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Saeed Ul Hassan

Weekly Market Watch: Bitcoin and Ethereum’s Bullish Ride, Altcoin Shines

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In the previous week, the cryptocurrency market showed promising signs as Bitcoin and Ethereum embarked on a bullish ride, reaching their highest levels in eight months. This bullish trend positively influenced the overall market sentiment. 

Nonetheless, some lower market cap altcoins outperformed Bitcoin and Ethereum, recording significant gains in the weekly chart. These coins stood out in the crypto market with their impressive performances amidst the bullish trend of Bitcoin and Ethereum.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Conflux (CFX) leading the pack, followed by Stacks (STX), and third in line, is Mask Network (MASK). 

Conflux (CFX) has surged by 200% in the past seven days, making it the top-performing coin among the top 100 tokens by market cap. Its success is largely attributed to its compliance with Chinese regulatory requirements and partnerships with big-name enterprises, such as Little Red Book and China Telecom. 

The recent incorporation of Little Red Book into its ecosystem has enabled its 180 million+ users to display NFTs produced on Conflux on their page.

CFX 1D graph coinmarketcap 1
Source: CoinMarketcap

At present, CFX is trading at $0.4443, demonstrating a 10% increase in the past 24 hours and a significant 9.95% surge in its marketcap. The token hit its peak of $0.48 after beginning the week at $0.1479, displaying a strong and remarkable performance. 

Meanwhile, Stacks (STX) is also gaining attention from the community as a second top weekly performer. Over the past week, STX has experienced an impressive surge of approximately 112%. As of now, STX is trading at $1.18; in the last 24 hours, the token has experienced a 2.65% decrease.

STX 7D graph coinmarketcap 1
Source: CoinMarketcap

The STX price surge was triggered by the DeGods NFT collection’s announcement of their very own Bitcoin Ordinals NFT collection. Unlike Yuga Labs, DeGods is using the auction method to sell 535 rare NFTs from its OG collection inscribed on the Bitcoin block 776408. The first auction sold for 3.2 BTC or around $84,000, which is over 700% higher than the original price.

Mask Network (MASK), which is currently trading at $6.04 with a 100% rise in the weekly chart, is also gaining attention. Moreover, some popular coins are experiencing gains in weekly charts, including SingularityNET(AGIX) at 49%, Fantom (FTM) at 38%, and WBTC, with an increase of 30%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s recent run of bearish momentum seems to have come to an abrupt end. With its strong performance towards the end of last year, the world’s largest cryptocurrency has managed to mark its key resistance at $28,000 this past week.

BTC 7D graph coinmarketcap 5
Source: CoinMarketcap

Bitcoin bulls initiated a rally on March 17th with the goal of reaching its major resistance level of $28,000. They were able to breach the key resistance at $27,000, which marked the highest level since June. Today, on March 19th, BTC succeeded in surpassing its major resistance level. 

However, the past week has been bullish for Bitcoin, as it gained momentum and moved towards its next significant resistance level at $30,000. Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, experiencing a sharp increase in value in the past week and marking its key resistance at $1,800 since August 2022.

ETH 7D graph coinmarketcap 6
Source: CoinMarketcap

According to the data from CoinMarketCap, Bitcoin is currently trading at $28,125.55, with a 31.21% growth over the past seven days but a 2.83% increase in the past 24 hours. While ETH is trading at $1,801.79, experiencing a 0.51% increase in the past 24 hours and a 16.22% over the past seven days.

Polygon Takes Flight: 20% Weekly Surge As zkEVM Mainnet Beta Launch Approaches

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As the cryptocurrency market continues to surge, Bitcoin has once again taken the lead, marking an 8-month high and surpassing major resistance at $28k. However, it’s not just Bitcoin that’s on the rise – Polygon (MATIC) is also showing promising growth with others.

In the last seven days, MATIC has seen a 21% increase, making it one of the top-performing cryptocurrencies. According to the data from CoinMarketcap, MATIC is currently trading at $1.24, with a 5% rise in the last 24 hours and a 10% growth in the trading volume in the same time period.

MATIC 1D graph coinmarketcap 3
Source: CoinMarketcap

The MATIC price is currently encountering resistance in the vicinity of $1.25. A significant surge could be initiated if the price manages to break above the $1.30 resistance level. 

On the other hand, if the MATIC price is unable to surpass the $1.25 level, it could experience further downward movement. The $1.10 level represents initial support on the downside.

