Is BITCOIN Ready for the $30k Resistance BREAK?

Talking Markets: March 2021 Update

In this video, Trevor and Brian discuss the current state of the cryptocurrency market, including stablecoins, Chinese banks supporting crypto firms, and SEC regulations.

Market Cap and Stablecoins

• The market cap is just above 1 trillion.

• USDC's market cap has been in steady decline since the d-peg happened on March 11th.

• Tether's market cap has been steadily increasing over time.

Chinese Banks Supporting Crypto Firms

• Leading Chinese banks are supporting Hong Kong-based crypto firms.

• This may lead to a bull run for Chinese coins and blockchain companies.

SEC Regulations

• SEC Chairman Gary Gensler claims that clear rules for the crypto industry already exist.

• However, many in the industry are still seeking more clarity regarding whether their crypto is a security or commodity.

• Gensler is asking for an additional $200 million to chase bad actors and gain more clarity on what's happening in the crypto industry.

XRP News

• XRP has been getting bullish news lately due to increased speculation that it will be classified as a commodity by the U.S. instead of a security.

• This means there is less fear of negative monetary consequences for the asset.

• Trading volume for XRP has increased over the past 10 days due to this news.

XRP Price Analysis

This section discusses the current state of XRP prices and what factors could impact its future performance.

XRP Prices

• XRP prices have been rising and may continue to do so.

• If the resistance level of 57.5 cents is surpassed, it could lead to further price increases.

• However, bad news or negative announcements can cause prices to fall quickly.

Speculation and Fundamentals

• The current situation is highly speculative, with fundamentals mattering less than usual.

• The 30-day mvrv 15 is a danger zone for trading returns, with levels above 23.5% indicating potential profit-taking and a need for a cool-down period.

• Social volume is modestly rising, but dominance in discussions among the top 100 assets in crypto is high.

DAI Network Transactions

This section discusses recent large transactions on the DAI network and their potential implications.

Top Transactions Model

• The top transactions model shows that there were ten separate $200 million transactions on the DAI network within seconds of each other.

• These transactions are highly irregular and likely related to flash loans.

• Multiple addresses were involved in these transactions, suggesting that they may have been orchestrated by those who hold significant amounts of DAI.

Stablecoin Addresses

• Stablecoins like USD Coin are steadily recovering in terms of market cap and are gaining traction among shark and whale wallets.

Tether and BUSD on the Rise

The speaker discusses the rise of Tether and BUSD, with almost 17% of Stacks being added back. However, Bitcoin is still moving in a downtrend, causing concern for its upside potential.

Key Points:

• Almost 17% of Stacks have been added back.

• Tether is up at 39%, with all tether now held by those 100K to 10 million dollar addresses.

• BUSD is also going up.

• Bitcoin is still moving in a downtrend, causing concern for its upside potential.

• Owners of 10 to 10,000 Bitcoin continue to mildly drop off.

Safe Moon Server Hack

The speaker discusses the recent hack of Safe Moon's server and how it has affected its market cap ranking.

Key Points:

• Safe Moon's server was hacked over 24 hours ago.

• Approximately $8.9 million was drained or hacked from Safe Moon.

• Safe Moon is currently the top trending asset in crypto despite being outside the top 1000 in terms of market cap ranking.

Unibrite German Asset

The speaker briefly mentions Unibrite as a German asset that has seen an uptick in social volume.

Key Points:

• Unibrite is a German asset.

• Unibrite has seen an uptick in social volume, but the cause is unknown.

Conclusion

The speaker concludes the episode and looks forward to next week's call.

Key Points:

• The episode was short and sweet.

• The speaker looks forward to next week's call.

• Bitcoin may inch towards 30k and potentially reach a nine-month high.