Trading Covention

In trading, news acts as trading conventions.
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[Trading Covention @_tradingconv_]

The privacy revolution: DePINs are shifting the balance of power | Opinion

No one should dismiss privacy as something only criminals desire and protect. Throughout history, we've endeavored to safeguard our privacy, from simple measures like closing doors and curtains to more sophisticated methods like cryptography. The Cypherpunk Manifesto, dating back to the early 1990s, aptly highlighted that "privacy is necessary for an open society in the electronic age." Despite advancements like Tor and Bitcoin, the challenge of achieving universal digital privacy persists. Why? Because digital privacy necessitates a societal agreement – it's not attainable for one unless it's ensured for all.

Web3, the decentralized web, urgently requires a shift in its approach to security. Complicated anonymity systems, although advanced, aren't immediately practical for everyday use. Most users seek seamless solutions that integrate privacy seamlessly into their online activities.

Decentralized Physical Infrastructure Networks (DePINs) play a crucial role in striking this balance. By establishing essential infrastructure that supports diverse consumer-facing privacy-focused tools, DePINs facilitate broader adoption and establish a social contract for privacy on a large scale.

Recent data breaches underscore the importance of this issue. Between November 2023 and February 2024, several significant breaches compromised the personal information of thousands, if not millions, of individuals. These breaches, primarily due to centralized points of failure, highlight the urgent need for a reevaluation of digital infrastructure.

The anti-privacy narrative often perpetuated by corporations and their allies seeks to undermine individual control over data. Criminalizing privacy and coercing users into relinquishing data control benefits these entities, not individuals. Data has become a valuable commodity, with advertisers and AI companies leveraging it to manipulate behavior and exert control.

DePINs offer a path towards a privacy-first future by democratizing access to privacy. Unlike current solutions that often require technical expertise, DePINs prioritize user-friendliness and accessibility. By decentralizing physical and digital infrastructure, they empower users to reclaim control over their data and online interactions.

The demand for privacy is evident, with a significant portion of individuals expressing discomfort with sharing personal data for targeted advertising. However, the supply side of privacy solutions has yet to catch up. DePINs bridge this gap by offering practical, user-friendly alternatives that prioritize privacy without sacrificing convenience.

In essence, DePINs lay the groundwork for a future where privacy is not just a luxury for the technically adept but a fundamental right accessible to all.

[Trading Covention @_tradingconv_]

J.Jill, Inc. Surpasses Market Expectations with $149.4 Million in Net Sales for Q4 2023

J.Jill, Inc. has reported strong financial performance for the fourth quarter and full fiscal year 2023, demonstrating a 1.2% growth in net sales compared to the previous period.

J.Jill, Inc. (NYSE: JILL), a leading national lifestyle brand offering women's apparel, footwear, and accessories, has announced its financial results for the fourth quarter and fiscal year ending February 3, 2024. The company reported a 1.2% increase in net sales to $149.4 million for the quarter, compared to $147.7 million in the same period last year.

This growth is attributed to a strategic focus on direct-to-consumer sales, which now account for 51.2% of total net sales, along with an emphasis on gross margin expansion and operational efficiency.

Gross profit rose to $100.6 million from $95.1 million in the fourth quarter of fiscal 2022, resulting in a gross margin of 67.3%, a significant improvement from 64.4%.

Analysts had expected an Earnings Per Share (EPS) of $0.03 and revenue of $147.38 million. However, J.Jill exceeded these forecasts with reported EPS of $0.33 and adjusted EPS of $0.23, resulting in a net income of $4.8 million, up from $1.0 million in the fourth quarter of fiscal 2022.

Looking ahead to fiscal 2024, J.Jill anticipates either flat or low-single-digit growth in net sales, with a projected mid-single-digit decline in Adjusted EBITDA. This cautious outlook considers the loss of the 53rd week in fiscal 2023, which contributed approximately $7.9 million to net sales and $2.2 million to Adjusted EBITDA.

In addition, J.Jill plans to expand its retail presence with the opening of up to five new stores and expects capital expenditures of approximately $26.0 million. By continuing to enhance its omnichannel capabilities and prioritize customer experience, J.Jill aims for sustainable and profitable growth in the future.

[Trading Covention @_tradingconv_]

Gaming Tokens Gala, Pixels, and Ronin Skyrocket as Bitcoin Price Hits $70,000

Over the weekend, several cryptocurrencies, including Pixels, Parallel, and Beam, achieved new all-time high prices, signaling a bullish trend in the market. Notably, these tokens, along with others like Gala and Ronin, outpaced Bitcoin's own gains.

Pixels, Parallel, and Beam, among others, demonstrated significant price appreciation, reaching record highs in their respective markets. This surge in price suggests growing investor interest and confidence in these projects.

Gala and Ronin, in particular, showed remarkable performance, surpassing Bitcoin's gains. This indicates that certain altcoins are experiencing even greater momentum and attracting more attention from investors compared to Bitcoin, the leading cryptocurrency.

