Crypto Price Analysis 3-10: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, ARBITRUM: ARB, BITTENSOR: TAO, CELESTIA: TIA
The crypto market cap continued to decline over the weekend as major cryptocurrencies extended their losses after investors were disappointed by Donald Trumps strategic Bitcoin reserve. A wave of uncertainty caused by new US trade tariffs also impacted investor sentiment. Bitcoin (BTC) dropped nearly 5% over the past 24 hours as it slipped below $85,000 and is trading just above the $82,000 level. Ethereum (ETH) is down over 5% as it struggles to stay above $2,000.
Other cryptocurrencies also registered substantial declines over the weekend. Ripple (XRP) is down nearly 6% and trading at $2.19. Meanwhile, Solana (SOL) is down almost 8% at $127. Cardano (ADA) and Dogecoin (DOGE) are down over 8% as most tokens remained bearish. Hedera (HBAR), Stellar (XLM), Avalanche (AVAX), Litecoin (LTC), Toncoin (TON), Shiba Inu (SHIB), and Polkadot (DOT) also registered substantial declines.
North Korean Hackers Cash Out Millions From Bybit Hack
North Korean hackers have successfully cashed out $300 million from the staggering $1.5 billion Bybit hack. The dreaded Lazarus Group stole the tokens in an unprecedented hit on Bybit, one of the largest exchanges in the world. Authorities are trying to track and prevent the hackers from converting the stolen crypto but have had limited success. According to experts, the Lazarus Group works 24 hours to launder the funds and funnel them towards the regimes military development. According to Dr Tom Robinson, Co-Founder of crypto investigative firm Elliptic, North Korean hackers are the best when it comes to laundering stolen crypto.
Every minute matters for the hackers who are trying to confuse the money trail, and they are extremely sophisticated in what they're doing. I imagine they have an entire room of people doing this using automated tools and years of experience. We can also see from their activity that they only take a few hours break each day, possibly working in shifts to get the crypto turned into cash.
Elliptics analysis tallies with that of Bybit, which stated that 20% of the stolen funds have gone dark and will likely never be recovered. Bybit was hacked on February 21 after hackers secretly altered the digital wallet address and stole over 400,000 ETH. Bybit thought it was transferring the funds to its wallet but instead sent it to the hackers.
Utah Legislature Passes Blockchain Bill
Lawmakers in Utah approved legislation aimed at providing regulatory clarity for crypto. However, they removed a key provision that would have allowed the state to invest public funds into crypto. The HB 230 - Blockchain and Digital Amendment Bill passed Utahs Senate 1907 after legislatures amended the bill to remove language that would have authorized the states treasurer to allocate state-managed funds towards a Bitcoin reserve. The House approved the bill 52-19 with four abstentions. Despite the amendments, the bill still contains several blockchain-friendly provisions.
The bill prohibits state and local governments from restricting the acceptance or custody of digital assets, protects individual rights to run blockchain nodes and participate in staking, and exempts these activities from state money transmitter licensing requirements. It also limits local governments from imposing zoning and noise regulations targeting mining operations in industrial zones. While Utah has taken a step back, other states have moved to integrate BTC into public finances, with Texas and Arizona at the forefront.
The Texas Senate approved the bill to integrate Bitcoin (BTC) into public finances with Senator Charles Schwertner, the bills sponsor, saying BTCs scarcity and potential as a hedge against inflation made it a valuable asset for the states finances.
We dont have stacks of dollar bills and safes like we did in medieval times. What we have is a digital currency.
Arizona is also advancing its own proposal for a Bitcoin reserve, which has already passed through the Senate Finance Committees third reading.
Bitcoin (BTC) Price Analysis
The crypto market has declined as traders assess the impact of trade tensions, inflation, tariffs, and Donald Trumps Bitcoin reserve order. Bitcoin (BTC) is down nearly 5% to trade just above $82,000 as bearish sentiment intensified over the weekend. The flagship cryptocurrency dipped to a low of $80,005 on Sunday as bearish sentiment intensified before rebounding during the ongoing session. The decline comes despite Donald Trump signing an executive order to establish a strategic reserve. According to QCP Capital, the markets reaction is due to the realization that no actual budget has been allocated for BTC purchases.
The knee-jerk reaction lower likely stems from the realization that no actual budget has been allocated for Bitcoin purchases in the near term.
The executive order directs the Secretaries of Treasury and Commerce to develop budget-neutral strategies for acquiring additional BTC. However, it stops short of utilizing taxpayer funds to conduct purchases, which is why most investors are unhappy with the reserve, according to David Lawant, head of research at FalconX.
Bitcoin tumbled about 5% immediately following the announcement before partially recouping most of the losses, reflecting short-term expectations that the U.S. government will not be immediately committing to acquiring crypto assets in the open market.