Polygon (MATIC) Price Driving Factor

The price of MATIC has been surging due to some major announcements from the network. The biggest news is that Polygon will be launching its zkEVM Mainnet Beta on March 27th, which is expected to bring Ethereum into new territories in the world of Web3.

To make the launch even more exciting, the network has announced that it will be joined by Ethereum co-founder Vitalik Buterin, as well as partnering with ETHGlobal. The launch is expected to be a significant step towards solving Ethereum’s scaling issues, which have been causing problems for the network for some time.

Polygon Labs has also made some major announcements. It has revealed that it will be teaming up with other Web3 leaders to change the internet forever with the upcoming launch of Polygon zkEVM.

Among the solution providers that will be joining the launch is Chainstack, the leading suite of services connecting developers with Web3 infrastructure.
Chainstack is to be the Web3 infrastructure Ecosystem Partner of Polygon zkEVM, and developers will soon have ample means of accessing it on the Chainstack platform.

Transak, a platform that enables direct fiat-crypto onboarding, also supports Polygon zkEVM. This move will enable users to seamlessly onboard onto the leading ZK scaling solution for Ethereum.

Luganodes is another launch partner for zkEVM Mainnet Beta. The company is excited to support Polygon zkEVM as it revolutionizes the industry with its groundbreaking technology.

Moreover, Ankr, a platform allowing developers to build web3 apps with a full suite of developer tools, has also announced that it will provide RPC connections to zkEVM shortly after launch.

All of these announcements have generated significant excitement among investors and developers, leading to a surge in the price of MATIC. With the launch of Polygon zkEVM Mainnet Beta just around the corner, the Ethereum community is eagerly anticipating the next step in the evolution of Web3.

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OKB Takes Off: Unpacking The Reasons Behind A 27% Weekly Surge

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The OKB native token of the OKX crypto exchange has been on the rise, with an impressive 27% gain in the weekly chart, as well as a 5% increase in the past 24 hours. 

This surge in OKB’s price comes as the overall cryptocurrency market has been in a bullish mode, with the overall market cap up almost 7% earlier today. 

Bitcoin has led the charge, hitting a significant resistance at $26,000, which has caused other coins to surge, including OKB.

According to the data from CoinMarketcap, the token is currently trading at $48.12. However, the coin is currently facing key resistance at around $50, and if it manages to surpass it, it could experience further gains toward major resistance at $55. It could drop to $45 or below if it fails.

OKB 1D graph coinmarketcap 3
Source: CoinMarketcap

OKB Price Driving Factor

The OKB price has been on the rise due to a number of key factors. One of the most significant of these is the recent announcement from OKX, the world-leading cryptocurrency platform, regarding its expanded partnerships with Filecoin EVM. 

“As one of the first multi-chain wallets to integrate the Filecoin EVM upgrade,” OKX is poised to take advantage of the decentralized properties of the Ethereum blockchain and provide its users with even more robust storage and retrieval options for their data.

Filecoin allows anyone to store and retrieve data on the internet, while the Ethereum Virtual Machine is an execution environment that enables any arbitrary code to be deployed to and run on a blockchain. 

Together, these technologies provide an ideal platform for cryptocurrency users who demand the highest level of security and reliability.

In addition to the OKX-Filecoin EVM partnership, the recent listing of Velodrome Finance ($VELODROME) on OKX’s spot trading markets has also contributed to the rise in OKB price. 

Velodrome, a decentralized exchange, is Optimism’s primary liquidity layer and growth engine, ideal for protocols seeking to incentivize liquidity. Additionally, OKX is solidifying its position in the crypto world by launching a Futures DCA contest with a 27,000 USDT prize pool.

This competition includes events for creating a Futures DCA bot, winning cash rewards based on invested amount, and inviting friends to participate.

These factors combined contributed to the recent rise in OKB price and cemented OKX’s position as a leading platform for cryptocurrency traders and investors.

Related Reading | Cardano Goes Full P2P With The Launch Of Node 1.35.6

BNB Coin Soars 8% With 100% Boost In Trading Volume As Uniswap Arrives On

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The BNB coin is causing a stir in the crypto market with a whopping 101% 24-hour trading volume and a 9% gain on the daily chart. This surge is due to the recent announcement that Uniswap is now officially live on the BNB Chain.

Screenshot 2023 03 17 015719 1

Yesterday, the coin hit a daily high of $330, which is quite impressive, considering it started the day at a low of $301.69. 

