Price analysis 3/21: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, TON, LINK, LEO
Bitcoin’s (BTC) recovery continues to face selling at higher levels, indicating that the bears have not given up. Trading resource Material Indicators said in a post on X that “Spoofy the Whale” has been suppressing Bitcoin’s price below $87,500.Although the upside is currently restricted, select analysts believe that the downside is limited. BitMEX co-founder Arthur Hayes said in a post on X that Bitcoin may have bottomed out at $77,000, considering that the Federal Reserve announced a slowdown in its quantitative tightening from April.Crypto market data daily view. Source: Coin360Another bullish catalyst for Bitcoin could be the recession, according to BlackRock head of digital assets, Robbie Mitchnick. In an interview with Yahoo Finance, Mitchnick said that the firm’s “sophisticated long-term Bitcoin accumulator” clients are not concerned by the current economic headwinds and consider the market dip to be a buying opportunity.Could Bitcoin form a higher low in the near term and break above the $87,500 barrier in the near term? Will that boost buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin surged above the 20-day exponential moving average ($85,332) on March 19, but the bears halted the relief rally at the resistance line.BTC/USDT daily chart. Source: Cointelegraph/TradingViewIf the price breaks below the uptrend line, the BTC/USDT pair could descend to $80,000 and later to $76,606. The $76,606 to $73,777 zone is expected to attract strong buying by the bulls, but if the bears prevail, the pair may descend to $67,000.Conversely, if the price rebounds off the uptrend line and breaks above $87,500, the pair is likely to pick up momentum. The 50-day simple moving average ($91,136) may act as a hurdle, but it is expected to be crossed. The pair may rise to $95,000 and then to the critical $100,000 level.Ether price analysisEther’s (ETH) recovery stalled at the 20-day EMA ($2,067), indicating that the bears are active at higher levels.ETH/USDT daily chart. Source: Cointelegraph/TradingViewIf the price breaks below $1,927, the ETH/USDT pair could slip to $1,800. Buyers are expected to defend the $1,750 to $1,800 zone because a break below it could open the doors for a drop to $1,550.This negative view will be invalidated if the price turns up and rises above the breakdown level of $2,111. That clears the path for a potential rally to the 50-day SMA ($2,420) and, after that, to $2,850.XRP price analysisXRP (XRP) surged above the moving averages on March 19, but the bulls could not maintain the momentum.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe bears are trying to pull the price below the 20-day EMA ($2.36). If they can pull it off, the XRP/USDT pair may fall to $2.22 and then to the critical support at $2. Buyers are expected to vigorously defend the $2 level because if they fail in their endeavor, the pair will complete a bearish head-and-shoulders pattern.Contrary to this assumption, if the price rebounds off the 20-day EMA, it will indicate buying on dips. The pair may then reach the resistance line. BNB price analysisBNB’s (BNB) pullback took support at the 20-day EMA ($608) on March 19, indicating buying on dips.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA has started to turn up, and the RSI is in the positive zone, signaling that buyers have a slight edge. A break and close above $644 could clear the path for a rally to $686. Sellers will try to defend the $686 level with all their might because a break above it could catapult the price to $745.Sellers will have to pull the price below the 20-day EMA to prevent the upside. The BNB/USDT pair may then decline to $550.Solana price analysisSolana (SOL) turned down from the 20-day EMA ($135) on March 20, signaling that the bears continue to sell on minor relief rallies.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe SOL/USDT pair could slide to $120 and then to $110. Buyers are expected to fiercely defend this support zone. If the price bounces off the support zone, the bulls will again attempt to drive the pair above the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($163).On the contrary, a break and close below $110 signals the resumption of the downtrend. The pair could tumble to $98 and eventually to $80.Cardano price analysisCardano (ADA) turned down from the moving averages on March 20, indicating that the bears are defending the level.ADA/USDT daily chart. Source: Cointelegraph/TradingViewSellers will try to sink the price to the uptrend line, where the bulls are expected to step in. If the price rebounds off the uptrend line with strength, it increases the possibility of a break above the moving averages. The ADA/USDT pair could then rally to $1.02.Alternatively, a break and close below the uptrend line suggests that the bulls have given up. That could start a downward move toward $0.58 and eventually to $0.50. Buyers are expected to vigorously defend the $0.50 support.Dogecoin price analysisBuyers are struggling to push Dogecoin (DOGE) above the 20-day EMA ($0.18), indicating a negative sentiment.