Overall, the cryptocurrency market witnessed robust activity over the weekend, with several tokens achieving new peaks and demonstrating strong bullish momentum, particularly in contrast to Bitcoin's performance.

[Trading Covention @_tradingconv_]

SOUTH KOREA’S BITCOIN KIMCHI PREMIUM HITS NEW PEAKS

Bitcoin (BTC) has experienced a substantial price rebound, crossing the $66,000 threshold following a temporary setback. This resurgence coincides with a notable surge in the 'Kimchi premium' observed in South Korea, reaching its highest level in two years. The 'Kimchi premium' denotes the variance in cryptocurrency asset prices, particularly Bitcoin, between South Korean exchanges and those operating in other countries. This phenomenon underscores the distinctive market dynamics and investor sentiment within South Korea's cryptocurrency landscape.

The resurgence of retail investors in the cryptocurrency market is reflected in the significant increase in the Korea Premium index, as reported by CryptoQuant. The index rose from 5.19 on February 28 to 6.84 on March 5, aligning with Bitcoin's price surge to a new all-time high of over $69,200 on the same day. According to Ki Young Ju, CEO of CryptoQuant, this rise in the Kimchi premium signals a strong comeback of Korean retail investors, contributing to the upward price movement on Korean exchanges.

Historically, the Kimchi premium has indicated heightened demand and limited accessibility to cryptocurrencies in South Korea compared to international markets. During bullish phases in December 2017 and May 2021, the premium reached near 50% and 21.56%, respectively, reflecting intense speculative activity and retail frenzy in the region.

Meanwhile, South Korea is debating the legalization of Bitcoin spot ETFs, a departure from the predominant market driven by retail spot buying. Lee Bok-hyun, governor of the Financial Supervisory Service, acknowledged ongoing discussions on this matter, highlighting the evolving regulatory framework in the country. However, the classification of Bitcoin as an underlying asset poses a significant concern for regulators, prompting questions under the Capital Markets Act.

The consideration of Bitcoin spot ETFs underscores the evolving regulatory landscape in South Korea and its potential impact on market dynamics and investor access to cryptocurrency assets. As the market matures, regulatory developments, investor sentiment, and market dynamics will play crucial roles in shaping the future of cryptocurrency trading in the region.

Disclaimer: The information provided does not constitute trading advice

[Trading Covention @_tradingconv_]

Coinbase Crashed Again—Why Does It Happen So Often During Bitcoin Runs?

Just moments before the most recent outage, the leading cryptocurrency exchange had announced that a previous issue had been successfully resolved.

Following the surge in Bitcoin's price to a new all-time high and subsequent collapse, top U.S. cryptocurrency exchange Coinbase revealed on Tuesday that "some users may be experiencing errors when transacting." This disclosure came shortly after the resolution of previous intermittent transaction failures, marking another instance of technical difficulties for the platform.

The surge in Bitcoin's price sparked liquidations and sell-offs, driving heavy interest from retail investors using services like Coinbase. Despite the challenges, a spokesperson for Coinbase emphasized the company's commitment to enhancing system stability and resilience to serve its user base.

Leading up to the recent outage, Coinbase had been addressing availability issues, as indicated in a status update posted approximately 15 hours prior. The outage, tracked by third-party monitoring services like Downdetector, coincided with a significant spike in user reports.

Crypto Twitter was abuzz with discussions surrounding the "flash crash" in Bitcoin's price observed on Coinbase, with the cryptocurrency's value plummeting within a short timeframe. This phenomenon is not uncommon during Bitcoin bull runs, often seen as a sign of increased market activity.

While system disruptions during periods of heightened cryptocurrency trading are expected, widespread outages like those experienced by Coinbase are less common. Other exchanges such as Kraken and Binance also reported incidents during the crypto surge, albeit limited to specific networks or crypto pairings.

Coinbase, with an estimated 110 million monthly active users, remains a key player in the cryptocurrency exchange landscape. Its stock (NASDAQ: COIN) mirrored the volatile trajectory of Bitcoin's price, experiencing significant fluctuations over the past month.

[Trading Covention @_tradingconv_]

Where is BONK headed next? Predictions suggest…

There is potential for BONK to move upwards as momentum strongly favors the buyers. However, there are additional factors to consider.

The recent breakout in BONK surpassed its previous high set on December 15th, with prices reaching the $0.0000477 level, marking a 36% increase from the previous peak. However, prices have since retraced lower.

Although a demand zone has been identified, it remains uncertain whether BONK will rebound and climb higher or continue to decline further. Clues from the order book shed light on the situation.

On the 4-hour timeframe, BONK exhibited consolidation within the $0.0000312-$0.0000342 range on March 4th, with a retest of the same area occurring shortly before the time of writing. Despite this, momentum and market structure continue to favor the buyers on the 12-hour chart.

If the highlighted demand zone holds, BONK could potentially rally towards the $0.0000509 Fibonacci extension level. Conversely, a drop below $0.00003 would indicate a structure break on the 1-hour timeframe, potentially leading to a decline in BONK prices.

