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- Bitcoin Is Overbought
Bitcoin Is Overbought
📉 Bitcoin's Overbought Status
Bitcoin Remains Overbought: Despite a recent price correction, JPMorgan analysts say Bitcoin stays in 'overbought territory'. Two metrics, JPMorgan's futures position proxies and the Bitcoin futures price premium, show minimal position unwinding.
Potential Price Drop: The analysts foresee Bitcoin's price potentially dropping to around $42,000 after the upcoming halving event, citing reduced miner rewards and increased production costs.
Market Optimism and Caution: With significant market optimism for year-end price rise, recent data shows a slowdown in spot ETFs inflows. Analysts caution about continued profit-taking ahead of the halving event. Read More.
️ On today's Top Picks:
- ⚖️ Do Kwon to be released on house arrest.
- 🪂 NIM Network Genesis Rolldrop is live.
- 📉 Ark Invest sells ~$52M worth of Coinbase shares.
- 💰 Succinct raises $55M in funding led by Paradigm.
Read time: ⏰ 6 minutes
Crypto News
• ⭐️ Bitcoin $BTC is in ‘overbought territory’ according to JPMorgan analysts.
• Ethereum Pectra upgrade to raise maximum validator stake from 32 to 2048 $ETH.
• ⭐️ Do Kwon to be released on house arrest following Montenegrian court order.
• Binance executives remain in Nigerian custody without charges after court ruling.
• OKX crypto exchange to end services in India citing it is responding to regulations.
• Worldcoin $WLD ends support for storing users' personal data.
• Google search results now show Ethereum Name Service $ENS wallet balances.
Alpha
• Tabi launches Testnet Voyager II campaign.
• Mind Network launches Prelaunch Campaign on Galxe.
• RedStone Oracles launches RedStone Expedition Season 1.
• Aleo posts Road To Mainnet Updates as Mainnet launch looms.
• BBOX launches Testnet Phase 2 on March 25th.
• DeBank releases Polyhedra $ZK Airdrop Hunter Web3 Badge.
Airdrops
• Blast airdrops Blast Gold to Blast dapps and Blast users with Distribution 2 coming soon.
• ⭐️ NIM Network Genesis Rolldrop is live for Dymension $DYM stakers and more.
• Element $STRK airdrop for The Crown of Stark NFT holders is live.
• Pirate Nation posts, "Say cheese, Pirates!" on X hinting at a possible snapshot.
• Airdrops News You Likely Missed by CC2.
• Best Potential Airdrops by Airdrop Official.
Finance News
• ⭐️ Ark Invest sells another ~$52M worth of Coinbase $COIN shares.
• FTX to sell 8% stake valued at ~$1B in AI startup Anthropic.
• Bank of England holds interest rates at 5.25%, hints at future cuts as inflation falls.
• US DOJ & 15 US States sue Apple $AAPL accusing it of maintaining a smartphone monopoly.
• Stellantis $STLA lays off 400 (2%) employees citing unprecedented uncertainties.
• Digital World Acquisition Corp $DWAC tumbles ~12% after shareholders approve meger.
• US President Biden to forgive $5.8B in student debt for nearly 78K borrowers.
Security and Exploits
• Apple M-Series processors vulnerable to cryptographic keys being stolen.
• ZachXBT posts investigation into Jolan Lacroix for stealing $900K.
• Layerswap suffers DNS hijack after GoDaddy account was compromised.
• AirDAO exploited for 126.5 $ETH and 41.61M $AMB due to social engineering scam.
• Super Sushi Samurai exploited due to contract bug, though majority of funds were recovered.
Token Unlocks
• Acala / 4.66M $ACA / ~$808K / MAR 24
Funding
• ⭐️ Succinct raises $55M in Seed & Series A funding led by Paradigm.
• Espresso Systems, a shared sequencing marketplace & finality gadget; raises $28M in Series B funding led by a16z crypto.
• Sablier, an infrastructure for money streaming & token distribution; raises $4.5M in Seed funding.
• KiloEx, a perpetual DEX on BNB Chain, opBNB, & Manta; raises an undisclosed amount in Strategic funding from Foresight Ventures.
The Degen Farmer
Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!
PROTOCOL | ASSETS | APY |
---|---|---|
Notional V3 (Arbitrum) | NUSDT | 137.81% |
Aerodrome (Base) | DOLAUSDC | 65.83% |
Turbos (Sui) | USDTUSDC | 56.16% |
Uniswap V3 (Ethereum) | USDEUSDT | 53.42% |
Blast Futures (Blast) | USDB | 52.67% |
Pendle (Arbitrum) | GDAI | 46.20% |
Jones DAO (Arbitrum) | JUSDC | 38.99% |
Cetus (Sui) | USDTUSDC | 38.31% |
Opal Protocol is live - go farm $GEM! |
We've got great news for you: Opal Defi is live, and you can now get high +25% APRs for blue chip ETH assets like wstETH and rETH.
Opal streamlines ETH farming. Deposit your ETH derivatives to delegate liquidity management burdens and auto-farm high APRs on multi level incentive structures.
Opal launched $GEM yield farming rewards, on top of $BAL, $AURA, and EigenLayer points.
If you participated in the pre-airdrop campaign, you can go claim your $GEM airdrop right now. Link below:
That’s it for today’s edition! See you soon.
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