However, some analysts see the establishment of a reserve as a bullish sign and a significant milestone for Bitcoins institutional acceptance. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, stated,
I absolutely think the market has this wrong. The market is short-term disappointed that the government didnt say it was immediately going to start acquiring 100,000 or 200,000 bitcoins. I think the right question to ask is: did this executive order make it more likely that in the future, bitcoin will be a geopolitically important currency or asset? Will other governments look to follow the U.S.s lead and build their own strategic reserve? And to me, the answer to that is emphatically yes. I think the market will soon find its footing and realize that this is incredibly bullish long term for this asset and for crypto as a whole.
BTC has faced considerable volatility over the past week as it struggles to retake $90,000. The flagship cryptocurrency dipped below the 200-day SMA over the weekend as selling pressure intensified before rebounding. BTC plunged below $80,000 last Friday as it fell to an intraday low of $78,173. However, it recovered from this level to reclaim $80,000 and settle at $84,362, ultimately registering a marginal decline. Buyers returned to the market on Saturday as the price rose over 2% and settled at $86,182. Bullish sentiment intensified on Sunday, and BTC surged over 9% to reclaim $90,000, moving past the 20-day SMA and settling at $94,322. However, the rally was short-lived as the price dropped 8.58% on Monday, slipping below $90,000 and the 20-day SMA to settle at $86,225. BTC plunged to an intraday low of $81,500 on Tuesday as selling pressure intensified. It recovered from this level to register an increase of 1.27% and settled at $87,316.
Source: TradingView
Sellers retained control on Wednesday, and BTC rose nearly 4% to reclaim $90,000 and settle at $90,639. The price faced volatility on Thursday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC dropped nearly 1%, slipping below $90,000 and settling at $89,597. Bearish sentiment intensified on Friday as BTC fell to a low of $84,722 before settling at $86,781, a decline of 3.53%. Sellers retained control on Saturday, with the price registering a marginal decline. Selling pressure intensified on Sunday, and BTC dropped over 6% to slip below the 200-day SMA to a low of $80.005. The price registered a marginal recovery from this level and moved to $80,736. The current session sees BTC up nearly 3% and trading above $82,000 as buyers look to build momentum and move past the 200-day SMA.
If BTC continues to decline and drops below $80,000, it could retest $78,000. A break below this level could push the price down to $75,000. Buyers must move past the 200-day SMA and reclaim $90,000 to invalidate such a scenario.
Ethereum (ETH) Price Analysis
Ethereum (ETH) registered a substantial decline over the weekend as it slipped below a key support level. The worlds second-largest cryptocurrency is struggling to stay above $2,000 and fell to a low of $1991 on Sunday before rebounding. ETH has struggled to build momentum and has been stuck below key resistance levels for over a year despite multiple attempts to overcome them. Price action over the past couple of weeks has shown more weakness, with ETH dipping below $2,000 before rebounding.
ETH fell to a low of $2,077 last weekend before recovering and settling at $2,238. Sellers retained control on Saturday as the price dropped nearly 1%. However, markets rallied on Sunday, and ETH surged almost 14% to reclaim $2,500 and settle at $2,520. ETH lost momentum on Monday and dropped nearly 15%, slipping below $2,500 and settling at $2,149. The price fell to an intraday low of $1,996 on Tuesday as selling pressure intensified. The prince rebounded from this level to reclaim $2,000 and settle at $2,172, ultimately rising over 1%. Buyers retained control on Wednesday as ETH rose over 3% to $2,241. Despite the positive sentiment, the price fell back into the red on Thursday, dropping nearly 2% to $2,203.
Source: TradingView
Selling pressure persisted on Friday as the price fell nearly 3% to $2,141. Buyers stepped in at this level, allowing ETH to rise almost 3% and settle at $2,204. Bearish sentiment registered a substantial increase on Sunday as ETH slipped below $2,000 for the second time in a week, dropping to a low of $1,991 before settling at $2,020. The current session sees ETH up over 2% and trading at $2,066. Buyers must prevent a decline below $2,000. A break below this level could see ETH drop to $1,800. If buyers retain control, the price could move past $2,200. However, ETH must reclaim $2,500 for bullish sentiment to return. The MACD is bearish, while the RSI sits below the neutral zone, indicating bears have the upper hand.
Solana (SOL) Price Analysis
Solana (SOL) traded downwards for almost all of last week as it struggled to reclaim the $150 mark. The price registered an impressive increase of nearly 8% and settled at $148 last Friday despite falling to an intraday low of $125. The price declined on Saturday, falling over 3% to $143. However, markets rallied on Sunday and SOL surged nearly 25% to reclaim $150, move past the 20-day SMA, and settle at $178. Bearish sentiment returned on Monday as SOL dropped over 20%, slipping below $150 and the 20-day SMA and settling at $142. The price fell to an intraday low of $130 on Tuesday as selling pressure intensified. However, it recovered from this level to register an increase of nearly 2% and settle at $144. Buyers retained control on Wednesday as the price registered an increase of over 1% and settled at $146.
