Month: March 2023

US government plans to sell 41,490 BTC connected to Silk Road

The US government sold 9,861 bitcoin on 14 March, netting over $215 million.
41,490 BTC remain from over 51,000 seized in November and will be sold in four batches this year.
Court documents show that bitcoin is connected to the darknet market Silk Road.

The US government, which says it recently sold 9,861 bitcoin (BTC), is reportedly looking to liquidate another 41,500 BTC before the end of the year.

According to documents filed in court, the sale is for Bitcoin seized from entities connected to the infamous darknet marketplace Silk Road. The sale will occur in four batches this year.

US government sold over $215 million worth of BTC

Court documents show that the US government netted over $215 million when it sold 9,861.17 BTC out of the 51,351 bitcoin seized last November. 

The liquidation occurred on 14 March, the court filing indicates, with this particular tranche of BTC forfeited by James Zhong following his arrest and arraignment over wire fraud related to Silk Road.

A total of 41,490 BTC remain from what was seized from Zhong, which the US government now plans to sell in four tranches. Justin Sun, the founder of Tron (TRX), says the US government should sell the BTC to him at a 10% discount through an OTC deal.

US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023

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Solana price prediction: What next for SOL after 110% upside in Q1 2023?

Solana price is up 110% in the past three months.
SOL closed in the red in February and is likely to end March 4% lower, but January ended with SOL 140% up.
Crypto intelligence firm Messari has highlighted Solana’s growth potential as network navigates away from recent outages and other challenges.

Solana price is negative on the monthly time frame in March, with SOL/USD at $20.88 currently seeing the token down 3% in the past 30 days. Notably, Solana price remains 80% down this past year and about 91% off its all-time highs of $260 reached in November 2021.

However, the cryptocurrency is set for its best quarterly returns in nearly two years. This is despite all the downside pressure amid network challenges since late last year, with SOL’s returns over the past three months well over 100%.

Messari highlights Solana growth potential

Crypto market intelligence firm Messari recently highlighted Solana’s growth even as FUD spread, noting that trying to compare the blockchain to some L2s in terms of TVL was missing the point.

Comparing Solana’s TVL to other emerging chains doesn’t tell the full story. Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks. If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s,” Messari researchers wrote.

3/ Comparing @solana‘s TVL to other emerging chains doesn’t tell the full story.

Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks.

If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s. pic.twitter.com/uwkxuEdZk8

— Messari (@MessariCrypto) March 22, 2023

According to Messari, Solana developers are focused on simplifying the deployment of innovative DeFi strategies, automation of on-chain instructions, and deployment of Web3-native websites among others. The pivot towards these efforts could prove key to the Solana ecosystem, with greater adoption very much likely.

What next for Solana price?

TradingView data shows the 3-month candle for SOL/USD is currently poised at +110%. It’s the best quarterly return since Q2, 2021, when the price of Solana rose almost 300% as bullish momentum catapulted cryptocurrencies higher.

Looking at the monthly chart, Solana returns are highest in January with a monthly close at $23.93 giving it 30-day gains of 140%. The last time SOL/USD posted more gains on the monthly timeframe was in August 2021 when prices jumped 195%.

Solana price on the 3-month chart. Source: TradingView

February and March were not so profitable for bulls, with prices down 9% in the second month of 2023. A look at the weekly chart for SOL suggests a slight advantage for sellers with the weekly RSI below the 50 line and prices facing an uphill task towards $40.

On the downside, a breakdown below $20 could risk new dump to the 16.

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Web3 game developer Gala Games inks strategic partnership with Huobi

Gala Games says the partnership will help advance development across the Web3 gaming industry.
Huobi will list Gala Games ecosystem coins and invest in top quality gaming projects.
Huobi Token price was largely flat on Friday, trading around $3.66.

Web3 gaming company Gala Games has entered a strategic partnership with cryptocurrency exchange Huobi Global to boost development and investment in top notch gaming projects.

