From Bitcoin to Dogecoin: What is the Value of the Main Cryptocurrencies Today

Audy Castañeda
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<strong>From Bitcoin to Dogecoin: What is the Value of the Main Cryptocurrencies Today</strong>

Cryptocurrencies have had various movements in the last hours.

More and more people have decided to venture into the world of digital currencies, despite the volatility that characterizes them, with the aim of having a medium and long-term investment.

Also promoted by certain characters or governments that seek to adopt these digital currencies as legal tender, cryptocurrencies have gone on a roller coaster that has led to significant ups and downs and has turned more than one of them upside down.

Cost of Cryptocurrencies

Bitcoin is trading today at $22,362.68, which implies a change of -4.74% in the last hours.

The second most popular digital currency on the market, Ethereum, has shown a movement of -4.74% in the last 24 hours, so its value stands at $1,569.17.

About Tether US, it is trading at $1, so on the last day it had a movement of 0%.

For its part, BNB has a value of $290.28, with a change of -3.22%, while Litecoin does the same with $90.55 after a change of -4.94%.

Finally, Dogecoin, one of the virtual currencies promoted by Elon Musk himself, has a value of $0.08 after presenting a change of -4.65% in the last 24 hours.

Digital Currencies in Latin America

Argentina: despite the fact that digital currencies have not been legalized in Argentina, its popularity has been increasing after the decades of financial instability that citizens have had to face, making it one of the Latin American countries with the greatest presence of cryptocurrencies. Along these lines, President Alberto Fernández has suggested its use to combat inflation.

Mexico: Banco de México (Banxico) has determined that none of the institutions that participate in the national financial system may use or allow operations of any kind through this means of payment. However, in a study carried out in 2022 by the firm Finder, there is a record that in the country there are around 12 million Mexicans who own cryptocurrencies, 59% men and 41% women.

Peru: The Central Reserve Bank of Peru (BCR) has made it clear that its mission is not to be the first nor the second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago the president of the (BCR) assured that the BCR was working on its own digital currency project.

Colombia: there are more than 500 places where it is allowed to pay with cryptocurrencies. Colombia ranks 14th out of 26 cryptocurrency adoption countries, according to a report by  Finder.

Central America: in El Salvador, the government has given its vote of confidence and on June 9, 2021, it became the first country to legalize Bitcoin as a legal currency. In addition, President Nayib Bukele announced his intention to create the first Bitcoin City in Conchagua, which would be financed through Bitcoin-backed tokenized bonds.

By Audy Castaneda

Bears Eye Sub-$0.320 in Crypto Scrutiny

Audy Castañeda
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<strong>Bears Eye Sub-$0.320 in Crypto Scrutiny</strong>

ADA joined the broader crypto market in the red on Friday, falling 2.28% to end the session at $0.343. The reaction of the cryptocurrency market to the news that the main cryptocurrency platform cut ties with Silvergate Bank sent ADA, as well as the cryptocurrency market in general, into a tailspin. Technical indicators remained bearish, putting less than $0.320 into play.

ADA fell 2.28% on Friday. Following a 2.50% loss on Thursday, ADA ended the day at $0.343. The bearish session saw ADA visit below $0.330 for the first time since January 19.

A bearish start to the day saw ADA fall from an opening price high of $0.351 to a morning low of $0.321. ADA fell through the first major support level (S1) at $0.343, and through the second major support level (S2) at $0.336. Breaking away from the third major support level (S3) at $0.319, however, ADA broke above S2 to end the day at $0.343. S1 capped the lead late in the session.

Silvergate Bank Updates Leave IOHK Updates Sidelined

On Friday, the news that crypto clients cut ties with Silvergate Bank shook investor confidence. Major crypto exchanges including Coinbase, Crypto.com, Paxos, and Bitstamp have cut ties with the crypto-friendly bank.

The move came in response to the bank’s delaying the filing of its annual report on Wednesday, sparking speculation that the bank may be on the verge of collapse.

The news overshadowed a bullish session for the NASDAQ Composite Index. On Friday, the NASDAQ rose 1.97% on the hope that the Fed would raise interest rates slowly and steadily. US economic data was also bullish, with the all-important ISM Non-Manufacturing PMI seeing a modest decline to 55.1 from 55.2.

