Bitcoin fell below $41,450 last week and was unable to retrace back above Fibonacci 23.6. Bulls were unable to wrangle away the control of crypto markets from bears. A glance at the Bitcoin daily chart reveals the bullish trend has reversed. The price is still testing the Fibonacci 23.6 and the bulls will have to seize the control back from bears for Bitcoin to breach above $41,450 again. As of now it looks Bitcoin is actually poised to continue declining!
The global stock market continued retreating last week as bond yields continued rising. While crypto markets tracked the general downtrend of global equities markets, investors of Shiba inu (SHIB) held on to their bullish view of the young cryptocurrency. Meanwhile an attack on Beanstalk Farms, an Ethereum-based stablecoin protocol, added to the list of breaches of crypto networks last week. And Chinese banking associations announcement about regulating non-fungible tokens (NFTs) to limit the risk of illegal financial activities was a bearish development for the crypto market.
Shiba Inu is a decentralized cryptocurrency created in August 2020, and the number of addresses holding the self-proclaimed dogecoin killer for more than a year, has jumped by 1,900% to 3,750 since late January, according to blockchain analytics firm IntoTheBlock. The balance held by long-term investors has increased by 127% to 27.93 trillion during the same period, and by 57% in the past 30 days alone. At the same time, the balance held by "cruisers," or addresses with a holding period of one to 12 months, has dropped by 2% since January. On Tuesday, the popular trading platform Robinhood Markets listed Shiba Inu. It enabled its roughly 17 million users to take exposure to the volatile cryptocurrency. SHIB jumped nearly 22% on Tuesday, its biggest single-day percentage gain since February 6, rewarding the SHIB holders.
The blockchain security firm PeckShield said an attacker stole at least $80 million in crypto on Sunday. There are reports the Beanstalk Farms suffered losses as big as $182 million, which resulted in the collapse of the market for Beanstalk’s BEAN stablecoin – the token was down 86% from its $1 peg yesterday, according to CoinGecko. According to reports, the attacker took out a flash loan (uncollateralized lending in decentralized finance (DeFi) protocols based on the Ethereum network ) on lending platform Aave. He then used it to acquire a large amount of Beanstalk’s native governance token, stalk. With the voting power granted by these stalk tokens, the attacker passed a malicious governance proposal that drained all protocol funds into a private Ethereum wallet.
China`s Internet Financial Association, the China Banking Association and the China Securities Association announced last Wednesday they want to "resolutely curb" the tendencies of non-fungible tokens to be made into financial products and securitized. A few days after two of these three self-governing bodies nearly one year ago told their members that they are forbidden from conducting business with crypto companies China’s State Council called for a crackdown on crypto mining and trading.