Crypto World
Capital is rotating into USDT, USDC stablecoins as BTC price wilts: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
The big news of the past 24 hours is that the Fed, the world’s most powerful central bank, is unlikely to provide a meaningful bullish catalyst in the near term, and markets are reacting negatively.
As sentiment weakens, capital is flowing not just out of altcoins but also out of bitcoin and into stablecoins, which are essentially tokenized versions of the U.S. dollar.
The Fed on Wednesday kept U.S. interest rates unchanged, explicitly warned of a high degree of uncertainty and offered no hints on what the inflation-activity balance could look like following the Iran war-led oil price spike.
Bitcoin dipped below $70,000 early today and is now down 1% since midnight UTC, extending the decline from nearly $76,000 earlier this week. The CoinDesk 20 Index and major tokens such as ether (ETH), solana (SOL) and XRP (XRP) are following BTC’s lead.
Bitcoin’s dominance also dropped, falling to 58.7% from 59.4% in three days. In other words, its share of the total crypto market has declined with the price, a sign that even the largest cryptocurrency is seeing capital outflows. Traditionally, its share would rise during market slides as investors rotated into BTC from alternative cryptocurrencies, or altcoins.
This time, they are rotating into stablecoins. The world’s leading dollar-pegged tokens, USDT and USDC, share of total crypto market cap has increased to 7.76% from 7% and from 3% to 3.35%, respectively.
The behavior is a sign that investors feel safer in dollar equivalents, understandably so, as the Fed’s lack of clarity has left financial markets at the mercy of oil price swings. The energy market seems broken, with the Strait of Hormuz disrupted, leading to wild, erratic energy import bills worldwide that will ultimately add to inflation.
The market remains constructive at the top, fragile underneath, and still far more dependent on liquidity and positioning than on a broad expansion in conviction, according to agentic trading platform Nansen.
“Across all themes, the same market structure keeps showing up: capital is staying selective,” Nicolai Søndergaard, a research analyst at Nansen, said in an email.
“Central banks are no longer a direct upside catalyst for all of crypto, institutional inflows are supporting the core of the market rather than the full risk curve, prediction markets are capturing attention faster than they are building depth, and altcoins still lack the breadth that usually defines a true risk-on phase,” he added.
In traditional markets, the Dollar Index looked to extend Wednesday’s sharp recovery above 100, and futures tied to the S&P 500 fell, both symptoms of growing risk aversion. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Crypto
- March 19: Walrus (WAL) final deadline for Tusky users to migrate their data.
- Macro
- March 19, 8:30 a.m.: U.S. Initial Jobless Claims for week ending March 14 est. 215K (Prev. 213K)
- March 19, 8:30 a.m.: U.S. Philadelphia Fed Manufacturing Index for March (Prev. 16.3)
- March 19, 10:00 a.m.: U.S. New Home Sales for January est. 730K (Prev. 745K)
- March 19, 4:30 p.m.: Fed Balance Sheet for week ending March 18 (Prev. $6.65T)
- Earnings (Estimates based on FactSet data)
- March 19: Gemini Space Station (GEMI), post-market, -$0.91
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Governance votes & calls
- Cratos DAO is voting on extending the current mobile app reward standard deadline by one month to April 30, 2026. Voting ends March 19.
