Bears to Target below $0.350 on Fed Sentiment

Audy Castañeda
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<strong>Bears to Target below $0.350 on Fed Sentiment</strong>

ADA joined the broader crypto market in the red on Friday, falling 4.44% to end the session at $0.366. US economic indicators and Fed talk, along with the Input Output HK (IOHK) weekly development update, weighed. Technical indicators remained bearish, putting less than $0.340 on the line.

ADA fell 4.44% on Friday. Following a 1.54% loss on Thursday, ADA ended the day at $0.366, extending the losing streak to four sessions.

Through a morning range-bound session, ADA rallied to a high of $0.385 before pulling back. Breaking below the first major resistance level (R1) at $0.392, ADA fell to a late low of $0.358. ADA fell through the first major support level (S1) at $0.376 and the second major support level (S2) at $0.370 to end the day at $0.366.

It was a busy weekend, with US economic indicators and Input Output HK (IOHK) weekly development numbers to consider. Both sets of data disappointed, sending ADA below $0.360 for the first time since February 14.

An unexpected pick-up in US inflation and upbeat personal income and spending boosted bets for a more aggressive Fed rate path to bring inflation on target. The numbers sank the NASDAQ Composite Index (-1.69%) and the broader crypto market, which fell 2.77% ($29.08 billion).

The Fed talk rounded out a bearish afternoon session, with FOMC member Loretta Mester noting that the Fed will have to do more to push inflation toward the 2% target.

IOHK Weekly Development Update Disappoints Again

On Friday, Input Output HK (IOHK) released the Weekly Development Report. 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 61.8 million transactions (Previous Report: 61.4 million), 7.83 million native tokens (PR: 7.79 million), and 70,039 token policies (PR: 69,778).

The modest increase in the number of projects was disappointing, after the lackluster numbers of the previous week.

ADA Price Action – Technical Indicators

This morning, ADA was up 0.27% at $0.367. A bullish start to the day saw ADA rise from an initial low of $0.365 to a high of $0.368.

ADA has to move through the $0.370 pivot to target the first major resistance level (R1) at $0.381 and Friday’s high of $0.385. A return to $0.380 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 $0.397 and resistance at $0.400. The third main resistance level (R3) sits at $0.424.

A bearish cross from the 50-day EMA to the 100-day EMA would support a drop through S1 ($0.354) to put less than $0.350 in sight. However, a move through the 200-day EMA ($0.377) and R1 ($0.381) would give the bulls a run at the 100-day EMA ($0.387) and 50-day EMA ($0.388). A break of the 50-day EMA would send a bullish signal.

By Audy Castaneda

BTC Fear and Greed Index Slides to Neutral on Regulatory Jitters

Audy Castañeda
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<strong>BTC Fear and Greed Index Slides to Neutral on Regulatory Jitters</strong>

It was a bearish Thursday, with BTC slipping 1.00% to end the day at $23,950. Regulatory risk jitters resurfaced, with the SEC, Fed and IMF targeting the digital asset space. The Fear & Greed Index responded to the increased scrutiny by returning to the neutral zone.

On Thursday, bitcoin (BTC) fell 1.00%. Following a 1.12% loss on Wednesday, BTC ended the day at $23,950. The bearish session dropped BTC below $24,000 for the first time in seven sessions. BTC extended its losing streak to three sessions.

A bullish start to the day saw BTC rally to an early morning high of $24,600. Facing the first major resistance level (R1) at $24,591, BTC fell to a midday low of $23,622. BTC briefly fell through the first major support level (S1) at $23,684, before ending the day at $23,950.

Regulatory Activity Leaves BTC on an Extended Loss Streak

On Thursday, the Fed joined the SEC, the US Department of Justice, and the CFTC to target the digital asset space. However, the IMF also shared its views on the digital asset space, publishing a paper on digital assets and effective policies to manage risks related to cryptocurrencies.

News from the SEC and the New York Department of Financial Services (NYDFS) opposing Binance. US takeover of Voyager was also bearish. Binance. US plans to acquire Voyager helped ease the risk of contagion in late 2022.

