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:

  1. ⚖️ Do Kwon to be released on house arrest.
  2. 🪂 NIM Network Genesis Rolldrop is live.
  3. 📉 Ark Invest sells ~$52M worth of Coinbase shares.
  4. 💰 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.

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That’s it for today’s edition! See you soon.

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