- Unlocks
- Token Launches
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Market Movements
- BTC is down 0.94% from 4 p.m. ET Wednesday at $70,240.69 (24hrs: -4.92%)
- ETH is down 0.3% at $2,177.57 (24hrs: -5.85%)
- CoinDesk 20 is down 0.11% at 2,055.04 (24hrs: -4.66%)
- Ether CESR Composite Staking Rate is down 1 bps at 2.74%
- BTC funding rate is at -0.0024% (-2.5754% annualized) on Binance
- DXY is up 0.10% at 100.12
- Gold futures are down 2.73% at $4,689.99
- Silver futures are down 5.03% at $71.55
- Nikkei 225 closed down 3.38% at 53,372.53
- Hang Seng closed down 2.02% at 25,500.58
- FTSE 100 is down 1.90% at 10,109.91
- Euro Stoxx 50 is down 2.12% at 5,615.49
- DJIA closed on Wednesday down 1.63% at 46,225.15
- S&P 500 closed down 1.36% at 6,624.70
- Nasdaq Composite closed down 1.46% at 22,152.42
- S&P/TSX Composite closed down 1.87% at 32,312.67
- S&P 40 Latin America closed down 0.57% at 3,497.26
- U.S. 10-Year Treasury rate is up 6 bps at 4.26%
- E-mini S&P 500 futures are up 0.74% at 6,674.75
- E-mini Nasdaq-100 futures are up 0.78% at 24,625.25
- E-mini Dow Jones Industrial Average futures are up 0.66% at 46,539.00
Bitcoin Stats
- BTC Dominance: 58.68% (-0.25%)
- Ether-bitcoin ratio: 0.03099 (0.22%)
- Hashrate (seven-day moving average): 922 EH/s
- Hashprice (spot): $30.72
- Total fees: 2.62 BTC / $189,559
- CME Futures Open Interest: 117,410 BTC
- BTC priced in gold: 15 oz.
- BTC vs gold market cap: 4.68%
Technical Analysis
- The chart shows bitcoin’s daily price swings in candlestick format since late 2025.
- Prices have declined after probing the upper end of the channel identified by trendlines connecting prominent highs and lows since early February.
- A firm move past the upper end would confirm a bullish breakout. Conversely, a move below the lower end would signal a resumption of the broader downtrend.
Crypto Equities
- Coinbase Global (COIN): closed on Wednesday at $202.29 (–3.78%), –0.94% at $200.38 in pre-market
- MARA Holdings (MARA): closed at $8.92 (–3.46%), –1.01% at $8.83
- Riot Platforms (RIOT): closed at $14.10 (–3.95%), +0.28% at $14.14
- Core Scientific (CORZ): closed at $16.35 (–0.43%), –0.55% at $16.26
- CleanSpark (CLSK): closed at $9.88 (–2.27%), –1.32% at $9.75
- Galaxy Digital (GLXY): closed at $21.58 (–8.17%), –1.25% at $21.31
- Exodus Movement (EXOD): closed at $8.10 (–12.34%), +0.12% at $8.11
- CoinShares Bitcoin Mining ETF (WGMI): closed at $39.10 (–2.57%)
- Circle Internet Group (CRCL): closed at $132.84 (+0.40%), –1.12% at $131.35
- Bullish (BLSH): closed at $38.28 (–4.16%), –0.47% at $38.10
Crypto Treasury Companies
- Strategy (MSTR): closed at $140.56 (–6.47%), –0.89% at $139.31
- Strive Asset Management (ASST): closed at $10.03 (–9.59%), –1.54% at $9.88
- Sharplink (SBET): closed at $7.87 (–5.29%), –0.25% at $7.85
- Upexi (UPXI): closed at $1.07 (–6.96%), –2.80% at $1.04
- Lite Strategy (LITS): closed at $1.18 (–2.48%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$129.6 million
- Cumulative net flows: $56.38 billion
- Total BTC holdings ~1.3 million
Spot ETH ETFs
- Daily net flows: -$55.5 million
- Cumulative net flows: $11.94 billion
- Total ETH holdings ~5.79 million
Source: Farside Investors
While You Were Sleeping
Security researchers have raised concerns about a Coinbase-associated Commerce page that appeared to prompt users to enter wallet recovery phrases, warning that such a flow could normalize behavior commonly exploited in phishing scams.
The page has circulated widely on social media after being flagged by the founder of the blockchain security platform SlowMist, Yu Xian, widely known as Cos.
“I’m really puzzled why Coinbase would have a page like this, directly asking users to input their plaintext mnemonic phrases for asset recovery,” Yu wrote in an X post on Wednesday, adding: “Such an insecure practice is simply unbelievable.”
