Crypto Coinfessions ✖️

Total NFT wash trading volume on the top 6 marketplaces rose for the fourth consecutive month in February 2023, to reach $0.58 billion. This represented a 126.0% increase from the previous month’s $0.25 billion in NFT wash trading — link

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Thinking in terms of market expansion, going to $1m per coin is a massive ask. And when you put that on a chart the move looks steep to say the least. The following chart shows the monthly evolution of Bitcoin's price (vertical axis, log scale) in orange. The trajectory Bitcoin would have to take for Balaji to win his bet is in black. Corresponding market size levels in red.

Trade volume hits 4-month high as BTC rally continues Crypto trade volumes topped their highest level since the FTX collapse amid a broad market rally dominated by bitcoin. Market sentiment has undergone a dramatic reversal over the past week, bolstered by an ongoing banking crisis that has strengthened crypto’s original narrative among investors. On March 14, trade volumes on the 18 most liquid centralized exchanges soared to $51bn, hitting 4-month highs. During the FTX collapse, volumes topped $80bn.

Bitcoin's correlation with equities continues to fall Bitcoin's 30-day rolling correlation with tech equities hovered around 30% last week, retreating slightly from its lowest level since the collapse of FTX reached earlier this month. Over the past year, BTC has been moving in sync with the Nasdaq with an average correlation between the two assets of 60%. However, the trend appears to be shifting with BTC outperforming equities in both absolute and risk-adjusted terms. In contrast, BTC correlation with safe-have gold has surged to its highest level since January. Gold prices jumped by 7.2% in March as traders scrambled for safe-havens amid global banking turmo

One of the leading American banks – Goldman Sachs – highlighted bitcoin as the best-performing asset since the start of the new year.

ANALYSIS: #BTC Price and Fed Balance.

Crypto Market Daily Review The market is growing. Market cap is $1.19T, Bitcoin is trading at $27.6K.

ANALYSIS: Ethereum supply drops by 66,000 ETH in 2023 making it deflationary.

ANALYSIS: Crypto market cap hits $1.16T, up 26% in 7 days with derivatives pointing to more growth.

Ordinal inscriptions have surpassed the 500,000 mark, and at the time of writing, there are approximately 522,243 inscriptions on the Bitcoin blockchain. Essentially, the technology behind Ordinal inscriptions allows people to embed all types of arbitrary data into the blockchain. Inscriptions include data such as text, images, audio, video, and applications.

Russian Crypto Industry Queries Government About Proposed Criminal Liability for Miners The organization representing Russia’s crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who fail to report their income to the state and share information about their digital assets. -Link

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Historically, Bitcoin has had an inverse correlation with the U.S Dollar. Over the past month, this negative correlation has mostly disappeared amid a wider market rally — link

ANALYSIS: Strong #BTC inflows to exchanges continue. According to Glassnode, more than $1 billion worth of BTC was sent to exchanges in 2 days.

ANALYSIS: Bitcoin network adds almost one million wallets with non-zero balances in less than a month, reaching a new record high of 44.778 million on March 15th, according to Glassnode data.

Bitcoin reserves on exchanges continue to increase, except on Coinbase. "Institutional activity on Coinbase was one of the main catalysts for the $25k breakout."

Comparison of the change in Bitcoin wallets over the course of the 2021-23 cycle shows that small entities, with < 50 BTC, have absorbed the largest volume of coins, sourced from Whales, Miners and Exchanges — link

#Bitcoin halving cycle comparison in block-time.