Significant buying volume has been observed over the past few days, suggesting a major correction may be imminent based on the charts.

Analysis of the MobChart order book data revealed numerous limit sell orders exceeding $100k to the north, particularly at the $0.000045 and $0.000048 resistance levels. Conversely, significant support was found at the $0.00003 and $0.000028 levels, with substantial limit buy orders present.

It's important to note that this information is the writer's opinion and does not constitute financial, investment, trading, or other types of advice.

[Trading Covention @_tradingconv_]

Omni Network seals $600 million deal with https://t.co/IJU5L2PURf

Omni Network has sealed a landmark agreement with restaking protocol https://t.co/IJU5L2PURf, securing $600 million worth of Ether to bolster the security of both the Omni Network and EigenLayer. This substantial investment will fortify both the Omni testnet and mainnet, as announced in a Mar. 4 post on X (formerly Twitter) by Omni Network. With this significant commitment from https://t.co/IJU5L2PURf, Omni Network is positioned as a leader in the expanding restaking ecosystem. https://t.co/IJU5L2PURf, currently the world's largest liquid restaking protocol, has seen a remarkable increase in total value locked (TVL) of over 163% in the past month, now standing at $1.88 billion, with the $600 million worth of Ether representing nearly 33% of its TVL.

BlockShow, presented by Cointelegraph, is returning with a crypto festival scheduled to take place in Hong Kong on May 8-9, and you can secure your spot now!

The $600 million worth of Ether will be restaked on EigenLayer, currently the largest Ethereum restaking protocol boasting over $10.3 billion in total value locked (TVL).

This strategic partnership follows closely on the heels of venture capital firm Andreessen Horowitz (a16z) announcing a $100 million funding round for EigenLayer nearly two weeks ago. Additionally, EigenLayer completed a $50 million funding round in March, with Blockchain Capital leading the investment.

Established in 2021, EigenLayer facilitates validators and stakers in restaking liquid-staking derivative tokens such as Lido Staked Ether and RocketPool’s rETH to validate and secure other networks. These assets can also be utilized in various decentralized finance (DeFi) protocols to generate additional yield.

Currently, liquid staking is the largest protocol category on DefiLlama, boasting a combined TVL of $54.7 billion, while restaking protocols rank sixth with a total worth of $10.305 billion. EigenLayer alone accounts for an overwhelming 99.96% of the total TVL locked in restaking protocols.

Investor interest in restaking protocols like EigenLayer surged on Feb. 5 when the protocol temporarily removed its staking cap to stimulate organic growth. During this restaking window, EigenLayer’s TVL skyrocketed by over 181% to $6.05 billion on Feb. 10 from just $2.15 billion on Feb. 5. Although a new staking cap was later implemented, the project plans to permanently remove this limit in the future.

[Trading Covention @_tradingconv_]

Why These Institutions Will Do Anything to Buy Bitcoin

The significant increase in BTC's value by nearly 50% earlier this year was largely driven by the introduction of Bitcoin Exchange-Traded Funds (ETFs). These ETFs have greatly enhanced the accessibility of the dominant cryptocurrency for both retail and institutional investors. The recent movement in prices has initiated discussions among industry experts regarding the growing attraction of institutional players to the cryptocurrency market.

In a recent interview, Chainlink founder Sergey Nazarov highlighted the influx of new investors into Bitcoin from the global financial system, foreseeing the next phase in the crypto space: the tokenization of real-world assets. Nazarov emphasized that major financial institutions are preparing for asset tokenization to compete with or tap into the capital inflows seen in ETFs.

Tokenization involves converting asset rights into digital tokens on a blockchain, promising increased liquidity, transparency, and efficiency for digitalized physical assets. McKinsey forecasts a potential $5 trillion trade volume in tokenized digital securities by 2030, citing industry experts.

Similarly, BlackRock CEO Larry Fink views tokenization as a significant technological breakthrough with the potential to revolutionize asset management. Fink believes that tokenization could eliminate corruption and issues surrounding money laundering by creating a tokenized system for securities and identity.

Another driving factor behind institutional interest in Bitcoin, according to US Presidential hopeful Robert Kennedy Jr., is its perceived role as a hedge against inflation. Kennedy noted that Bitcoin's recent price performance has further solidified its reputation as a safe haven from central banks' monetary expansion.

Kennedy also stressed Bitcoin's importance for transactional freedom, likening it to freedom of speech. He emphasized the need to ensure that individuals have the ability to protect themselves against inflation and maintain transactional freedom without government interference in currency digitalization.

Galaxy Digital CEO Mike Novogratz expressed optimism about Bitcoin's growth potential, anticipating continued attraction for a "new army of buyers." He suggested that baby boomers, who control $85 trillion of global wealth, could enter the Bitcoin market through recently launched Bitcoin ETFs, facilitated by over half of registered investment advisors (RIAs).

Novogratz further predicted that Bitcoin's market capitalization could eventually surpass that of gold, driven by younger generations such as Gen Z and Millennials, who prefer Bitcoin over traditional assets like gold.