Coinbase has yet to address the issue publicly. The company told Cointelegraph it was looking into the matter and did not provide additional information. Cointelegraph also approached Yu Xian for comment, but had not received a response by publication.
Recovery phrases give full control over a self-custody wallet and should never be shared with third parties, customer support agents or untrusted websites. They are normally used only in trusted wallet recovery or import flows.
Coinbase referred to the subdomain as a commerce “withdrawal tool”
According to blockchain sleuth ZachXBT, the page in question was referenced in a Coinbase Help guide related to its Commerce product.
The guide, now appearing to have been removed, reportedly outlined an option for users to recover funds by importing their seed phrase into a compatible wallet such as Coinbase Wallet or MetaMask. It also directed users to a withdrawal tool hosted at the same subdomain that has drawn scrutiny.
The help documentation also emphasizes that Commerce wallets are self-custodial, meaning Coinbase does not have access to users’ seed phrases and cannot recover funds if they are lost.
Related: OpenClaw devs targeted by phishing scam promising free ‘CLAW’ tokens
“So basically Coinbase has an official page live threat actors can use to target Coinbase users via seed phrase social engineering if they wanted?” ZachXBT wrote on X.
Coinbase advises against pasting seed phrases into any website
It remains unclear whether the page in question was the result of a technical error or another issue on Coinbase’s side.
In another guide, Coinbase strongly advised users to never paste seed phrases into any website.
On Tuesday, Coinbase warned that scammers are posing as customer support over the phone or online to steal login information and verification codes. The company said it will never reach out, directing users to its official channels on X and Reddit.
Magazine: Bitcoin’s ‘narrative vacuum,’ Ethereum now inevitable: Trade Secrets
Bitcoin’s price was heavily rejected at $76,000 a couple of days ago, and the correction accelerated today. The cryptocurrency is now trading below $70,000, sending the entire market sentiment to extreme fear.
Major altcoins like Ethereum and Ripple’s XRP are also on the downside, both losing important support levels.
Amid these dwindling market conditions, Playnance’s newly launched native token, GCOIN, is eyeing an impressive milestone.
Bitcoin’s Price Corrects Heavily
The leading cryptocurrency was trading at around $74,00 last Friday when the bears were able to intercept the movement and pushed it south toward $70,000 during the weekend. This happened after the most recent bombings that took place in the Middle East. The good news was that it was able to maintain this level, allowing for the buyers to return in force.
The retaliation took place on Tuesday morning, when the BTC price exploded to a price that we hadn’t seen in around six weeks at $76,000.
As you can see on the chart, though, the momentum was anything but sustained. Although the price remained near the local highs on Wednesday, more volatility occurred in the hours leading up to the highly anticipated FOMC meeting. The US Federal Reserve announced that it wouldn’t change the interest rates – an entirely expected outcome.
Unfortunately, the markets responded negatively, perhaps driven by rising geopolitical uncertainty, and BTC plunged to $71,000 almost immediately upon the announcement’s public release.
Today, the price fell further, and it’s currently trading in the mid $69,000s. Most altcoins also suffered, as it can be seen in the heatmap below.
The entire thing resulted in more than $500 million in liquidated positions, as well as the broader market returning to a state of extreme fear. But it’s these conditions that can also serve well for projects with solid foundations.
PlayNance’s GCOIN Eyes $100M FDV
Launched yesterday, GCOIN, the native cryptocurrency of the PlayNance ecosystem, is already turning heads. At the time of this writing, GCOIN boasts $80 million in fully diluted valuation, less than 24 hours since its token generation event.
Moreover, the locked supply currently stands at more than 3.2 billion tokens, while another 1.3 billion are staked, effectively removing more than 10% of the circulating supply from the market. This reduces selling pressure while also showing conviction in the project’s fundamentals.
The cryptocurrency boasts an impressive user base of more than 200,000 holders, trading on the popular MEXC exchange.
