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Ethereum's worst day
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Crypto market sees worst 72-hour wipeout in over a year, $840 million lost
Key points:
At press time, the crypto fear and greed index was at the extreme fear level.
The downturn coincided with a sharp decline in the Nikkei 225 and Japanese bank stocks.
News - The cryptocurrency market experienced a catastrophic meltdown over the weekend, with over $840 million in liquidations triggered by a sharp decline in prices.
Bitcoin and Ethereum, the market's leading assets, suffered double-digit losses, sending shockwaves through the industry.
ETH took a hard hit - Ether, in a surprising turn of events, surpassed Bitcoin in liquidation volume, as traders betting on its continued rise were caught off guard. The broader market also felt the pain, with altcoins like Solana, Dogecoin, XRP, and Pepe witnessing significant losses.
The sudden and steep price drop has raised concerns about market stability. The crypto fear and greed index plunged into extreme fear territory, indicating widespread investor panic.
What were the contributing factors?
A stronger Japanese yen, rumors of a major market maker exiting the crypto space, and a broader economic slowdown.
Further, geopolitical tensions in the Middle East heightened market uncertainty, while disappointing earnings from tech companies cooled the AI-driven enthusiasm that had recently propelled the market. As a result, investors opted for safer assets, triggering a sell-off across the crypto landscape.
Australia probes $4 Billion crypto phishing scams affecting 2,000 wallets
Key points:
Approval phishing scams trick users into authorizing fraudulent transactions.
Global losses from approval phishing scams have reached $4 billion since 2021.
News - Australian crypto investors are being warned of a surge in "approval phishing" scams, with authorities investigating losses from at least 2,000 compromised wallets. This follows a global investigation named Operation Spincaster, which revealed these scams have stolen roughly $4 billion since 2021.
Approval phishing tricks victims into unknowingly signing a malicious transaction that grants scammers access to their crypto holdings. These scams often masquerade as high-yield investment opportunities or leverage romance schemes.
The Australian Federal Police (AFP) is collaborating with Chainalysis, a blockchain data platform, to track stolen funds and identify victims. Additionally, the AFP is working with major cryptocurrency exchanges like Binance and Coinbase to prevent further attacks.
Notably, many Australian banks have taken independent steps to curb these scams by restricting or blocking transfers to crypto exchanges.
The surge in crypto scams highlights the growing need for investor education and coordinated action between law enforcement, financial institutions, and the crypto industry.
Arbitrum and Curve DAO token lead crypto market in setting new all-time lows
Key points:
Curve DAO Token (CRV) sets a new low at $0.190.
Market sentiment remains bearish, with further volatility expected.
News - The cryptocurrency market is experiencing a severe downturn, with several altcoins establishing new all-time lows. Bitcoin's recent fall below the $50,000 mark has exacerbated the bearish sentiment, leading to widespread selling pressure.
Curve DAO Token (CRV) has been one of the hardest hit, plummeting over 18% in the past 24 hours to set a new all-time low of $0.190. While a further decline is unlikely, reclaiming the $0.250 level is crucial for a potential recovery.
EOS, another victim of the market crash, has also established a new all-time low at $0.40. However, it has already shown signs of recovery, potentially rebounding above its previous low. Overcoming the $0.50 resistance is essential for a sustained upward move.
dYdX, the native token of the Proof of Stake blockchain, has joined the list of altcoins hitting new lows, with its price dropping to $0.86. A recovery is expected, but reclaiming the $1.16 level is crucial for regaining momentum.
The broader cryptocurrency market is facing a challenging period, with many altcoins under immense pressure. Investors should exercise caution and closely monitor market developments.
NEIRO memecoin hits All-Time High after Vitalik Buterin’s exit, price jumps 200%
Key points:
Buterin sold 17.1 billion NEIRO tokens for 44.5 Ether, causing an initial 60% price drop.
Multiple scam versions of the NEIRO token have been identified.
News - A newly launched memecoin, Neiro on ETH (NEIRO), experienced a wild price swing after a failed attempt to leverage Vitalik Buterin's fame.
The token surged over 200% after airdropping a portion of its supply to the Ethereum co-founder, only to see it plummet when Buterin promptly sold his entire holding.
Despite the initial price crash, NEIRO managed to recover and even surpass its previous high. The token's developers have since appealed to Buterin to donate a portion of his proceeds to charity.
However, the Neiro ecosystem is rife with scams, with multiple versions of the token appearing across various platforms. A Solana-based Neiro token was recently involved in a $2.85 million rug pull.
The broader memecoin market is also facing challenges, with major players like Pepe, Dogwifhat, Floki, and Book of Meme suffering double-digit losses. The overall memecoin market capitalization has dropped by around 16% in the past 24 hours.
The incident highlights the speculative and risky nature of the memecoin market, with investors often falling victim to pump-and-dump schemes and other fraudulent activities.
More stories from the crypto ecosystem
Interesting facts
A report by Triple A revealed that from 2015 to 2023, Bitcoin appreciated by over 173,000%, with a projected annual growth rate of 56.4% from 2019 to 2025. The cryptocurrency market as a whole has an estimated annual growth rate of 7.99%.
The report also claimed that the cryptocurrency market is expected to hit a value of $4.94 billion by 2030. The Asia-Pacific region is expected to perform the best, with a 14.5% annual growth rate.
India reportedly has among the highest number of crypto owners in the world. Approximately one in five customers is female, and most are in the 18-34 years age bracket. However, the Indian govt.’s tax policies have led to approx. five million cryptocurrency traders relocating their transactions offshore.
Top 3 coins of the day
Solana (SOL)
SOL was trading at $117.47, at the time of writing.
The coin has seen a steep decline over the past few days.
What you should know - Solana has been caught in the broader crypto market downturn, plummeting nearly 40% in the past week. The asset is currently testing critical support near $99.43, which could provide a temporary floor. However, the RSI indicator is deeply oversold, suggesting a potential rebound in the short term. Despite this oversold condition, the recent sharp decline in open interest indicates reduced investor confidence. Solana's price trajectory will depend on whether it can successfully defend the $99.43 support level and if the RSI shows signs of a bullish divergence.
Arbitrum (ARB)
Key points:
ARB hit its all-time-low on 5 March following a broader market downturn.
Any sign of quick recovery was not in sight, at press time.
What you should know - Arbitrum’s price has plunged over 30% in the past 24 hours, mirroring the sharp decline in the broader market. Despite this drop, ARB’s daily trading volume has surged to $589 million, a 151% increase, highlighting a negative divergence between price and trading volume. This divergence signals a strong bearish sentiment towards ARB. The 30% decrease in open interest suggests many traders are exiting ARB futures and options to mitigate losses. If ARB attempts a recovery, resistance is expected between $1.15 and $1.31. The MACD indicator also currently reflects a bearish outlook, reinforcing the cautious sentiment.
Fantom (FTM)
Key points:
FTM was trading at $0.2952, at the time of writing.
It was down by about 17.69% over the last day.
What you should know - At press time, Fantom was trading at a price not seen since October 2023, reflecting a significant decline in recent days. Over the past 24 hours, most FTM holders have experienced losses, with 80,000 wallet addresses—72% of total holders—currently “out of the money.” The coin faces a critical support level at $0.2328, which could limit further declines. On the upside, resistance is seen at $0.5392 if FTM recovers. The Awesome Oscillator is showing red histogram bars, indicating a negative market outlook. This bearish signal, coupled with the high percentage of underwater holders, suggests that FTM may continue to face ongoing challenges before any potential reversal.
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