[Trading Covention @_tradingconv_]

Blast: 7 of the Hottest Projects and Airdrops on the Ethereum Scaler

In the initial days of the Blast ecosystem, DeFi protocols, incentivized gaming ecosystems, and meme coins have swiftly risen to prominence, showcasing their dominance.

Just two days following the launch of Blast, an Ethereum layer-2 network founded by the creator of the prominent NFT marketplace Blur, the ecosystem has experienced an influx of hundreds of millions of dollars into newly developed protocols residing on the network. The Blast website reports a total value locked (TVL) surpassing $2.4 billion, drawing users seeking to benefit from potential future airdrops for early adopters of applications and protocols within the network.

Several standout projects have emerged as leaders within the Blast ecosystem:

1. Orbit Protocol: With a TVL exceeding $200 million, Orbit is a leading DeFi protocol in the Blast ecosystem, enabling users to lend and borrow assets while earning liquid rewards within the Blast network. Orbit features its native token, ORBIT.

2. Spacebar: Described as an "on-chain playground," Spacebar is a gamified platform where users interact and earn points, connecting their profile picture (PFP) NFTs to create avatars and minting new NFTs within the game world. Staking ETH within Spacebar offers additional rewards, and early participants are promised an upcoming airdrop.

3. Pac Finance: As the first hybrid lending protocol on Blast, Pac Finance facilitates peer-to-peer and peer-to-pool loans, incorporating features like self-repaying loans and leverage trading. Early adopters are incentivized with Blast's native token, received after winning the "Big Bang" app development competition.

4. PacMoon: This community meme coin within the Blast ecosystem has gained significant attention on social media, although it has yet to launch. Twitter posts about PacMoon are reportedly being rewarded with PAC allocations, generating excitement among enthusiasts.

5. Zerolend: Operating as a lending market on Blast, Zerolend incentivizes borrowing and lending various tokens in exchange for rewards in ETH, BLAST, and ZERO, its native token. Unlike some other protocols, Zerolend also operates on other blockchains.

6. DistrictOne: A gamified group messaging platform on Blast, DistrictOne allows users to earn rewards and compete for jackpots by engaging with messages and posts, with gems awarded for high engagement.

7. Juice Finance: Enabling leveraged cross-margin trading, Juice Finance facilitates yield farming and spot trading on other Blast protocols. Holders of certain Ethereum NFT projects are eligible for the platform's native Juice points.

These projects reflect the vibrant and diverse ecosystem emerging within Blast, highlighting its potential to drive innovation and attract substantial investment within the crypto space.

[Trading Covention @_tradingconv_]

Tron Founder Denies Claims Of Limited HTX Usage Amidst Criticism

Cryptocurrency investor and Tron (TRX) network founder, Justin Sun, has disclosed the extent of his engagement with HTX, the Beijing-based exchange that ranks as the fifth-largest cryptocurrency exchange globally. This comes amid community speculation regarding Sun's limited utilization of the platform.

The founder of Tron, Justin Sun, addressed concerns within the crypto community regarding his level of activity on the HTX exchange via a post on the social media platform X (formerly Twitter) on Tuesday.

Responding to criticism, Sun highlighted his personal holdings on HTX, refuting claims that he was not utilizing the platform extensively. He shared a screenshot of his holdings, revealing a substantial amount of Bitcoin totaling 28,613 BTC valued at over $1.6 billion.

Sun emphasized that he is an active user of various crypto exchanges, including HTX, contrary to speculation suggesting otherwise. He stated that his usage of HTX is similar to that of any other user, engaging in trading and believing in the platform's capabilities.

However, Sun's assertion has sparked skepticism within the community, with some questioning the validity of his claims. Adam Cochran, an industry expert, pointed out that Sun's BTC holdings surpass HTX's total holdings of the token, raising doubts about the accuracy of Sun's statement.

Cochran speculated that either HTX lacks genuine users besides Sun, or Sun's claim may not be accurate, suggesting a potential discrepancy between Sun's holdings and the exchange's total assets.

While there is no conclusive evidence to confirm or refute Sun's statement, some individuals have cast doubt on its authenticity, with one pseudonymous X user suggesting the possibility of fabricated data using image editing software like Photoshop.

[Trading Covention @_tradingconv_]

Peter Brandt Predicts $200,000 Peak by 2025 After Channel Breakout

Experienced trader Peter Brandt has revised his prediction for Bitcoin's peak in the current bull market. Brandt, who has been trading commodities and foreign exchange for over three decades, now expects Bitcoin to reach $200,000, a notable increase from his previous forecast of $120,000.
Brandt foresees the current bullish cycle coming to a conclusion around August or September 2025.

New Peak Target of $200,000 by 2025
The upward revision comes as Bitcoin surged above the upper boundary of a 15-month channel, signaling a bullish momentum.

In his latest tweet, Brandt highlighted the breakout – which occurred as Bitcoin surpassed $55,000 before subsequently climbing above $57,000 – as it breached the trendlines connecting lows from November 2022 and September 2023 and highs from April 2023 and January 2024.