Source: TradingView
SOL was back in the red on Thursday falling over 2% to $143. Sellers retained control on Friday as the price dropped 2.77%, slipping below $140 and settling at $139. SOL continued to decline on Saturday, dropping 1.67% to $137. Bearish sentiment intensified on Sunday as SOL fell below a key support level, dropping nearly 8% to $126. The current session sees SOL marginally up as buyers and sellers struggle to establish control. If SOL continues declining, it could drop to $120. A break below this level could see the price drop to $100. On the other hand, buyers will look to retake control and push SOL past $150 and the 20-day SMA.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) was quite positive last weekend, registering an increase of 2.28% on Saturday and moving to $0.206. Bullish sentiment intensified on Sunday as markets rallied. As a result, DOGE surged nearly 16% and settled at $0.239. However, the rally lost momentum on Monday, dropping almost 17%, slipping below $0.20 and settling at $0.199. DOGE fell to an intraday low of $0.183 on Tuesday before recovering to settle at $0.199, registering a marginal increase. Buyers retained control on Wednesday, and DOGE registered an increase of nearly 3% and settled at $0.204. Sentiment changed on Thursday as DOGE fell back after reaching an intraday high of $0.220, falling 1.66% to $0.201.
Source: TradingView
DOGE continued to drop on Friday, falling nearly 2% to slip below $0.20 and settle at $0.197. Sellers retained control on Saturday as the price fell 3.73% to $0.192. Bearish sentiment intensified on Sunday as DOGE fell nearly 13% to $0.167. The current session sees DOGE up just over 2% as buyers look to push the price back towards $0.20. The RSI is well below the neutral zone, while the MACD indicates a growing bearish sentiment, suggesting DOGE could drop further.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) slipped below key support levels last week as bearish sentiment intensified. The price fell almost 1% last Saturday and settled at $0.417. The price rebounded from this level, rising nearly 11% on Sunday and settling at $0.462. However, selling pressure returned on Monday as ARB plunged almost 16%, slipping below a key support level and settling at $0.391. ARB continued to decline on Tuesday, falling to an intraday low of $0.349 before settling at $0.379. Despite the overwhelming bearish sentiment, ARB rallied on Wednesday, rising over 9% and settling at $0.415, but not before reaching an intraday high of $0.434.
Source: TradingView
Sentiment changed on Thursday as the price dropped nearly 3% to $0.403. ARB continued to decline on Friday, falling over 2% to slip below $0.40 and settle at $0.394. ARB registered a marginal increase on Saturday but fell back in the red on Sunday, plummeting over 12% to end the weekend on a bearish note at $0.349. The current session sees ARB up nearly 2% as it looks to reclaim lost ground and push to $0.40. The MACD is bearish, indicating ARB could see further declines.
Bittensor (TAO) Price Analysis
Bittensor (TAO) has declined substantially since February 21, when it reached a high of $494. The decline has seen TAO drop below $250 and trade around $243. The price registered a substantial increase on Saturday rising nearly 4% to $337. Buyers retained control on Sunday as TAO rose almost 5% to move past $350 and settle at $353. However, markets collapsed on Monday, and TAO fell over 16%, slipping below $300 and settling at $295. The price continued to decline on Tuesday, falling to an intraday low of $258 before recovering to settle at $287, ultimately registering a drop of 2.60%. TAO rallied on Wednesday as it attempted to reclaim $300. However, it fell short of this level and settled at $299 after an increase of over 4%.
Source: TradingView
Sentiment changed on Thursday as TAO dropped 4.19% and settled at $287. The price continued to decline on Friday and registered a fall of 4% to $275. TAO registered a marginal increase on Saturday but substantially declined on Sunday, falling over 11% to slip below $250 and settle at $244. The current session sees TAO marginally up as buyers and sellers struggle to establish control.
Celestia (TIA) Price Analysis
Celestia (TIA) surged to an intraday high of $4.51 last Sunday as buyers attempted to push the price towards $5. However, it lost momentum after reaching this level and dropped to $4.14, ultimately registering a marginal decline. Selling pressure registered a substantial increase on Monday as TIA plunged nearly 18%, slipping below the 20 and 50-day SMAs and settling at $3.42. TIA encountered volatility on Tuesday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as the price registered a marginal increase. However, bearish sentiment returned on Wednesday as the price dropped nearly 1% and settled at $3.39.
Source: TradingView
Bearish sentiment intensified on Thursday after a failed attempt to cross the 20-day SMA. As a result, TIA fell over 6%, slipping below a key support level and settling at $3.17. The price continued to drop on Friday, falling nearly 1% to $3.15. Buyers returned to the market on Saturday as TIA registered an increase of 4.54% and settled at $3.29. However, it was back in the red on Sunday, falling over 8% to $3.02. The current session sees TIA up nearly 2% and trading at $3.08. The MACD indicates growing bearish sentiment, suggesting TIA could decline in the short term. However, buyers will attempt to keep the price above $3.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