GCOIN is the native utility token that powers the entire PlayNance ecosystem. It’s designed for the Web3 gaming and entertainment infrastructure of the protocol, enabling real-time on-chain interactions through many platforms and digital experiences.
Already, the PlayNance ecosystem powers an average of 1.5 million on-chain transactions every single day, all executed using GCOIN as the settlement and utlity layer. The token might be trading for a day, but its ecosystem has been shaped and honed for the past five years, already catering to a plethora of users and developers.
Those who want to get in on the action early can find more information about GCOIN here.
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Crypto World
Cheniere Energy (LNG) Stock Soars to Record High Amid Hormuz Crisis and Thai Contract Boost
Key Highlights
- Cheniere Energy (LNG) reached a record intraday peak of $267.24 on March 18, finishing the session up 5.85% at $266.22.
- Natural gas prices climbed 5.59% to $3.20/MMBtu amid ongoing Strait of Hormuz disruptions, marking a 6.90% March gain.
- Thailand’s government confirmed plans to increase its long-term LNG purchase from 1 million tons to 1.3 million tons annually.
- The enhanced Thailand agreement extends through 2041, securing a 15-year revenue stream.
- The company recently announced a $10 billion stock repurchase program following record-breaking quarterly results.
Cheniere Energy posted a historic trading session on Wednesday, March 18, propelled by geopolitical supply constraints and confirmation of an expanded commercial agreement with Thailand.
Shares of the LNG export leader touched an all-time intraday high of $267.24 before closing at $266.22, marking a single-day advance of 5.85%. The stock has now climbed approximately 30% since the start of the year.
This surge aligns with broader momentum in the natural gas market. Spot prices for natural gas increased 5.59% during the session, reaching $3.20/MMBtu. Month-to-date, natural gas has appreciated 6.90%.
The primary catalyst remains the ongoing blockage of the Strait of Hormuz — a vital chokepoint for global energy transportation. This disruption is constricting worldwide LNG availability and driving demand toward American export facilities like those operated by Cheniere.
Thailand Secures Expanded LNG Supply Agreement
Early this week, reports surfaced that Thailand is negotiating to both expand and accelerate LNG shipments under its existing long-term arrangement with Cheniere.
Thailand’s Energy Minister Auttapol Rerkpiboon verified that the nation is boosting its annual LNG commitment from 1 million tons to 1.3 million tons. Initial shipments under the revised terms are scheduled to commence in the second quarter of 2026.
The contract maintains its duration through 2041 — providing Cheniere with guaranteed demand for the next decade and a half. Thailand’s motivation stems from securing reliable energy supplies for its electricity generation infrastructure.
These types of extended, firm-commitment contracts represent the cornerstone of Cheniere’s revenue model.
Robust Financial Performance Underpinning Rally
Cheniere entered this week from a position of financial strength. The enterprise recently unveiled a $10 billion share repurchase authorization and delivered quarterly earnings that exceeded analyst projections.
These financial results bolstered investor sentiment as geopolitical uncertainties intensified. The convergence of earnings outperformance, shareholder capital allocation, and constrained global LNG availability has positioned Cheniere as a preferred investment vehicle for those seeking natural gas exposure.
Technical analysis indicates a “Strong Buy” rating for the stock, with current market capitalization hovering around $52.87 billion.
Typical daily share volume averages approximately 2.1 million, though high-momentum sessions like Wednesday often attract increased participation from trend-following traders.
The stock’s nearly 30% year-to-date appreciation significantly outpaces broader equity market indices.
With the Thailand contract nearing finalization and Hormuz shipping disruptions persisting, Cheniere approaches the remainder of March supported by multiple positive catalysts.
Is BTC yet to feel real pain during this market cycle?
After a solid multi-day run, the primary cryptocurrency lost momentum again, dipping below $70,000.
Numerous analysts caution that the bears still control the market, expecting much more substantial price declines in the near future.
Where’s the Bottom?
