Bitcoin price has crashed by another 4.5% taking a dip to $80,350 levels as market sentiment turns bearish just ahead of the US CPI data release this week. The overall crypto market crash over the last 24 hours has eroded more than $170 billion of investors’ wealth with market analysts predicting more pain ahead.
Will Bitcoin Price Crash to $75,000?
Bitcoin price has once again come under heavy selling pressure, facing strong rejection at $92,500 and extending weekly losses to more than 11.15%. Popular crypto analyst Ali Martinez noted that over $1 billion in Bitcoin (BTC) long positions were liquidated today. The massive liquidation highlights the intense market volatility currently impacting the cryptocurrency sector.
Source: Ali Martinez
Bitcoin Forms a Bearish Pennant Says Peter Brandt
Veteran trader Peter Brandt has shared a technical analysis suggesting the recent Bitcoin price action confirms a bearish outlook. In the latest chart structure, Brandt has identified three critical technical developments hinting at further downside pressure.
The analysis highlights a double top formation with peaks reaching approximately $108,100, followed by a bearish pennant pattern. According to Brandt, Bitcoin made a “deep retest” of its previous high near $95,321 before breaking down through the pennant formation.
The chart also indicates that Bitcoin price found temporary support at $81,513 following the breakdown, but the completion of the bearish pattern suggests further downside potential. Former BitMEX CEO Arthur Hayes also believes that there could be more pain left ahead for BTC. He wrote:
“An ugly start to the week. Looks like $BTC will retest $78k. If it fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k, if we get into that range it will be violent”.
Will BTC Enter Bear Market After US CPI?
Several market analysts believe that Bitcoin is finally entering a bear market as market sentiment deteriorates despite the launch of the Bitcoin Strategic Reserve. Furthermore, the initiative has revealed an apparent lack of intent to purchase anything beyond seized BTC.
On the other hand, institutional demand for Bitcoin has dried up significantly, as evident by the massive outflows from Bitcoin ETFs. Between March 3 and March 7 (ET), Bitcoin spot exchange-traded funds (ETFs) experienced significant outflows, signaling waning investor sentiment in the market. Data shows a net outflow of $799 million during the period, with Fidelity’s Bitcoin ETF (FBTC) accounting for $201 million of the total.
All eyes will be on the US CPI data for February coming this week, ahead of March 12. February’s U.S. consumer price data is expected to reflect gradual progress in controlling inflation, a key concern for Federal Reserve policymakers. The central bank may opt to maintain a cautious stance, monitoring the broader economic landscape amid evolving fiscal policies.
According to projections, the Consumer Price Index (CPI) excluding food and energy likely increased by 0.3%, as per a Bloomberg survey of economists.
Earlier today, RedStone amended the terms of its RED token airdrop without warning, causing Binance to suspend its listing. This caused the price to crash dramatically amidst community feedback, but the project soon responded.
Now, an extra 2% of RED tokens are being airdropped today, and Binance is listing them as normal. The price has rebounded, but community resentment may linger all the same.
RedStone’s native token RED launched today, and Binance was supposed to list it on launch time.
However, the project claimed at the last minute that the airdrop would be smaller than usual, and Binance refused to list the token.
“Due to unexpected and last minute changes by RedStone to the allocation of their community airdrop distribution, the trading start time for RED will be suspended until further notice. RedStone had originally committed to distribute 9.5% of their total supply to the community via airdrop distribution. The project has now lowered this amount to 5% of the total supply,” it read.
Naturally, RedStone’s announcement caused a huge controversy within the community, which was only compounded by Binance.
“The RedStone airdrop situation is a mess. It looks like 95% of users received nothing, despite years of activity— people who spent 1-2+ years engaging with the project were completely ineligible. I’ve never seen a precedent like this. Every launch like this reinforces [that] there is no real transparency in airdrops, and every mistake like this damages the brand,” one user said.
However, after Binance announced the suspension, RedStone addressed the controversy. The firm responded to community feedback, amending its airdrop plan once again.
5% of RED tokens have already been distributed, and the missing 4.5% will be distributed six months after TGE. Today, 2% will be airdropped on top of that.
Following the amendment, Binance reversed its decision and RED rallied back up, reversing previous losses.