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewIf the price skids below $0.16, the DOGE/USDT pair could retest the critical support at $0.14. This is an essential support for the bulls to defend because a break below it may sink the pair to $0.10.On the upside, a break and close above the 20-day EMA will be the first indication that buyers are back in the game. The pair could rise to the 50-day SMA ($0.22) and subsequently to $0.29.Related: XRP price chart hints at 75% gains next as SEC ends lawsuit against RippleToncoin price analysisToncoin (TON) cleared the 50-day SMA ($3.51) hurdle on March 19, but the bears are trying to halt the up move at $4.TON/USDT daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($3.32) has started to turn up, and the RSI has jumped into the positive zone, signaling an advantage to buyers. The price is expected to find support at the 20-day EMA. If that happens, the prospects of a break above $4 improve. The TON/USDT pair may climb to $5 and later to $5.50.Sellers will have to yank the price back below the 20-day EMA to gain the upper hand. The pair may then slump to $3.Chainlink price analysisChainlink (LINK) rose above the 20-day EMA ($14.59) on March 19, but the bulls could not sustain the higher levels.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe price slipped back below the 20-day EMA on March 20, indicating selling at higher levels. The bears will try to sink the price toward the crucial support at $12. If the price turns up from the current level or $12, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will again try to push the LINK/USDT pair toward the 50-day SMA ($16.83) and later to $19.25.This positive view will be invalidated if the price continues lower and plummets below $12. That could sink the pair to psychological support at $10.UNUS SED LEO price analysisUNUS SED LEO (LEO) remains stuck below the overhead resistance of $10, indicating that the bears are holding their ground.LEO/USD daily chart. Source: Cointelegraph/TradingViewThe flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns down and breaks below $9.60, it suggests that the bears are strengthening their position. The LEO/USD pair could descend to the uptrend line.On the other hand, the bullish ascending triangle pattern will complete on a break and close above $9.90. The pair could then surge toward the target objective of $12.04.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Eric Trump joins Metaplanet strategic board of advisors
Metaplanet, a leading Bitcoin-stacking firm, has recently announced the appointment of Eric Trump, son of US President Donald Trump, to its newly established Strategic Board of Advisors. This move is part of Metaplanet’s mission to become a global leader in the Bitcoin economy.
According to Metaplanet’s CEO Simon Gerovich, Eric Trump’s business acumen, love for the Bitcoin community, and global hospitality perspective will be invaluable in accelerating the company’s vision. As a globally recognized business leader and entrepreneur, Eric Trump brings a wealth of experience in real estate, finance, brand development, and strategic business growth. He has also become a leading voice and advocate for digital asset adoption worldwide.
The announcement was made on X, with Metaplanet stating that Eric Trump’s appointment is a strategic move to establish a Board of influential voices, speakers, and thought leaders committed to furthering Bitcoin adoption. This Board will play a crucial role in driving Metaplanet’s mission forward.
Currently, Metaplanet holds 3,050 Bitcoin (BTC) worth nearly $4.1 billion, according to BitBo’s BitcoinTreasuries.NET data. This makes Metaplanet one of the world’s leading Bitcoin Treasury Companies.
In a tweet, Metaplanet expressed their excitement in welcoming Eric Trump to their Strategic Board of Advisors. They believe that his business expertise and passion for BTC will help drive their mission forward. Simon Gerovich also welcomed Eric Trump aboard and expressed his enthusiasm for working with him.
This news has caused a buzz in the Bitcoin community, with many expressing their support and excitement for this strategic move. This is a developing story, and more information will be added as it becomes available.
In conclusion, Metaplanet’s appointment of Eric Trump to their Strategic Board of Advisors is a significant step towards their goal of becoming a global leader in the Bitcoin economy. With Eric Trump’s expertise and passion for BTC, Metaplanet is poised to make a significant impact in the world of digital assets.
