MATIC Bullish Sentiment Rises: Short Position at $1.03-$1.05 Range

• Polygon [MATIC] has seen bullish sentiment rise in recent weeks, with on-chain metrics and price action showing strong demand.
• MATIC has formed a ten-day range between $0.92 and $1.03, with the upper boundary at $1.05 being a point of resistance.
• Futures market participants remain bullish, and traders can look to short MATIC in the $1.03-$1.05 range with profit targets at $0.98 and $0.92.

Polygon [MATIC] has seen bullish sentiment rising in recent weeks, with on-chain metrics and price action showing strong demand behind the rally. The native asset reached a new all-time high of $1.17 earlier this month, before correcting lower and forming a ten-day trading range between $0.92 and $1.03. The upper boundary of this range at $1.05 has posed stern resistance, with no four-hour session closing above it in the past two weeks.

The $1.05 range has seen many candlewicks, but the lack of a session close above it indicates that traders should continue to trade within the range for now. The lower extreme of the range coincides with a bullish breaker from early December on the 12-hour chart, and Fibonacci retracement level, making it a strong support in the near term. This support is further strengthened by the RSI and OBV forming lower highs in the past week.

Futures market participants remain bullish on MATIC, with open interest and fund flows pointing to further upside. The open interest on Binance Futures has risen by more than 16% in the past week, with long positions increasing by nearly 10%. This indicates that traders are looking to benefit from further upward momentum.

Traders can look to enter short positions in the $1.03-$1.05 range, with profit targets at $0.98 and $0.92. However, it is important to note that a breakout above $1.05 is still possible, and traders should be mindful of the risk of a long squeeze if the liquidity pocket at $1.05 is breached.

Uniswap V3 Deployment on BNB Chain Passes with 80% Vote

• 80% of UNI token holders voted in favor of deploying Uniswap V3 on BNB Chain.
• The proposed deployment of v3 on the BNB Chain could pose a significant threat to PancakeSwap’s dominance on the network.
• Uniswap V3 has seen increased adoption since its launch in 2021.

The cryptocurrency world has been abuzz lately with news of Uniswap’s proposal to float its V3 deployment on the BNB Chain. On 22 January, the temperature check for this proposal passed with an overwhelming 80% of total votes cast in favor of the move. This marks a major milestone for the DeFi protocol, which since its launch in 2021, has been rapidly gaining in popularity.

The proposal, which was first published on 17 January, outlines Uniswap’s plan to deploy its V3 on the BNB Chain. By doing so, the decentralized exchange protocol hopes to take advantage of the BNB Chain’s growing user base and its ability to process transactions quickly and cost-effectively. In addition, Uniswap believes that it can bring its services to a larger audience by deploying its V3 on BNB Chain.

However, the intended deployment of v3 on the BNB Chain could pose a significant threat to PancakeSwap’s [CAKE] dominance on the network. PancakeSwap’s total value locked [TVL] on BNB Chain was $2.54 billion, representing a 49.39% share of the total TVL of $5.01 billion held on the chain. On the other hand, Uniswap v3, which was launched almost a year after PancakeSwap became operational, had a TVL of $2.71 billion at press time, having been deployed on five blockchains in the same period. This indicates that Uniswap’s V3 is becoming increasingly popular and could eventually overtake PancakeSwap as the dominant DeFi protocol on the BNB Chain.

The successful passage of Uniswap’s proposal is an exciting development in the DeFi world, and could potentially reshape the competitive landscape on BNB Chain. With its cutting-edge features such as high transaction speeds and low fees, Uniswap’s V3 deployment on BNB Chain could open up a new world of possibilities for DeFi users. As the protocol continues to gain traction, the DeFi space can look forward to an even more dynamic and competitive environment.

North Korean Cybercrime Groups Steal $100 Million in Crypto, FBI Investigates.

• The FBI identified North Korean cybercrime groups Lazarus Group and APT38 as responsible for the hack of Horizon Bridge, which drained $100 million worth of crypto.
• The stolen money is being used to fund North Korea’s ballistic missile and Weapons of Mass Destruction programs.
• The hackers laundered more than $60 million worth of Ethereum (ETH) on January 13, 2023, and converted it to Bitcoin (BTC) on various crypto platforms.

The United States Federal Bureau of Investigation (FBI) is actively working to identify and disrupt North Korean cybercrime activities. The agency recently announced that two North Korean cybercrime groups, Lazarus Group and APT38, were behind the hack of Horizon Bridge. The attack had drained $100 million worth of crypto from Horizon Bridge, a tool for cross-chain interoperability between Harmony, Binance Smart Chain, and Ethereum.