IOHK Weekly Dev Update Disappoints Again

Input Output HK (IOHK) released the Weekly Development Report on Friday. Said report highlights, among other pieces of information, that prior to the Vasil hard fork, the number of projects launched on Cardano was 98, with 1,100 projects built on the Cardano network.

Other statistics included 62.2 million transactions (Previous Report: 61.8 million), 7.87 million native tokens (PR: 7.83 million), and 70,258 token policies (PR: 70,039).

The modest increase in the number of projects failed to distract investors from the broader crypto market turmoil.

ADA Price Action – Technical Indicators

ADA has to avoid the pivot at $0.338 to target the first major resistance level (R1) at $0.356. A move through the Friday high of $0.351 would support a bullish session. However, updates to the Cardano network and the broader crypto market should provide support.

In the event of a breakout, ADA would likely test the second major resistance level (R2) at $0.368 and resistance at $0.370. The third main resistance level (R3) sits at $0.398.

A move through R1 ($0.356) and the 50-day EMA ($0.359) would support a run into R2 ($0.368) and the 100-day ($0.369) and 200-day EMAs ($0.370). However, a failure to move through the 50-day EMA ($0.359) would leave major support levels in play. A move through the 50-day EMA would send a bullish signal.

By Audy Castaneda

ETH Bears to Target Less than $1,500 in Increased Crypto Scrutiny

Audy Castañeda
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ETH Bears to Target Less than $1,500 in Increased Crypto Scrutiny

On Friday, Bitcoin (BTC) and Ethereum (ETH) joined the broader market in negative territory, with BTC dipping below $22,000. A bullish NASDAQ Composite Index failed to provide support, as investors responded to the latest on Silvergate Bank. The pair remained under pressure this morning, with the Silvergate Bank saga likely to dominate the crypto news wires.

Ethereum (ETH) fell 4.73% on Friday. Following a 1.02% loss on Thursday, ETH ended the day at $1,570.

A mixed start to the day saw ETH rally to an early morning high of $1,649 before pulling back. Failing to reach the first major resistance level (R1) at $1,678, ETH fell to a late low of $1,548. ETH fell through the first major support level (S1) at $1,619, as well as the second major support level (S2) at $1,589, to end the day at $1,570.

On Friday, Bitcoin (BTC) also fell 4.73%. Following a 0.99% drop on Thursday, BTC ended the day at $22,362. The bearish session saw BTC revise below $22,000 before finding support.

A mixed start to the day saw BTC rally as high as $23,482 in the first hour. However, failing to reach the first major resistance level (R1) at $23,780, BTC fell to a morning low of $21,968. BTC fell through major support levels before moving to the third major support level (S3) at $22,302 to end the day at $22,362.

Silvergate Bank News, as well as the SEC and a US Lawmaker’s Talk, Sink the Market

Amid increasing scrutiny from the SEC and US lawmakers, fears of a Silvergate Bank collapse sent BTC and ETH into a fiery red. News of major cryptocurrency exchanges, including Coinbase, Crypto.com, Paxos, and Bitstamp, severing ties with the crypto-friendly bank, fueled selling pressure.

The decision to cut ties came in response to Silvergate Bank delaying the filing of its annual reports on Wednesday. Increased scrutiny from US lawmakers on Binance, as well as news of US lawmakers targeting Bitcoin mining, also weighed on investor sentiment.

Ethereum (ETH) Price Action – Technical Indicators

ETH needs to move through the $1,589 pivot to target the first major resistance level (R1) at $1,630 and $1,650. A return to $1,600 would signal a breakout session. However, the Shanghai update news and crypto news wires should support ETH to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1,690 and resistance at $1,700. The third major resistance level (R3) sits at $1,791.

Looking at the EMAs and the 4-hour candlestick chart, it was a bearish sign. Ethereum broke below the 200-day EMA, currently at $1,604. After the bearish cross on Friday, the 50-day EMA pulled back from the 100-day EMA, while the 100-day EMA turned down to the 200-day EMA, providing bearish signals.

A move through the 200-day EMA ($1,604) would give bulls a run on the 50-day EMA ($1,621) and 100-day EMA ($1,625) and R1 ($1,630). However, if the 200-day EMA is not broken, the major support levels will still be in play. A move of ETH through the 50-day EMA ($1,621) would send a bullish signal.

