Bitcoin’s up 9% in 12 hours, adding a cool $123 billion to its market cap. Ethereum’s not slouching either, up 11% and pocketing $26 billion. Someone call the therapist, because these numbers are giving me emotional whiplash.
The data, my darlings, is as clear as a gin and tonic at high noon: on-chain trading is no longer the wallflower at the crypto ball. It’s waltzing in, stealing the spotlight, and giving those stuffy CEXs a run for their money.
The decision could create problems for how payments are processed and might encourage other cryptocurrency companies to request similar access to the central bank’s systems.
The erstwhile Commander-in-Chief, Donald Trump, took to his digital soapbox, Truth Social, on March 3 to rally the troops. With a flourish that would make a bard blush, he declared his undying love for the U.S. crypto industry, urging lawmakers to stop dilly-dallying and pass the Clarity Act. Lest we forget, he also gave the banks a stern look, warning them not to undermine the Genius Act. In his own words, which were as subtle as a brick to the forehead:
Regulatory paperwork has been filed by Morgan Stanley, offering investors a gentler way to dabble in bitcoin than purchasing or holding it personally. The scheme promises the privilege of sitting in on the digital frenzy without the risk of having your keys stolen from a bunker.
What’s the bill about? Well, it’s designed to create a clear market structure for cryptocurrencies in the United States, because, let’s be honest, things have been a bit of a mess so far. And, of course, it’s going to define the role of regulators, so they can finally stop being so confused.
On March 3rd, Aave Chan Initiative, a major service provider, announced they will be leaving the Aave ecosystem in four months.
The heart of the concern? Simple, really: if more people and businesses decide to stash their cash in these digital tokens-those stablecoins tied to major currencies-traditional bank deposits could dwindle to nothing. And when the money runs dry, who’s going to fund those oh-so-necessary loans?
As Bitcoin’s value rose in an almost obedient manner, the profits began to accumulate. But let’s not get carried away. The unrealized profit now sits at a humble $570,000, a sum no doubt impressively insignificant in the grand scheme of things. And, just for a touch of excitement, if Bitcoin were to fall to a mere $66,942.69, the whole position might be-how shall we put it?-“liquidated.” Such are the tender mercies of our beloved cryptocurrency market. But fear not, for the drama is far from over. The game is afoot, and the whales are always waiting for their next big meal.
The daily chart is showing a promising signal – a bullish divergence in the RSI – which suggests Ethereum’s price might be starting to recover.