The last time the coin experienced such a high was at the beginning of February, almost a month ago. However, the coin has spent most of the summer trading below $400.

In January 2022, the coin’s price dropped to $371.37, but it rose to a high of $408.48 in March, only to fall to $360.30 on March 14th. It later climbed up to $459.81 on April 5th. 

Unfortunately, BNB experienced a sharp drop to $216.36 on May 12th due to the de-pegging of the UST stablecoin. It then rose to $336.67 on May 25th before dropping again.

Despite these ups and downs, the coin ended the year 2022 at $245.78 and began to recover from there. Year to date, BNB has gained about 33%, and it is currently trading at $329.66, with a significant 17% gain in the last seven days. 

Additionally, the coin’s market cap also increased by 7.73% over the previous 24 hours, according to data from CoinMarketCap.

BNB 1D graph coinmarketcap 1
Source: CoinMarketcap

The coin is currently facing key resistance at around $340, and if it manages to surpass it, it could experience further gains toward major resistance at $400. However, if it fails, it could drop to its support level of $289.

BNB Coin Price Driving Factor

Uniswap, the top-ranked decentralized exchange protocol by trading volume, has officially launched on BNB Chain after receiving 66% voter support. 

The deployment was proposed in February by 0x Plasma Labs, and with more than 55 million UNI token holders voting in favor, it was approved. 

The move to BNB Chain offers several significant advantages, including user growth, lower fees, and tapping into new geographical markets. 

Uniswap users can now leverage BNB Chain’s high speed and low transaction fees to trade and swap tokens across the network. 

The launch is expected to further fuel the growth of both Uniswap and BNB Chain as more users join the ecosystem to take advantage of the benefits DeFi offers.

Related Reading | Bitcoin Investors Embrace Self-Custody Amidst Unreliable Banking Sector

Aptos (APT) Soars 22% On Weekly Chart – Here’s Why

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Despite the market’s recent turmoil, Aptos has emerged as one of the shining stars. The token managed to record a remarkable 23% increase in the last seven days alone.

Yesterday, Bitcoin’s rally sparked optimism in the market, hitting the key resistance at $26,000 and leading other altcoins to follow suit. However, this rally proved short-lived as today’s evening saw the market erase the previous day’s gains.

Many coins, including Bitcoin, saw their daily gains wiped out, leaving only the weekly gains intact. Despite the setback, Aptos has managed to hold onto its gains, emerging as one of the few coins to record a notable rise in the weekly chart. 

According to the data from CoinMarketcap, yesterday, APT reached a 20-day high at $14.57, but today it has experienced a 12% decline in value, currently trading at $12.68.

APT 7D graph coinmarketcap
Source: CoinMarketcap

However, as per the price prediction for the token, by the end of March, Aptos will see a substantial increase of 116.91% and reach a value of approximately $27.19. Presently, all indicators suggest a Neutral trend, with the fear & greed index indicating extreme fear at 18.84.

Aptos (APT) Price Driving Factor

Decentralized platform Aptos has seen a surge in price can be due to a series of community events and ecosystem-wide innovations. The company’s latest network update is set to bring lower gas fees across the ecosystem, making it more accessible to users.

One of the highlights of the past month was Aptos’ World Tour in Seoul, which was a huge success. The company’s next stop is Amsterdam on June 5-7, and the company is already looking forward to another exciting event.

The platform has been making waves in Korea, with partners NPIXEL debuting a teaser of their immersive experience built on the Aptos platform. The company has also partnered with Chingari_IN, the world’s fastest-growing on-chain social app, which recently announced its migration to Aptos for ultimate scalability.

For developers, the platform has been making it easier to build dApps with the launch of MoralisWeb3. The company’s Unity Verified SDK is also live, providing tools that help developers design true and immutable ownership of in-game assets, port virtual goods, and purchase, liquidate, and trade game items.

Entrepreneurs and innovators have also been given a boost with the opening of OVioHQ’s accelerator for applications. It kicked off ETH Denver at Interop_Summit, sharing the platform with new friends and its loyal community.

However, the surge in Aptos’ price can be attributed to the company’s dedication to innovation and growth. With the company continuing to build and expand its ecosystem, it’s clear that Aptos is one to watch in the world of decentralized platforms.

Related Reading | Bitcoin: Bubble Asset Or Magnifier Of Labor & Energy?