Trump says US will be 'Bitcoin superpower' as BTC price breaks 4-month downtrend
Bitcoin (BTC) sought to reinforce higher support at the March 20 Wall Street open as bulls broke out of a key downtrend.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewTrump pledges to make US “Bitcoin superpower”Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning above $86,000.Now circling the daily open, Bitcoin continued to build on strength which came the day prior thanks to encouraging macroeconomic signals from the US Federal Reserve.Rumors of a further announcement on crypto by the US government administration helped BTC price action to reach two-week highs.President Donald Trump was due to deliver virtual remarks on the third day of the Blockworks Digital Asset Summit 2025 event in New York.Trump doubled down on his pledge not to sell confiscated US Bitcoin, as well as end regulatory mechanisms such as Operation Chokepoint 2.0. No new information on BTC purchases, however, was delivered. He said:“Together we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”In so doing, BTC/USD reclaimed two key moving average trend lines, including the 200-day simple moving average (SMA), a key support component during bull markets.Analyzing the current landscape, popular trader and analyst Rekt Capital focused on a similar reclaim of the 200-day exponential moving average (EMA).“Bitcoin has most recently Daily Closed above the 200 EMA and in fact is now in the process of retesting it into new support,” he wrote in part of his latest content on X, calling the trend line a “long-term gauge of investor sentiment towards BTC.”BTC/USD 1-day chart with 200 SMA, EMA. Source: Cointelegraph/TradingViewA further X post revealed a more impressive feat from bulls, with the daily chart showing a breakout from a downtrend on Bitcoin’s relative strength index (RSI) — something in place since November 2024.“Bitcoin has broken the Daily RSI Downtrend dating back to November 2024,” Rekt Capital confirmed.BTC/USD 1-day chart. Source: Rekt Capital/XAnalysis: Markets may “wake up” to hawkish FedContinuing on the macro picture, trading firm QCP Capital was cool on the outlook. Related: Peak ‘FUD’ hints at $70K floor — 5 Things to know in Bitcoin this weekIt warned that the initial risk-asset bounce on the back of the Fed decision could easily reverse.“Beyond the immediate excitement, the Fed’s tone was notably cautious. Policymakers downgraded economy growth projections to 1.7% (a 0.4% reduction), while raising their inflation forecast to 2.8%, signaling a growing risk of stagflation,” it wrote in its latest bulletin to Telegram channel subscribers. “Additionally, the Fed’s dot plot revealed a more hawkish shift from the one in December, with the number of officials forecasting no rate cuts in 2025 increasing to four.”Fed target rate probabilities for June FOMC meeting. Source: CME GroupThe latest data from CME Group’s FedWatch Tool showed markets retaining bets of interest rate cuts occurring no sooner than June.“Will the rally sustain, or will investors wake up to the reality that risks remain firmly in play?” QCP queried.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
South Korea raids Bithumb amid ex-CEO’s alleged $2M embezzlement
Update March 20, 10:50 am UTC: This article has been updated to add a Wu Blockchain report on Bithumb listings, claiming that multiple crypto projects paid intermediary fees to have their tokens listed. South Korean prosecutors raided crypto exchange Bithumb following suspicions that its former CEO embezzled funds to purchase an apartment. On March 20, Seoul’s Southern District Prosecutors’ Office reportedly searched Bithumb’s offices in the country. The investigation centered around allegations that the crypto exchange gave a 3 billion Korean won (over $2 million) apartment lease deposit to Kim Dae-sik, its former CEO and board member, who now works as an adviser to the firm. Prosecutors raised concerns over potential financial misconduct within the company, suspecting that Kim used some of the funds to purchase a personal apartment. Bithumb says its former CEO repaid the fundsLocal media outlet YTN reported that the country’s Financial Supervisory Service (FSS) had previously investigated the suspicions and handed their findings to the prosecutor’s office. In an interview with The Chosun Daily, a Bithumb representative said some of the allegations are true. The exchange said the executive took a loan from a lender immediately after the FSS investigation. After this, Bithumb said Kim repaid the funds spent on the apartment purchase in full. Apart from the apartment, rumors that projects paid intermediary fees to get listed in Bithumb also circulated online. Citing anonymous sources, Wu Blockchain reported on March 20 that two projects claimed to have paid $2 million and $10 million, respectively, to get listed on Bithumb and Upbit. The report claimed that the “intermediaries” were related to Upbit’s shareholders and market makers. Wu Blockchain also said that some intermediary fees ranged from 3% to 5% of entire token supplies. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementBithumb faces probe amid IPO pushThe investigation comes as the crypto exchange attempts another push to go public. On March 18, the Business Post reported that Bithumb CEO Lee Jae-won is expediting the process of the company’s long-awaited initial public offering (IPO). The report said the company has reorganized to eliminate judicial risks on major shareholders. In 2021, Bithumb’s former board of directors chairman, Lee Jeong-hoon, was indicted on alleged fraud charges. As South Korea’s Supreme Court acquitted the Bithumb executive, the exchange is expected to speed up its IPO in 2025. Bithumb’s IPO plans date back to 2020 when local media reported that the exchange platform had been preparing for a stock market launch. However, the company faced obstacles that prevented it from successfully conducting an IPO. In 2023, the company chose an underwriter for its IPO plans, reigniting the chatter it’s working on conducting an IPO. In 2024, the rumors were confirmed as Bithumb Korea set up a non-exchange business to accelerate its debut on the stock market. However, the news was paired with a 57% loss in annual revenue for the exchange operator in the fiscal year 2023. Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