Huobi to list Gala Games tokens

The partnership will see Huobi Global integrate Gala Game’s highly scalable layer 1 blockchain and list Gala Games ecosystem tokens. The collaboration also allows the two platforms to co-invest in leading game projects and support other growth initiatives.

👏 Great News!#Huobi is happy to announce a strategic partnership with #Gala Games @GoGalaGames in ecosystem development.

Together, we will cooperate in the investment and listing of high-quality projects, including Layer1 integration, cobranding & community development. pic.twitter.com/LTqy8pXkF3

— Huobi (@HuobiGlobal) March 31, 2023

Jason Brink, President of Blockchain at Gala Games stated that the partnership is a key step towards mass adoption of Gala’s layer 1 blockchain.

Integration of our layer 1 blockchain into popular exchanges like Huobi is absolutely crucial with the level of mass adoption we’re looking for. This partnership empowers tomorrow’s developers to create a more stable and secure web3 future,” he noted in a press release published on Friday.

Huobi was founded in 2013 and is one of the largest digital assets platforms in terms of daily trading volume. 

According to data from CoinMarketCap, Huobi is the 17th largest exchange in spot volume and the 10th largest in derivatives volume as of 31 March 2023. The exchange’s native token Huobi Token traded around $3.66 at the time of writing. The all-time high for HT was $39.66 reached on 12 May, 2021.

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Crypto prices: Bitcoin to end first quarter on a bullish note

The cryptocurrency market cap was around $1.24 trillion as Bitcoin price reclaimed the $28,500 level, with crypto poised to end the first quarter of 2023 higher. BTC price was up 24% in the past 30 days, and 83% up year-to-date.

Crypto analyst Rekt Capital says Bitcoin is poised for a historic quarterly close, which could inform upward impetus over the next several months.

#BTC is on the cusp of confirming its first Quarterly Bullish Engulfing Candle since early 2020

Historically, Quarterly Bullish Engulfing Candles have preceded multiple quarters of upside$BTC #Crypto #Bitcoin pic.twitter.com/Hyeew5HCy0

— Rekt Capital (@rektcapital) March 31, 2023

Meanwhile, bullish momentum over the past three months has also seen Ethereum price jump nearly 64% YTD. ETH with a daily close at current prices will see it end March 15% higher. The outlook for most top altcoins is the same, with XRP, Binance Coin (BNB), Polygon (MATIC) and Cardano (ADA) set to end Q1, 2023 higher.

Bitcoin and tech stocks higher YTD

While the US stock market opened higher on Friday, with equities buoyed by the latest economic data, the overall gains across tech stocks pale when compared to Bitcoin. For instance, the S&P 500 was 6.75% up YTD at 11:30 am ET, the Dow Jones Industrial Average was 0.4% down over the period and the tech-heavy Nasdaq Composite was 16.7% up.

However, Bitcoin and some tech stocks have outperformed most other assets this quarter. As noted above, BTC/USD is 83% up YTD and will likely close the quarter with more than 80% in gains. Tesla (TSLA) was 86% up at the time of writing, while Meta Platforms (META) was +63% YTD.

The Apple (AAPL) stock was +30% YTD on Friday, while Amazon (AMZN) had gained more than 20% this quarter.

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Binance announces the launch of Alpine Race Day Collectibles

Key takeaways

Binance has launched the Alpine Race Day Collectibles for its new and existing users. 

The competition will commence on April 2 and will cover all the Formula events for the remainder of the 2023 calendar. 

For each F1 GP, Binance will release 6,000 digital Alpine Race Day Collectibles, and six of those 6,000 will be Super Super Rare (SSR) NFTs. 

Binance users to claim Alpine Race Collectibles for Formula 1 experiences

Binance, the world’s largest cryptocurrency exchange by market cap, has announced the launch of its Alpine Race Day Collectibles.

In a press release shared with Coinjournal, Binance revealed that the Alpine Race Collectibles are the latest addition to the Alpine Fan Token ecosystem. The digital collectibles are crafted by the artisans at Alpine, then transformed into unique, limited-edition collectibles by the Alpine Fan Token team, Binance explained.