The recent FOMC meeting, and especially Chairman Jerome Powell’s subsequent speech, poured cold water on BTC, which earlier this week touched $76,000 for the first time since the beginning of February.
Recall that America’s central bank kept interest rates unchanged for the second consecutive time this year, whereas Powell said the stubborn inflation remains an issue for the local economy. He also outlined the military conflict in Iran, describing the rising price of petrol as another hurdle.
His comments were unfavorable to the cryptocurrency market, whose total capitalization once again slipped below $2.5 trillion. As for Bitcoin, its valuation temporarily fell to as low as $69,500 and currently struggles to remain above that line.
Several analysts have weighed in on BTC’s performance, noting similarities between its recent price action and past cycles. X user Ted pointed out that the current structure closely mirrors the pattern seen in 2022, which ultimately led to a drop to around $16,000. If that historical parallel plays out again, he warned that the price could slip under $50K in the near term.
The analyst who goes by as bee on the social media platform outlined an analogous thesis. They suggested that BTC’s resurgence to nearly $76,000 has been a “fakeout” and bull trap, claiming that “we are still in a bear market” and the valuation could plummet to as low as $46,760 in the coming months. Leshka.eth joined the pessimists’ club, predicting a pullback to almost $53,000 sometime this summer.
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The Bullish Case
However, it’s not all doom and gloom, as some key indicators signal BTC may experience another significant revival soon. For instance, whales snapped up 40,000 units in a matter of a single week, potentially positioning themselves for the next leg up. At the same time, spot Bitcoin ETFs have seen strong inflows, suggesting growing institutional demand.
The amount of coins sitting on crypto exchanges should also be mentioned. The figure has been gradually decreasing lately, and earlier today (March 19) dropped to a new six-year low of approximately 2.723 million. This means that many investors continue to abandon centralized platforms and move their holdings to self-custody, thereby reducing immediate selling pressure.
Meanwhile, some analysts, such as Ali Martinez, expect a significant price boom based on the formation of certain setups. Just a few days ago, he noted that BTC’s funding rates have turned negative, and in the past, that has always been a precursor of a “major relief rally.” Martinez reminded that in August 2023, such a development was followed by a whopping 176% price increase for BTC.
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Elon Musk has once again taken to X to share a post about Dogecoin, mimicking one of the most famous scenes from the blockbuster movie “The Godfather.”
Summary
- Elon Musk shared a Dogecoin-themed AI video inspired by The Godfather, generating over 18 million views and high engagement on X.
- Dogecoin price showed little reaction, trading around $0.093 and remaining nearly 40% below its yearly high amid broader market weakness.
In a March 19 X post, the X owner and a long-time advocate of the world’s leading meme coin Dogecoin, Musk shared an AI-generated video from the parody X account Sir Doge of the Coin.
In the video, Musk was seen dressed in a black tuxedo with a Shiba Inu dog while seeming to mimic a famous scene played by Marlon Brando as the character Vito Corleone from the classic movie “The Godfather.”
“You come to me on the day of my doge’s wedding, and you ask me for my private key. Are you even a friend? You don’t even think to call me the dogefather,” the AI-generated avatar of Musk said.
At press time, the video had gained over 18.4 million views, 64,000 likes, and over 6,800 retweets, showing the sheer scale of engagement by the crypto community.
The tech tycoon has long been known to advocate Dogecoin, with his social media posts on the meme coin historically triggering massive volatility in Dogecoin (DOGE), often referred to as the “Musk Effect.”
In his past antics, he even once briefly turned the Twitter blue bird logo into the Shiba Inu (Doge) meme for several days. DOGE soared over 30% at the peak of the frenzy. When the logo was changed back three days later, the price dropped by roughly 9%.
However, the most memorable event would be his Saturday Night Live (SNL) Appearance at the peak of the 2021 bull run, where he called himself the “Dogefather” in promos, but jokingly referred to DOGE as a hustle during a sketch. Dogecoin price shot up to an all-time high of $0.73 just before the show. However, it came crashing down nearly 30% to 40% during the broadcast.