The FBI believes that the stolen money is being used to fund North Korea’s ballistic missile and Weapons of Mass Destruction programs. Moreover, the law enforcement agency stated that the criminal organization laundered more than $60 million worth of Ethereum (ETH) on January 13, 2023. The group carried out the deed on RAILGUN – a privacy protocol.

In addition, the FBI claimed that the hackers converted the laundered Ethereum (ETH) into Bitcoin (BTC) on various crypto platforms. Some of these funds were stolen with the cooperation of the crypto service providers. The FBI identified 11 Bitcoin addresses that received the stolen Ethereum funds.

The agency is working to track the stolen funds and disrupt North Korea’s theft and money laundering activities. The FBI has also urged crypto service providers to be vigilant and to report any suspicious activity related to the Horizon Bridge hack. The FBI Virtual Assets Unit (VAU) is conducting an on-going investigation into the incident and the agency has already identified several suspects and entities involved in the hack.

The agency is hoping to stop the North Korean cybercrime groups and bring them to justice. The FBI is also urging the public to be aware of any potential scams that may be related to the Horizon Bridge hack. The agency is also working to identify any other individuals or organizations that may have been involved in the attack.

Bitcoin Bulls: Market Might Enter Bullish Mid-Term Stage

• The recent rally in Bitcoin’s [BTC] price has led to an increase in the coin’s market-value-to-realized-value ratio (MVRV), which implies that the market might have entered a bullish mid-term stage.
• Daily chart assessment revealed bullish sentiment lingers in the BTC market, with increased coin accumulation in the past few weeks and the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) both pegged at 84.
• The coin’s on-balance volume has risen consistently since the year began and the dynamic line (green) of the leading coin’s Chaikin Money Flow (CMF) rests above the zero line, which is a bullish sign for the asset’s price.

The recent rally in Bitcoin’s [BTC] price has been one of the main indicators of a possible bullish mid-term stage. The increased price has led to an increase in the coin’s market-value-to-realized-value ratio (MVRV), which is typically seen as a sign that the market might be entering a bullish period. CryptoQuant pseudonymous analyst Greatest Trader has assessed BTC’s price historical performance in the last four cycles and found that the king coin’s MVRV fell below one during the bearish market phases, signifying that the coin was undervalued and a bear market bottom was in formation. Whenever the MVRV was pushed above one, „Bitcoin experienced a surge, and the bull market started,“ according to Greatest Trader.

Daily chart assessment has revealed that bullish sentiment continues to linger in the BTC market. This can be seen in the coin accumulation in the past few weeks and the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) both currently pegged at 84. This suggests that the asset is currently overbought. Additionally, the coin’s on-balance volume has risen consistently since the year began, currently standing at 515,034. This is typically a sign that the volume of buying is greater than the volume of selling, which is typically a bullish signal for the asset’s price. Furthermore, the dynamic line (green) of the leading coin’s Chaikin Money Flow (CMF) rests above the zero line, which is another bullish sign for the asset’s price.

All of these factors together suggest that the market might have entered a bullish mid-term stage, and that the current rally in price might be followed by „sudden moves and high volatility.“ Although it is impossible to predict what will happen in the short term, it is likely that the bullish sentiment will continue in the future, as long as the current indicators remain positive.

Fantom Launches Ecosystem Vault, 8.58M Transactions Completed in 20 Days

• Fantom launched an Ecosystem Vault on 20 January to fund projects being built on the Fantom blockchain.
• 8.58 million transactions have been completed on the Fantom network in the past 20 days, though the monthly transaction count has been consistently declining since July 2022.
• On 2 January, the count of active users and new users saw a significant spike, however it has since declined as well.

Fantom, an open-source smart contract platform for digital assets and dApps, announced the launch of the Ecosystem Vault on 20 January. The Vault is a new fund aimed at empowering builders on Fantom by offering a decentralized avenue for funding projects, ideas, and creations through a community-driven decision process. It is a community-controlled fund that is financed by redirecting 10% of the transaction fees from Fantom to the Vault by decreasing the burn rate of the FTM token.

In the past 20 days, 8.58 million transactions have been completed on the Fantom network. This is a significant decrease when compared to the 16.36 million transactions recorded in December. The monthly transactions count on Fantom has been consistently declining since July 2022, plummeting by 68%.

On 2 January, the count of active users and new users saw a significant spike, data from Dune analytics showed. Since then, this has declined as well. As of 20 January, the network saw the creation of 4,900 new addresses with 51,490 daily active addresses.

The launch of the Ecosystem Vault has seen increased demand for FTM, with investors hoping to capitalize on the potential of the platform. The FTM token has seen significant gains since the beginning of the year, and investors can use the Fantom Profit Calculator to determine the profitability of their portfolio.

