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US crypto reserve no substitute for SEC clarity -- Industry exec
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Short-term #BONK holders at record losses! Is there more pain ahead? The memecoin market has performed abysmally in the past month, and Bonk [BONK] was in a steady downtrend. Data from the crypto data platform Artemis showed that a sector performance in crypto over the past month placed memes as some of the worst performers. The memes have seen a 41% drop in the fully diluted market capitalization. The average performance in the past month was -30.2%, and Bitcoin [BTC] was at -19.2%. The meme sector was at -41.5%. Hence, it isn’t just that BONK was firmly bearish — the whole memecoin sector was. Price expectations for BONK — Bears still in control Bonk was caught in an intense downtrend in recent months. After the swift gains in November, the bulls have been unable to hold key support levels for long. This saw BONK fall below the November lows in early February. At press time, BONK was another 23% down and has retested the April 2024 support. There was no guarantee that the price would not dip lower. Traders and investors must expect the downtrend to continue. Highlighted by the white box was a fair value gap that extended to $0.0000155. Hence, it was possible we would see a 15% price bounce in the coming days before the downtrend gains traction once more. The short-term holder net unrealized profit/loss (STH NUPL) showed that short-term holders were at an extreme loss. The NUPL value was at -1.22 and had fallen to -1.35 on the 24th of February. The last time the NUPL was this low was back in April 2023. Subsequently, a price bounce occurred, but we can not claim causation here. Rather, the inference was that the extremely low NUPL does not guarantee the end of a downtrend. In October 2023, Dogecoin [DOGE] rallied from $0.056 to $0.092 in December 2023. This coincided with a BONK rally of nearly over 100x. It was possible that a DOGE rally, alongside the rest of the memecoin market, could come alongside a BONK recovery. Until conditions change, traders should expect bears to remain dominant. $BONK $DOGE
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Ripple’s #XRP is up by more one percent and is trading at $2.28 level at the time of writing. After retesting levels below $2, the price is now maintaining bullish momentum. Bitcoin and other coins are also down right now, and some traders are taking advantage of the dip by buying more. The price of XRP has been consolidating around the $2 range, and this is where it could stay for a while, which is a good sign for holders. Overall, the market is seeing a lot of liquidations, with $680 million wiped out in the last 12 hours alone. Short-Term Price Range and Potential Movements Currently, XRP is trading between $1.96 and its all-time high of $3.30. The price remains squeezed within this range, and a potential upside movement could still emerge. A short-term bullish scenario could see one or two additional highs as part of a larger wave structure, similar to what is expected in other major cryptocurrencies, such as Bitcoin. Possible Elliott Wave Count and Structure There are two possible Elliott Wave counts on the XRP chart. The first suggests the top may already be in place, with the current price action forming a fourth wave triangle. If this count plays out, a final fifth wave could complete the current bullish cycle. The second wave count proposes that an additional 4-5% upside movement may occur before the cycle concludes. The focus remains on the current structure and its potential implications. Validation and Invalidations: Key Price Levels To keep the triangle scenario alive, XRP must stay above $1.90. If the price breaks below this level, it would invalidate the triangle count, suggesting a more direct ABC correction. This scenario would likely see XRP move lower before any potential recovery. For now, it’s important to remain flexible regarding the exact microstructure of the market. $XRP
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#Ethereum Crashes 20% in Just 3 Days – What’s Next? The crypto market is going through a turbulent zone. Indeed, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has suffered a brutal drop of 20% in just three days, which brings its price around $2,100. Such a sudden correction raises questions: is it just a simple episode of volatility or a warning signal for investors? Between unfavorable macroeconomic factors and signs of resilience in the derivatives market, the future of ETH is hanging by a fragile balance. A sudden crash under macroeconomic pressure The market was caught off guard by the extent of the decline. Thus, ETH, which seemed resilient despite recent fluctuations in Bitcoin, collapsed in a context of global economic tensions. The protectionist policy announced by Donald Trump, notably the threat of new tariffs against China, Canada, and Mexico, has created a climate of uncertainty across all financial markets, including crypto $ETH
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#Solana futures ETFs launch, boosting crypto’s path to regulation : Volatility Shares has launched the first Solana futures ETFs, marking a key step in the growing integration of cryptocurrency into regulated financial markets. Volatility Shares has launched the first Solana futures ETFs, marking a significant step forward in cryptocurrency investment products. The two ETFs, Volatility Shares 2x Solana ETF (SOLT) and Solana ETF (SOLZ), are now listed on the Depository Trust & Clearing Corporation (DTCC). This means that they are eligible for clearing and settlement through DTCC’s infrastructure, streamlining the trading process and offering more security $SOL
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