The veteran analyst said that as long as Bitcoin maintains levels above $50,500, the bullish outlook remains intact, with the current cycle expected to conclude in August or September 2025.

Resistance of $68K Ahead
Recent data reveals that the average buying price for all cohorts that entered during the last cycle’s bullish surge has surpassed previous levels. Particularly noteworthy are the 2-3 year holders, whose average acquisition price stands at $48.9K, representing the highest percentage share of the Realized Cap at 23.8%.
Bitcoin investors who started their holdings during the prior cycle’s bullish phase predominantly fall within the 2-3 year holding bracket, with their mean purchase price ranking highest among all groups. According to a CryptoQuant analyst, this may have served as a formidable price barrier.
However, with Bitcoin prices rallying significantly above the $55,000 level, the only potential resistance level moving forward appears to be the previous cycle’s peak of $68,000.

[Trading Covention @_tradingconv_]

Ripple Ally Reports 10% of South Koreans Hold XRP

South Korea embraces Ripple's XRP, aiming to integrate it into gaming, DeFi, amid key regulatory discussions on digital assets.

Ripple's partner, Josh Kim, has provided significant insights into the adoption of XRP in South Korea. According to Kim, approximately five million individuals in South Korea, accounting for around 10% of the population, favor XRP over other cryptocurrencies. This revelation underscores XRP's strong presence in one of Asia's most dynamic economies. Kim, a prominent advocate for the XRP Ledger (XRPL) in South Korea, referenced research from a government agency indicating that the South Korean community holds at least 15% of XRP's circulating supply.

Despite regulatory hurdles, South Korea remains at the forefront of XRP and XRPL adoption. Kim's dedication to expanding XRPL usage in the country is evident through his efforts to identify and promote practical applications for the ledger. He aims to encourage developers to create applications that enhance daily life, thus accelerating XRPL and XRP adoption in the region.

In the interview, Kim highlighted DeFi (Decentralized Finance) and gaming as pivotal areas for XRPL's growth in South Korea. He mentioned a DeFi project already operating on XRPL, showcasing impressive on-chain metrics and suggesting potential for similar initiatives to thrive on the platform.

Moreover, given South Korea's prominence in the global gaming market, Kim stressed the importance of involving game developers in the XRPL ecosystem. This strategy seeks to utilize the country's gaming industry to broaden XRPL's usage, thereby diversifying the ledger with various applications.

Kim also discussed XRPL's scalability solutions, particularly through sidechains like The Root Network. He hinted at the potential integration of major gaming IPs from the South Korean market onto this network by mid-year, indicating significant progress in incorporating blockchain technology into the gaming sector.

The growing interest in cryptocurrencies and digital assets has prompted crucial discussions among regulatory bodies, including South Korea's Financial Supervisory Service (FSS) and the U.S. Securities and Exchange Commission (SEC). These discussions, expected to cover topics such as Bitcoin ETFs and Non-Fungible Tokens (NFTs), mark a significant moment in regulating digital finance. The meetings between these regulatory entities are anticipated to address the increasingly complex challenges of overseeing the rapidly expanding digital asset landscape.

[Trading Covention @_tradingconv_]

ETH, UNI, FIL and GRT turn bullish as Bitcoin price hovers above $51K

After a strong two-week rally, Bitcoin is now hovering near $51,542, close to the $52,000 level. Although there are attempts by bears to initiate a correction, bullish sentiment persists, supported by strong equity markets and solid inflows into spot Bitcoin ETFs. Analysts are closely watching these inflows to gauge Bitcoin's next move. Despite consolidation, Bitcoin's resilience above $50,000 maintains positive sentiment in the crypto market. Short-term traders may find opportunities in altcoins showing strength.

Bitcoin has been consolidating between $50,500 and $53,000, with indicators suggesting bullish momentum. A break above $53,000 could lead to a rally towards $60,000, while a drop below $48,970 might signal bearish sentiment. The 4-hour chart shows a minor advantage to the bulls, with potential resistance at $53,000 and support at $50,500.

Ethereum has maintained an uptrend, with resistance near $3,000 and support at $2,850. The 4-hour chart indicates bullish momentum, but a break below the 50-SMA could lead to further downside.

Uniswap surged above $7.79 but faced profit booking near $12.85, leading to a correction. Support is seen at $9.91, with resistance at $11.63 and $12.85. The 4-hour chart suggests bullish sentiment, but a break below the 20-EMA could signal bearish pressure.

Filecoin struggled to sustain gains above $8.12, with resistance at $8.57. Support is seen at $7.70 and the 20-day EMA. The 4-hour chart indicates positive sentiment, but a break below the 20-EMA could lead to a correction towards the 50-SMA.

The Graph broke above $0.23, facing resistance near $0.30. Support is seen at $0.23 and the 20-day EMA, with resistance at $0.30 and $0.37. The 4-hour chart suggests support at the 20-EMA, but a break below could lead to further downside.

