SEC Delays BlackRock’s Spot Ethereum ETF Proposal
The U.S. Securities and Exchange Commission (SEC) postponed its decision on BlackRock’s Ethereum ETF on Monday. Bloomberg ETF analyst James Seyffart shared that he thinks decisions on spot Ethereum ETFs will not come until May. Additionally, he stated that he was following the date of May 23 closely.
Tether’s Market Value Exceeded 100 Billion Dollars
Tether, the largest stablecoin, has achieved a significant success by exceeding the market value of 100 billion dollars. With a 9% increase since the beginning of the year, Tether is increasing the gap between it and its closest rival USDC. The market value of USDC is at $71 billion. While Tether’s market value competes with British oil giant BP, it has surpassed e-commerce company Shopify.
High Entry into Digital Asset Funds
Last week, there was a total inflow of $1.84 billion into digital asset funds. This amount stands out as the second highest entry so far. 94% of the total inflow amount, worth $1.73 billion, occurred in Bitcoin. There was an inflow of 22 million dollars in Short-Bitcoin. When we examine other coins, Ethereum experienced an inflow of $85 million, the highest inflow since mid-July 2022. In addition, while there was an inflow of 2.5 million dollars to Ripple, 1.6 million dollars to Chainlink and 1.2 million dollars to Litecoin, there was an outflow of 12 million dollars to Solana.
MicroStrategy Proposes $600 Million Convertible Bond Offering After 23% Rise in Share Prices
The rise in Bitcoin caused MicroStrategy’s shares to rise more than 23%. However, MicroStrategy announced shortly after the market closed that it would seek to issue convertible bonds to raise $600 million in funds. Shares of MicroStrategy were trading at $1,334.01 at market close, according to Yahoo Finance. But a minute after the bell rang, the company announced that it would be offering a private offering in the form of $600 million in convertible bonds, causing the stock price to fall by almost $100.
Crypto Funds Seen Record Trading Volume of $30 Billion Last Week, Dominated by Bitcoin
Trading volume of digital asset investment products offered by asset managers such as Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares and 21Shares hit a record last week, with US spot Bitcoin exchange-traded funds leading the ride, according to CoinShares. Trading volumes in investment products reached a record of over $30 billion during the week, at times accounting for 50% of Bitcoin daily trading volumes on reliable exchanges.
Fantom Wants to Liquidate Multichain to Recover $122 Million from Exploitation
The Fantom Foundation claims that by having the Multichain Foundation declared bankrupt by the Singapore High Court, Multichain’s chances of recovering the $122 million stolen from the Fantom bridge last year will increase. In a blog post published on March 4, Fantom stated that it had received a default judgment from the Singapore High Court on January 30 in its lawsuit against Multichain, a cross-chain protocol, for ‘breach of contract and fraudulent misrepresentations’. Fantom claimed that Multichain lost $122 million in funds in July 2023 due to an exploit.
Bitcoin Ordinals Are Reshaping the NFT Market Landscape
As the prices of cryptocurrencies increase, there has been an increase in demand for NFTs in recent weeks. This trend was further fueled by Monday’s $16 million CryptoPunk sale, the fifth most expensive NFT transaction ever. Magic Eden has emerged as the leading market in terms of trading volume. Over the past 24 hours, the platform processed almost $44.7 million worth of transactions, accounting for approximately 38% of all NFT trading volume. Magic Eden maintained its leadership with its 35% share in the last seven days. Although the company started in Solana and strives to maintain that commitment as a core element of its character, the $1.6 billion NFT startup’s most recent growth has been driven by Bitcoin Ordinals trading.
South Korean Officials Discuss Spot Bitcoin ETF Sales in the Country
Lee Bok-hyun, head of South Korea’s Financial Supervisory Service, announced on Tuesday that authorities are discussing whether to allow the sale of spot Bitcoin ETFs in the country. While Lee stated that he was one of those who approached virtual assets positively, he also said that there were officials who approached this issue cautiously. When spot Bitcoin ETFs were approved last January, South Korea was one of the countries that opposed these products.
Bitcoin Reaches All-Time High in Euros
Bitcoin, which has performed well with the strong price movement in the past months, reached its all-time high in Euro terms. Bitcoin, which gained 56% value in euro terms since the beginning of the year, broke a new record by reaching 60,393 euros. In addition, according to the statement of Coinbase CFO, Bitcoin broke a record compared to the local currencies of countries such as China, India, Japan and Argentina.
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BITCOIN(BTC)
As of the morning hours, BTC is priced at $66,244 with a 3.44% loss in value. There was an increase up to $68,500 yesterday evening, but there is a selling pressure from here. There was a decline to $65,500. If it gets an upward reaction from here, it may go to the ATH level and break out. Due to the volume entering ETFs, this does not seem to be too difficult to achieve. In case of a break below $65,500, $64,000 appears as the first support level.
ETHEREUM(ETH)
ETH is priced at $3673 with a 1.33% gain in value as of the morning hours. After a break above $3036, it traded as high as $3740. The area between 3600 and 3400 dollars appeared as a strong resistance point, but it broke out. Exceeding these levels could trigger a massive rise to $4000. If the $3400 zone breaks down permanently, the $3200 and $3000 levels could act as support. If it gets a reaction from these levels, it may push the $4000 level again. However, if there is a withdrawal due to possible news, it may deepen to the range of 3000 and 2800 dollars.
RIPPLE(XRP)
As of the morning hours, XRP is priced at $0.6341 with a 2.33% loss in value. After the general rise, it entered the horizontal band again and made a retest in the middle part of the horizontal band. From here it seems to have received a downward reaction again. The first support level is $0.62, and if there is an upward reaction from this level, we may see a rise up to $0.72. If there is a downward break from this level, a retreat to $0.58 may occur again.
AVALANCHE(AVAX)
AVAX is priced at $41.74 with a 3.10% loss of value as of the morning hours. The $36 level was a critical resistance point, and after breaking this level, prices rose to $44. However, this rise did not last long and the price fell back to $ 36. However, this level worked as a strong support and the price rose up to $45. $40 currently appears to be a major support point. Prices above $40 may cause increases up to $50. However, if there is a large break below $ 40 and persistence is achieved, there may be a withdrawal to $ 36 again.
SOLANA(SOL)
SOL is priced at $130.5 with a 2% loss of value as of the morning hours. When we examine the four-hour chart, we see a horizontal movement between the $125 and $136 levels. These two levels can be followed as main support and resistance levels. If upward movements persist above the $136 resistance level, a move towards the $140 region may be possible. In case of a withdrawal, if the $125 support level is broken downwards, there may be a movement towards the $120 region.
CHAINLINK(LINK)
As of the morning hours, LINK is priced at $20,740 with a 1.70% gain in value. When we examine the four-hour chart, we see that there is a pricing above the $ 20,670 level, which we follow as the resistance zone. If it persists above this region, the $21 and $21,600 levels can be followed as resistance. In case of a withdrawal, 20,500 and 20 dollars levels appear as support zones.
ENS
ENS is priced at $28.25 with a 30.17% gain in value as of the morning hours. When we examine the daily chart, we see that the ascending triangle formation has broken upwards. If it persists above the resistance zone of $24.90, a move towards the $30 and $35 levels may be possible. In case of a withdrawal, the $26 level can be followed as support.
APT
APT is priced at $12.80 with a 6.18% gain in value as of the morning hours. When we examine the four-hour chart, we see that the horizontal movement has broken upward. If there is persistence above the $12.50 resistance level, a move towards the $13.40 area may be possible. In case of a withdrawal, the $ 12.50 level can be followed as support.
