Bitcoin’s Wobbly Dance: Will the Fed Be the DJ? 🎶💸

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What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin (BTC), that ever-elusive digital currency, is currently playing a game of “how low can you go?” around its 200-day average of $84,000. Meanwhile, the infamous Hyperliquid whale has decided to take a leisurely swim away from its multimillion-dollar short position. Smaller coins like CAKE, TKX, OKB, and ATOM are throwing a party, contributing to a rather optimistic market atmosphere. 🎉

Now, the SUI token is having a bit of a struggle, trying to keep up with Monday’s 6% surge, which was as surprising as finding a cat in a dog show. This was all thanks to asset managers filing for ETFs with the SEC, which seems to have sparked a bit of institutional interest in the crypto circus.

Some analysts, with the confidence of a cat walking on a tightrope, have declared the end of the bitcoin bull run, casting doubt on the sustainability of the recent bounce. But data suggests otherwise, hinting at exhaustion in the ETF-led selling pressure. Who knew numbers could be so dramatic?

On Monday, U.S.-based spot bitcoin ETFs attracted a whopping $275 million in investor funds, building on Friday’s $41 million influx. That’s the first back-to-back inflows since February 7, according to the ever-watchful Farside Investors. 📈

“This data reinforces the narrative that ETF-driven selling pressure is exhausting,” said Valentin Fournier, an analyst at BRN, who probably has a crystal ball. “If this trend continues, we could see inflows gradually build momentum, further supporting bitcoin’s price.” Sounds like a plan, right?

The Fed’s rate decision on Wednesday could introduce a delightful dose of volatility into the crypto market, with a dovish statement possibly spurring increased risk-taking. Because who doesn’t love a good rollercoaster ride? 🎢

“Post-FOMC, bitcoin is expected to trade within the range of $80,000 to $86,000 with 80% confidence, while ethereum is projected to fluctuate between $1,800 and $2,100 under the same confidence level,” according to Ryan Lee, chief analyst at Bitget Research. These ranges reflect potential movements tied to macroeconomic signals, investor sentiment, and broader financial conditions. Or just a good old-fashioned guessing game.

In traditional markets, European stocks edged higher before a German parliamentary vote on historic debt reforms. Gold, that shiny rock we all love, remained firm above $3,000 per ounce, with BlackRock declaring it a better diversifier than Treasury notes in the ongoing macro environment. Who knew rocks could be so wise?

Meanwhile, futures tied to the Nasdaq, S&P 500, and Dow traded unchanged to negative amid reports that the Trump-Putin call regarding the Ukraine peace deal would take place between 13:00 and 15:00 GMT. Stay alert! Or just grab some popcorn. 🍿

Token Talk

By Shaurya Malwa

  • Hackers, those pesky digital gremlins, attacked BNB Chain’s Four.meme launch platform, exploiting new meme tokens to drain liquidity by bypassing listing restrictions and creating unauthorized trading pairs on PancakeSwap, siphoning off funds around 04:00 GMT. Talk about a late-night snack! 🍰
  • The attack preempted Four.meme’s curated token launches, buying small token amounts pre-launch, adding liquidity to PancakeSwap pairs, and rug-pulling them, targeting popular tokens like MubaraKing (87.90 BNB stolen) and others such as EDDY and Cocoro. A classic case of “you snooze, you lose!”
  • Four.meme suspended new token launches and promised compensation for affected users, though no smart contract vulnerability was found. Leaked early transactions enabled the hacker’s front-running, according to analyst Chaofan Shou. Sounds like a plot twist!
  • The attack exploited a flawed token function allowing transfers during the bonding curve stage, a recurring flow cell manipulation issue, potentially affecting all Four.meme tokens despite only a few being hit due to their popularity. It’s like a game of whack-a-mole

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2025-03-18 14:19