The cryptocurrency exchange added that its users would have the opportunity to claim Alpine Race Collectibles for Formula 1 experiences starting from April 2nd through the 2023 F1 calendar.

Binance would be starting with the Australian GP, adding that the Alpine Race Day Collectibles also come with unique rewards for fans. The cryptocurrency exchange said the the reward attached to the Alpine Race Day Collectible for the Australian Grand Prix is the chance to visit the Alpine factory in the UK.

Binance to release 6,000 Alpine Race Day Collectibles for each F1 GP

The company explained that it would release 6,000 Alpine Race Day Collectibles to the public for each F1 GP. of the 6,000 collectibles to be released, six would be special Super Super Rare (SSR) NFTs and tied to the weekend’s rewards.

Winners can take part in that week’s rewards but would have the opportunity to sell their SSR NFT along with its associated rewards on the Binance NFT marketplace if they choose to. 

Binance launched its Alpine Fan Token in February 2022 thanks to its partnership with the BWT Alpine F1 Team, a renowned F1 constructor previously known as the Renault F1 Team.

New and existing users can claim the Alpine Race Collectible on Binance, the cryptocurrency exchange added. While new users can claim the collectibles by completing their ID verification, existing users must have 20 Alpine Fan Tokens in their wallet to claim the Mystery Box and access the Alpine Race Collectible it contains.

This latest development comes less than a week after Binance announced that it had launched a new regional hub in Georgia. Binance revealed that it wants to ramp up talent acquisition, promote blockchain education, and accelerate crypto adoption in the region.

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Bitcoin volatility rising as $4.2 billion options set to expire Friday

Key Takeaways

Bitcoin volatility is the highest point since July 2022
Liquidity is extremely thin which is pushing volatility higher and accentuating price moves
$4.2 billion of options expire Friday, with bull set to profit following the recent surge up to $28,000

Yesterday, I wrote a piece looking at how the correlation between Bitcoin and the stock market, notably tech stocks, has come back up. The relationship had loosened amid the banking turmoil that struck financial markets, triggered by the collapse of Silicon Valley Bank.

As well as rising correlation, the market is also swinging wildly – the volatility is as high as it has been since July 2022, around the time Celsius sent evaporated into thin air and sent the market into mayhem.

Why is volatility rising?

The volatility spike is not surprising in light of the glut of liquidity currently in the markets. We crafted up a piece on this earlier this week, assessing how 45% of stablecoins had flowed out of exchanges in the last four months, with the balance now at the lowest point since October 2021. 

It gives context to the recent Bitcoin price rise. With less liquidity in the markets, moves are naturally more violent, and Bitcoin has surged up to $28,000, now up 68% on the year. 

While the move to the upside has been exacerbated by this thin liquidity, the opposite also holds true: the downside risk is elevated when markets are so thin. 

It paints a picture of high risk for an asset that already oscillates wildly at the best of times. 

Derivatives add to volatility

Another factor? Derivatives open interest is absolutely soaring, with the below chart from Coinglass showing that options open interest is at its highest point since November 2021. 

As I write this on March 31st, a mammoth $4.2 billion of Bitcoin options are set to expire. The below chart also shows the strike prices of the options – with a call/put ratio of 2.09 and Bitcoin currently trading close to $28,000, it will be a profitable day for many traders. 

Digging into the numbers, there are 97,300 call options expiring at a strike price of $28,000 or less, compared to 24,500 put options. The dollar split is over $2 billion in favour of calls. 

Looking at strike prices of the next level up, it is pretty much all call options. Between $28,000 and $32,000 there are 48,000 call options against 400 put options with a $1.4 billion split in favour of calls. 

After a year of bears dominating, there will finally be some bulls primed to profit. 

Indeed, looking at the Bitcoin spot holdings, it is showing more positive news all across the market. In December, the majority of Bitcoins were in loss-making positions, when comparing the market price to the price at which they last moved. 

Today, however, 74% of the supply is in profit when using the same metric. 

 

With interest rate policy expectations softening, Bitcoin has finally been allowed room to run. However, with thin liquidity and high volatility comes risk, although when it comes to Bitcoin, risk is hardly a foreign concept.

