Another day of fear and confusion about the traditional banking system weighed down crypto prices and other risk assets. 🔴
We’ll have to wait and see how things shake out as the Silicon Valley Bank story develops. But for now, we will look at what chart watchers are seeing in the market, an update on staking yields, and more from the day. 👀
From a price action perspective, the macro environment continues to drive the recent volatility. Performance was mixed across the board, though many coins recovered late in the day to close well off their lows. Market participants will watch to see if those levels hold over the weekend as the banking sector’s story unfolds. 🤷
Here’s how the market looked at the end of the trading day:
| Shiba Inu (SHIB) |
$0.00001021
|
+1.54% |
| XRP (XRP) | $0.3696 | +0.34% |
| Stellar (XLM) | $0.07812 | +1.77% |
| BNB (BNB) |
$277.04
|
+0.63% |
| Ethereum (ETH) |
$1,423
|
-0.76% |
| Bitcoin (BTC) | $20,100 | -9.83% |
| Filecoin (FIL) | $5.25 | -1.09% |
| TRON (TRX) | $0.057 | -0.59% |
| Chainlink (LINK) | $6.21 | +1.96% |
| Monero (XMR) |
$133.65
|
-5.69% |
| Altcoin Market Cap |
$514Billion
|
-0.46% |
| Total Market Cap | $903 Billion | -0.82% |
There’s oversold, and there’s lololol-omg-roflcopter-lolerskates-that-shit’s-way-overdone. At least some analysts feel that way.
Looking at Bitcoin’s daily chart, it’s not hard to see why on-chain metrics show large buying sprees in crypto over the past couple of weeks.
First, let’s take a look at the oscillator levels.
The Composite Index
The Composite Index on the daily chart is at a major low. It’s the lowest the Composite Index has been since April 24, 2021 – making it the second lowest since November 2018. That’s pretty damn crazy.
The Relative Strength Index
The next oscillator we’re looking at is the RSI. The last time it was this low was back in November 2022, when $BTC was trading in the $15,800 value area.
The RSI is currently in bull market conditions – but it’s well on its way to returning to bear market conditions if it fails to return above the 40 or 50 levels over the next couple of weeks – if it dives down to 20, then it will return to bear market conditions.
But if you compare the moves of the Composite Index and the RSI against the candlestick chart, the moves in the oscillators are significantly out of proportion.
Price Action
Shifting over to the candlestick chart, analysts see several reasons why a major bounce could occur soon.
From an Ichimoku perspective, the strongest level of support/resistance is Senkou Span B, a level that Bitcoin is currently trading near.
Additionally, there is a massive gap between the body of today’s candlestick and the Tenkan-Sen. However, gaps between candlestick bodies and the Tenkan-Sen often correct within one to five periods.
Finally, the 61.8% Fibonacci retracement at $19,868 is another source of support.
While there are some very strong signs of an end to the selling pressure, the weekend will be especially important to watch.
Any close on the daily chart below the Cloud could trigger and confirm a resumption of the dreaded crypto-winter – so keep your eyes open!
The table below is the current (March 10, 2023) staking yield rates of the top ten Proof-Of-Stake cryptocurrencies by market cap.
Staked % is what percent of the total supply of that cryptocurrency is currently used to earn staking rewards – sometimes called ‘Lock-Up.’
The Lock-Up Period is how long crypto must stay staked before you can withdraw it and/or any rewards earned.
Nominal Yields are the rewards listed, whereas Real Yield is the expected return when factoring in other costs, factors, or changes like inflation rates (not listed).
It should also be noted that calculations and factors for Real Yields can vary substantially from one week to the next. Additionally, the Nominal Yield may have an expected range but is not guaranteed. For example, Polkadot’s ($DOT.X) Nominal Yield is advertised/listed between 8% to 14%.
Another factor to consider is that the rewards are not in US Dollars but in token/crypto your stake. Staking Cardano ($ADA.X) rewards you in ADA and so forth.
