digital asset stockpile” would be created for Ethereum, Ripple, and other seized tokens, but again, no government investment was involved. The order also said that if the government ever did decide to buy more Bitcoin, it would have to be budget-neutral, meaning it wouldn’t cost taxpayers a dime, which effectively ruled out any large-scale acquisitions. Jeff Park, an executive at Bitwise, said, “We asked for too little. Having only Bitcoin and not the rest of the altcoins in the strategic reserve is not a win. ‘Exploring’ or ‘studying’ concepts is not a win. ‘Not selling’ is not a win. None of these things at the core require an EO at all to do anything.” Trump’s promises leave investors wanting more Trump used the summit to push his vision of making the US “the crypto capital of the world”, but investors wanted more than just words. The White House tried to frame the reserve as a “digital Fort Knox for digital gold”, saying it would allow the government to hold onto its Bitcoin instead of dumping it at random. Sacks argued that in the past, the government’s ad hoc sell-offs had cost taxpayers money, since Bitcoin’s price had risen after those sales. There was also widespread confusion after Trump’s social media post announcing the reserve. He had mentioned three non-Bitcoin cryptocurrencies as “founding tokens,” which many took as a signal that they would get official government recognition. That wasn’t the case. White House officials later clarified that those coins were simply part of past enforcement seizures. Adding to the frustration, Trump also shut down rumors that the government might eliminate capital gains taxes on crypto. That speculation had been rampant in online crypto spaces, and would’ve done a lot for the market, but Trump wasn’t about that. The industry played a huge role in the 2024 election, with crypto PACs and affiliated groups pouring in over $245 million. Nearly half of all corporate political donations came from crypto companies, according to Public Citizen. That money helped fuel a Republican victory, and many in the industry believed it would lead to major policy wins. But for now, they’re getting friendlier rhetoric from the government, but not much else. The regulatory pressure from the Biden years is easing, but investors were hoping for real action—something to push the market forward. Trump’s own involvement in crypto has been unpredictable. Before taking office, he launched his own meme coin, briefly adding billions to his net worth on paper before the price collapsed. Now, as president, he’s promising to support crypto, but the summit showed that talk is cheap. Trump said Friday his administration would “end the federal bureaucracy’s war on crypto.” “We feel like pioneers,” Trump said. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
Coinbase criticizes FDIC for lack of transparency in the investigation. OCC lifts cryptocurrency restrictions for financial institutions. Continue Reading: Coinbase Challenges FDIC Transparency in Recent Investigation The post Coinbase Challenges FDIC Transparency in Recent Investigation appeared first on COINTURK NEWS .
At the recent White House crypto summit, Tyler and Cameron Winklevoss, co-founders of Gemini, reflected on their tumultuous journey from regulatory scrutiny to being seated at the nation’s highest table for cryptocurrency policy. Crypto czar David Sacks addressed the matter to Cameron Winklevoss directly. “I think you said something earlier that I thought was really profound,” Sacks said on Friday. “You said that a year ago, you thought it would be more likely that you’d end up in jail than at the White House.” Cameron and Tyler Winklevoss speaking at the Crypto Summit 🇺🇸 pic.twitter.com/9yHkl1Q1ZE — Gemini (@Gemini) March 7, 2025 Cameron clarified that it was actually his twin brother Tyler who made the statement, stating: “We never thought that we’d get attacked the way we did in our backyard after trying to do the right thing for so many years and always trying to raise the bar with respect to regulations.” “And we’ve always felt that the US should lead in Bitcoin and crypto, and it’s ours to sort of lead and win,” he continued. ‘It’s the law’ The Winklevoss twins came under scrutiny for their crypto exchange, Gemini, primarily due to issues surrounding the Gemini Earn program. Gemini Earn allowed users to earn interest by lending their crypto assets to Genesis Global Capital, a subsidiary of Digital Currency Group (DCG). When Genesis halted withdrawals in November 2022 due to market turmoil following the FTX collapse, Gemini Earn users were unable to access approximately $900 million in funds. The situation escalated as Gemini and Genesis were sued by the U.S. Securities and Exchange Commission (SEC) in January 2023. The SEC alleged that Gemini Earn was an unregistered offering of securities, violating securities laws. Additionally, the public feud between the Winklevoss twins and Barry Silbert, CEO of DCG, added to the scrutiny, with the twins accusing Silbert of misleading them and the public about Genesis’s financial health. In August 2023, Gemini, Genesis, and DCG reached an agreement to recover some funds for affected users, but the situation left lasting reputational and regulatory challenges for the Winklevoss twins and Gemini. Last year, Genesis agreed to pay a $21 million civil penalty to settle charges that it engaged in