[Trading Covention @_tradingconv_]

Crypto Price Predictions For ETH, AVAX, and DOGE As Market Wavers in Uncertainty

Crypto Price Predictions:

The cryptocurrency market has experienced sluggishness since mid-February, characterized by Bitcoin's sideways movement below the $52,200 mark. This consolidation phase has slowed down the recovery momentum in the altcoin market, with Ethereum showing a 6.65% surge, while Solana and XRP dipped by 6% and 1% respectively.

Despite this consolidation, traditional market interest in Bitcoin remains strong. On February 23, the spot Exchange-Traded Fund (ETF) saw a significant surge in net inflows, amounting to $232.3 million. Additionally, the Grayscale Bitcoin Trust (GBTC) recorded its lowest outflow since January 11, totaling just $44 million. Notably, BlackRock and Fidelity contributed substantially to Bitcoin ETF inflows, injecting $168 million and $53 million respectively.

While the market sentiment appears uncertain with candles showing short bodies and higher wicks, recent onchain data indicates bullish activity. A wallet linked to Justin Sun made substantial Ethereum (ETH) purchases on Binance, including a transaction of 18,616 ETH valued at approximately $54.57 million. These purchases follow a spree totaling 151,196 ETH, worth around $435.3 million, across Binance and various Decentralized Exchanges (DEX) within 12 days.

As a result, Ethereum broke above the overhead resistance of $3,030, signaling a continuation of the recovery trend. The post-breakout rally propelled the asset to $3,280, representing a 10% potential gain.

However, the bullish momentum did not extend to AVAX coin, which experienced a correction from $43.6 to $36.6 within two weeks. The correction was exacerbated by a network disruption attributed to a software bug, leading to a temporary outage. Developers promptly issued a software update for Avalanche nodes, addressing the issue and enabling a rebound in AVAX price from the 50% Fibonacci retracement level, recording a 2% gain.

With the formation of a bullish reversal candle called tweezer bottom, AVAX price may encounter immediate resistance at $39.3, potentially surpassing $44 to signal the continuation of the recovery trend.

Meanwhile, Dogecoin (DOGE) has been consolidating within a range of $0.09 and $0.075 for nearly two months. A correction triggered the coin price to $0.083, but it was supported by an emerging trendline, pushing the price back to $0.085. If this dynamic support holds, buyers may rechallenge the $0.0915 resistance and aim for a further target of $0.105. However, a breakdown below the trendline could push the price back to $0.075.

[Trading Covention @_tradingconv_]

Ethereum Price Hits $3,000 But Quickly Falls 2.7% — Has It Reached Its Top?

On February 20, Ethereum surged to $3,000, a level not seen since April 2022. However, it quickly retraced by almost 3% to $2,920 shortly thereafter. This retracement followed an uptrend that began on February 17. Despite the recent strength, there are now indications of potential weakness in the market. The question arises: Is this uptrend coming to an end?

GameFi token PIXEL has experienced a remarkable surge of 10x following its listing on Binance. However, the question arises: Is the hype surrounding PIXEL now subsiding?

Regarding Ethereum's price analysis, on December 25, Ethereum reached nearly $2,700, marking its highest level since May 2022 after bouncing back from a dip to $1,000 in June 2022. This rebound formed part of a rising channel pattern, indicating the potential onset of a bullish trend within the emerging bull market. Presently, there is an anticipation of a correction.

Despite Ethereum's price climbing since January 25 and potentially achieving new highs above $2,500, today's attainment of a higher high suggests that the beginning of a correction phase has been invalidated, although the rise above $2,500 hinted at it.

With today's high reclaiming values last observed in April 2022, the first bull stage has yet to conclude. Consequently, further upward movement toward the next significant horizontal resistance at $3,200 could be seen.

However, after the current uptrend concludes, a correction in the first bull market is anticipated. If the price reaches $3,200, the target for its corrective downtrend would likely be between $2,100 and $1,800, as suggested by Fibonacci retracement levels.

Examining Ethereum's fundamentals, there are neither negative nor notably positive signs. Despite the price surge, this discrepancy may be viewed negatively. On-chain data reveals no significant increase in transaction numbers or size, suggesting that whales are not influencing the rise.

Furthermore, other on-chain data, such as active addresses, does not indicate unusually high activity, indicating that the derivatives market is likely driving the Ethereum price surge. Open Interest, which positively correlates with price rises, suggests that leveraged futures traders have been opening higher positions, driving demand for Ethereum.

In conclusion, Ethereum's recent price rise lacks substantial fundamental factors, raising questions about its sustainability. However, with the derivatives market fueling the price surge, Ethereum could potentially reach at least $3,200 in the short term.

[Trading Covention @_tradingconv_]

Spot Bitcoin ETFs Eyes Volume ATH, BTC Price Role Uncovered

Spot Bitcoin ETF products are poised to reach an all-time high in total traded volume amidst a surge in price volatility.