The NASDAQ Composite Index rose 0.72% in response to the figures and corporate earnings. However, the NASDAQ mini is down 16 points this morning.

Today, the BTC Fear & Greed Index fell from 59/100 to 53/100. Significantly, the index returned to the neutral zone for the first time since February 15.

After falling into the neutral zone, the index should return to the greed zone to support a BTC breakout of $25,000 to $30,000 as a target. However, a return of the index to the zone of fear would indicate a reversal of the bullish trend in the short term.

Bitcoin (BTC) Price Action – Technical Indicators

BTC needs to move through the $24,057 pivot to target the first major resistance level (R1) at $24,493 and Thursday’s high of $24,600. A return to $24,500 would signal a breakout session. Crypto news wires and US stats should be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $25,035, and resistance at $25,500. The third main resistance level (R3) is located at $26,013.

A move through the 50-day EMA ($24,053) would support a break of R1 ($24,493) to target R2 ($25,035) and $25,500. However, a drop through the 100-day EMA ($23 630) and S1 ($23,515) would give the bears a run at S2 ($23,079) and the 200-day EMA ($22,804). A move through the 50-day EMA ($24,053) would send a bullish signal.

By Audy Castaneda

The Best Cryptocurrencies for March 2023

Audy Castañeda
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<strong>The Best Cryptocurrencies for March 2023</strong>

Cryptocurrency prices have tended to stabilize in recent weeks.

The crypto market experienced significant stabilization in February. After the massive gains in January, prices were still able to rise slightly in some cases. However, there was no breakthrough, and prices tended to move sideways.

The Bitcoin price closed January at a price of just over $23,000. It had ups and downs in the next few weeks. Mid-January, the price experienced a crash that took Bitcoin to $21,500.

After this drop, a strong rally took place that pushed the Bitcoin price above $24,000. As a result, Bitcoin attempted to break through the $25,000 mark several times. In the past few days, the price has dipped slightly below $24,000.

In the next few days, March will be just around the corner, which will close the first quarter of 2023. Here are the three best cryptocurrencies for March 2023.

Bitcoin (BTC)

Bitcoin has performed well so far in 2023, rising more than many altcoins. That is not unusual for a bear market that we are still in. Bitcoin could benefit from monetary policy signals that are likely to stop raising interest rates. Also, stronger SEC activities against Altcoins tend to give Bitcoin a breather. This is considered a safe bet among cryptocurrencies.

According to the technical analysis of Bitcoin prices predicted for 2023, the minimum cost of Bitcoin will be $34,997.58. The maximum level that the BTC price can reach is $40,659.72. The median trading price is expected to be around $36,245.17.

Cryptocurrency experts are ready to announce their forecast for the BTC price in March 2023. The minimum cost of trading could be $26,249.19, while the maximum could reach $28,257.80 during this month. On average, the value of Bitcoin is expected to be around $27,247.27.

Polygon (MATIC)

In recent weeks, Polygon’s MATIC has been one of the biggest winners. The 2022 hype about the project has continued in recent weeks. With the rising prices in the market, MATIC also experiences strong increases. A bull market should also affect Polygon (MATIC) very positively, and the MATIC price should continue to rise strongly in March.

Polygon is expected to start in March 2023 at $1,516 and end the month at $2,098. During March, the expected maximum price for MATIC is $2,208 and the minimum is $1,501.

Dogecoin (DOGE)

Dogecoin has seen smaller increases in contrast to MATIC. But a Dogecoin rally could be on the cards in the coming weeks. For one, the likelihood of a strong rally is increasing after a slow rally in recent weeks. Also, Elon Musk recently tweeted a photo of a Shiba Inus. Many investors see an announcement about the integration of Dogecoin with the company Twitter.

Dogecoin is forecast to start in March 2023 at $0.094592539021123 and end the month at $0.10086922193146. During March, the expected maximum price of DOGE is $0.13910667503106 and the minimum is $0.094592539021123.

By Audy Castaneda

The SEC Targets Stablecoins and the Cryptocurrency Market Could Start to Turn

Audy Castañeda
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<strong>The SEC Targets Stablecoins and the Cryptocurrency Market Could Start to Turn</strong>

If the SEC targets stablecoins, it could have a significant impact on cryptocurrencies in general.