OKB Soars 22% On OKX Ventures’ Scroll Investment Boosting Ethereum Scalability

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OKB Token, the native cryptocurrency of OKX, the popular crypto exchange platform, has seen a significant surge in price over the last 24 hours. With a rise of 22%, the digital asset has seen its value increase from $40.70 to $52. 

OKB 1D graph coinmarketcap 1
Source: CoinMarketcap

This bullish trend is also evident in the seven-day chart, which shows a 16% increase in value. Furthermore, there has been a notable uptick in the 24-hour trading volume of the token, with a rise of almost 30%.

The year 2022 has been a challenging year for the crypto market, and OKB has not been immune to its ups and downs. In the initial months of the year, the coin struggled, and when the UST stablecoin was depegged, the associated LUNA cryptocurrency collapsed, leading to a significant market crash. As a result, OKB hit its lowest value of $10 on May 12th.

The situation worsened in the following month, as the price of OKB dropped to $9.71 on June 19th, 2022. However, there has been some recovery since then, with the coin briefly crossing the $20 mark in mid-August before settling down to trade at around $16.62 on September 9th, 2022. The value of OKB dropped again to $14.47 on September 22nd, but it eventually recovered to $23.89 on November 7th.

However, the collapse of the FTX exchange caused a drop in value to $17.37 on November 14th before it recovered again to trade at around $22.96 on December 14th, 2022. Since the start of the new year, OKB has made an impressive recovery, with the token almost 97% up from YTD.

image 42
Source: Tradingview

Currently, the price is facing resistance near the $51 zone, and a close above the $52 resistance level could potentially start a steady rise, bringing the price toward the $55 resistance level. But if OKB fails to clear the $45 resistance, it could continue to move downwards, with initial support at the $40 level, followed by a lower decline.

OKB Price Driving Factor

The OKB price rise can be attributed to the fact that OKX Ventures, the investment division of OKX, has announced a strategic investment in Scroll. Scroll is a zkRollup based on zkEVM, fully open-source, and offers Ethereum applications and tools native compatibility while enabling off-chain transaction processing. 

OKX Ventures aims to support Ethereum’s scalability by investing in projects that use zkEVM zkRollups to process transactions off-chain, which reduces the transaction burden on the Ethereum blockchain, resulting in higher throughput and lower costs for mass adoption. 

Scroll’s pre-alpha closed with over 600,000 unique addresses and 400,000 daily transactions, indicating an impressive track record. Scroll Alpha, the final testing phase before mainnet, is now open to all, with over 672,000 unique wallet addresses and 2,916,472 completed transactions.

After further development, Scroll will implement general-purpose smart contracts. The mainnet is expected to launch in four months after intensive development by the Scroll team and the wider crypto community.

Related Reading | Ethereum Whales Adds $600M ETH In Recent Market Dip

Weekly Market Watch: Bitcoin & Ethereum Tumble, Low Cap Coins Surge 

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Last week, the cryptocurrency markets were characterized by a pessimistic outlook as Bitcoin and Ethereum plummeted to their lowest levels in two months, influenced by bearish trends.

However, several altcoins with lower market caps saw significant gains in the weekly chart. These coins stood out from the negative market sentiment affecting Bitcoin and Ethereum.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with KAVA leading the pack, followed by UNUS SED LEO (LEO). 

KAVA, the native token of the Kava lending platform, has emerged as a weekly gainer, experiencing a considerable 25% growth in the weekly chart.

KAVA’s value surged as a result of its network developments, which were highlighted in its 10th week’s performance report. The ecosystem has experienced explosive growth, with KavaRise protocols emerging as clear winners and Kava flipping Solana in terms of total value locked (TVL). 

Additionally, the upcoming release of Kava 13 is expected to enhance protocol onboarding and Kava EVM scalability, further advancing the ecosystem’s growth.

KAVA 7D graph coinmarketcap
Source: CoinMarketcap

At present, KAVA is trading at $0.9714, demonstrating an 11.46% increase in the past 24 hours and a significant 12.63% surge in its marketcap. The token hit its peak of $0.9858 and closed the week at $0.8866 after beginning the week at $0.7898, displaying a strong and remarkable performance. 

Meanwhile, UNUS SED LEO (LEO) is also gaining attention from the community as a second top weekly performer. Over the past week, LEO has experienced an impressive surge of approximately 12%. 

The price surge was triggered by a recent announcement that Hive_creators are using LEO to create genuinely decentralized (CUSTOM JSON) polls on the Hive blockchain, which is something that is highly appreciated.

