The crypto market is constantly changing, and this week there are six coins that you should keep an eye on. Each of these coins is at a critical point for various reasons. Let’s take a closer look:
#1 Bitcoin: ETF Data, Monthly Close, And US PCE
Bitcoin is the most closely watched coin in the market, and this week is no different. Here are two key things to pay attention to:
– Daily spot Bitcoin ETF inflows and outflows: This is an important indicator of institutional interest in Bitcoin.
– Monthly close: On Thursday, the monthly close will take place. It is important to watch if Bitcoin can close above the Macro Diagonal resistance level of $40,941. A close beyond this level would be significant as it could indicate further upside potential for Bitcoin.
On the weekly timeframe, if Bitcoin closes above $48,400, it would be extremely bullish. This could lead to a retest of this support level and potentially a rally towards the 0.786 Fibonacci retracement level at $57,380.
Another factor to consider is the release of PCE inflation data in the US on Thursday. This data could have implications for Federal Reserve policy and therefore impact risk assets like Bitcoin. If the data exceeds expectations, it could be negative for Bitcoin and crypto.
#2 Uniswap: Governance Proposal And SEC Attention
Uniswap has recently introduced a proposal to revise its governance structure. This proposal includes a fee switch mechanism that could greatly influence Uniswap’s price dynamics if implemented. However, there is also regulatory uncertainty surrounding Uniswap due to potential actions from the Securities and Exchange Commission (SEC).
The outcome of this proposal will be determined through a snapshot vote on March 1st and an on-chain vote on March 8th. The decision on this proposal could set a precedent not only for Uniswap but also for other projects in the crypto ecosystem.
#3 Lido Finance: Revenue Sharing And Ethereum ETF
If Uniswap’s initiative to implement revenue sharing is successful, it could encourage other projects like Lido Finance to do the same. Additionally, Lido Finance is a potential play on the restaking narrative and the spot Ethereum ETF. The final approval deadline for the Ethereum ETF is in mid-May.
#4 Blur: Blast L2 Launch
Blur is about to launch Blast L2, a significant advancement for Ethereum’s Layer 2 scaling efforts. This initiative aims to improve scalability and reduce asset depreciation for Blur users. Blast L2 is an optimistic rollup solution that offers native yield opportunities while maintaining the security of the Ethereum network. The project has already received over $400 million in funding within just three weeks of its announcement.
#5 Starknet: Revised Crypto Token Unlock
Starknet has adjusted its token distribution strategy to mitigate potential selling pressure. Instead of releasing a large portion of tokens as initially planned, they will now be gradually unlocked over time. This revised schedule aims to stabilize the market and prevent sudden influxes of tokens from negatively impacting the token’s price.
Additionally, Starknet’s Total Value Locked (TVL) is increasing thanks to a 40 million STRK Incentive Campaign designed to promote engagement and investment within the Starknet ecosystem. This presents a potential growth opportunity as Starknet remains unlisted on major centralized exchanges.
Hot Take: The crypto market is always evolving, and it’s important to stay informed about the key coins and their critical junctures. By keeping an eye on Bitcoin, Uniswap, Lido Finance, Blur, and Starknet, you can better navigate this dynamic market and make informed investment decisions. Stay vigilant and remember to do your own research before making any investment choices. Happy trading! 🚀
By
By
By
By
By