This time, Dogecoin’s price has not yet shown any positive momentum following the latest post. Trading at $0.093, the meme coin has fallen over 3.2% as observed at press time. The 10th largest crypto asset in the market has fallen nearly 40% from its year to date high and 87.2% from its all-time high.
Momentum indicators like the MACD and RSI suggest that the meme coin could extend its downtrend, especially since risk-on sentiment is withering amid ongoing geopolitical and macroeconomic uncertainty.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
XRP is trying to build a short-term recovery, but the broader trend still leans cautious. The recent bounce has improved momentum on both pairs, yet the price is still trading beneath major trend-defining resistance levels. In other words, sellers are no longer fully in control of the very short term, but buyers have not done enough to claim a real trend reversal either.
XRP/USDT Analysis: The Daily Chart
On the XRP/USDT chart, the asset has pushed back toward the mid-$1.40s after defending the $1.10 to $1.20 demand zone earlier this month. That rebound matters because it keeps XRP off the lows and lifts RSI back into a healthier range, but the price is still stuck inside the descending structure and below the first major supply band around $1.75 to $1.80.
That leaves XRP in a tricky spot. The current move looks constructive, but it still resembles a relief rally inside a larger downtrend rather than a clean breakout. If buyers can force a reclaim of the $1.75 to $1.80 region, the door opens toward the much heavier $2.40 to $2.50 resistance area. But the price would also need to climb above both the 100-day and 200-day moving averages to reach this area. Until then, the bounce is not decisive.
XRP/BTC 4-Hour Chart
The XRP/BTC pair is telling a similar story. After repeatedly holding the 2,000 sats area, XRP has started to recover a bit and is now pressing back above that support zone. Momentum has improved, and the pair no longer looks as weak as it did during the recent dip, though it is still trading under both the 100-day and 200-day moving averages.
For the BTC pair, the first task is to turn this rebound into follow-through. A push through the 2,100 to 2,200 sats area would be a good start, and lead to a breakout above both key moving averages. But the real test remains higher at 2,400 to 2,500 sats, where layered resistance and the broader downtrend line converge. If XRP gets rejected before that, the market likely falls back into the same sideways-to-bearish range. However, if it breaks through, the tone shifts from simple stabilization to genuine recovery.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Bitcoin has continued to trade in a precarious zone after months of relentless selling pressure from the October 2025 highs above $125K. The asset is currently hovering below $70,000, attempting to stabilize after a dramatic downtrend, but several technical and on-chain signals suggest the battle between buyers and sellers is far from over.
Bitcoin Price Analysis: The Daily Chart
Looking at the daily timeframe, the broader picture remains firmly bearish. BTC has been trapped inside a descending channel since its peak above $125K, printing a consistent series of lower highs and lower lows. The asset is now trading well below both the 100-day and 200-day moving averages, which are acting as dynamic resistance overhead. The 200-day MA sits around $92K, and the 100-day near $80K, both far above the current price.
The daily RSI has recovered from deeply oversold territory, currently oscillating around the midline. A key horizontal support zone between $58K and $62K (highlighted in blue) held during the February capitulation wick, and that area remains the most critical floor to watch. For any meaningful reversal, however, the market would need to reclaim the $75K–$80K zone, which also aligns with the descending channel’s upper boundary.
BTC/USDT 4-Hour Chart
Zooming into the 4-hour chart, a more constructive short-term structure emerges. Since the early February lows near $60K, BTC has been forming an ascending channel pattern with higher lows, supported by a rising trendline. Yet, the price recently tagged the upper resistance near $75K before facing a decisive rejection and pulling back sharply toward $70k.
The area between $74K and $76K has acted as a stubborn supply zone, rejecting multiple attempts to break higher. The 4-hour RSI has also cooled off from overbought conditions and now sits below the 40 level, indicating a change in momentum to relatively bearish. A confirmed break below the rising trendline (~$66K) would likely accelerate selling toward $60K, while a push above $75K could trigger a squeeze toward $80K, and change the market outlook to bullish in the short-term.
