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Binance, a leading crypto exchange, has announced it will discontinue support for Bitcoin NFTs on its marketplace from April 18, 2023. The decision is part of the exchange's strategy to streamline its product offerings. Once support ends, all listing orders will be automatically cancelled and users are advised to withdraw their Bitcoin NFTs before May 18. Despite this, Bitcoin remains the second most popular network for NFT trading, according to Cryptoslam. Binance's move comes as NFT trading volumes have dropped to multi-year lows. However, Bitcoin Ordinals, which flooded Bitcoin with NFTs and tokens, have been praised for sparking innovation on the Bitcoin network. In related news, Binance has confirmed that users who met the Runestone NFT airdrop conditions should have received their NFTs. Runestone, an Ordinals NFT project, airdropped over 112,000 inscriptions to early Ordinals users in March. While the NFT market faces challenges, the ongoing innovation and adaptation in the sector suggest a resilient and dynamic future.

Binance, a leading crypto exchange, has announced it will discontinue support for Bitcoin NFTs on its marketplace from April 18, 2023. The decision is part of the exchange's strategy to streamline its product offerings. Once support ends, all listing orders will be automatically cancelled and users are advised to withdraw their Bitcoin NFTs before May 18. Despite this, Bitcoin remains the second most popular network for NFT trading, according to Cryptoslam.

Binance's move comes as NFT trading volumes have dropped to multi-year lows. However, Bitcoin Ordinals, which flooded Bitcoin with NFTs and tokens, have been praised for sparking innovation on the Bitcoin network.

In related news, Binance has confirmed that users who met the Runestone NFT airdrop conditions should have received their NFTs. Runestone, an Ordinals NFT project, airdropped over 112,000 inscriptions to early Ordinals users in March.

While the NFT market faces challenges, the ongoing innovation and adaptation in the sector suggest a resilient and dynamic future.

Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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MicroStrategy founder Michael Saylor has sold 370,000 shares, totaling about $372.7 million, from this year’s stock sales. This accounts for over 90% of the agreed-upon 400,000 shares outlined in last summer’s September agreement with MicroStrategy. Despite a 37% decline from its March peak, the stock has enjoyed significant growth, rising 91% this year following a 346% surge in 2023. Saylor’s wealth is primarily tied up in his Class B holdings of MicroStrategy and the 17,732 BTC he acquired in 2020, now valued at approximately $1.1 billion. MicroStrategy has accumulated over 214,000 BTC since 2020, now valued at approximately $13.6 billion, comprising the majority of MicroStrategy’s $21.3 billion market capitalization. Bitcoin has been surging this year, increasing MicroStrategy’s returns due to the launch of spot BTC exchange-traded funds (ETFs) in January. Last month, the company announced it raised $782 million through a convertible debt sale at an interest rate of 0.625%, specifically stating the intention to acquire more BTC with the proceeds.
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Ethereum, after a swift downturn, is now backed by a substantial zone, including the 100-day moving average and a vital price range between the 0.5 and 0.618 Fibonacci levels. A bullish rebound is expected in the medium term. The daily chart shows an extended period of corrective retracements, ending with the price finding support within a crucial zone. This zone includes the 100-day moving average at $3050 and the significant price range between the 0.5 ($3190) and 0.618 ($2972) Fibonacci levels. This range is important as it attracts substantial demand, potentially impeding further downward pressure from market sellers. The 4-hour chart reveals a descending wedge pattern during a multi-month consolidation correction. The price has reached the lower boundary of the wedge and the support region around $3K. However, given the potential buying pressure within this critical range, the price has entered a consolidation phase characterized by minimal volatility. Ethereum's price shows signs of recovery, and it's key to determine whether this resurgence is due to spot buying or leveraged futures activity. The funding rates, where positive values signify bullish sentiment and negative values indicate market fear, is a key metric for this analysis. The recent price drop has led to the liquidation of a significant number of positions in the perpetual market, resulting in a cooling effect on the futures market. Consequently, the market appears primed for the re-emergence of long positions, with the potential for a fresh upward surge.
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Polkadot (DOT) is currently experiencing a period of consolidation around the $6 mark, indicating a potential significant market movement. Despite the uncertainty, the DOT price is supported by a strong range, anchored by the 200-day moving average at $6.93 and the 0.618 Fibonacci level ($6.7). This support zone, bolstered by substantial demand, could potentially propel the price towards the significant resistance zone around $9. In the 4-hour timeframe, DOT is on the brink of breaking above a sideways triangle pattern. If this occurs, Polkadot is expected to sustain its upward trajectory, with potential targets within the price range defined by the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels. Conversely, a break below could signal a continuation of the bearish retracement toward the $6 level. The Binance DOT/USDT liquidation heatmap shows that the $7 and $6 price zones are characterized by substantial liquidity. If the price surges toward the $7 threshold, it may trigger a significant liquidation cascade, resulting in heightened volatility and a notable short-term decline. However, if the market retreats towards the $6 level, a rapid surge could ensue due to a cascade of long liquidations, leading to an immediate rebound. These levels could shape the market trend in the coming weeks.
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Bitcoin's price has remained relatively stable after the highly-anticipated fourth halving, despite the extreme volatility in the days leading up to the event. The price of Bitcoin had slumped from over $71,000 to $65,000 last Friday, and further dropped to $61,000 amid growing conflict between Israel and Iran. However, it quickly bounced back to $65,000 as Iran announced there would be no immediate retaliation. Currently, Bitcoin's price stands around $64,000, with a market capitalization of over $1.250 trillion. In other news, Tether announced that it will launch two of its largest stablecoins on the Ton network, which led to an immediate price surge for Ton, followed by a significant decline. The asset is currently down by 12%. Meanwhile, ICP has soared by 13% and trades above $14, while ADA is up by 7% and has neared $0.5. The total crypto market cap remains stable at around $2.450 trillion. Despite the volatility, the overall market sentiment remains optimistic.
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In recent weeks, Bitcoin's price has been consolidating between $60K and $70K, with a recent rejection from the $70K zone driving it down to the $60K support level. However, the market is expected to potentially retest $68K, a significant resistance level. If the price drops below $60K, the $48K-$52K area could be a target in the coming weeks. On the 4-hour chart, Bitcoin has been creating a descending channel above the $60K zone. A breakout above this channel could signal a bullish reversal, indicating that the market could exit the correction phase. The Relative Strength Index also shows values above 50%, suggesting a shift in momentum in favor of the buyers. Bitcoin's consolidation has caused panic among investors, with some viewing the correction as a buying opportunity. The Bitcoin short-term holders' spent output profit ratio (STH SOPR) has recently hit a record high, indicating significant profit realization. However, the STH SOPR has dropped below 1, suggesting that short-term holders are now realizing losses. This could mean the market needs more demand to meet the current excessive supply and rebound higher.
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