Dubai Land Department begins real estate tokenization project
The Dubai government has started the pilot phase of a project that will convert real estate assets into digital tokens on the blockchain. The Dubai Land Department (DLD), a government entity responsible for registering, organizing and promoting Dubai real estate, announced that it started the pilot phase of its real-estate tokenization project. The project was launched in collaboration with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator. The token launch makes the DLD the first real-estate registration entity in the UAE to implement tokenization on property title deeds. DLD expects the sector to grow $60 billion by 2033In the announcement, the DLD said the initiative is expected to drive growth in real estate tokenization. The government agency predicts that its market value could reach over $16 billion by 2033. According to the agency, this represents 7% of Dubai’s total real estate transactions. DLD Director-General Marwan Ahmed Bin Ghalita said in the announcement that real estate tokenization drives a fundamental change in the sector. “By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes,” he said. The official said this aligns with the DLD’s vision to become a global leader in real estate investment and use technology to develop innovative real estate products. Related: Mantra and Damac sign $1B deal to tokenize Middle Eastern assetsTokenization to open up Dubai real estate to global investorsTokinvest co-founder and CEO Scott Thiel said the initiative is a “transformative moment” for the sector. Thiel told Cointelegraph: “The initiative not only reinforces Dubai’s leadership in blockchain adoption but also paves the way for a more inclusive, liquid, and efficient real estate market.” The executive working in a VARA-regulated RWA platform told Cointelegraph that DLD’s new project would open Dubai’s real estate market to a global pool of investors. “Tokenisation is no longer a concept. It’s a reality that will open up Dubai’s real estate market to a global pool of investors like never before,” Thiel told Cointelegraph. In a previous interview, Thiel told Cointelegraph that the UAE’s proactive regulations paved the way for the country’s real-world asset (RWA) tokenization boom. The executive said there was a genuine desire from government agencies to develop clear guidelines for the sector. Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Trump Media execs seek $179M via new SPAC to possibly buy crypto firm
Three Trump Media & Technology Group executives are heading up a company that could look to buy a US-based crypto or blockchain firm, citing the Trump administration’s backing of the sector.The trio is targeting a $179 million public and private offering through the Cayman Islands-based special-purpose acquisition company (SPAC), Renatus Tactical Acquisition Corp I, according to a March 14 regulatory filing first reported by Forbes.Renatus Tactical’s CEO, Eric Swider, is a director at Trump Media and was the CEO at Digital World Acquisition Corp., a SPAC that merged with the firm, allowing it to go public. Renatus Tactical’s operating chief, Alexander Cano, was Digital World’s president, while Trump Media CEO and chair Devin Nunes also chairs Renatus Tactical.Renatus Tactical wasn’t specific about what it was looking to buy. It said it could acquire “one or more businesses” and is also looking to invest in data security and technology used for both military and non-military applications.It said it could pursue a business in any of the industries anywhere in the world but intends to focus its search “on high-potential businesses based in the United States.”Renatus Tactical aims to raise over $178.94 million through 17.5 million public shares at $10 each and over 3.94 million private placement warrants at $1 each. Source: SECIn the filing, Renatus Tactical said US President Donald Trump’s administration “has taken unprecedented steps to integrate digital assets into the national financial strategy,” citing Trump’s early March executive order to create both a Bitcoin (BTC) reserve and a crypto stockpile and his January order tasking a working group to propose crypto laws.Related: Kraken nears $1.5B deal allowing it to offer US crypto futures: Report However, the company said that its Trump ties could be a problem, as some “may not want to engage with us to provide services due to the affiliation of our management team and our board of directors” with Trump and Trump Media.That’s been an issue for car maker Tesla, which has seen its share price tank over 40% this year due in part to its CEO Elon Musk taking up a role as White House cost-cutting czar, which has sparked attacks that have burned Tesla cars and vandalized dealerships across the US.Trump has a majority stake in Trump Media which runs the social media platform Truth Social. Forbes estimates that Trump is worth about $4.8 billion, while Bloomberg has put his wealth at over $6.5 billion, but both said his 114.75 million shares in Trump Media account for the bulk of his wealth, worth $2.36 billion at the company’s current closing price of $20.59.Trump put the shares into a trust in December in an effort to dampen a conflict of interest ahead of his inauguration.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Crypto regulation must go through Congress for lasting change — Wiley Nickel
Former Congressman Wiley Nickel believes that for crypto regulations to have a lasting impact, they must be enacted through an act of Congress. In an exclusive interview with Cointelegraph’s Turner Wright, Nickel stressed the importance of bipartisan collaboration in pushing through comprehensive crypto regulations.
