Holding gains above $1,750 remains a challenge for ETH, but derivatives data shows traders believe future downside moves will be limited to the most immediate price support.
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Ethereum price resistance at $1,750 could reflect traders’ anxiety over the Shanghai upgrade
The price of Ether (ETH) declined 9.8% between Feb. 19 and Feb. 25 after the price resistance at $1,725 proved stronger than expected. Still, the correction was insufficient to break the 6-week-long ascending channel and did not cause Ether derivatives metrics to turn bearish.
Ether (ETH) price index in USD, 1-day. Source: TradingViewEther's price resilience can be partially explained by the operational failure of some of its smart contract blockchain competitors. For instance, Solana (SOL) faced a 20-hour-long outage on Feb. 25, which was only resolved after a network upgrade coordinated by validators. The network restart also involved purging some of the latest slots, although Solana developers said that "no confirmed user transactions were rolled back or impacted."
NEM (XEM) experienced a "chain halt" on Feb. 27 that lasted for 15 hours, causing multiple exchanges to halt deposits and withdrawals and developers promised to release an update to prevent further misbehavior. Curiously, the latest post from the official NEM account on Twitter, excluding a Merry Christmas greeting, was a "Please Stand By" image posted in July 2022.
The regulatory environment remains shady for cryptocurrencies, and the latest victims were global payment processing companies Visa and Mastercard. According to a Reuters report published on Feb. 28, the firms are delaying the launch of new partnerships with crypto firms until market conditions improve and a more transparent regulatory framework is established.
In more positive news, Ethereum's Sepolia testnet was successfully hard forked on Feb. 28 in preparation for the Shanghai upgrade. The much-anticipated mainnet update expected for March should finally allow validators to withdraw their staked Ether from the Beacon Chain. Developers are now prepping the Goerli testnet to enter a similar stage.
Bitcoin's least volatile month ever? BTC price ends February up 0.03%
In dollar terms, BTC price action at the end of February versus the start was unlike any other month.
Bitcoin’s least volatile month ever? BTC price ends February up 0.03%
Bitcoin (BTC) moved just 0.03% last month in United State dollar terms, making February 2023 likely its least volatile in history.
Data from Coinglass after the monthly close confirms that BTC/USD went practically nowhere for four weeks straight.
Bitcoin monthly candle barely leaves a trace
To say that Bitcoin is less volatile than it was is something of an understatement when it comes to February.
Despite its ups and downs, mostly due to macroeconomic data, BTC price action finished the month almost exactly where it began at around $23,500.
That means that Bitcoin was stabler than a raft of mainstream assets, including stocks, commodities and, of course, major world currencies.
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are facing the wrath of regulators amid doubts over reserves and contagion fears. Could a bank run lead to a major depegging?
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are entering a period of great uncertainty following the U.S. Securities and Exchange Commission labeling BUSD an “unregistered security” and ordering Paxos to stop minting new tokens.
Do these moves signal a wider war by U.S. regulators on stablecoins? Could the SEC declare all stablecoins securities, or is BUSD a special case?
Independent crypto reporter Amy Castor, who has been covering cryptocurrencies since 2016, believes the BUSD crackdown is aimed squarely at the world’s largest crypto exchange, Binance:
“Going after Paxos-issued BUSD is part of a much broader crackdown on crypto. They are going after the jugular, and they plan to cut off the blood supply.”
She continues, “They want to kill BUSD because BUSD is critical to Binance, which is the largest offshore crypto casino. Binance auto-converts every U.S. dollar and stablecoin to BUSD (the pegged version). Now they’ll have to find something else to auto-convert to… probably Tether. So, maybe the authorities will target Tether next, something that has been a long time coming.”
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are entering a period of great uncertainty following the U.S. Securities and Exchange Commission labeling BUSD an “unregistered security” and ordering Paxos to stop minting new tokens.
Do these moves signal a wider war by U.S. regulators on stablecoins? Could the SEC declare all stablecoins securities, or is BUSD a special case?
