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Bitcoin wallets start hoarding BTC ahead of April halving

Key points:

• Supply held by big wallets surged to a 20-month high.

• However, many retail BTC holders decreased their balance.

News - As the countdown to Bitcoin halving begins, investors are preparing by stocking up on the king coin. Data from on-chain analytics firm Santiment showed that wallets holding around 10k coins amassed a total of 51,959 BTC on 24 March. The total supply held by this group surged to a 20-month high of 13.19 million.

Why the sudden interest? The hotly anticipated Bitcoin halving is expected to take place in April when the block reward will fall to 3.125 BTC. Halvings reduce the rate at which new coins are created. It, therefore, gives way to an increase in demand. Currently, investors are betting on BTC’s price to shoot up following the halving and hence, the hoarding.

Interestingly, unlike their whale counterparts, Bitcoin addresses holding between 0.0001 to 1000 coins were getting their portfolios rebalanced. The retail cohort was “paper handing” their coins while whales scooped them up at cheaper prices since 20 March.

In crypto, paper handing is a term used to describe the sale of a coin before it reaches its full potential. When the retail group started selling, the price of Bitcoin dropped below $62,000. But at press time, the value was back above $70,000, suggesting that the decision was a rash one.

KuCoin crypto exchange charged with money laundering by U.S. authorities

Key points:

• The exchange was charged under the Bank Secrecy Act.

• KuCoin’s native token dropped by 12% after the announcement.

News - U.S. federal prosecutors charged crypto exchange KuCoin and its founders on 26 March for breaking anti-money laundering laws and allowing illicit funds to be transferred since its founding in 2017.

What’s happening? The Justice Department said KuCoin was conducting business in the U.S. without registering with the Treasury Department. It was found that founders Chun Gan and Ke Tang operated KuCoin as a money-transmitting business with over 30 million customers but did not implement a know-your-customer (KYC) or AML program until 2023.

Prosecutors also charged the exchange's founders with conspiracy. The U.S. Commodity Futures Trading Commission separately filed a civil lawsuit against KuCoin alleging it failed to register its futures and swaps activities with the regulator.

U.S. Attorney Damian Williams said: “As today’s Indictment alleges, KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin’s platform. “

He also highlighted how KuCoin did not implement “basic anti-money laundering policies,” which led to the exchange being a haven for illicit funds.

Responding to the news, KuCoin said that “the assets of our users are absolutely safe.” The exchange also added that they are currently investigating the charges.

Investors gear up for Polkadot 2.0 with hopes of a big breakout

Key points:

• As of this writing, Polkadot’s funding rate was positive.

• On-chain data showed that Polkadot’s social dominance dropped.

News - Polkadot’s sluggish performance has put investors in a state of confusion. At press time, Polkadot was trading at $9.56 after dropping 3.84% over the last 24 hours. However, an analyst said that the optimism around Polkadot 2.0 might fuel a price increase for DOT.

What’s Polkadot 2.0? A new version of the Polkadot network was announced by its co-founder in 2023. In the 2.0 version, the team plans to solve many issues faced by the existing network like security and scalability. Polkadot 2.0 aims to extend the platform’s capabilities, transitioning from a network of interconnected blockchains to what co-founder Gavin Wood describes as a resilient, global supercomputer.

Can it help DOT prices? The Polkadot team has said that the new version would be launched later this year. Analysts expect the hype around Polkadot 2.0 to propel DOT prices.

Separately, it was found that Polkadot’s Total Value Locked (TVL) saw a surge recently. An increase in the metric indicates a high level of staking and a surge in the number of locked assets. According to data from DeFiLlama, all 11 chains on Polkadot had contributed significantly to the jump in TVL. This indicates a good level of trust in the project.

Binance ‘beats’ Ethereum in DEX volumes; Can it push BNB prices to new highs?

Key points:

• BNB outperformed Ethereum in 24-hour DEX volumes.

• After rising 10% over the last 7 days, BNB was trading at $574, at press time.