Nickel stated, “If you want lasting change in Washington, you must move legislation through Congress. Otherwise, if you’re talking about executive orders, it will just go back and forth.” He also emphasized the need to avoid the chaos that can result from executive actions, citing President Trump’s executive orders establishing a Working Group on Digital Assets and a Bitcoin strategic reserve as examples.
Nickel’s comments come as both chambers of Congress are rushing to push through meaningful legislation related to crypto. Rep. Tom Emmer recently reintroduced a bill that would ban a central bank digital currency (CBDC) in the US, while Senator Cynthia Lummis reintroduced the Bitcoin Act, which would allow the US to purchase more than 1 million BTC. Additionally, Rep. Byron Donalds has announced plans to draft legislation to codify the Bitcoin strategic reserve into law, protecting it from being overturned by future administrations.
In a recent vote, the House of Representatives repealed the IRS broker rule, which required decentralized finance platforms to report information to the Internal Revenue Service. And at this year’s Blockworks Digital Asset Summit, Democrat Rep. Ro Khanna expressed confidence that Congress could pass comprehensive crypto regulation in 2025, including a stablecoin bill and a market structure bill.
The push for comprehensive crypto regulations in Congress highlights the need for lasting and meaningful legislation in the rapidly evolving world of cryptocurrency. As Nickel stated, “If you want to see real change, you have to go through Congress.” With both parties working together, there is hope for a more stable and regulated crypto landscape in the future.
SEC’s XRP reversal a ‘victory for the industry’: Ripple CEO
The US Securities and Exchange Commission’s dismissal of its years-long lawsuit against Ripple Labs, the developer of the XRP Ledger blockchain network, is a “victory for the industry,” Ripple CEO Brad Garlinghouse said at Blockworks’ 2025 Digital Asset Summit in New York.Earlier on March 19, Garlinghouse revealed that the SEC would dismiss its legal action against Ripple, ending four years of litigation against the blockchain developer for an alleged $1.3-billion unregistered securities offering in 2020.“It feels like a victory for the industry and the beginning of a new chapter,” Garlinghouse said on March 19 at the Summit, which was attended by Cointelegraph. Ripple’s CEO said the SEC is dropping its case against the blockchain developer. Source: Brad GarlinghouseRelated: SEC will drop its appeal against Ripple, CEO Garlinghouse saysMajor reversalThe dismissal is the latest — and arguably most significant — reversal by the SEC under US President Donald Trump. The agency previously dropped charges against other crypto firms, including Coinbase, Kraken and Uniswap, for similar alleged securities law violations. Under former President Joe Biden, the SEC brought upward of 100 enforcement actions against crypto firms, typically alleging failure to properly register products that former SEC Chair Gary Gensler said fell under the securities regulators’ jurisdiction. Trump has taken a friendlier stance toward the burgeoning industry, promising to make America the “world’s crypto capital” and appointing industry-friendly leaders to key regulatory posts. “The new chapter started with the reset at both the Congress and the executive branch […] when Trump came in and nominated Paul Atkins, Scott Bessent, [and] brought on David Sacks,” Garlinghouse said. Trump nominated Atkins and Bessent to head the SEC and Treasury Department, respectively. Sacks is Trump’s artificial intelligence and “crypto czar,” a newly created White House advisory role. “I really deeply believed that we were going to be on the right side of the law and on the right side of history,” Garlinghouse said of his company’s protracted legal fight with US regulators, adding that, in his view, the SEC was “just […] trying to bully” the crypto industry. Now that regulatory headwinds have subsided, Ripple is focusing on expansion, Garlinghouse added. “Ripple has invested over $2 billion in investments and acquisitions across the crypto landscape, and some of those have nothing to do with XRP because if crypto does well, I fundamentally believe Ripple will do well,” he said. Magazine: Classic Sega, Atari and Nintendo games get crypto makeovers: Web3 Gamer
Whale closes $516M 40x Bitcoin short, pockets $9.4M profit in 8 days