Independent crypto reporter Amy Castor, who has been covering cryptocurrencies since 2016, believes the BUSD crackdown is aimed squarely at the world’s largest crypto exchange, Binance:
“Going after Paxos-issued BUSD is part of a much broader crackdown on crypto. They are going after the jugular, and they plan to cut off the blood supply.”
She continues, “They want to kill BUSD because BUSD is critical to Binance, which is the largest offshore crypto casino. Binance auto-converts every U.S. dollar and stablecoin to BUSD (the pegged version). Now they’ll have to find something else to auto-convert to… probably Tether. So, maybe the authorities will target Tether next, something that has been a long time coming.”
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are facing the wrath of regulators amid doubts over reserves and contagion fears. Could a bank run lead to a major depegging?
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are facing the wrath of regulators amid doubts over reserves and contagion fears. Could a bank run lead to a major depegging?
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are facing the wrath of regulators amid doubts over reserves and contagion fears. Could a bank run lead to a major depegging?
Unstablecoins: Depegging, bank runs and other risks loom
Stablecoins are entering a period of great uncertainty following the U.S. Securities and Exchange Commission labeling BUSD an “unregistered security” and ordering Paxos to stop minting new tokens.
Do these moves signal a wider war by U.S. regulators on stablecoins? Could the SEC declare all stablecoins securities, or is BUSD a special case?
Independent crypto reporter Amy Castor, who has been covering cryptocurrencies since 2016, believes the BUSD crackdown is aimed squarely at the world’s largest crypto exchange, Binance:
“Going after Paxos-issued BUSD is part of a much broader crackdown on crypto. They are going after the jugular, and they plan to cut off the blood supply.”
She continues, “They want to kill BUSD because BUSD is critical to Binance, which is the largest offshore crypto casino. Binance auto-converts every U.S. dollar and stablecoin to BUSD (the pegged version). Now they’ll have to find something else to auto-convert to… probably Tether. So, maybe the authorities will target Tether next, something that has been a long time coming.”
Do 'Ethereum killers' have a future? Here's what the crypto community says
While many of the arguments support Ethereum, some argue that things can still go south for the network.
Do 'Ethereum killers' have a future? Here's what the crypto community says
While many of the arguments support Ethereum, some argue that things can still go south for the network.
What is opportunity cost? A definition and examples
Opportunity cost is the potential benefit that is missed out on when choosing one option over another.
What is opportunity cost? A definition and examples
Opportunity cost is the potential benefit that is missed out on when choosing one option over another.
Soulbound tokens power new identity solution on Celo blockchain
Masa Finance announced its deployment on the Celo blockchain with its new “Prosperity Passport” identity solution for users.
Twitter down the same day Jack Dorsey launches decentralized alternative
Thousands of Twitter users were unable to view tweets while Jack Dorsey’s decentralized social network Bluesky grabbed attention online.
Hodlnaut founders propose selling the firm instead of liquidation
Despite Hodlnaut creditors insisting on the firm’s liquidation, the founders keep trying to save the business and sell it to potential investors.
Bitcoin 'millionaires' increased 140% as BTC price crossed $20K — data
Bitcoin's old 2017 all-time high is still a key level when it comes to long-term investment, data shows.
Bitcoin ‘millionaires’ increased 140% as BTC price crossed $20K — data
Bitcoin (BTC) millionaires are made when the BTC price crosses $20,000, data reveals.
According to on-chain analytics firm Glassnode, there are currently over 67,000 BTC wallets worth $1 million or more.
$20,000 makes 50-BTC hodlers happy
Bitcoin is famous for its relationship with the $20,000 price tag.
Prominent since becoming the all-time high of Bitcoin’s previous halving cycle, $20,000 is more than just a technical and psychological line in the sand.
As Glassnode now shows, when BTC/USD crosses that price point, many hodlers either gain or lose U.S. dollar millionaire status.
