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The crypto market remained relatively flat over the past 24 hours, with the market cap registering a marginal decline and falling to $2.71 trillion. Markets were mixed, with some cryptocurrencies registering marginal increases while others registered marginal declines. Bitcoin (BTC) is trading around the $83,000 mark as it struggles to build momentum. The flagship cryptocurrency bounced to reach $84,644 early in the day before declining to its current level.
Meanwhile, Ethereum (ETG) registered a marginal increase to surpass $1,900. ETH has struggled in recent sessions as it attempts to reclaim $2,000. Ripple (XRP) registered a notable increase of almost 2%, while Solana (SOL) is up over 3% and trading at $124. Dogecoin (DOGE) is up just over 2%, while Chainlink (LINK) is up nearly 3%, trading at $14.03. Other cryptocurrencies like Toncoin (TON), Stellar (XLM), Litecoin (LTC), Polkadiot (DOT), and Hedera (HBAR) registered notable declines.
SEC Could Axe Biden-Era Crypto Custody Rule
The United States Securities and Exchange Commission plans to change or remove a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisors. According to SEC acting Chair Mark Uyeda, the rule, proposed in February 2023, had seen commenters express significant concern over its broad scope. Uyeda stated,
“Given such concern, there may be significant challenges to proceeding with the original proposal. As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal.”
The rule was created under the leadership of former SEC Chair Gary Gensler. It aimed to expand custody rules for investment advisors to any assets held for a client, including crypto and increased the requirements to protect them. This meant investment advisors would have to custody their clients’ assets with a qualified custodian. However, the rule also stated investment advisors could not rely on crypto platforms due to the way they operate. The proposal was criticized by Uyeda and Commissioner Hester Pierce, along with industry advocates who called the rule unlawful and dangerous. Uyeda had said at the time,
“How could an adviser seeking to comply with this rule possibly invest client funds in crypto assets after reading this release?”
However, Uyeda supported the proposal despite disagreeing with several provisions.
Solana Deletes Controversial Ad Following Backlash
Solana has removed its “America is Back - Time To Accelerate” ad after criticism from the crypto community on X, with many calling it offensive, cringe, and divisive. The now-deleted ad was posted on Monday and garnered over $1.4 million views by the end of the day. It featured several patriotic themes and political messaging, particularly against gender diversity. Solana has not made an official comment about the ad so far. While the video has been deleted, it has been reposted by several users. Tyler Bench, CRO of on-chain governance platform Tally.xyz, called the video “the most toxic piece of content."
“This might be the single most toxic piece of content I have ever consumed. It's like the Coinbase ads if they were created by an incel who hasn't left the basement in years.”
The highly controversial ad reflects the growing tensions within the crypto ecosystem about political messaging. Critics stated that the ad contradicted the crypto industry’s foundational values of neutrality and inclusivity. Anneri van der Merwe, product leader at Base, heavily criticized the advertisement, stating that it completely missed the mark.
“Offensive, cringe, and pandering. Base is for everyone. Solana co-opted the 'is for everyone' phrase last week too. This ad shows there's still a long way to go in truly embracing that ethos.”
Other prominent industry figures also expressed disappointment, with Adam Cochran partner at Cinneamhain Ventures, questioning the judgment behind its creation.
“The 'mind virus' that's infected the nation is whatever weird circlejerk is going on in Silicon Valley where people are convinced they were oppressed and that this is cool or edgy.”
Standard Chartered Slashes ETH Price Target By 60%
Standard Chartered has changed its 2025 year-end target for Ethereum (ETH) from $10,000 to $4,000, citing several structural challenges within the Ethereum ecosystem. Standard Chartered analysts attribute the adjustment to the impact of Layer2 solutions like Coinbase’s Base, which has reduced Etheruem’s market capitalization by an estimated $50 billion. Layer2 networks were created to enhance Ethereum’s scalability by reducing congestion and lowering transaction fees. However, Standard Chartered suggests that Layer2 solutions may be diverting revenue away from Ethereum.
Standard Chartered also forecast a decline in the ETH/BTC ratio, predicting it will reach 0.015 by the end of 2027, suggesting ETH will underperform relative to Bitcoin (BTC) over the next few years. Despite these concerns, Ethereum still leads in key areas like stablecoins, tokenized assets, and decentralized finance. The bank also acknowledged that ETH could rise from its current levels if BTC experiences significant gains. However, it cautioned ETH’s underperformance will continue in the near term.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) registered a notable increase on Monday, rising nearly 2% as markets rebounded. The flagship cryptocurrency reached an intraday high of $84,768 before declining. Despite Monday’s price increase, BTC remains trapped in a tight range, trading between $81,000 and $82,000 and finding it difficult to push higher. However, while the market may be cautious, historical trends and patterns hint at a possible breakout. According to Rekt Capital, BTC’s current price action and trends mirror June 2021, when, after a steep decline, the flagship cryptocurrency was stuck between the 20 and 50-week EMAs. The price eventually broke out of this range and surged to an all-time high in November. BTC is following a similar trajectory, suggesting history could repeat itself.