The total trading volume of spot Bitcoin ETFs, including Grayscale's GBTC, BlackRock's IBIT, and Fidelity's FBTC, is on the verge of hitting a significant milestone, nearing the $50 billion mark. Grayscale alone has accounted for $20 billion in trading volume, despite experiencing notable outflows. Other ETFs like IBIT and FBTC have also seen substantial trading activity, with IBIT registering around $13.15 billion and FBTC recording $9.1 billion in trading volume.

Although Valkyrie has seen lower trading volume compared to its counterparts, recent efforts to expand its BTC custodian list indicate a proactive approach to enhance its market position. Despite having only $79 million in trading volume, Valkyrie's total flows surpass those of other ETFs with higher volume.

The surge in trading volume for these spot Bitcoin ETFs correlates with the recent increase in Bitcoin's price, which crossed the $52,000 level and currently stands at $51,440.50. Analysts remain optimistic about further growth in Bitcoin's price, with projections suggesting a rally to $57,000. Max Keiser even predicts a tenfold increase in Bitcoin's price, contingent on a major correction in the US stock market. This positive sentiment surrounding Bitcoin's price trajectory could drive increased interest and FOMO (fear of missing out) in the spot Bitcoin ETF market in the near future.

[Trading Covention @_tradingconv_]

Bitcoin and Ethereum Look Bullish, But Are Navigating Uncertain Waters

Bitcoin (BTC) and Ethereum (ETH) have experienced weeks of gains, yet their upward momentum has been tempered by resistance levels as traders await hints from the U.S. Federal Reserve.

Today hasn't been favorable for traders of Bitcoin and Ethereum, as both the crypto and securities markets closed in the red yesterday amidst anticipation for the U.S. Federal Reserve's next FOMC meeting.

Tomorrow, the U.S. will release new data on unemployment claims and January home sales, which could heavily influence the Fed's upcoming decisions on interest rates. Generally, stocks and digital assets perform well when the Fed lowers rates, and the uncertainty surrounding the FOMC's next move is unsettling for both markets.

Major indices such as the Dow Jones, S&P 500, and Nasdaq all experienced declines, reflecting the broader market sentiment. Bitcoin began the trading day at $52,272, dropping to a low of $50,611 before settling at $51,162, marking a 2% decline over the day. This downturn, potentially the most significant since January 22, lacked a substantial recovery.

Despite today's setback, the overall sentiment for Bitcoin has been bullish in 2024. The cryptocurrency breached the $50,000 mark driven by demand for Bitcoin spot ETFs but has been trading sideways since February 15, hinting at a possible cooling off of bullish momentum.

A critical support level for Bitcoin is identified around $51,000, correlated with the 10-day exponential moving average (EMA). Notably, Bitcoin hasn't closed below this level since January 25. The Relative Strength Index (RSI) indicates Bitcoin is overbought, nearing 70, suggesting a potential shift towards market equilibrium as investors may start selling BTC to realize profits.

Ethereum, mirroring Bitcoin's market response, faced rejection at the $3,000 mark, dropping by 3.2% to a low of $2,880 before recovering to $2,900. Unlike Bitcoin's sideways movement, Ethereum has maintained a bullish stance throughout February, supported by fundamental factors such as an upcoming network upgrade and a significant increase in DeFi activity.

Ethereum is positioned closer to its support level at $2,800, determined by its 10-day average price, rather than facing immediate resistance. A recovery in Ethereum's price trajectory could lead to significant resistance near the $3,500 mark.

[Trading Covention @_tradingconv_]

Sam Altman’s Worldcoin (WLD) Explodes 185% As Wallet Users Break 1,000,000 Mark

The contentious biometric cryptocurrency venture known as Worldcoin (WLD) has surged by nearly 185%, reaching a new record high this week as its user base surpassed a significant milestone.

The native token of the project, WLD, is currently valued at $7.40, a considerable increase from $2.60 a week ago and $2.48 a month ago.

Ranked 89th by market capitalization, the cryptocurrency reached a new peak of $7.95 on Monday morning. While it has seen some retracement since then, WLD remains up by almost 22% in the last 24 hours.

Worldcoin, co-founded by Sam Altman, the CEO of OpenAI, announced on Saturday that its World App, the inaugural wallet designed for the project, has exceeded one million daily users.

Worldcoin's Orb, a helmet-shaped device, scans individuals' eyes for identity verification. To utilize it, users need to download the Worldcoin app, acquire a compatible cryptocurrency wallet, and visit an Orb to obtain their identification, known as World ID. The project has raised privacy concerns globally.

Alameda Research, previously the trading division of the now-defunct cryptocurrency exchange FTX, holds 25 million WLD tokens worth $171 million, as reported by the blockchain analytics platform Spot On Chain. Alameda received these WLD tokens from the Worldcoin Mint back in August.

[Trading Covention @_tradingconv_]

What is Nolus? How the DeFi Leasing Platform Simplifies Crypto Lending

The Nolus Protocol is targeting the inefficiencies present in decentralized finance (DeFi) lending and borrowing through an innovative approach known as the DeFi Lease. Here's a breakdown of how it operates.