The post Bitcoin volatility rising as $4.2 billion options set to expire Friday appeared first on CoinJournal.

Crypto price prediction: HBAR, Celo, Injective Protocol

Bitcoin price had a strong performance this week as investors ignored one of the biggest cryptocurrencies news of the year. During the week, the Commodity Futures Trading Commission (CFTC) announced a lawsuit against Binancethe biggest crypto exchange in the world. The rally coincided with the strong comeback of American indices like the Dow Jones and Nasdaq. This article will look at the price predictions of Hedera Hashgraph (HBAR), Celo, and Injective Protocol.

Hedera Hashgraph price prediction

The 4H chart shows that the HBAR price had a good week as investors reacted to its growing ecosystem. Hedera Hashgraph managed to move above the key resistance at $0.068, the highest level on March 14. The token has moved above the 50-period exponential moving average (EMA) while the Relative Strength Index (RSI) has moved close to the overbought level.

HBAR has moved above the Ichimoku cloud. Therefore, there is a possibility that the coin will continue rising, with the next key resistance level to watch being at $0.078, the lowest point on February 13. This price is about 13.45% above the current level.

HBAR chart by TradingView

How to buy Hedera Hashgraph

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy HBAR with Bitstamp today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy HBAR with Binance today

Celo price prediction

Celo is an EVM-compatible blockchain platform that makes it possible for developers to build quality applications in industries like DeFi and Non-Fungible Tokens (NFT). Celo jumped as the number of Celo Domain Names minted jumped to over 200k. The developers also announced that Celo’s Europe DAO was coming soon.

Celo has been in a strong bullish trend in the past few days. It moved above the key resistance level at $0.6861, the highest level on March 20th. The coin has moved above the 50-period moving average. Further, the Stochastic Oscillator has also moved slightly below the overbought point. Therefore, Celo will likely continue rising as buyers target the key resistance at $0.85, ~20% above the current level.

CELO chart by TradingView

How to buy Celo

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy CELO with Binance today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.


Buy CELO with OKX today


Injective Protocol price prediction

INJ price has been in a strong bullish trend in the past few years. Injective Protocol has jumped by about 90% above the lowest level this month. It has risen by 280% above the lowest level this year. The token has moved above the 50-period moving average while the Relative Strength Index (RSI) and the Stochastic Oscillator moved to the overbought level.

Therefore, Injective Protocol will likely continue rising as buyers target the key resistance point at $5.5. This view will be confirmed if it moves above the year-to-date high of $5.0. 

INJ chart by TradingView

How to buy Injective Protocol

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy INJ with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

Users can benefit from a beginner-friendly interface and relatively low fees.


Buy INJ with KuCoin today

The post Crypto price prediction: HBAR, Celo, Injective Protocol appeared first on CoinJournal.

TRX/USD bullish setup as it tries to overcome resistance

TRXUSD tries to overcome resistance seen at $0.07
A double bottom pattern formed at $0.05
An inverse head and shoulders pattern supports the bullish case

Another bullish setup appeared on the cryptocurrency market, this time involving TRON.TRX/USD struggles to overcome resistance seen at $0.07, and various bullish patterns formed in the meantime.

First, we should mention the bearish trend that lasted until the very last moment of 2022. Even in 2022, the market tried to make a new lower low, but somehow, bulls survived.

Second, even if the future price action confirms the double bottom and the inverse head and shoulders pattern, it would mean nothing if they are not accompanied by further strength above the previous higher low.

TRXUSD chart by TradingView

Tron has formed a double bottom pattern at $0.5

During the last weeks of 2022, Tron has formed a double bottom pattern. As it turned out, the $0.05 area was too difficult to break.

A double bottom is a reversal pattern – a bullish one. Hence, it forms at the end of bearish trends.

Its measured move coincides with the measured move of another bullish pattern – an inverse head and shoulders.

An inverse head and shoulders comes to support the bullish case

An inverse head and shoulders pattern takes more time to form. In this case, it took about half a year and is still incomplete. Bulls may want to see the price action closing above the neckline and then heading toward the measured move seen in orange on the chart above.