News - Binance‘s decentralized exchange (DEX) volumes have shown a remarkable surge, surpassing that of Ethereum. This indicates heightened activity within Binance’s ecosystem.

Why is this important? Ethereum is considered the benchmark network in the DeFi space. The fact that Binance was able to outperform Ethereum shows how much the network has grown. The surge in DEX volumes can attract new users to the BNB network. It also signifies increased trading activity and has broader implications for the network’s Total Value Locked (TVL). BNB’s TVL grew significantly over the last few weeks, reaching nearly $6 billion, at press time.

Higher DEX volumes can also translate to more trading activity, which in turn increases the demand for BNB to pay for gas fees associated with those trades. This can drive up the price of BNB even further. The price of BNB has been trading between the $635.2 and $501.1 levels over the last few weeks.

After testing the $635.2 resistance level multiple times, in the past, BNB is heading north in the same direction yet again.

More stories from the crypto ecosystem

• Here’s why FTM might soon go past $2 next

• Shiba Inu: ‘2nd behind Bitcoin,’ here’s what SHIB’s price prediction looks like

• Dogecoin’s price rallies 8% in 24 hours – 20 cents on the card now?

• ATOM price prediction – Is this the right time to buy some more?

• How Bitcoin’s $70K hike unveiled something interesting about traders

Did you know?

• In 2014, the Dogecoin community raised $55,000 to sponsor NASCAR driver Josh Wise and covered his car entirely in Dogecoin and Reddit alien images.

• Cardano's creators have a love for names. Each step of the platform's development roadmap is named after a famous poet, writer, or computer scientist. ADA, Cardano's native token, takes its name from Ada Lovelace, daughter of Lord Byron and a 19th-century mathematician.

• In 2021, blockchain startup SpaceChain launched the first Ethereum node in space. By extending the Ethereum network beyond Earth, the project aims to enhance the security and resilience of blockchain technology.

Top 3 coins of the day

Dogecoin (DOGE)

Key points:

• Despite a price hike, DOGE’s weighted sentiment was negative.

• DOGE’s open interest was nearing $11 billion at press time.

What you should know - In the past seven days, Dogecoin’s price noted a massive surge of nearly 40% and was exchanging hands at $0.1836, during press time. If the surge continues, the price may be able to test the $0.1930 resistance soon. Dogecoin has tested this resistance level multiple times in the past. With enough momentum, the price of DOGE may be able to push past this level and start its journey past $0.2. The Relative Strength Index logged a value of 63.2, at press time, reinforcing the bullish pressure. This indicated that DOGE would continue its uptrend for the time being.

Litecoin (LTC)

Key points:

• According to a liquidation heatmap, many positions, risk liquidation if LTC continues to increase.

• LTC’s weighted sentiment took a dip in the last seven days.

What you should know - Litecoin (LTC), often referred to as the “silver to Bitcoin’s gold,” has emerged as one of the leading cryptos in March. According to an analyst, Litecoin’s price might continue its upswing in the coming weeks. The analyst also added that the altcoin might experience a 22.72% jump soon. The Awesome Oscillator confirmed that an uptrend is in progress. At press time, LTC was trading at $95 after rising nearly 4% in the last 24 hours. A 22% hike would see LTC crossing $110. With the Bitcoin halving in less than a month, the LTC bulls are betting on a breakout past $110.

Avalanche (AVAX)

Key points:

• AVAX’s price was down 5%, at press time.

• AVAX’s open interest surged to $482 million at press time.

What you should know - AVAX’s price has shown remarkable growth over the last month. The coin’s value increased by 50% to hit $55, at press time. However, it has a long way to go before it can hit its all-time high of $146. If the coin is able to retest the $57 level, then there could be an uptrend. Investors are hoping the next surge takes it to $70. Meanwhile, recently, Avalanche observed the highest level of stablecoin activity recorded on its network since 2023, indicating higher participation from traders. RSI’s press time reading of 56 suggests that the momentum is rising. If AVAX bulls play it right, then a move to $70 can soon be materialized.