the unregistered offer and sale of securities through through crypto asset lending program. Gary Gensler, who led the SEC at the time, said the settlement “builds on previous actions to make clear” that crypto lending platforms “need to comply” with securities laws. “Doing so best protects investors,” Gensler added at the time. “It promotes trust in markets. It’s not optional. It’s the law.” Today, it’s a different scenario. Mark T. Uyeda is the new acting chairman of the SEC. He was first sworn into office as a Commissioner on June 30, 2022. Uyeda is expected to serve until the Senate votes to confirm Trump nominee Paul Atkins as the Commission’s Chair. To say Uyeda and Atkins are pro-crypto is an understatement. Since Trump was elected, numerous lawsuits and investigations into crypto-related companies have ended. Coinbase, Kraken and Yuga Labs are just three companies to benefit from a president who not only supports cryptocurrencies, but has his very own memecoin. Bitcoin strength matches 2022 bear market The Trump administration’s embrace of cryptocurrency comes as Bitcoin has plunged below the $85,000 level. Technical analyst Rekt Capital noted that Bitcoin’s recent drop brought its Relative Strength Index (RSI) to 23.93, matching levels seen during the 2022 bear market. #BTC Bitcoin's Daily RSI equalled 2022 Bear Market RSI levels (RSI=23.93) when price crashed into the high $70,000s The only lower Daily RSI in this cycle was back in August 2023 (RSI=18.28) Throughout this cycle, each visit into sub-25 RSI resulted in a trend reversal to the… pic.twitter.com/78XE65SJFo — Rekt Capital (@rektcapital) March 8, 2025 This oversold condition is usually followed by upward price movement. He also pointed out that “throughout this cycle, each visit into sub-25 RSI resulted in a trend reversal to the upside over time.” At last check, Bitcoin ( BTC ) is trading in the red at $83,550. Source: CoinGecko Read more: Trump orders Bitcoin reserve, El Salvador defies IMF, ETFs struggle | Weekly Recap
Ethereum has struggled to gain momentum, remaining stuck below critical resistance for over a year. Despite multiple attempts, the second-largest cryptocurrency by market capitalization has been unable to break through key technical levels since the beginning of this year. Related Reading: Bitcoin Slides After Trump Signs Strategic Reserve Executive Order Ethereum’s price action over the past two weeks has shown more weakness. An interesting analysis from analyst Tony “The Bull” Severino shows that the cryptocurrency recently failed to break above a resistance indicator and is now at risk of more catastrophic price drops. Ethereum Fails To Breach Long-Term Resistance Tony “The Bull” Severino, in a technical analysis shared on social media platform X, highlighted Ethereum’s persistent failure to overcome major resistance levels. He pointed out that Ethereum has been unable to tag the quarterly (three-month) Parabolic SAR despite more than a year of attempts. This indicator, often used to determine the direction of an asset’s trend, shows that Ethereum is locked in a prolonged struggle against resistance on a larger downtrend. “This feels like it sends a message — resistance won’t be broken,” the analyst said. Image From X: Tony “The Bull” Severino Adding to the failure to break resistance, Tony Severino also noted in another analysis that Ethereum has repeatedly faced rejection from the quarterly (3M) SuperTrend dynamic resistance, further solidifying the case that buyers have been unable to regain control. Image From X: Tony “The Bull” Severino A Monthly Close Below $2,100 Could Be Catastrophic Ethereum’s inability to sustain key price levels has been a dominant theme in the past six months. Interestingly, this inability was shown further in the past two weeks. After failing to hold above $2,800, the cryptocurrency has seen a steady drop, losing multiple support zones along the way. Currently, Ethereum is trading below $2,200, edging dangerously close to breaking below the crucial $2,100 threshold. A drop beneath this level is particularly concerning, not just because it signifies the loss of yet another psychological support but because technical indicators suggest that a monthly close below $2,100 could have severe consequences. One of the most significant warning signs comes from the quarterly Bollinger Bands indicator, which has tracked Ethereum’s price action since February 2022. According to this indicator, Ethereum has remained within a defined range, with the upper Bollinger Band currently positioned at $4,190 and the lower band at $2,098. The worrying part is that a monthly close below $2,100 would effectively translate to breaking beneath the lower Bollinger Band and removing a long-standing support level. Image From X: Tony “The Bull” Severino Related Reading: Could Cardano Be The Next Big Crypto Winner? Analyst Points To $2 Target At the time of writing, Ethereum is trading at $2,178, having gained 2.2% in the past 24 hours after starting the day at $2,120. Ethereum’s sentiment is now at its lowest level this year. The next few weeks will be crucial to see if Ethereum can reclaim lost ground and prevent a monthly close below $2,100. Featured image from Tech Magazine, chart from TradingView
Bitcoin dominance is testing a crucial resistance level. If it breaks higher, altcoins could struggle, but a decline may fuel a rally.