Whenever there are more than one patterns that point in the same direction, it is said that the market is in a confluence area. But the real bullish break, if any, would come only if TRX/USD is strong enough to break above $0.09, a pivotal area. On such a move, it means that the previous lower high is broken, and more strength should lie ahead.

The post TRX/USD bullish setup as it tries to overcome resistance appeared first on CoinJournal.

LINK/USD: when will this consolidation end?

LINKUSD has consolidated for more than six months
A bearish flag might form
Bulls and bears should wait for a breakout before acting

Chainlink provides data to smart contracts on the blockchain, and LINK/USD is in a long-term consolidation following an abrupt selloff. Both bulls and bears must have lost their patience, but such consolidations are interesting to trade because they usually appear ahead of another big market move.

Unlike other cryptocurrencies, LINK did not make new lower lows in the second half of 2022. Instead, buyers appeared on every attempt to trade below $6.

So that is a bullish accomplishment. On the flip side, every bounce was not strong enough to break the previous lower high. Therefore, bears appear to still be in control.

2023 brought a much-needed rally to the cryptocurrency market. Bitcoin, in particular, surged, and its bullish price action translated into bullish movements on other coins too.

Indeed, LINK/USD rallied from $6 to $8, only to meet new sellers there. In other words, the price action evolves inside a horizontal channel, and until a breakout, the chances are that it will go nowhere, only frustrating both bulls and bears.

LINKUSD chart by TradingView

Does the horizontal channel suggest anything?

Whenever a horizontal consolidation appears on a chart, the technical trader should look on the left side for trending conditions. In this case, a bearish trend is present, meaning that the horizontal consolidation might be part of a bearish flag pattern.

That is one scenario.

Another is that the market is simply carving a bottom. But for that to be true, bulls should wait for the price to break above $9.5, and ideally above $10, before going long.

The measured move of a horizontal channel is the channel’s width. So, just look for a breakout in either direction and target the measured move.

The post LINK/USD: when will this consolidation end? appeared first on CoinJournal.

BetFury Launches iGaming Event With $1M Prize Pool

Germany, Frankfurt, 31st March, 2023, Chainwire

BetFury has announced Fury Games Legacy, a 21-day adventure for intrepid players. From March 29, users of the online casino can play games and join exciting activities with magical crypto rewards.

Participants in Fury Games Legacy have an opportunity to share in the $1 million prize pool and try to win a Lamborghini Huracan.

In addition, beginners can enjoy a profitable Welcome Pack with free spins and deposit bonuses.

Join the event with up to 1,000 free spins and $3,500 in Welcome Pack available.

Fury Games Legacy will last for three weeks. During this time, players can not only succeed by winning the grandiose Wizarding Battle but also experience Secret Chambers with fantastic bonuses and other crypto rewards every day.

Throughout the event, there will be a magical competition known as the Wizarding Battle for $1M. The player who takes first place in the Wizarding Battle wins a fast and luxurious Lamborghini Huracan. To become a winner, players need to earn points. The rules are simple: play various games on BetFury and move up the leaderboard. More points equate to more chances to win.

BetFury is also offering Secret Chambers, a calendar with special bonuses and activities that open every day. They can contain crypto bonuses, free spins, and many other surprises. The first Chamber has already opened – it’s a Twitter giveaway. Players should participate and follow the calendar to catch the next wave of bonuses.

About BetFury

BetFury is a crypto casino with unique opportunities and over 8,000 games supporting over 50 cryptocurrencies. The platform has its native utility BFG token, which can be used both for playing and trading on top crypto exchanges. Besides, BetFury provides special mining and staking features to earn more BFG or get paid in popular currencies like BTC or ETH.

Follow BetFury’s social media and collect bonuses during the event

TwitterTelegram | VIP Club | Discord | YouTube | TikTok | BitcoinTalk

Contacts

PR Manager, Helen, BetFury, helen@betfury.io, PR Manager, Mary, BetFury, pr@betfury.io

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