On-Chain Analysis
The Exchange Whale Ratio, measuring the proportion of large transactions relative to total exchange inflows, has shown a notable spike in recent weeks. After months of relatively subdued whale activity during the prolonged downtrend, the ratio has jumped sharply from around 0.45 to above 0.6, signaling that large holders are becoming more active on exchanges.
Historically, sharp increases in this metric have coincided with periods of heightened volatility, as whales tend to move coins to exchanges either to sell or to reposition. The current uptick, combined with the price hovering near a technically sensitive zone, suggests that big players are preparing for a decisive move. Whether this translates into distribution (selling) or accumulation at these levels will likely determine BTC’s direction in the coming weeks.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
- Bittensor price is trapped between key support and strong resistance levels.
- Momentum is cooling, hinting at either consolidation or a drop.
- A break above $300 or below $250 will decide the next major move.
Bittensor (TAO) had shown strong bullish movement for the better part of the year before hitting a snag on March 16.
That rejection triggered a sharp pullback that erased part of the recent gains.
The cryptocurrency has now entered a tense phase, with analysts trying to determine whether the current weakness is a healthy pause or the start of a deeper decline.
Key technical levels shaping the market
Bittensor is currently trading within a well-defined range that has formed over recent price swings.
The upper boundary sits near the $282 to $300 zone, where multiple attempts to break higher have failed.
This area has consistently acted as a ceiling and has attracted strong selling pressure.
A clean move above $282 would shift the market sentiment quickly, signalling renewed strength and possibly opening the path toward $313.
Beyond that, $357 remains a longer-term target if momentum continues to build.
On the downside, the market has shown repeated reactions around the $250 region.
This level aligns closely with a key Fibonacci retracement zone and has become a critical support area.
Below that, analysts note that $168 stands out as another important level where buyers have previously stepped in.
Accumulation or correction?
The current structure presents two clear possibilities. The first is a controlled pullback that leads into accumulation.
In this scenario, the price stabilises between $230 and $250 as larger participants gradually build positions.
This type of behaviour often appears after strong rallies and helps reset momentum.
The second scenario is a deeper correction that extends below current support levels.
This would indicate that selling pressure is stronger than expected and that buyers are not yet ready to defend higher prices.
A breakdown below $233 would strengthen this view and likely accelerate downside movement.
Market indicators currently suggest that momentum is cooling, with the Relative Strength Index (RSI) moving down from overbought levels, signalling a loss of upward pressure.
While this does not confirm a trend reversal on its own, it does suggest caution in the short term.
The bigger picture
Despite the recent weakness, Bittensor continues to stand out due to its underlying purpose.
The network is built around rewarding useful artificial intelligence, creating a system where performance determines value.
This gives the project a foundation that is different from many speculative assets.
Price action often moves ahead of fundamentals, and this appears to be one of those moments.
The market is currently adjusting after a strong run, and this adjustment could take time.
However, whether this turns into accumulation or further decline will depend on how the price behaves around key levels in the coming days.
OP_NET said it is launching a “SlowFi” decentralized finance (DeFi) stack on Bitcoin that uses standard Bitcoin transactions and native BTC fees rather than bridges, wrapped assets or a separate gas token.
According to a Thursday release shared with Cointelegraph, the project is part of a broader push to bring trading and yield-style activity directly onto Bitcoin’s base layer instead of routing it through sidechains, bridges or adjacent networks. OP_NET is betting some users will accept slower and more expensive transactions in exchange for staying fully on Bitcoin.
According to OP_NET co-founder Frederic Fosco, who goes by Danny Plainview, applications run through standard Bitcoin (BTC) transactions using Taproot-based spends, while the platform’s NativeSwap model is designed to support token swaps without wrapped BTC or a separate gas asset. Plainview told Cointelegraph that every transaction on OP_NET is “just a Bitcoin transaction with BTC as the only gas asset.”