According to data from both CoinGecko and CoinMarketCap, RED launched at $0.80 today. While it briefly went up to $0.98 after Binance’s re-listing announcement, it’s yet to hit the dollar mark.
Overall, RedStone’s reputation may suffer as a result of this incident, even though it acted quickly to correct the problem.
Excitement brews in the crypto realm as speculation grows about a potential altcoin resurgence. Analysts are highlighting several digital currencies that could offer massive returns. Among them, XRP, ADA, SOL, and LINK are drawing attention, each with unique strengths. Yet, the spotlight also falls on a buzzing newcomer, Codename:Pepe. This token aims to carve a niche with its AI-driven features.
Codename:Pepe is gaining interest for its innovative approach, blending humor with cutting-edge technology. Modeled after a well-known meme coin success, it promises significant potential propelled by community support. It operates as an undercover agent of the crypto world, leveraging AI to navigate meme coin unpredictability. With a limited presale, early participation might be rewarding.
Codename:Pepe Unleashes True Intelligence for Maximum Profits
The crypto underworld is infested with fake AI agents—shady operators promising “next-gen intelligence” while barely outsmarting a toaster. This nonsense ends today.
Codename:Pepe has come to denounce fake AI agents. This ultimate undercover agent does not pretend, it is actually doing something useful: helping you make money in the chaotic meme coin jungle. Codename:Pepe is on a mission of mass hilarity (and, naturally, ridiculous gains).
Classified Intel: The True Identity of Codename:Pepe
Keep this under wraps: Codename:Pepe is a Pepe in disguise. Modeled after the legendary PEPE coin, which skyrocketed nearly 22,000%, this covert operative has the same ambition. Will it succeed? That depends on its community.
Unlike VC-backed rug pulls, Codename:Pepe is powered by the people. The bigger the support, the higher it moonwalks. That’s why it has chosen the community-driven presale strategy with a smart plan:
Entry Price at Stage One: $0.003333333 (because three is a lucky number)
Final Stage Price: $0.151515152 (because round numbers are boring)
Codename:Pepe plans to use the power of artificial intelligence to hunt down the juiciest meme coins, predict market trends, and deliver exclusive AI-powered trading signals before the FOMO kicks in.
Beyond smart analysis, this genius agent will also trade for you with its fully automated AI-trader, turning those signals into sweet gains.
Every great agent needs an elite organization backing them. That’s where $AGNT comes in. Holding $AGNT unlocks membership in a top-secret DAO, where operatives (investors) gain access to classified strategies, insider analytics, and the ability to vote on high-stakes missions. Holding $AGNT will unlock:
Membership in a top-secret DAO
Access to classified strategies
Insider analytics
Ability to vote on high-stakes missions
Profits from the mutual DAO fund will be allocated to those who stake their $AGNT, ensuring the spoils of the trade go to the most loyal agents.
Top-Secret Tokenomics (No Funny Business)
This is a community-first operation, so 25% the total token supply is allocated for staking and rewards.
Codename:Pepe isn’t just throwing tokens around like confetti. The supply is capped at 5 billion, ensuring no surprise inflation bombs.
Further breaking down the tokemonics, only 20% of the supply is allocated for the presale. The offer at a discounted price is limited.
Final Orders: Deploy Capital & Secure Your $AGNT Now
This is your shot to join crypto’s most ridiculous yet lucrative mission. The best entries go to the fastest trigger fingers. Don’t be the guy who “wished he got in early.”
The mission is set. The presale is live. Are you in, or will you let the AI fakes win?
Ripple (XRP) is a decentralized network designed for financial services, allowing fast and cost-effective transfers of both fiat currencies and cryptocurrencies. It is notable for its native cryptocurrency, XRP, which supports rapid and secure transactions through a unique consensus protocol. Ripple’s network can process up to 1,500 transactions per second, offering scalability and efficiency.
XRP’s price has been influenced by various factors, including legal disputes and market sentiment. Its legal battle with the U.S. SEC has impacted its market performance, but a recent court ruling has brought some relief, resulting in a price increase. Despite these challenges, XRP’s technology continues to excel in delivering quick transactions and fostering partnerships with banks and financial firms, reflecting its utility and position in the financial sector. As regulations evolve and adoption grows, XRP’s future in enabling efficient global transfers remains notable.