This table is updated weekly.
| Crypto | Nominal Yield % | Real Yield % | Staked % | Lock-Up Period |
|---|---|---|---|---|
| Ethereum (ETH) | 3.74% (-0.06) | 4.20% (-0.02) | 15.20% (+0.35) | 12+ Months |
| BNB (BNB) | 2.79% (-0.02) | 9.07% (+0.81) | 97.92% (-0.60) | 7 Days |
|
Cardano (ADA)
|
3.36% (+0.09)
|
0.15% (+0.07) |
69.57% (-1.36)
|
None
|
|
Polygon (MATIC)
|
5.18% (-0.40)
|
2.50% (-0.11)
|
39.86% (+0.01)
|
21 Days
|
| Polkadot (DOT) | 14.12% (-0.04) | 6.24% (-0.07) | 48.87% (+0.32) | 28 Days |
|
Internet Computer (ICP)
|
7.49% (+0.01)
|
-2.48% (+0.10)
|
72.73% (-0.13)
|
180 Days
|
|
TRON (TRX)
|
3.77% (-0.11) |
1.71% (-0.09)
|
41.76% (+1.58)
|
3 Days
|
|
Avalanche (AVAX)
|
9.02% (-0.05)
|
3.19% (-0.26) |
51.76% (+2.01)
|
14 Days
|
|
Cosmos (ATOM)
|
24.65% (+0.55)
|
6.84% (-0.05) | 60.60% (+0.38) | 21 Days |
|
Solana (SOL)
|
6.29% (+0.19)
|
-0.92% (+0.06)
|
70.99% (-0.42) |
5 Days
|
Source: www.stakingrewards.com
There were no changes to the top ten list this week.
Bullets
Bullets From The Day:
☕ Starbucks ($SBUX) has launched its first collection of NFTs. The “Journey Stamps” consist of 2,000 digital stamps priced at $100 each and reportedly sold out in under 20 minutes. This move is part of the coffee giant’s NFT and Web3 push, which began in December with the launch of Starbucks Odyssey, a new membership program that offers exclusive perks and experiences to customers who complete games, quizzes, and purchases. Buying an NFT earns members additional “points” to level up their membership tier.
😐 Former BitMEX CEO Arthur Hayes has proposed a stablecoin called the Satoshi Nakamoto Dollar (NakaDollar or NUSD). The coin would be backed by $1 worth of bitcoin and bitcoin derivatives instead of the US dollar, making it independent of the US dollar. The proposed stablecoin would rely entirely on crypto exchanges that list inverse bitcoin perpetual swaps rather than USD reserves or centralized entities like banks and could provide stability to the token if adopted and used by these exchanges. But the swaps and BTC are still priced in USD, leaving several questions in everyone’s minds.
🚢 Cathie Woods ain’t scurred. Cathie Wood’s Ark Invest purchased more shares of $COIN on Thursday than it did in January, buying over 350,000 shares valued at $20.6 million for its $ARKK and $ARKW ETFs. This is the largest one-day purchase this year and brings the total number of shares Ark Invest acquired this month to nearly 566,000, more than three-quarters of the number the firm bought in February.
🤣 Peter Schiff might be signaling another Bitcoin bull run with his latest Tweet. Peter Schiff had advised Bitcoin holders to sell their holdings in January when the price reached $18,000, prior to the first CPI data release of the year. However, Bitcoin’s value increased by 37.2% following Schiff’s recommendation and reached highs of $25,270 before stalling in mid-February. While we’ll have to wait and see what happens from here, tracking how the industry’s skeptics feel about its prospects is always fun.
🦸 A CryptoPunks NFT was purchased for $111,600 by a buyer who exchanged testnet ether tokens for ETH to make the purchase. The buyer used 527,281 goerli ether to fund the purchase of CryptoPunk #9682. From The Block.
🌕 MoonPay CEO Ivan Soto-Wright discussed the continued popularity of NFTs, MoonPay’s work with Puma and Nike, and the potential for NFTs and crypto to become more mainstream when they can be integrated into daily life, with brands driving that integration, during an interview with Decrypt’s Liam Kelly at NFT Paris. From Decrypt.
Links
Links That Don’t Suck:
✋ DoJ pushes against Voyager-Binance deal with late appeal
📝 New York Attorney General sues KuCoin, claims Ethereum is a security
🆓 Uniswap v3 protocol will become free to use after business license expires on April 1
🫢 Scrutiny falls on $43b USDC stablecoin’s cash reserves at failed Silicon Valley Bank
⚠️ Macro expert Lyn Alden warns a ‘Straight Up’ Bitcoin (BTC) bull market is unlikely any time soon
Credits & Feedback
Today’s Litepaper was written by Jon Morgan. Let him know how he did: