Decentral Block Post

For readers looking for unique, meaningful gifts for their valentine this Valentine’s Day, consider giving a cryptocurrency-related gift. Here are nine options:

A cryptocurrency gift card 

Give your significant other the gift of choice by giving them a cryptocurrency gift card. They can use it to buy food or any digital asset they want, whether that’s Bitcoin (BTC), Ether (ETH) or a stablecoin like USD Coin (USDC).

Virtual real estate

Readers can buy virtual real estate in the metaverse, such as in Decentraland or The Sandbox, as a unique, romantic gift. Their significant other can build and customize their own virtual world, and couples can explore new dimensions together.

Related: Why real estate investors are going crazy over virtual lands

NFT artwork

Surprise your loved one with a nonfungible token (NFT) artwork they can cherish forever. There are numerous talented artists creating digital art that can be purchased and collected as NFTs.

Bitcoin (BTC) and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD (BUSD) stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD. 

After the crackdown on Kraken last week and now Paxos, the regulator’s actions may increase nervousness among crypto investors. FOX Business journalist Eleanor Terrett tweeted on Feb. 12 that “more Wells notices going out in the coming 2-3 weeks, I’m told.”

Volatility may remain high in the near term as market observers await the consumer price index data to be released on Feb. 14. Interestingly, Bitcoin has made a golden cross on the daily chart and a death cross on the weekly time frame.

This suggests that the medium-term trend remains negative but the short-term trend could be signaling a turnaround. Let’s study the charts to find out the critical support and resistance levels to watch out for.

SPX

The S&P 500 index (SPX) turned down from 4,200 on Feb. 2 and has reached the 20-day exponential moving average (4,057) on Feb. 10. This is an important level for the bulls to defend if they want to keep the recovery intact.

In January, ApeCoin (APE) had an underwhelming performance compared to metaverse-based tokens like Decentraland (MANA) and The Sandbox (SAND). APE token gained 61% compared to the 90% and 150% respective gains seen in SAND and MANA. The subdued gains can be attributed to the hefty APE staking rewards that is likely creating some selling pressure.

An upcoming unlock of around 9% of APE’s circulating supply in March 2023, along with not-so-impressive fundamentals, will add further headwinds for the token. The gains in APE will depend on the success of the blockchain gaming projects in the ApeCoin ecosystem and new partnerships between Yuga Labs and big brands.

Traders take advantage of oversized APE staking rewards

ApeCoin DAO launched its APE staking mechanism in December 2022. The APE staking pool yielded 90% annual returns in the first two months. Holders of the Bored Ape Yacht Club (BAYC) NFTs and related collections are eligible for twice the yields of around 171%, adding significant selling pressure for the token.

However, these traders are primarily interested in capturing risk-free APE gains instead of accumulating the token. Thus, they may eventually become a source of constant selling pressure.

The token has been heavily shorted in the futures market, especially after the launch of the staking mechanism. The funding rate for APE/USD perpetual contracts has been negative since December 2022.

In January, ApeCoin (APE) had an underwhelming performance compared to metaverse-based tokens like Decentraland (MANA) and The Sandbox (SAND). APE gained 61% compared to the 90% and 150% respective gains seen in SAND and MANA. The subdued gains can be attributed to the hefty APE staking reward that is likely creating some selling pressure.

An upcoming unlock of around 9% of APE’s circulating supply in March, along with not-so-impressive fundamentals, will add further headwinds for the token. The gains in APE will depend on the success of the blockchain gaming projects in the ApeCoin ecosystem and new partnerships between Yuga Labs and big brands.

Traders take advantage of oversized APE staking rewards

ApeCoin DAO launched its APE staking mechanism in December. The APE staking pool yielded 90% annual returns in the first two months. Holders of the Bored Ape Yacht Club (BAYC) NFTs and related collections are eligible for twice the yields of around 171%, adding significant selling pressure for the token.

However, these traders are primarily interested in capturing risk-free APE gains instead of accumulating the token. They thus may eventually become a source of constant selling pressure.

The token has been heavily shorted in the futures market, especially after the launch of the staking mechanism. The funding rate for APE/USD perpetual contracts has been negative since December.

Bitcoin (BTC) drifted toward major liquidity around the Feb. 13 Wall Street open as the dust settled on United States regulatory news.

BTC traders spread bids lower

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD $21,476 on Bitstamp, almost matching the weekend’s three-week lows.

As analysts expected a “choppy” day prior to key U.S. macroeconomic data, news that Blockchain firm Paxos was being sued by the Securities and Exchange Commission (SEC) added to market nerves.

BTC spot price action thus inched ever closer to a major area of bid liquidity on the Binance order book, something which Maartunn, a contributor to on-chain analytics platform CryptoQuant, dubbed “The Great Wall.”

“'The Great Wall' (price support) on Bitcoin is placed at $21,500. This morning some bids got filled. Thereby, the strength of the wall has been reduced from $25 ~ $27 million to $19 million,” he noted.