A Bitcoin whale has closed over half a billion in short positions, betting on Bitcoin price’s decline ahead of the much-awaited Federal Open Market Committee (FOMC) meeting this week.A large crypto investor, or whale, made nearly $10 million profit after closing a 40x leverage short position for 6,210 Bitcoin (BTC) — worth over $516 million — which functions as a de facto bet on Bitcoin’s price fall.Leveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier compared to regular investment positions.Bitcoin whale closed shirt positions. Source: HypurrscanThe savvy whale closed all his short positions within a few hours, making a $9.46 million profit from Bitcoin’s decline, Hypurrscan data shows.The whale opened the initial $368 million position at $84,043 and faced liquidation if Bitcoin’s price surpassed $85,592.The whale managed to turn a profit, despite having to add $5 million to his short, after a publicly-formed team of traders started to “hunt” his short position’s liquidation, which ultimately failed, noted Lookonchain, in a March 17 X post.Bitcoin whale made $9.4 million in profit. Source: HypurrscanAfter closing his Bitcoin shorts, the whale started accumulating Ether (ETH) with his profits, acquiring over 3,200 Ether for over $6.1 million at 7:31 am UTC on March 18, Etherscan data shows.The profit-taking comes a day ahead of the upcoming FOMC meeting on March 19, which will offer market participants more cues on the Federal Reserve’s monetary policy path for 2025 and has the potential to impact investor appetite for risk assets such as Bitcoin.Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: AnalystsBitcoin may see upside on easing inflation concerns: analystInflation-related concerns are starting to ease following the release of February’s US Consumer Price Index (CPI), which revealed a lower-than-expected 2.8% year-on-year increase compared to the expected 2.9%.Easing inflation-related concerns may be a positive sign for the upcoming FOMC meeting, according to Fumihiro Arasawa, co-founder and CEO of xWIN Research.The lower CPI reading may also be a positive sign for Bitcoin’s trajectory, the CEO told Cointelegraph, adding:“This suggests that inflationary pressures are gradually easing, which could influence the Federal Reserve’s monetary policy decisions.”“Bitcoin’s short-term price action will depend on whether it can hold the $81,000 support level. A sustained hold could stabilize sentiment, while a breakdown may trigger further corrections,” added Arasawa.Related: Crypto market’s biggest risks in 2025: US recession, circular crypto economyBitcoin target rate probabilities. Source: CME Group’s FedWatch toolMarkets are currently pricing in a 99% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Musk says he found ‘magic money computers’ printing money ‘out of thin air’
Elon Musk, the cost-cutting czar of the US government, has made a shocking revelation about the existence of “magic money computers” within various federal departments. In a recent episode of Senator Ted Cruz’s podcast, Musk claimed to have found at least 14 of these computers, which have the ability to create money out of thin air.
According to Musk, these computers are present in departments such as Treasury, Defense, and Health and Human Services, and can essentially issue payments and send money without any actual funds backing them. This means that the numbers presented to senators and other government officials may not be accurate, as these computers can manipulate and create money at will.
Musk’s statement has caused quite a stir, with many questioning the integrity of the government’s financial system. Jameson Lopp, the chief security officer at Bitcoin custody company Casa, even commented that “Bitcoin fixes this,” referring to the cryptocurrency’s ability to hedge against currency devaluation.
In addition to the issue of these “magic money computers,” Musk also uncovered other instances of waste and incompetence within the government. He found that some departments have more media, software subscriptions, and credit cards than actual employees, leading to a significant amount of unnecessary spending.
However, Musk believes that most of these cases are due to incompetence rather than a malicious scheme. He explained that in some instances, companies are being sent money by mistake, and no one from the government is asking for it back. This raises concerns about the government’s financial management and accountability.
Musk’s focus on cost-cutting measures has also caused backlash, with some of his other business ventures, such as Tesla, being targeted by vandals protesting against his actions. Despite this, Musk remains determined to uncover and address the issues within the government’s financial system.
In conclusion, Musk’s revelation about the existence of “magic money computers” has shed light on the flaws and inefficiencies within the government’s financial management. It also highlights the potential benefits of using blockchain technology, such as Bitcoin, to ensure transparency and accountability in financial transactions.