By Audy Castaneda

Monkey Drainer, the “Scam as a Service” Provider, Closes Operations

Audy Castañeda
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0
<strong>Monkey Drainer, the “Scam as a Service” Provider, Closes Operations</strong>

Monkey Drainer is closing permanently. The criminal service gained notoriety last year after some high-profile robberies. It was involved in a scam of more than 700 ETH in October 2022.

Notorious NFT and cryptocurrency scammer Monkey Drainer is shutting down his phishing smart contract “Scam as a Service” deals. The service has been popular with hackers, with a 30% cut for services.

Monkey Drainer, a service often described as a “Scam as a Service”, is set to shut down its service. Cryptosecurity firm PeckShield tweeted on March 1 that the scammer would shut down the service, with 200 ETH (approximately $330,000) transferred to Tornado Cash in the last 24 hours.

The Drainer still has 840 ETH, worth approximately $1.4 million, in its wallet.

PeckShield also posted an image of a Monkey Drainer message, which said that the scammer would be shut down immediately. The latter’s message even went so far as to say that it was an “experience at the service of other hackers.”

Monkey Drainer will destroy all files, servers and devices related to it and “will not come back”. The general sentiment of the message was one of boldness and lack of remorse.

The closure may have resulted from the heightened forensic scrutiny the market has recently experienced. Authorities have paid more attention to cryptocurrency-related cybercrime, especially as companies like Lazarus Group have made the cryptocurrency market a primary target.

Who Is Monkey Drainer?

Monkey Drainer is notorious in the crypto space, having helped bad actors drain over $24 million, operating various scams via Twitter. Phishing is a commonly used tactic. The service has been running since 2022 and caught the attention of security researchers shortly after its launch.

Monkey Drainer would keep a 30% share of the stolen money. Unfortunately, the methods have inspired imitators, many of whom explicitly claim that Monkey was responsible for inspiring them to take up the same line of work.

Orchestrating Grand Thefts

The Monkey Drainer saga has been entertaining the crypto community for a while now. In January 2023, CertiK stated that it discovered the identities of two scammers behind the nickname. The scammer could have a residence in Russia if the CertiK deductions are correct.

“The Monkey Drainer kit and similar phishing tools utilize “ice phishing” to trick users into giving the scammers unlimited power to spend their tokens,” read a tweet by CertiK, posted on February 28.

CertiK further added that their investigators “uncovered two scammers, Zentoh and Kai, behind the Monkey Drainer kit.”

The end of October was particularly fruitful for the scammer, with the contract stealing over 700 ETH in 24 hours. The stolen assets include a Bored Ape Yacht Club NFT, stablecoins, and other NFTs.

By Audy Castaneda

SEC and US Senators Weigh in

Audy Castañeda
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<strong>SEC and US Senators Weigh in</strong>

It was a bearish session on Thursday for the top ten crypto, with ADA leading the losses. US economic indicators and regulatory risk overshadowed dovish talk from the Fed to leave the broader crypto market in the red. The crypto market capitalization fell $8.71 billion, ending the day at $1.032 billion.

It was a bearish session for the top ten crypto on Thursday. ADA brought the top ten to the red. The bearish session left BTC below the $24,000 level for the fifth time in six sessions.

The US economic calendar drew a lot of interest on Thursday, with the US labor market taking center stage. Unit labor costs rose 3.2% in the fourth quarter, up from 2.0% in the third quarter, and initial jobless claims fell from 192,000 to 190,000. The latest labor market figures supported the more aggressive trajectory of interest rates from the Fed to bring inflation to the target.

Crypto investors responded to the statistics, with crypto market capitalization falling to a session low before finding support from the Federal Reserve. FOMC member Bostic favored a 25 basis point rate hike, boosting demand for riskier assets.

The NASDAQ Composite Index rose 0.73% on Thursday. This morning, the NASDAQ mini is down 25 points.

Crypto Market Scrutiny Tests Buyer Appetite

However, the crypto market news wires led the crypto market to decouple from the NASDAQ Composite Index.

Renewed fears of a Silvergate Bank collapse tested investor confidence. Hopes of an end to the crypto winter have been dashed in the wake of the FTX bankruptcy. This week, the crypto bank delayed the release of its annual report.

