CFTC Declares Litecoin as a Commodity
There has been a strong price movement on the LTC side after the US Commodity Futures Trading Commission (CFTC) recently declared Litecoin a commodity. This clarification is considered significant as it takes Litecoin out of the purview of the SEC, which regulates securities and imposes stricter responsibilities on coin issuers.
$1 Billion US Treasury Bonds Were Tokenized
Following the launch of BUIDL, BlackRock’s Ethereum-based product, on March 20, U.S. Treasury securities were tokenized on Ethereum, Polygon, Solana, and other blockchains. According to reports, BUIDL is behind Franklin Templeton’s 11-month-old Franklin OnChain US Government Fund, which currently holds $360.2 million in US Treasury securities. It is also among the information that $1.08 billion of US Treasury bonds were tokenized in 17 products.
Grayscale Introduces Crypto Investment Fund That Prioritizes Stake Rewards
Grayscale Investments has announced a dedicated investment fund for clients looking to sensitize their portfolios to income from staking cryptocurrency tokens. According to a recent announcement, the Grayscale Dynamic Income Fund will only be available to clients with more than $1.1 million in assets under management or more than $2.2 million in net worth. The fund aims to convert staking rewards into US dollars on a weekly basis, with distributions scheduled for investors on a quarterly basis.
Crypto Investments Reached the Highest Level in the Last 18 Months
Total funding for crypto or blockchain companies exceeded $1.4 billion in March, reaching the highest monthly level since September 2022, according to data from The Block. In September 2022, total financing is over 2 billion dollars. A significant increase in early-stage investments has helped strengthen funding volumes, with more than 20 Series A deals in March.
Significant Increase in the Number of Bitcoin Withdrawn from Exchanges
With the approval of spot Bitcoin ETFs, a significant change has been seen in Bitcoin assets on exchanges. According to Glassnode data, a total of over $9.5 billion worth of Bitcoin was withdrawn from exchanges. While a total of 136 thousand BTC were withdrawn from the stock exchanges as of January 11, a daily record was broken with 22 thousand BTC on March 27.
Galaxy Digital Announces Net Profit of $296 Million
Galaxy Digital reported net income of $296 million for full year 2023, following a loss of $1 billion in 2022. It is known that assets under management reached approximately 5.2 billion dollars as of December 31, 2023. The official statement said that in the last quarter of 2023, net income was increased to $302 million. Galaxy had lost $94 million even in the 3rd quarter of 2023.
Criticism of Layer-3 from Polygon Labs CEO
Following the launch last week, the Degen Chain network has attracted a lot of attention. Degen Chain, created using Arbitrum Orbit, was issued by Syndicate as a very low-cost network. Following this interest, Polygon Labs CEO Marc Boiron emphasized in his statement on Sunday that Layer-3s exist only to extract value from Ethereum and add value to Layer-2s on which Layer-3s are built. For this reason, “Polygon Labs is not working on Layer-3s.” He ended the post by saying.
Solana Outperforms Ethereum in Stablecoin Volume
According to Artemis data, daily stablecoin transaction volume on the Solana blockchain surpassed Ethereum in March, with increasing volume starting on March 9. According to March 30 data, $97.5 billion in stablecoin volume was realized in Solana, while $9.3 billion in Ethereum.
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BITCOIN(BTC)
As of the morning hours, BTC is priced at $ 70,340 with a loss of 1.38%. For the third time, it seems that stability above $71,000 has not been achieved. A triple top formation has formed. For this reason, withdrawals may occur. $68,500 appears as the first support position. If there is an upward reaction from here, the $ 71,000 level may be broken upwards. In the downside reaction, retreats may be seen up to $67,000, which is the next support position.
ETHEREUM(ETH)
ETH is priced at $3581 with a 1.77% loss of value as of the morning hours. $3680 appears as a strong resistance and it seems that it is having some difficulty in breaking this level. The retreat continues, and if there is an upward reaction from the first support zone of $ 3480, a rise to $ 3800 may be seen. If the pullback deepens, the $3370 region looks strong.
RIPPLE(XRP)
As of the morning hours, XRP is priced at $ 0.6250 with a 0.65% loss in value. It follows a horizontal course at the level of 0.61 – 0.62. Technical indicators show an upward trend in the short term. XRP has solid support levels at 0.6143 and 0.5830. A fall in price below these levels raises the possibility of a short-term correction. On the other hand, if the 0.6530 and 0.6720 resistance levels are exceeded, XRP can be expected to push the 0.80 target. Breaking these resistance levels may pave the way for the upward trend to gain momentum.
AVALANCHE(AVAX)
AVAX is priced at $53.06 with a 1.74% loss in value as of the morning hours. The 54.00 and 53.00 levels appear as solid support levels for AVAX. There is a horizontal movement in this region in the short term. A fall in price below these levels raises the possibility of a short-term correction. We see that the upward trend has broken down. On the other hand, if the 58.65 and 60.50 resistance levels are exceeded, AVAX can be expected to push the 70 target.
SOLANA(SOL)
SOL is priced at $199.95 with a 1.24% depreciation as of the morning hours. When we examine the four-hour chart, we see that the ascending triangle formation has broken upwards. If this movement continues, the $208 region appears as resistance. If the resistance zone is broken, an upward movement to the $214 region may be possible. In case of a withdrawal, the $198 level can be followed as support.
CHAINLINK(LINK)
As of the morning hours, LINK is priced at $19,000 with a 0.87% loss in value. When we examine the hourly chart, we see a horizontal movement between the $18,775 and $19,300 levels. These two levels can be followed as main support and resistance levels. In case of an upward break of the $19,300 resistance zone, the $19,500 zone can be tested. In case of withdrawals, the $ 18,800 region can be followed as support in the short term.
ANKR
ANKR is priced at $0.06735 with a 13% gain in value as of the morning hours. When we examine the hourly chart, we see that the $0.065 level is broken upwards. If this movement continues, a move towards the $0.07 level may be possible. In case of a withdrawal, the $0.066 level can be followed as support.
LITECOIN (LTC)
LTC is priced at $110 with a 4.82% gain in value as of the morning hours. When we examine the four-hour chart, we see that the movement started with the triangle formation that broke upwards on Friday and then the $ 100 region was crossed. When evaluated in the short term, if there is persistence above the $ 109 region, a movement towards the $ 115 level may be possible. In case of withdrawals, the $ 105 level can be followed as support.