Decentralized finance (DeFi) provides individuals with access to robust financial products and markets, including crypto lending, where users utilize their crypto assets as collateral for loans.
Nevertheless, current DeFi lending platforms suffer from various inefficiencies. The Nolus Protocol, a Cosmos-based DeFi financial suite, seeks to tackle these inefficiencies through an innovative concept called the DeFi Lease. Here's a breakdown of how it functions.

Nolus DeFi Lease Mechanics:
1. Initial Deposit: Users deposit cryptocurrency into the Nolus Protocol.
2. Financing: Nolus offers users up to 150% financing on their initial deposit, providing additional exposure to tokens.
3. Reduced Collateralization: Unlike conventional overcollateralized loans in crypto lending, Nolus DeFi Lease reduces collateralization requirements by offering higher financing.
4. Partial Liquidations: Instead of complete liquidations during market downturns, Nolus employs partial liquidations, giving borrowers more time to recover their positions and reducing liquidation risks.
5. Fixed Interest Rates: Interest rates are locked at the creation of the DeFi lease smart contract, eliminating concerns about variable interest rates found in traditional DeFi lending.
6. Yield Opportunities: While assets are locked in the smart contract, users can employ yield-bearing strategies approved by Nolus to generate additional returns.
7. Ownership: After repaying the loan, users gain complete ownership over the underlying assets.

Problems Addressed by Nolus:
1. Overcollateralization: Nolus reduces the need for overcollateralization by offering higher financing ratios, unlocking locked collateral for other uses.
2. Liquidation Risks: Partial liquidations reduce the risk of complete liquidation during market downturns, providing borrowers with more flexibility and protection.
3. Interest Rate Stability: Fixed interest rates ensure predictability and stability for borrowers compared to variable rates in traditional DeFi lending.

How It Works:
- Users deposit cryptocurrency into Nolus and receive up to 150% financing in their preferred cryptocurrency.
- Both the initial deposit and the loan are converted into the desired cryptocurrency and stored in a smart contract as collateral.
- Users can repay the loan using additional funds or by using the appreciated value of the assets within the DeFi Lease itself.

In essence, Nolus DeFi Lease offers a novel approach to decentralized lending, reducing collateralization requirements, mitigating liquidation risks, and providing stability through fixed interest rates.

[Trading Covention @_tradingconv_]

Speculation Over Immutable (IMX) Future Post Monero (XMR), Binance (BNB) Exit Amid Kelexo (KLXO) 20x Presale

The cryptocurrency landscape is abuzz with discussions surrounding the fate of Immutable (IMX) following Monero's (XMR) departure from Binance (BNB). Conversely, there's considerable excitement surrounding Kelexo's (KLXO) presale, which is anticipated to yield a significant 20x increase. Immutable (IMX) is actively addressing NFT scalability issues on Ethereum (ETH), hinting at a potential positive trajectory marked by a Rounding Bottom pattern, with resistance levels projected at $3.2730 and $21.7419. Meanwhile, Monero (XMR) maintains its strength, with price predictions ranging from $188.38 to $423.45 by 2024.
Amidst these shifts, anticipation mounts for Kelexo's (KLXO) straightforward DeFi platform, with its presale being viewed as a potential game-changer capable of triggering a substantial value surge. The evolving dynamics surrounding Immutable (IMX), Monero (XMR), and Kelexo (KLXO) underscore both the transformative possibilities and uncertainties inherent in the cryptocurrency market.

Immutable (IMX) Analysis and Price Forecast:
Immutable (IMX) is dedicated to enhancing NFT scalability and usability on Ethereum (ETH) as a layer-2 scaling solution. The identification of a Rounding Bottom pattern suggests a potential shift from bearish to bullish sentiment in IMX's price trajectory. If this pattern continues, IMX could target resistance levels at $3.2730 and $21.7419, while a reversal could lead to a decline towards the support level of $0.5022. Technical indicators like RVOL, MA, RSI, ADX, and RVI provide further insights into IMX's market dynamics. With a positive outlook, IMX could reach $5.7076 by 2024, surpassing its previous peak value.

Monero (XMR) Analysis and Price Prediction:
Monero (XMR) boasts robust privacy features and a resilient history in the cryptocurrency market. Despite fluctuations, XMR demonstrates bullish potential, indicating prospects for recovery and growth. Expert analysis and price projections suggest a trading range of $188.38 to $423.45 by 2024, with long-term forecasts extending up to $1,467.34 by 2030.

Kelexo (KLXO) and its Influence:
Kelexo (KLXO) seeks to streamline DeFi processes, particularly lending and borrowing, with a focus on inclusivity and eliminating intermediaries. Their ongoing presale offers investors the opportunity to participate in a potentially groundbreaking project. There's anticipation for significant growth in the value of KLXO tokens, potentially increasing by a factor of 20.

In conclusion, the examination of Immutable (IMX), Monero (XMR), and Kelexo (KLXO) underscores the dynamic nature of the cryptocurrency landscape. These innovative ventures harbor the potential for substantial impact and value creation. Investors remain vigilant, navigating the opportunities and risks inherent in emerging technologies within the digital currency domain.