“Back in June 2021, the price was consolidating between the 21-week EMA (green) and 50-week EMA (blue) after a crash Right now, Bitcoin is consolidating between the same EMAs after a crash (By the way, $BTC indeed broke out from its triangle by late July 2021 to reach new All-Time Highs in November 2021).”
Rekt Capital also stated that BTC’s selling pressure has been decreasing, with recent selloffs coming with lower volumes than usual, suggesting sellers are losing momentum. According to CryptoQuant, BTC is undergoing a deleveraging phase, with excess leverage being removed. In the past, such deleveraging phases have created buying opportunities.
BTC registered a sharp drop last Friday, dropping 3.53% to settle at $86,781. Price action remained bearish over the weekend as BTC registered a marginal drop on Saturday. Bearish sentiment intensified on Sunday as BTC fell over 6%, slipping below the 200-day SMA and $80,000, reaching a low of $79,987. It made a marginal recovery from this level to reclaim $80,000 and settle at $80,736. Buyers attempted a recovery on Monday as BTC surged to an intraday high of $84,075. However, it could not stay at this level and dropped nearly 3% to settle at $78,620. The price plunged to an intraday low of $76,642 as selling pressure intensified. It recovered from this level to reclaim $80,000 and settle at $82,943 after an increase of 5.50%.
Source: TradingView
Buyers retained control on Wednesday as BTC rose almost 1% and settled at $83,079. However, the price was back in the red on Thursday, dropping over 3% and settling at $81,136. Bullish sentiment returned as markets registered a substantial bounce on Friday. As a result, BTC rose almost 4% to cross the 200-day SMA and reach an intraday high of $85,363 before settling at $84,002. BTC continued to push higher on Saturday, registering a marginal increase and settling at $84,398. However, buyers lost momentum on Sunday as the price fell over 2%, slipping below the 200-day SMA and settling at $82,611. BTC’s see-saw price action continued on Monday, rising almost 2% to $84,017. The current session sees BTC down nearly 1% and trading at $83,330. The MACD indicates growing bullish sentiment, suggesting buyers are gaining the upper hand.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is attempting to reclaim the $2,000 price level after inching past $1,900. ETH is trading just above the $1,900 mark, a crucial technical and psychological level that could dictate ETH’s short-term trajectory. ETH’s recent decline saw its price plunge to a low of $1,759, suggesting the market is dominated by selling pressure. Such spikes in selling volume suggest investors are selling off their holdings in anticipation of further declines, posing a significant roadblock in ETH’s recovery attempts.
ETH started the previous weekend on a positive note, rising almost 3% and settling at $2,204. However, sentiment changed on Sunday as the price fell over 8% to $2,020. Buyers attempted a recovery on Monday as the price reached an intraday high of $2,159. However, it lost momentum after reaching this level and dropped almost 8%, slipping below $2,000 and settling at $1,865. ETH plunged to $1,759 on Tuesday as selling pressure intensified. However, it recovered from this level to register an increase of over 3% and settle at $1,923. Selling pressure returned Wednesday as ETH fell almost 1% to $1,909. Sellers retained control on Thursday as the price fell over 2% and settled at $1,865.
Source: TradingView
ETH recovered on Friday as it registered an increase of 2.54% and settled at $1,912. Buyers retained control on Saturday as the price rose 1.35% and settled at $1,938. However, ETH was back in the red on Sunday, dropping almost 3% and settling at $1,888. ETH started the current week positively, rising just over 2% and settling at $1,927. The current session sees ETH down 1%, as sellers look to push the price below $1,900. ETH must reclaim $2,000 and overcome the resistance at $2,100 and $2,200 to confirm a sustained uptrend. However, moving averages maintain a bearish inclination, suggesting a cautious market.
Solana (SOL) Price Analysis
Solana (SOL) is down almost 3% in the past 24 hours as it struggles to build momentum and push towards $150. The Ethereum-killer is struggling to cross the 20-day SM, acting as a dynamic resistance level. SOL has been bearish since Thursday (March 6) when it registered a drop of over 2%. By Saturday, the price had fallen below $140 and traded at $137. Bearish sentiment intensified on Sunday as the price fell almost 8% and settled at $126. Sellers retained control on Monday as SOL dropped to a low of $115 before settling at $118, ultimately registering a decline of 6.53%. The price plunged to an intraday low of $112 on Tuesday as selling pressure intensified. However, it rebounded from this level, rising almost 6% and settling at $125.