The US SEC recently turned its attention to stablecoins, a type of cryptocurrency designed to hold its value against a stablecoin like the US dollar.

The commission reportedly plans to sue Paxos, a Blockchain provider that manages BUSD, the third-largest stablecoin on the market, for failing to register the product as a security and ordering Paxos to stop trading in the currency.

This move by the SEC is a new blow to the cryptocurrency industry, which is already known for its volatility. While no formal action has been taken yet, there could be a significant impact on cryptocurrencies in general.

One possible implication of this SEC action is that other stablecoin providers could be tricked into registering as securities and complying with regulations. This could lead to greater transparency and trust in the cryptocurrency industry, but it could also increase costs and make it more difficult for new companies to enter the market.

It is important to remember that Blockchain technology has the potential to revolutionize many industries, including finance, healthcare, and logistics, and regulatory action must be balanced to allow innovation to continue.

Stablecoins Are Under SEC Sights and this Could Affect the Cryptocurrency Market

Paxos, the cryptocurrency company that issues the BUSD stablecoin, received a notice from the SEC in early February that suggested the company was selling its stablecoin as an unregistered security.

As a result, Paxos received an order from the New York regulator to stop issuing BUSD, which is backed by Binance. The NYDFS stated that the request was made due to several unresolved issues related to the supervision of Paxos and its relationship with Binance.

Paxos stated that it categorically disagrees with the SEC staff, as BUSD is not a regulated security under federal securities laws and is prepared to fight rigorously under the law if necessary.

As of January 31, Paxos BUSD had over $16 billion in holdings and has been on the market since 2019, when Binance and Paxos first partnered. However, the drama could escalate soon, as the SEC is considering legal action against Paxos for violating investor protection laws. This could mark a turning point in the cryptocurrency’s battle with regulators.

Can Stablecoins be Understood as Securities?

Recently, there has been a discussion about whether the BUSD stablecoin is a security. The company behind BUSD, Paxos, has argued that the currency is fully backed by US dollar reserves held in safe accounts away from bankruptcy.

However, US regulators are keeping an eye on cryptocurrency companies after the FTX bankruptcy. Coinbase has also been accused by the NYDFS of compliance failures in its AML and know-your-customer standards.

Coinbase agreed to pay $100 million in January to settle the case. This has been a busy month for the crypto industry, and US regulators are increasingly watching the companies that operate within it, determining the paths that may be taken going forward.

By Audy Castaneda

Exchanges Powering the Cryptocurrency Market are Taken by Surprise with Pix’s New Trading Rules

Audy Castañeda
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Exchanges Powering the Cryptocurrency Market are Taken by Surprise with Pix’s New Trading Rules

Bitcoin and cryptocurrency exchanges operating in Brazil were surprised by the new rules of the Central Bank of Brazil (BC) regarding the use of the Pix electronic payment system.

The BC published BCB Resolution No. 293, which establishes new rules for Pix, focusing on the institutions that offer Pix-as-a-service and their clients, as well as the “transactional accounts” used by exchange houses and cryptocurrency companies that offer Pix to their users

William Lee, Head of Crypto at InvestSmart XP, stated that the new resolution directly affects cryptocurrency exchanges and that the move adds new regulations and prohibitions for companies that outsource and partner with other companies to provide the Pix service to their clients.

The cryptocurrency community is concerned that the new rules will make it even more difficult for companies in the sector to access the traditional financial system. Additionally, the BC Resolution could increase operational and regulatory costs for exchanges, which already face many challenges in meeting ever-changing regulatory demands.

Meanwhile, the exchanges continue to study the BC resolution and assess their options to adapt to the new rules. However, the situation remains uncertain, and the next steps for cryptocurrency exchanges in Brazil will depend on how the regulation is applied and interpreted.

Central Bank Determines Greater Control over Transactions via Pix

The Central Bank of Brazil (BC) clarified, in a recent live, that the new Pix rules aim to solve the problem related to third parties, such as cryptocurrency exchanges, offering Pix without being ecosystem participants and concentrating movements on a transactional account.