The Ecosystem Vault is a significant step forward for the Fantom platform and was proposed to be created in July 2022, and voted on and passed in the same month. The Vault provides an opportunity for builders on the Fantom platform to obtain funding for their projects and ideas, and is an invaluable resource for the growth of the platform.

Bitcoin Reserves Decrease, BTC Fails to Register Significant Gains

• Bitcoin [BTC] has failed to register significant gains for the first time in the new year, leading to a decrease in Bitcoin reserves.
• Stablecoin inflow has been met with a decrease in Bitcoin reserves, and this has impacted the BTC price uptick.
• According to CryptoQuant analyst Joaowedson, the BUSD stablecoin flow tides have changed for the past few days, with only a few number of investors participating in Bitcoin transactions.

The recent bearish trend in the Bitcoin market has been met with a decrease in reserves and an influx of stablecoins. This has caused the king coin to fail to register significant gains for the first time this year, with the price back at the $20,000 region. This lack of bullishness could be attributed to a decrease in the reserves, as investors were more keen to focus on spot market accumulation and profit taking.

According to CryptoQuant analyst Joaowedson, there was a recent inflow of $250 million into the Binance USD [BUSD] which served to push the BTC price uptick. However, the influx of these stablecoins caused a decrease in the reserves, leading to a decrease in the demand for Bitcoin. This has been evidenced by the recent backtracking of the flow, as seen in the data from CryptoQuant.

Along with this, data from Santiment has also indicated a decrease in the social volume, with the metric sitting at 2774 at the time of writing. The social volume is an indication of how trendy an arbitrary search for an asset is, and the decrease in this metric implies that there are fewer people participating in Bitcoin transactions.

Whales behavior could play a significant role in helping Bitcoin regain its bullishness, provided the UTXO value bands maintain status quo. The future of Bitcoin is still uncertain, and investors should stay up to date with the latest trends in the market to ensure they make the right decisions.

Bitcoin Performance Positive, but Investors Should Prepare for a Pullback

• Bitcoin positions have not been exceptionally significant, although funding rate remained positive.
• The performance of Bitcoin [BTC] since the start of 2023 has brought confidence back into the crypto market.
• The Open Interest (OI) indicates that few participants are in the market, and the funding rate is positive, which could lead to a potential continuation of the bull trend.

The Bitcoin market has been in a bullish trend since the start of 2023, bringing confidence back into the crypto market. Investors have been elated, as the king coin surged beyond the $21,100 region in the last 24 hours. However, this could be the undoing of many investors, as anticipating a ceaseless uptick could be risky.

Despite the positive performance of Bitcoin [BTC], the positions taken by traders have not been exceptionally significant. This is evident in the Open Interest (OI), which describes the number of long or short positions opened by traders in the derivatives market. The CryptoQuant analyst Professor Satoshi compared the current OI to 2021 levels, concluding that although the interest was not overheated like the aforementioned year, the funding rate was still positive.

The fear and greed index of Bitcoin also hit highs in months, indicating an increased demand for the king coin. However, this could be the undoing of investors who have been elated since the start of the bullish trend, as the signs of a pullback could already be glaring. This means that although the funding rate is positive, investors should not write off the possibility of a drawback.

In conclusion, the performance of Bitcoin has been positive, and the Open Interest (OI) suggests that few participants are in the market. Additionally, the funding rate is positive, which could lead to a potential continuation of the bull trend. However, investors should not overlook the possibility of a pullback, as the fear and greed index of Bitcoin has hit highs in months. It is important for investors to be aware of the risks involved in such a volatile market, and to make sure that their portfolio is green.

FTX Debtors Recover $5.5B in Assets, but Digital Assets Shortfall Remains

• FTX Debtors recently revealed that it recovered $5.5 billion in liquid assets, $1.7 billion of which was in cash, $3.5 billion in cryptocurrencies, and $0.3 billion in securities.
• FTX Debtors also confirmed that, based on current estimates of the amount of digital assets associated with the FTX.com and FTX US exchanges as of the Petition Date, there is a substantial shortfall of digital assets at both exchanges.
• The presentation also showed that the exchange had allowed Alameda to borrow up to $65 billion of customers‘ funds without collateral.

FTX Debtors recently revealed details regarding the bankruptcy proceedings, which included a meeting with the advisors and members of the Official Committee of Unsecured Creditors (OCC). During the meeting, FTX Debtors revealed that the composition of the assets recovered, which included $5.5 billion in liquid assets consisting of $1.7 billion in cash, $3.5 billion in cryptocurrencies, and $0.3 billion in securities. However, despite the large recovery, FTX Debtors stated that both FTX and FTX US still fall short of money.