Determining which cryptos will flourish involves assessing their fundamentals, market adoption, and external market dynamics. Chainlink (LINK) and Polkadot (DOT) are currently testing their resistance levels, with LINK eyeing a potential upswing and DOT facing challenges to rise above $6. Conversely, Web3Bay (3BAY) is carving out a niche with its innovative approach to decentralized e-commerce, evidenced by a presale that’s catching the eye of many investors. Unlike typical speculative assets, 3BAY is embedded within a real-use platform, driving continuous demand that sets it apart from others reliant on broader market trends. This unique positioning suggests a robust potential for long-term growth for 3BAY. Exploring the Viability of 3BAY Reaching the $1 Mark As Web3Bay’s 3BAY token progresses through Stage 5 of its presale, having sold over 390 million tokens and amassed $1.6 million, the pricing dynamics and future trajectory are garnering significant attention. The token’s current presale price is $0.00524, sparking discussions about its potential market value post-launch. To hit the $1 milestone, a convergence of critical factors is necessary. Tokenomics is pivotal; Web3Bay’s strategy includes staking rewards, governance participation, and direct utility in the marketplace, which help sustain demand and limit market oversupply. Market adoption will also play a crucial role. If Web3Bay can attract a robust user base and merchant adoption, it could significantly increase transaction volumes, pushing demand higher and stabilizing the token’s value over the long term. Moreover, the relatively low entry price combined with the increasing interest in decentralized market solutions sets the stage for potentially exponential growth, though ongoing user engagement will be essential. External influences such as exchange listings, staking incentives, and broader economic conditions will further shape 3BAY’s market journey. Comparatively, successful projects like BNB and Solana have shown that extensive ecosystem development is key to substantial valuation increases, suggesting that Web3Bay’s focus on real-world applications could similarly drive its success. Chainlink’s Market Position: Nearing a Breakthrough? Currently, Chainlink has experienced a 7.6% increase to $15.54. Market analysts are closely watching several technical indicators that suggest LINK might be poised for a rebound. The TD Sequential has indicated a potential buy opportunity, which could mean an impending positive turnaround. LINK’s position near the lower Bollinger Band might suggest it is undervalued, offering a good entry point for investors. However, resistance at $15.80 and $16.00 could pose significant barriers. Overcoming these could usher in further gains, with maintaining support at $14.85 being crucial for continued momentum. Polkadot’s Critical Resistance Test: Can It Surpass $6? Polkadot is at a pivotal juncture, challenging the $6 resistance level. Currently at $4.65 and showing modest increases, it faces several technical hurdles. The 50-day Moving Average and a neutral RSI indicate potential for a bullish trend, but the market needs more volume to confirm stronger moves. A decisive push above $6 could set DOT on a path toward higher price points such as $7.50 and $8.20. Conversely, failure to break this resistance could see prices retreating to lower supports. Forward Outlook for Web3Bay, Chainlink, & Polkadot The trajectories for 3BAY, LINK, and DOT will hinge on distinct factors. LINK’s path depends on surpassing established resistance levels, while DOT’s ability to gain momentum beyond $6 is critical. In contrast, 3BAY’s journey is uniquely underpinned by its integration into a functioning marketplace and expanding adoption, providing a solid base for growth that goes beyond mere speculation. As the market evolves, keeping an eye on adoption trends, ecosystem expansions, and external market forces will be crucial for investors trying to gauge the long-term viability and growth potential of these tokens. While LINK and DOT might capture short-term interest, 3BAY’s foundational market integration and utility position it as a potentially more stable and lucrative long-term investment. Join Web3Bay Presale Now: Presale: https://web3bay.io/buy Website: https://web3bay.io/ Twitter: https://x.com/web3bayofficial Instagram: https://www.instagram.com/web3bayofficial/ The post Could Web3Bay Be the Next Big Crypto? Comparing Its $1 Potential with Chainlink & Polkadot! appeared first on TheCoinrise.com .
The new SEC leadership has an opportunity to set a positive precedent for crypto regulation by providing clear guidelines for DePIN projects.