Overview of Cardano (ADA) and its Market Dynamics
Cardano is a decentralized blockchain network introduced in 2017. It operates on a proof-of-stake consensus mechanism called Ouroboros, which is designed to be more energy-efficient than the proof-of-work system used by networks like Bitcoin. Cardano is intended to enhance the security and scalability of blockchain networks while minimizing environmental impact. ADA is the native token of Cardano, playing roles in transactions, staking, and as a medium of exchange within its ecosystem. Known as one of the first blockchains built on peer-reviewed research, Cardano aims to support decentralized applications with scalability and security.
Currently, Cardano ranks as one of the significant cryptocurrencies by market capitalization. Its price has experienced considerable fluctuations, with its all-time high being $3.10 in September 2021. Various predictions suggest diverse potential paths for ADA’s future value. Some expert price predictions indicate possible growth scenarios tied to market events like Bitcoin halvings, while others offer more conservative views. ADA’s market position and ongoing network developments maintain interest among investors, developers, and users. However, the cryptocurrency market’s inherent volatility makes precise future valuations challenging.
Solana: A High-Speed Blockchain Platform
Solana is a blockchain platform developed in 2017 by Anatoly Yakovenko. It addresses scalability and performance limitations associated with Bitcoin and Ethereum. Known for its speed, Solana processes over 50,000 transactions per second with minimal fees. This efficiency is achieved through its unique proof-of-history consensus mechanism, along with proof-of-stake and other technical innovations. Solana launched its mainnet beta in March 2020, quickly drawing attention from developers and investors due to its capabilities. Its network supports various decentralized applications (dApps) and ensures interoperability with other blockchains.
The native token, SOL, plays several roles within the Solana ecosystem. It is used for transaction fees, governance, and as part of the platform’s services. Solana saw rapid growth, reflected in its significant market capitalization and rising token value. However, while Solana has shown strong potential, it faces challenges such as network outages and intense competition from other blockchain platforms like Ethereum and Cardano. Despite these issues, Solana’s speed, scalability, and interoperability continue to garner interest, making it a noteworthy player in the blockchain domain.
Chainlink: Oracle Network and Cryptocurrency
Chainlink is a decentralized network that connects off-chain data to smart contracts via oracles. Smart contracts need real-world data, and Chainlink provides this data securely and accurately. The network uses multiple oracles to prevent a central failure point. This setup ensures constant data availability and reliability. Chainlink’s native token, LINK, is used within this ecosystem. It serves as payment for data services and as a staking token for becoming an oracle operator. Since its inception in 2017, Chainlink has emerged as a key player in the oracle sector, significantly impacting decentralized finance (DeFi).
The market position of LINK is notable, with a significant market capitalization. Chainlink reached a peak value of $52.88 in May 2021, though it has not returned to that level since. The LINK token’s price fluctuates, reflecting broader market conditions and crypto trends. The expanding DeFi ecosystem demands reliable oracle services, keeping Chainlink prominent. Observers like Michael van de Poppe anticipate positive growth, with expectations of significant price increases. Others, such as TheNewsCrypto, present more cautious long-term projections. Current price predictions for LINK vary, highlighting the unpredictability of cryptocurrency markets.
Conclusion
As the market surges, established coins like XRP, ADA, SOL, and LINK may see modest growth but offer limited short-term gains. In contrast, Codename:Pepe crypto stands out as a unique opportunity, using real artificial intelligence to navigate the chaotic meme coin market for maximum profits.
By combining a community-driven approach with advanced AI-powered trading signals and automated trading, Codename:Pepe crypto positions itself to deliver exceptional returns. Securing a stake in this innovative project could unlock significant rewards as it disrupts the market and outperforms traditional altcoins.
The post Altcoin Rebound Incoming? 5 Top Picks Including Codename: Pepe and XRP for 1,000x Potential appeared first on Coinpedia Fintech News
Excitement brews in the crypto realm as speculation grows about a potential altcoin resurgence. Analysts are highlighting several digital currencies that could offer massive returns. Among them, XRP, ADA, SOL, and LINK are drawing attention, each with unique strengths. Yet, the spotlight also falls on a buzzing newcomer, Codename:Pepe. This token aims to carve a …
This is your shot to join crypto’s most ridiculous yet lucrative mission. The best entries go to the fastest trigger fingers. Don’t be the guy who “wished he got in early.”