BTC cracks resistance as many prepare for higher prices.
The total cryptocurrency market is up almost 2.5% on the day. Both BTC and ETH are up nearly 3%. Meanwhile, SOL is positive, with gains of around 5.5%.
All eyes have been on the Terraform Labs’ wallet as the group prepares to buy $3 billion worth of BTC. Today, speculators noticed another 125 million USDT transferred from its wallet to what many suspect is a Binance exchange address. Earlier today, Terra founder Do Kwon also tweeted an apparent jest to those who doubt his upcoming bids.
DeFi Digest: Jane Street invests in DeFi lending protocol
The trading firm Jane Street Capital is one of multiple groups participating in a seed round for Bastion — a lending platform built on the NEAR blockchain. Joining investors such as ParaFi Capital and NEAR founder Illia Polosukhin, Jane Street plans to capitalize on an exponentially growing decentralized finance ecosystem.
According to its founder, Bastion locked over $200 million in total value in just its first 24 hours. Features of the protocol include leveraged yield farming, multiple decentralized exchange partnerships and time-based rewards. The funds raised will be used to hire talent to fill engineering, business development and community roles.
NFT Snapshot: Japanese messaging app to launch NFT marketplace
LINE, the popular Japanese mobile messenger app, will launch a nonfungible token marketplace in April. The platform will run on its own proprietary blockchain, while users will be able to store their collectibles in the LINE BITMAX wallet and use them as avatars. The marketplace also plans to partner with game developer Square Enix and media conglomerate Yoshimoto Kogyo for future collaborations.
As a subsidiary of Z Holdings, which is a subsidiary of SoftBank, the LINE marketplace will be a primarily Japanese venture, as Z Holdings will launch its own NFT marketplace for international audiences.
Top altcoin gainers and losers: Metaverse and meme coins lead
- AXS/USDT +8.47%
- SAMO/USDT +6.42%
- MANA/USDT +2.90%
- NEAR/USDT -3.66%
- SRM/USDT -7.03%
- LRC/USDT -8.72%
AXS is leading most altcoins today, mostly on news that global bank Goldman Sachs updated its homepage with a cryptocurrency and metaverse article.
With a recent jump in DOGE, SAMO — one of the more established meme coins on Solana — is following suit as traders rotate to unpumped tokens.
BTC technical analysis: Grinding up
BTC jumped to more than 44,000 USDT in the past 24 hours, a good sign for bulls who hope to tap the yearly open. The leading crypto currently sits above its 100-day moving average, a level it broke earlier this week. If buyers can hold above 42,000, tailwinds from Terraform Labs strengthen the case for a continued bullish trend.
ETH technical analysis: Consolidating for a bigger move
ETH price has held well since last week and has just surged past the 3,100 USDT level. Consolidation or continuation here will give it a shot for higher prices as traders look to flip this area from resistance to support.
Altcoin technical analysis: NEAR coiling up
NEAR has been in a relatively tight range since late January after dropping from all-time highs. With recent bullish sentiment in the market, buyers have rotated to NEAR — now up over 4 USDT since printing local lows last month. After a jump yesterday, the token now trades above 12 USDT, eyeing past resistance around 14 USDT.
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Source: https://www.okx.com/academy/en/traders-bullish-as-markets-gather-momentum-crypto-market-daily/