This makes it difficult for BC to monitor financial transactions using Pix, as well as to identify money laundering and other illicit financial transactions.

BCB Resolution No. 293 establishes the end of May as the deadline for companies to adapt to the new model. Last year, a similar problem affected Banco Capital and the institution’s partner companies that offered Pix to their users.

As a measure, Capitual changed its system and began to identify its clients’ users, which led Binance to break up with the bank and join the Latam gateway.

Exchanges Still Don’t Know Exactly What to Do

The objective of BCB Resolution No. 293 is to ensure that the institutions adhere to the rules of operation of the ecosystem, as well as to enable the proper identification of the agents and users involved, to prevent crimes related to money laundering and terrorist financing.

The new rules affect the companies that offer Pix, not the users directly. Companies will have until the end of May to adapt to the new model.

Lawyer Thiago Barbosa Wanderley, partner at Ogawa, Lazzerotti e Baraldi Advogados, stressed that the regulation seeks to standardize the performance of market players that offer the Pix service to their clients, as well as to allow third-party companies to comply with BC standards.

By Audy Castaneda

BTC Fear & Greed Index Shows Muted Reaction to FOMC Minutes

Audy Castañeda
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0
<strong>BTC Fear & Greed Index Shows Muted Reaction to FOMC Minutes</strong>

It was a bearish Wednesday, with BTC falling 1.12% to end the day at $24,191. A mixed market reaction to the FOMC meeting minutes and sentiment towards Fed monetary policy and regulatory activity left BTC in the red.

On Wednesday, bitcoin (BTC) fell 1.12%. Following a 1.49% loss on Tuesday, BTC ended the day at $24,191. The bearish session left BTC below the $25,000 level for the second time in seven sessions. BTC fell to levels below $24,000 for the second time in five sessions.

A mixed start to the day saw BTC rally to an early morning high of $24,485. However, missing the first major resistance level (R1) at $25,071, BTC fell to a late afternoon low of $23,578. BTC briefly fell through the first major support level (S1) at $24,016 before ending the day at $24,191.

FOMC Meeting Minutes Leave BTC in Midweek Limbo

It was a busy midweek session, with the FOMC meeting minutes as the focal point. Following a series of better-than-expected US economic indicators, investors wanted to gauge how high the Fed is willing to go, and for how long.

However, the act did not bring surprises. High inflation, very tight labor market conditions and the need for more rate hikes were the highlights, with only two FOMC members favoring a 50-basis point rate hike at the meeting.

BTC and the broader crypto market responded to the minutes, partially reversing the losses for the session. The minutes are dated, however, with the US Jobs Report, CPI Report, Retail Sales and ISM Non-Manufacturing PMI Survey supporting a more hawkish Fed policy outlook.

Today, the BTC Fear & Greed Index was unchanged at 59/100. The index remained within the Greed zone despite the bearish BTC session, indicating investor resilience amid Fed policy uncertainty and an elevated regulatory risk environment.

Bitcoin (BTC) Action Price – Technical Indicators

This morning, BTC was up 0.03% at $24,199. A range-bound start to the day saw BTC fall to an early low of $24,166 before rising to a high of $24,236.

BTC needs to avoid the $24,085 pivot to target the first major resistance level (R1) at $24,591. A return to $24,500 would signal a breakout session. Crypto news wires and US stats should be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $24,992 and resistance at $25,000. The third major resistance level (R3) sits at $25,899.

Looking at the EMAs and the 4-hour candlestick chart it was a bullish sign. BTC settled above the 50-day EMA ($24,057). The 50-day EMA has turned away from the 100-day EMA, with the 100-day EMA breaking out from the 200-day EMA, providing bullish signals.

A hold above the 50-day EMA ($24,057) would support a break of R1 ($24,591) to target R2 ($24,992) and $25,000. However, a drop through the 50-day EMA ($24 057) would give the bears a run to S1 ($23,684) and below $23,500. A drop through the 50-day EMA ($24,057) would send a bearish signal.

By Audy Castaneda

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