Regulatory scrutiny from US legislators added to the bearish mood. On Thursday, SEC Chairman Gary Gensler took the opportunity to take aim at the crypto market during an SEC Investor Advisory Committee Meeting. The SEC chairman focused on custody issues and the mix of client assets and investor losses.

US lawmakers added to the gloomy mood. A letter from US senators from both sides of the aisle to Binance drew a lot of interest.

Addressed to Binance CEO CZ, the US senators asked Binance to share “information on the growing concerns about finance, risk management, and regulatory compliance for Binance, Binance.US, and other related entities.”

Cryptomarket Came Under Pressure Over SEC and Legislator Talk

A bullish start to the day saw the crypto market capitalization surge to an early high of $1.051 billion. However, US economic indicators, the SEC and US Senators sent the crypto market capitalization to a session low of $1.028 billion.

A partial recovery left the crypto market down $8.71 billion to $1.032 billion.

It was a bearish session for the top ten crypto. ADA slid 2.50% to lead the decline, with DOGE (-1.34%), ETH (-1.04%), MATIC (-1.76%), and XRP (-1.62%) struggling. BTC (-0.74%) and BNB (-0.96%) posted relatively modest losses.

By Audy Castaneda

XRP Bears Target Less than $0.37 in US Legislator and SEC Talk

Audy Castañeda
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0
XRP Bears Target Less than $0.37 in US Legislator and SEC Talk

On Wednesday, XRP joined the broader crypto market in the red, falling 1.62% to end the day at $0.37729. The SEC vs. Ripple silence left US lawmakers and SEC Gary Gensler to leave the crypto market in the red. Technical indicators remained bearish, indicating a return to below $0.36.

On Thursday, XRP fell 1.62%. Partially reversing a 1.81% gain on Wednesday, XRP ended the day at $0.37729. Significantly, XRP ended the day below $0.38 for the sixth time in seven sessions.

A bullish start to the day saw XRP rally to an early morning high of $0.38458. Missing the first major resistance level (R1) at $0.3875, XRP slid to a late afternoon low of $0.37382. Moving away from the first major support level (S1) at $0.3763, however, XRP revisited the $0.38 level before falling back into the deep red.

It was another quiet session for XRP, with no SEC v Ripple case updates to guide investors on Thursday. The lack of updates left XRP in the hands of crypto news wires.

Increased Regulatory Scrutiny and from US Lawmakers Weighed on Investor Confidence.

On Thursday, SEC Chairman Gary Gensler took the opportunity to take aim at the crypto market during an SEC Investor Advisory Committee Meeting. The SEC chairman focused on custody issues and the mix of client assets and investor losses. US lawmakers added to the gloomy mood. A letter from US senators from both sides of the aisle to Binance drew a lot of interest.

Addressed to Binance CEO CZ, the US senators asked Binance to share “information on the growing concerns about finance, risk management, and regulatory compliance for Binance, Binance.US, and other related entities.”

The latest moves against the crypto market space brought further regulatory uncertainty. While investors may support regulation through enforcement, scrutiny from lawmakers would kill hopes that Capitol Hill will transfer regulatory powers to the CFTC.

XRP Price Action – Technical Indicators

XRP rose 0.03% to $0.37740. A mixed start to the day saw XRP fall to an initial low of $0.37666 before rising to a high of $0.37796.

XRP needs to move through the $0.3786 pivot to target the first major resistance level (R1) at $0.3833 and Thursday’s high of $0.38458. A return to $0.38 would signal a bullish session. However, the broader crypto market and SEC v Ripple talk would need to support a breakout.

In the event of a prolonged rally, XRP would likely test the second major resistance level (R2) at $0.3893 and resistance at $0.39. The third main resistance level (R3) sits at $0.4001.

A move of XRP through the 50-day EMA ($0.38082) would support a break of R1 ($0.3833) and the 100-day EMA ($0.38419) to bring the 200-day EMA ($0.38683) and R2 ($0.3893) into play. A move of XRP through the 50-day EMA ($0.38082) would send a bullish signal. However, a failure to move through the 50-day EMA ($0.38082) would leave major support levels in play.

By Audy Castaneda

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