Gate.io Blog Gate.io AMA - Weekly Analysis,Mar.11th

Gate.io AMA - Weekly Analysis,Mar.11th

24 March 12:24

Q: Hi, it's time for weekly analysis again.
A: Thank you and let's check it out.

Record time 10AM BKK.

1.Major coins

BTC

1M/1W/1D

1D/8H/4H/1H
From 1D /8H/4H, it is obvious downtrend.
From 1H/4H, there's a sideways.
Three patterns below have low volume.

Summary:

Q: Let's check some news for this week.
A:
1）Industry

Biden, US President signs America's first sweeping executive order on cryptocurrencies (full text): Roughly 16% of adult Americans (about 40 million people) have invested, traded, or used cryptocurrencies. The rise of digital assets creates an opportunity to strengthen U.S. leadership at the global financial system and the technological frontier, but also has significant implications for consumer protection, financial stability, national security, and climate risk.
The U.S. Treasury Department announced that all U.S. cryptocurrency exchanges must register with the agency’s financial crimes enforcement network, FinCEN, protos reported. Every cryptocurrency exchange must also hire a dedicated chief compliance officer.
The U.S. Senate Banking Committee is scheduled to hold a hearing on digital assets on March 17th.
Dubai on Wednesday unveiled a new agency responsible for crypto asset regulation. The Dubai Virtual Assets Regulatory Authority (VARA) will operate as an affiliate of the Dubai World Trade Centre and will focus on compliance and disclosure for crypto asset service providers. Currently, exchanges such as Binance/Huobi/OKX operate in Dubai.
Thailand is considering offering crypto payment methods for Russian tourists as an emergency measure as US deactivates both VISA and MASTERCARD for Russian users. Now Russians abroad cannot survive without cryptocurrencies.

2) NFT

According to Twitter KOL, you can get an NFT by studying Stanford University's "Cryptocurrency and Blockchain Technology" course and passing the exam. The floor price of this NFT on OpenSea is 9.9 ETH. It is reported that 97 people have obtained the NFT so far.
On March 10, South Korean tech giant NAVER and SoftBank's Japanese subsidiary Z Holdings plan to open NFT marketplaces in 180 countries around the world this spring, and are making large-scale investments to increase the number of users of fintech subsidiary PayPay to 90 million.
Delphi Digital analyzes Opensea's trading volume changes in its latest report. More recently, Opensea’s daily trading volume fell 72% from a peak of $250 million to $70 million. The search volume of “NFT” on the whole network also fell to the level in early November.
The Sandbox will provide $25M over 5 years to the World of Women Foundation to bring more women and diversity of thought to NFTs and the Metaverse. Expanding the representation of women in decentralized cyberspace. World of Women is a combination of female avatars designed by Middle Eastern artist Yam Karkai and is currently the leading item of female NFTs.

3）Coins

Glassnode Weekly Report: Net inflows deposited to exchanges last week were around 1k BTC per day. Since July 2021, BTC inflow to these exchanges, Binance, Bittrex, Bitfinex, and FTX, totaling 207,000 BTC. Net inflows are still relatively small, suggesting that investors are more inclined to use derivatives to hedge risk rather than sell spot BTC.
Ki Young Ju, CEO of data website CryptoQuant, said that new bitcoin buyers who joined last year are evolving into long-term holders, and the market value of BTC that has been held for more than 6 months now accounts for 52%.
The Luna Foundation says it has just added $418 million to the treasury, which currently holds about $1.5 billion. The Luna Foundation previously stated that the council voted to exchange 5 million Luna from the LFG treasury to $UST (about $450 million) over the next 2 weeks. LFG will sell the UST and the proceeds of the sale will be used to buy BTC to increase the current reserve.

Conclusion:

Panic index 22, extreme panic.
bitcoin: The number of bitcoin addresses holding more than 1,000 coins has reached an 11-month high, and the selling pressure will become smaller and smaller in the future. In the short term, it will continue to fluctuate within a narrow range, with support at 37200 and pressure at 44000.
ETH: Short-term support at $2550-2650, short-term resistance at $2850-2950. It is currently not out of an independent rise, just following the fluctuation of BTC
LUNA has had a strong recent run, approaching an all-time high of $103.6. In the short term, there may also be a small adjustment. However, the uptrend remains unchanged, and you can continue to do more if you find a low level. Support: 90; Resistance: 100. Basically unaffected by the fall of bitcoin, it is a better altcoin at present.

Q: That's all for today, let's go to question session.

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