A press release on the same read, „The FTX Debtors also confirmed that, based on current estimates of the amount of digital assets associated with the FTX.com and FTX US exchanges as of the Petition Date, there is a substantial shortfall of digital assets at both exchanges.“ The presentation also showed that the top tokens held by FTX, FTX.US, and Alameda were Solana (SOL), FTT, Bitcoin (BTC), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Matic, XRP, and others. Meanwhile, the tokens in the illiquid crypto assets list included Serum (SRM), SOLETH, MAPS, SOLBTC, Oxygen (OXY), MEDIA, and BEAR.

Moreover, the Debtors identified 36 properties of the exchange in the Bahamas. The value of these properties was estimated at $253 million on a cost basis. Furthermore, the presentation showed that the exchange had allowed Alameda to borrow up to $65 billion of customers‘ funds without collateral. This arrangement was done through a back door to Alameda, which gave the research arm access to borrow billions of customers fund without collateral.

With the recent update on the bankruptcy proceedings, it is clear that FTX Debtors is making progress in recovering the assets. However, the money recovered is still far from the amount of assets that were supposed to be on both FTX.com and FTX US. It remains to be seen if the Debtors will be able to make up for the shortfall of digital assets at both exchanges.

CryptoPunks NFTs Soar in Price, Market Capitalization Hits $1.71 Billion

• Ethereum-based NFTs have seen the most activity since 2023 started, with 726,992 Ethereum [ETH]-based NFTs sales transactions completed since the year started and sales volume on the network totaling $289.47 million at press time.
• CryptoPunks held an 8.10% share of the total NFT market capitalization at press time and their market capitalization stood at $1.71 billion at press time.
• The price per CryptoPunk NFT went up by 6% in the last month, and at press time, an NFT from this collection was obtainable for 67.47 ETH.

Since the start of the 2023 trading year, the Ethereum-based NFTs (Non-Fungible Tokens) have seen the most activity and growth. According to data from CryptoSlam, with 726,992 Ethereum [ETH]-based NFTs sales transactions completed since the year started, sales volume on the network totaled $289.47 million at press time. Furthermore, in the last 17 days, the highest daily sales volume on the network stood at $30.11 million on 6 January.

The overall stability in the general cryptocurrency market since the start of the 2023 trading year has led to renewed interest in profile picture NFTs (PFPs), with Ethereum-based NFT collections seeing the most traction. One of such collections is CryptoPunks, which has seen tremendous growth in the last month. After a momentary decline in market share during December 2022, the CryptoPunks NFT collection reclaimed its spot as the project with the largest market capitalization in the NFT vertical of the crypto ecosystem. According to NFT analytics platform NFTGo, CryptoPunks‘ market capitalization stood at $1.71 billion at press time. In the last month, this rallied by 14%.

Also, increased trading activity for the CryptoPunks NFT collection in the last 30 days led to a 42% jump in sales volume, per NFTGo. As a result, sales volume within the period under review totaled $21.06 million. The project’s floor price has grown tremendously in the last month, data from NFT Floor Price showed. Within that period, the price per CryptoPunk NFT went up by 6%. At press time, an NFT from the CryptoPunks collection was obtainable for 67.47 ETH.

With a market capitalization of $1.71 billion, CryptoPunks held on to an 8.10% share of the total market capitalization of $22.7 billion. It was closely followed by Bored Ape Yacht Club [BAYC], which had a market capitalization of $1.64 billion at press time.

The overall stability in the cryptocurrency market along with the increased demand for Ethereum-based NFTs has resulted in the growth of CryptoPunks, making it one of the most popular and successful NFT collections. The market capitalization and the trading volume of CryptoPunks has seen a significant increase in the last month, and it is likely to keep on growing in the coming months.

Algorand [ALGO] Shines Bright: TVL up 137%, Price up 12% in a Week

• Algorand’s Total Value Locked (TVL) increased by 137% in the last seven days.
• Algorand’s total addresses also went up in the last seven days.
• ALGO’s price registered over 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market capitalization of more than $1.6 billion.

The past seven days were a rollercoaster of events for Algorand [ALGO], one of the most popular blockchain networks. Its Total Value Locked (TVL) increased by an impressive 137%, which pushed it back within 18% of its previous all-time high. This development was made possible due to an increase in the number of users on the network, as the total addresses also went up in the last week.

On the price front, ALGO’s performance was also quite impressive. According to CoinMarketCap, ALGO’s price registered over 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market capitalization of more than $1.6 billion. This bullish sentiment was further strengthened when web3 decentralized computing network FLUX announced that its parallel asset to be deployed on its interchain operable platform will be Algorand.

However, despite the positive developments, there are a few market indicators which seem to be bearish for ALGO. The Relative Strength Index (RSI) registered a downtick while it was in the overbought zone, which was a bearish signal. This means that the prices may drop in the near future, but with the TVL and other metrics indicating new all-time highs, the future of ALGO looks optimistic.