Big News! 🔆 Blood in The Streets 🩸, Bear Market? Memes are OK! Sentiment Shift & More...

Hello & Welcome to this week’s CoinCentral Newsletter.

Some big news this week in regards to the website, It has been acquired by Kooc Media ( same publisher behind sites like Blockonomi and Moneycheck ). I’m Oliver Dale, founder of those sites and will be taking over the reigns as Editor-in-Chief.

Big thanks to Alex Moskov, founder and Editor of the site, he’s been amazing with the hand-over, keep following him at X, and his website

We released a new site design, so go check it out if you haven’t already.

We put out a 4000 word guide to finding high-potential crypto to invest in.

I’ll be doing the news roundups here each week and we have a new member on board who will be covering the market news. A professional trader who goes by the moniker Trader Edge on X, so check him out there for charts and analysis throughout the week. I’ll be handing over to him next for the market recap … There’s a lot to talk about!

Oliver.

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Market Recap

Hey, Trader Edge here. A Quick bio before we dig in to the markets this week…

I’m a full-time trader of futures, crude oil, and crypto with almost 10 years of experience in the markets. Excited to be working with the team at Coin Central & sharing my insights and analysis with you.  If you have any questions or need any advice, please get in touch on X.

Right, let’s dig in..

SPX (S&P 500) Overview

The SPX has seen a sharp sell off since taking the all time high at $6128. With six red days in a row, price is down nearly 5% from the highs. Price has broken below a major trendline that has held price since the October 2023 lows.

Despite this, weekly market structure remains intact as long as it can hold above $5773.

The next support level is sitting around $5700 and lines up with the 200 day moving average. The last time the SPX put in 6 consecutive red days, we seen a huge rally, will this time be different??

Bitcoin Overview

This week bitcoin has seen blood in the streets and BTC ended up breaking key support at $90,000 due to a number of outside factors like hacks and macro pressures.

Price is finding acceptance below the range lows and is currently down 29% from its all-time highs.

There is plenty of fear in the market with the Fear & Greed Index hitting "extreme fear” levels. Although we’ve seen a lot of sell pressure lately, this pullback aligns with a typical pullback seen during a bull market.

Despite buyer's trying to hold the line, the bears remain in control so far. Bulls need to push price above $90,000 soon to regain control, failure to do so could lead to a further drop towards the next major support level at $74,000.

All eyes on the weekly close to decide if this week was a typical pull back or the signs of something else to come.

Ethereum Overview

ETH has dropped more than 27% over the past 5 days and is down 49% from its December highs.

Price has swept the August lows and is currently testing major support at $2100. Bulls don’t want to see daily closes below the grey box, failure to hold this level could see a drop to the next support level at around $1600.

Lookonchain reports the Bybit hacker has transferred 270,000 ETH(605M) through THORChain and still holds 229,395. This could add further sell pressure to the already beaten down price.

Wrap

Weak macroeconomic factors, including rising U.S. unemployment and inflation concerns, are adding to market anxiety. Earlier today Core PCE (the Fed’s preferred inflation gauge) came in at 2.6%, in-line with expectations. This is can be seen as generally positive for markets.

Trump said his proposed 25% tariffs on Mexican and Canadian goods will come into effect on 4th March, along with an extra 10% duty on Chinese imports. Trump is scheduled to speak on Friday evening so get the popcorn ready :)

Analysts predict risk on assets will struggle in early March due to weaker economic data but will rebound in April-May. Markets hate uncertainty so it’s important to remain cautious.

Trader Edge.
Follow on X

🚀 Top Market Cap Coins:

• Bitcoin (BTC) 🔻 $80,714 (-18.1%): A bad week for Bitcoin due to Trump Tariff’s hitting the markets

• Ethereum (ETH) 🔻 $2,118 (-24%): Worse week for ETH, still trying to recover from the ByBit hack.

• Solana (SOL) $135.48 (-23.5%): Waning enthusiasm for the Pump.fun meme casino and low network usage affecting SOL.

• Dogecoin (DOGE) 🔻 $0.1871 (-26.9%): Meme season seems to be over for now, I’m sure DOGE will be back later this year.

• Litecoin (LTC) 🔻 $121.14 (-10.3%): Has had a relatively good week buoyed by ETF speculation news. It’s looking like LTC will get one next.

📉 Weekly Winners & Losers

• Story (IP) 🟢 15.6%: The top gainer for this Layer-1 Blockchain for IP rights.

• Maker (MKR) 🟢 6.1%: Good week for MKR,The second highest gainer this week.

• Fasttoken (FTN) 🟢 0.7%: Another Layer-1 barely scraping into the green.

• Bittensor (TAO) 🔻 -34.5%: Bad week for the AI coin.

• Lido DAO (LDO) 🔻 -34.2%: The ETH Staking protocol came off worse than ETH itself after the ByBit hack.

• Official Trump (TRUMP) 🔻 -33.7%: If Trump could stop starting trade wars every day, his coin might recover.

News Recap

Here’s our coverage of the biggest stories this week…

• Bitcoin Slides Further: Price Dipped under $80k Earlier today.

• The Memes are OK: The SEC has officially declared that meme coins generally do not qualify as securities under federal law

• Another Win! SEC Dismisses case against Coinbase

• One More Victory: Gemini cleared as SEC backs down after 2 year battle.

• BitMEX for Sale? End of an era as the exchange seeks new owners.

• Bitcoin & Market Crash: This week was a sea of red, we take a look and what happened and what caused it.

• ByBit Hack: ByBit suffered the biggest hack in history, here’s what they’re doing to recover funds.

• GameStop CEO Ryan Cohen Considers $4.6 Billion Bitcoin Purchase: Will they use their $4.6 billion to follow Saylor’s footsteps?

• Metaplanet and El Salvador Add to Bitcoin Holdings: Japan-based Metaplanet and El Salvador both increased their Bitcoin holdings before the crash

• $31 Million in Crypto Recovered from Uranium Finance Hack: U.S. law enforcement cryptotied to the 2021 Uranium Finance hack

Never a dull week is it? See you this time next week….

DISCLAIMER: This newsletter is provided for educational purposes only and does not constitute financial advice. The content herein is not an investment recommendation or a solicitation to buy or sell any financial instruments or assets. Readers are advised to conduct their own research and exercise caution in making any financial decisions.