LEO 7D graph coinmarketcap
Source: CoinMarketcap

As of now, LEO is trading at $3.72; in the last 24 hours, the token has experienced a 5.79% increase, while its market cap has surged by 5.80% in the same time period.

Moreover, some popular coins are experiencing gains in weekly charts, including Aptos (APT) at 5%, PAX Gold (PAXG) at 10%, and GUSD, with an increase of 1.40%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s recent run of bullish momentum seems to have come to an abrupt end. Despite impressing with its strong performance towards the end of last year, the world’s largest cryptocurrency has struggled to break its winning streak but has plummeted back to its January lows.

BTC 7D graph coinmarketcap 4
Source: CoinMarketcap

The value of Bitcoin has dipped under $19,700 for the first time in eight weeks, leaving many taken aback by the sudden slump. Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, experiencing a sharp drop of 10% in value on the same day. 

Just a few days prior, both of them, Bitcoin and Ethereum, had been trading at a much higher price point of $25,126.85 and $1,718.95, respectively. The sudden downturn has caught many off guard.

Despite the setback, Bitcoin and Ethereum have shown signs of recovery. After hitting their lowest point in two months, both tokens have bounced back, signaling a potential bullish run once again in the daily charts. 

ETH 7D graph coinmarketcap 5
Source: CoinMarketcap

According to the data from CoinMarketCap, Bitcoin is currently trading at $21,864.71, with a 2.58% decrease over the past seven days but a 6.58% increase in the past 24 hours. On the other hand, ETH is being traded at $1,576.79, experiencing a 7.21% increase in the past 24 hours and a 0.86% over the past seven days.

Quant (QNT) Bucks Trend With 10% Gain & Amidst Crypto Market Bloodbath

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Amidst the recent turmoil in the cryptocurrency market, Quant (QNT) stands out as a shining star with its impressive performance in the past 24 hours. 

Despite the bearish mode of the leading currencies, QNT managed to gain about 10% earlier today, along with a significant rise in its 24-hour trading volume.

The QNT token has witnessed a surge in its trading volume, which is up by over 50%, and the market cap has also seen an 8% increase. According to the latest data from CoinMarketcap, QNT is currently trading at $118.47, and it seems to be under bullish pressure.

QNT 1D graph coinmarketcap

As per the technical analysis of the price action of QNT, a new resistance level is likely to form at $124. The old resistance levels are expected to turn into support levels, which will further strengthen the bullish sentiment. 

Today’s trading activity has been dominated by the bulls, as indicated by the formation of a long green trend on the chart. However, if QNT fails to hold the $124 level, it may experience a minor correction. The support levels to watch out for in this scenario are $124 and $110.

Quant Connectivity To Avalanche Blockchain

There are some factors by which Quant (QNT) has been gaining attention, one of which is that Quant (QNT) announced its connectivity to the Avalanche blockchain.

This enables firms to launch projects that work alongside their legacy systems without disruption, as well as across different blockchains.

Last month, the company released Overledger 2.2.24, which includes support for Avalanche’s main smart contracts chain, C-chain, opening up another area of functionality for customers. 

According to Martin Hargreaves, Quant’s chief product officer, the addition of Avalanche to their supported blockchains will enable customers to issue, manage, and interact with assets on the platform, as well as its ESG-friendly innovative consensus protocol.

Quant’s core focus is interoperability, both between different blockchains and between blockchains and legacy systems. The other chains supported by the company include Bitcoin, Ethereum, Ripple, Polygon, Polkadot, XDC, Fabric, and Besu.

The move to connect with Avalanche comes as public blockchains offer advantages in terms of speed and cost. Private equity pioneer KKR recently opened its $4 billion Health Care Strategic Growth Fund to distribution via Avalanche. 

The platform claims to be the fastest smart contracts platform in the blockchain industry, with transactions on its blockchain increasing 1,500% year-on-year in 2022. Its enterprise users include CME Group, payments company FIS, and Mastercard.

Related Reading | Ethereum Co-Founder Vitalik Buterin Sparks Backlash With “Shitcoin” Crackdown

Ethereum Plummets 10% Below Key Support Despite 100% Trading Volume Surge 

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The cryptocurrency market faced a bearish hit as Bitcoin and Ethereum prices plummeted in the last 24 hours. Ethereum fell by almost 10%, dropping from its key support level of $1,400 to $1,396.30, marking a two-month low last seen on January 10th.

