Bitcoin Is Overbought

📉 Bitcoin's Overbought Status

Bitcoin Remains Overbought: Despite a recent price correction, JPMorgan analysts say Bitcoin stays in 'overbought territory'. Two metrics, JPMorgan's futures position proxies and the Bitcoin futures price premium, show minimal position unwinding.

Potential Price Drop: The analysts foresee Bitcoin's price potentially dropping to around $42,000 after the upcoming halving event, citing reduced miner rewards and increased production costs.

Market Optimism and Caution: With significant market optimism for year-end price rise, recent data shows a slowdown in spot ETFs inflows. Analysts caution about continued profit-taking ahead of the halving event. Read More.

️ On today's Top Picks:

  1. ⚖️ Do Kwon to be released on house arrest.
  2. 🪂 NIM Network Genesis Rolldrop is live.
  3. 📉 Ark Invest sells ~$52M worth of Coinbase shares.
  4. 💰 Succinct raises $55M in funding led by Paradigm.

Read time: ⏰ 6 minutes


Crypto News


• ⭐️ Bitcoin $BTC is in ‘overbought territory’ according to JPMorgan analysts.

Ethereum Pectra upgrade to raise maximum validator stake from 32 to 2048 $ETH.

• ⭐️ Do Kwon to be released on house arrest following Montenegrian court order.

Binance executives remain in Nigerian custody without charges after court ruling.

OKX crypto exchange to end services in India citing it is responding to regulations.

Worldcoin $WLD ends support for storing users' personal data.

Google search results now show Ethereum Name Service $ENS wallet balances.

Alpha


Tabi launches Testnet Voyager II campaign.

Mind Network launches Prelaunch Campaign on Galxe.

RedStone Oracles launches RedStone Expedition Season 1.

Aleo posts Road To Mainnet Updates as Mainnet launch looms.

BBOX launches Testnet Phase 2 on March 25th.

DeBank releases Polyhedra $ZK Airdrop Hunter Web3 Badge.

Airdrops


Blast airdrops Blast Gold to Blast dapps and Blast users with Distribution 2 coming soon.

• ⭐️ NIM Network Genesis Rolldrop is live for Dymension $DYM stakers and more.

Element $STRK airdrop for The Crown of Stark NFT holders is live.

Pirate Nation posts, "Say cheese, Pirates!" on X hinting at a possible snapshot.

Airdrops News You Likely Missed by CC2.

Best Potential Airdrops by Airdrop Official.

Finance News


• ⭐️ Ark Invest sells another ~$52M worth of Coinbase $COIN shares.

FTX to sell 8% stake valued at ~$1B in AI startup Anthropic.

Bank of England holds interest rates at 5.25%, hints at future cuts as inflation falls.

US DOJ & 15 US States sue Apple $AAPL accusing it of maintaining a smartphone monopoly.

Stellantis $STLA lays off 400 (2%) employees citing unprecedented uncertainties.

Digital World Acquisition Corp $DWAC tumbles ~12% after shareholders approve meger.

US President Biden to forgive $5.8B in student debt for nearly 78K borrowers.

Security and Exploits


Apple M-Series processors vulnerable to cryptographic keys being stolen.

ZachXBT posts investigation into Jolan Lacroix for stealing $900K.

Layerswap suffers DNS hijack after GoDaddy account was compromised.

AirDAO exploited for 126.5 $ETH and 41.61M $AMB due to social engineering scam.

Super Sushi Samurai exploited due to contract bug, though majority of funds were recovered.

Token Unlocks


• Acala / 4.66M $ACA / ~$808K / MAR 24


Funding


• ⭐️ Succinct raises $55M in Seed & Series A funding led by Paradigm.

Espresso Systems, a shared sequencing marketplace & finality gadget; raises $28M in Series B funding led by a16z crypto.

Sablier, an infrastructure for money streaming & token distribution; raises $4.5M in Seed funding.

KiloEx, a perpetual DEX on BNB Chain, opBNB, & Manta; raises an undisclosed amount in Strategic funding from Foresight Ventures.

The Degen Farmer

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PROTOCOLASSETSAPY
Notional V3 logoNotional V3 (Arbitrum)NUSDT137.81%
Aerodrome logoAerodrome (Base)DOLAUSDC65.83%
Turbos logoTurbos (Sui)USDTUSDC56.16%
Uniswap V3 logoUniswap V3 (Ethereum)USDEUSDT53.42%
Blast Futures logoBlast Futures (Blast)USDB52.67%
Pendle logoPendle (Arbitrum)GDAI46.20%
Jones DAO logoJones DAO (Arbitrum)JUSDC38.99%
Cetus logoCetus (Sui)USDTUSDC38.31%
. . .

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. . .

That’s it for today’s edition! See you soon.

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