Source: TradingView
Buyers retained control on Wednesday as SOL rose over 1% and settled at $126. Buyers lost momentum on Thursday as SOL fell 2.53% and settled at $123. The price rebounded on Friday, surging over 8% to move past $130 and settle at $133. SOL continued to push higher on Saturday, increasing almost 2% and settling at $135. Selling pressure returned on Sunday as SOL dropped 7% after falling to move past the 20-day SMA and settled at $126. SOL began the current week on a positive note, rising 1.58%. However, the current session sees SOL back in the red, down over 2% and trading at $125. Sellers will look to retain control and drive the price below $120. On the other hand, buyers will look to regain control and push SOL towards $150.
Chainlink (LINK) Price Analysis
Chainlink (LINK) registered a substantial decline as it entered the previous weekend, dropping almost 7%, slipping below the 20 and 200-day SMAs and settling at $15.94. Price action was bearish over the weekend as LINK fell 4.22% on Saturday and nearly 10% on Sunday to settle at $13.78. Buyers attempted a recovery on Monday as LINK surged to an intraday high of $14.53. However, it lost momentum after reaching this level and dropped over 8% to $12.64. LINK fell to a low of $11.88 on Tuesday as selling pressure intensified. The price rebounded from this level, rising almost 4% and settling at $13.13. Buyers retained control on Wednesday, with the price registering an increase of 2.74% and settling at $13.49.
Source: TradingView
LINK lost momentum on Thursday, allowing sellers to take over. As a result, it fell over 3% and settled at $13.03. Bullish sentiment returned on Friday as LINK surged to an intraday high of $14.69. However, it lost momentum after reaching this level and dropped to settle at $13.66, ultimately registering an increase of almost 5%. Buyers retained control on Saturday as LINK rose 2.58% to move past $14 and settle at $14.01. Despite the positive momentum, LINK dropped on Sunday, falling over 4% to $13.38. LINK recovered on Monday as it started the week positively, rising almost 5% and settling at $14.04. The current session sees LINK up nearly 1% and trading at $14.16 as it looks to move past the 20-day SMA and $15.
Bittensor (TAO) Price Analysis
Bittensor (TAO) registered a marginal decline on Saturday (March 8) as buyers attempted to counter growing bearish sentiment. However, selling pressure registered a substantial increase on Sunday as TAO dropped 11.52%, slipping below $250 and settling at $244. Sellers retained control on Monday as the price fell nearly 8%, going below a key support level and settling at $225. However, TAO recovered on Tuesday, surging almost 16% to move past $250 and settle at $260. The price encountered volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as TAO registered a marginal decline and settled at $269.
Source: TradingView
Bearish sentiment intensified on Thursday as TAO fell over 8% and settled at $238. The price recovered on Friday, rising 7.51%, then registering a marginal increase on Saturday to settle at $258. However, TAO was back in the red on Sunday, dropping almost 7% and settling at $241. The current week started positively, as TAO rose over 5% to reclaim $250 and settle at $254. However, the current session sees the price back in the red, down over 2% and trading at $248.
Aptos (APT) Price Analysis
Aptos (APT) started the previous week on a bearish note, dropping over 7% to $5.20. The price fell to an intraday low of $5.03 on Tuesday as selling pressure intensified. However, it rebounded from this level to surge to an intraday high of $5.66 before settling at $1.64%, ultimately registering an increase of nearly 2%. Buyers lost momentum on Wednesday as APT fell 1.39% and settled at $5.21. Selling pressure intensified on Thursday as the price fell to an intraday low of $4.91. APT rebounded from this level to reclaim $5 and settle at $5.19, ultimately registering a drop of 1.19%.
Source: TradingView
APT recovered on Friday, registered an increase of 1.09%, and settled at $5.20. Buyers retained control on Saturday, as the price rose almost 3% and settled at $5.35. However, it was back in the red on Sunday, falling almost 4% and settling at $5.15. APT started the current week positively, rising almost 4% and settling at $5.34. The current session sees APT up marginally as buyers look to push the price towards $5.50.
Uniswap (UNI) Price Analysis
Uniswap (UNI) registered a sharp jump on Monday (March 10), surging to an intraday high of $6.94. However, it could not stay at this level and dropped nearly 8% to settle at $5.90. The price fell to a low of $5.53 on Tuesday as bearish sentiment intensified. It rebounded from this level to register an increase of 3.49% and settle at $6.11. UNI was back in the red on Wednesday, dropping over 3% and settling at $5.91. Sellers retained control on Thursday as UNI registered a marginal drop and settled at $5.89.
Source: TradingView
Bullish sentiment returned on Friday as the price rose 2.45% to reclaim $6 and settle at $6.03. UNI continued to push higher on Saturday, rising over 4% and settling at $6.28. Despite the positive sentiment, UNI fell over 2% on Sunday to end the weekend on a bearish note at $6.13. UNI started the current week on a bullish note, registering an increase of almost 3% and moving to $6.31. The current session sees UNI down nearly 2% and trading at $6.21.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