The launch lands in the middle of a growing fight inside Bitcoin over whether DeFi-style and data-heavy uses of block space strengthen the network’s fee market or amount to spam that crowds out monetary transactions.
Plainview said a swap would typically cost about $1 to $2 under normal fee conditions and roughly $10 to $20 when blocks are congested, because users pay only standard Bitcoin network fees rather than a separate gas token.
OP_NET describes the model as “SlowFi,” arguing that Bitcoin’s roughly 10-minute block times and congestion-driven exit friction can make liquidity stickier and produce longer-lived DeFi cycles than faster chains.
Related: Fireblocks to integrate Stacks for institutional-grade Bitcoin DeFi
Critics say OP_NET brings Ethereum-style DeFi bloat
Plainview framed layer-1 DeFi as a way to support miner revenue as block subsidies decline, arguing that “miners are bleeding” due to Bitcoin’s halving schedule. “The only thing that keeps miners solvent is a fee market,” he said, insisting that OP_NET does not modify Bitcoin consensus.
Related: Animoca, RootstockLabs partner to bring Bitcoin DeFi to Japanese institutions
That view has drawn criticism from Bitcoin users who argue that pushing DeFi-style activity onto layer 1 dilutes Bitcoin’s monetary focus or clogs block space with nonessential transactions. In recent posts on X, some critics described OP_NET as an attempt to bring Ethereum-style crypto infrastructure onto Bitcoin.
Some maximalists argued that any attempt to expand Bitcoin’s use cases beyond money made its proponents “sh*tcoiners” larping as Bitcoiners.
Plainview pushed back, saying that any fee-paying Taproot transaction should be treated as a legitimate use of block space.
He warned that drawing moral lines around valid transactions handed de facto control of Bitcoin to whoever defines those categories. He said:
“The whole point is that nobody controls it.”
OP_NET keeps DeFi on Bitcoin base layer
OP_NET enters a field already populated by earlier attempts to bring programmability to Bitcoin, including through RSK and Stacks.
RSK operates as a separate Ethereum Virtual Machine-compatible sidechain with its own RBTC gas token and a federated BTC peg, meaning users move value off mainnet and trust a federation to manage the bridge.
Stacks, by contrast, is a Bitcoin-anchored layer-2 with its own STX token and sBTC mechanism, executing smart contracts on a distinct chain that settles periodically to Bitcoin rather than inside L1 transactions.
By keeping execution and fees directly on Bitcoin and avoiding wrapped BTC or new gas assets, Plainview is betting that some users will accept slower, more expensive transactions in exchange for staying entirely on Bitcoin’s base layer.
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Evernorth Holdings, an XRP treasury company going public through a SPAC merger, disclosed in a new S-4 filing that it and Pathfinder Digital Assets held about 473.1 million XRP as of the end of last year.
The document also gives investors a clearer look at how that position was built. Evernorth said it used $214.1 million in cash to acquire 84.4 million XRP, which works out to about $2.54 per token for that portion of the treasury. XRP is currently trading at $1.45, or down about 35% from the average purchase price.
The filing also points to a $233.7 million digital asset impairment for 2025 under U.S. accounting rules, reflecting the gap between purchase prices and lower market values at the reporting date.
The filing also shows the treasury did not come only from open-market buying. Ripple, a major player in the XRP ecosystem, contributed 126.8 million XRP to Pathfinder under a contribution agreement.
The sponsor separately contributed 211.3 million XRP through a Series C subscription tied to the broader deal, the filing shows.
Evernorth says it wants to actively manage its treasury rather than simply holding XRP and waiting for the token to rise. The S-4 says the company plans to use Ripple’s RLUSD stablecoin in XRP-based decentralized finance activity, including RLUSD/XRP liquidity pools.
It also expects to lend XRP, provide automated market-maker liquidity, and run options strategies, such as covered calls and cash-secured puts, to further monetize the company’s treasury.
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