ETH 1D graph coinmarketcap 3
Source: CoinMarketcap

Similarly, Bitcoin also suffered a significant loss of 7.70% in the last 24 hours, falling to $19,935.07 and hitting its January low. This slump in prices caused the overall cryptocurrency market to experience a bloodbath, with a 6.96% loss in the last 24 hours.

Despite Ethereum’s strong performance at the start of the year, the recent bearish trend has put a damper on the bulls’ momentum. The bears have taken the catch and are stretching the price down, and it appears they are on their way to continuing their downward trend. However, the 24-hour trading volume has seen a rise of almost 100%, indicating some level of support for Ethereum’s price.

image 35
Source: CoinMarketcap

Yesterday, Ethereum formed a high near $1,545 before starting a major decline similar to Bitcoin. The price declined over 8%, and the bears were able to push it below the $1,450 support level, closing the day at $1,438.66.

Currently, the price is facing resistance near the $1,420 zone, and a close above the $1,450 resistance level could potentially start a steady increase, bringing the price toward the $1,500 resistance level. 

But if Ethereum fails to clear the $1,450 resistance, it could continue to move downwards, with initial support at the $1,410 level, followed by a decline towards $1,350 or lower.

Factors Behind Ethereum Price Down Turn Ride

Several factors have led to the decline in the price of Ethereum; among these is the trouble faced by Silvergate Bank. Another setback for the digital currency is the recent lawsuit filed against the crypto-exchange KuCoin by New York Attorney General Letitia James. 

The lawsuit alleges that KuCoin violated the law by selling unregistered securities, including ether. While state and federal regulators, including CFTC, have treated Ethereum as a commodity, the NYAG’s classification of it as a security could have significant implications for the crypto market. 

This move could fundamentally change the way ETH and other cryptocurrencies are traded in the US. Investors who have been trading ETH may be concerned about the NYAG’s lawsuit and the possibility that ether may be considered a security. Well, the lawsuit highlights the need for greater clarity in the regulatory framework governing cryptocurrencies.

Related Reading | Bitcoin Slides Below $20K Amidst Growing Crowd’s Interest

Bitcoin’s Price Plunge: Revisiting February Lows As Dip Below $22K Key Support

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Bitcoin (BTC) investors were dealt a major blow yesterday as the leading cryptocurrency fell below its crucial support level of $22,000. It marks the first time BTC has dipped below this level since February 14th.

The day got off to a bearish start, with BTC reaching a daily low of $21,708.05. Despite a brief uptick, it ultimately closed the day at $21,718.08, signaling that the downward trend was far from over.

BTC 1D graph coinmarketcap 10
Source: CoinMarketcap

However, since yesterday things have only gone from bad to worse. According to the data from CoinMarketCap, BTC is currently trading at $21,666.33 in a bearish market on both a daily and weekly basis. 

Over the past 24 hours, BTC has plummeted by 1.92%, and over the previous seven days, it has dropped by a staggering 7.38%. To make matters worse, the 24-hour trading volume for BTC has also fallen by 10.58%, indicating that investor confidence is rapidly dwindling.

While many factors could be contributing to this latest price drop, the recent controversy surrounding Silvergate Bank may be playing a significant role. The crypto-focused bank has been the subject of intense scrutiny in recent weeks, causing market instability across the board.

Silvergate Bank’s parent company, Silvergate Capital Corporation, announced yesterday that it plans to shut down operations and voluntarily liquidate the banking division, which focuses on cryptocurrency.

Bitcoin Exchange Deposits Mirror 2019 Bear Market

Recent data analysis has revealed that Bitcoin deposits on exchanges have been on a steady decline as 2023 progresses, mimicking the bear market trend of 2019.

According to a 14-day moving average (DMA), the number of Bitcoin deposits on exchanges has been steadily decreasing over the last few months.

image 31
Source: Glassnode

Interestingly, this trend has been offset by an unprecedented increase in Bitcoin withdrawals since the FTX collapse. It is the first time in the history of Bitcoin that withdrawals have exceeded deposits, a fact that has piqued the interest of market analysts and traders alike.

Despite this trend, the gap between deposits and withdrawals is slowly closing, and market experts predict that the two will soon reach a state of equilibrium. 

The surge in Bitcoin transactions can be attributed mainly to the rising popularity of Ordinals, which has attracted a significant number of users.

While the decline in exchange deposits may be cause for concern for some investors, the increase in transaction count and the unique situation of withdrawals exceeding deposits provide an interesting perspective on the current state of the Bitcoin market. 

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