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Although XRP has recorded five consecutive monthly declines for the first time in nine years, its downward momentum appears to be exhausted, according to an analysis by crypto analyst TraderJB. The Crypto Basic reported that the analyst noted a long lower wick has formed on the three-day chart. He explained that while XRP is down 52% from its high, it has retested all support zones formed since November 2024 on the three-day chart, even reaching the $1.25 level seen during the record liquidation event last October. TraderJB suggested this retesting of lower levels is a process of confirming support, which could signal a potential for a future trend reversal. For the uptrend to continue, he said XRP must reclaim the $1.61 resistance level and then surpass its July high of $3.6. However, the analyst warned that if the $1.2 support level is breached, the bullish trend would be completely invalidated.

Spot gold in Dubai is being sold at a discount of $30 per ounce due to logistics paralysis stemming from the conflict in the Middle East, Chinese financial news agency Cailian Press reported. The outlet added that rising local costs for transportation, insurance, and storage are fueling concerns over physical supply shortages in major importing nations. Dubai is a global hub for gold refining and trade, but deliveries are currently delayed amid ongoing U.S. and Israeli military strikes against Iran. While the spot price of gold is trading above $5,000 per ounce, its rally has stalled this week due to a strong U.S. dollar and other geopolitical factors.

Bitcoin has entered a bear market according to the four-year cycle theory and could see its price fall an additional 30% this year, according to crypto hedge fund ZX Squared Capital. CK Zheng, the fund's founder, explained that he expects a further price correction for BTC this year due to factors including the situation in Iran. He noted this follows a typical pattern where the asset peaked last October, 18 months after the April 2024 halving, and has since been declining. Zheng added that the cycle is being reinforced by retail investors who repeatedly buy on positive news and sell in fear. He argued that BTC is still viewed as a speculative asset rather than a safe haven like gold, and institutional adoption has been slow. The decline could accelerate, he warned, if companies holding BTC begin selling to cover debt obligations.

U.S. spot Ethereum ETFs recorded a total net outflow of $82.9 million on March 6, marking the second consecutive day of outflows, according to data compiled by Farside Investors. No individual ETF reported a net inflow for the day. - BlackRock's ETHA: -$4.8 million - Fidelity's FETH: -$67.6 million - 21Shares' TETH: -$5.21 million - VanEck's ETHV: -$2.9 million - Grayscale's ETHE: -$1.6 million - Grayscale's Mini ETH: -$6 million

U.S. spot Bitcoin ETFs saw approximately $348.9 million in net outflows on March 6, according to data compiled by Farside Investors. This marks the second consecutive day of net outflows, with no single ETF recording a net inflow. - BlackRock's IBIT: -$143.5 million - Fidelity's FBTC: -$158.5 million - Bitwise's BITB: -$22.2 million - Ark Invest's ARKB: -$4.5 million - VanEck's HODL: -$5.8 million - Grayscale's GBTC: -$9.6 million - Grayscale's Mini BTC: -$4.8 million

Bybit has announced that its co-CEO, Helen Liu, will resign effective April 30 to pursue a new venture. Liu joined Bybit in 2020, serving as vice president of human resources and marketing and later as chief operating officer (COO) before being appointed co-CEO last year. The company said it does not plan to name a successor and will continue to expand its global business under the existing leadership structure.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $132.79 million liquidated (83.66% longs) - ETH: $63.73 million liquidated (85.74% longs) - SOL: $13.32 million liquidated (88.67% longs)

A U.S. court in New York has dismissed a civil lawsuit against Binance and its founder, Changpeng Zhao, that accused them of aiding terrorism, Reuters reported on March 6. The suit was filed by 535 victims and family members from 64 terrorist attacks around the world. The plaintiffs had argued that Binance and Zhao facilitated cryptocurrency transactions for terrorist organizations, thereby making it easier for them to carry out attacks. The court ruled that the plaintiffs failed to plausibly demonstrate that Binance and Zhao were directly involved in the attacks or intended to support them. It also noted that the claim that the defendants took any action to help or ensure the success of the attacks was unsubstantiated. In response, Zhao stated that no centralized exchange has any motive to be associated with terrorists and would not actively trade with them. He added that as a resident of Dubai, he has personally witnessed missile interceptions.

Akash Network (AKT) announced via its official X account that an on-chain vote will begin today, March 7, on a proposal to introduce a Burn-Mint Equilibrium (BME) model centered on token burning. If the proposal passes, a network upgrade to implement the model is scheduled for 2:00 p.m. UTC on March 23. According to Akash, the BME model is designed to restore the direct utility of the AKT token and link its value to network usage. If approved, all AKT used for deployments on the network will be burned.

An anonymous Ethereum whale has staked 8,208 ETH, worth approximately $16.85 million, on the staking platform Kiln. According to Onchain Lens, the whale address '0xcced2d' executed the transaction about five hours ago through an intermediary address, '0x4024C', after a year of inactivity. The whale has accumulated $16.09 million in ETH over the past four years and currently holds an unrealized profit of around $768,000.

Michael Saylor, co-founder of MicroStrategy, predicted that Bitcoin will replace the existing financial system based on a Darwinian theory of survival of the fittest. In a recent interview, he described Bitcoin as the standard-bearer for the digital financial revolution. Saylor argued that money will eventually move at the speed of light. He contrasted Bitcoin, which circulates globally 24/7 with low value-transfer costs, with traditional financial markets that are constrained by trading hours, holidays, and regulatory barriers. Saylor added his belief that digital capital, capable of moving at the speed of light with minimal expense, will ultimately prevail, replacing the slower and more cumbersome legacy financial system.

Prediction market platforms Kalshi and Polymarket are in discussions to raise capital at valuations of approximately $20 billion each, the Wall Street Journal reported. Citing people familiar with the matter, the WSJ noted that both companies have held talks with potential investors regarding funding rounds at the $20 billion valuation mark. Kalshi was last valued at $11 billion during a funding round in December, while Polymarket secured a $9 billion valuation in October. If these new rounds are successful, the valuations for both firms would nearly double.

The Crypto Fear & Greed Index has fallen six points from yesterday to 12, signaling a further decline in investor sentiment. According to data from Alternative, the index has remained in the "Extreme Fear" stage since it first entered the territory on Jan. 30. The metric gauges market sentiment on a scale of 0 (Extreme Fear) to 100 (Extreme Greed). It is calculated based on market volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin's market cap dominance (10%), and Google search volume (10%).

BitMEX co-founder Arthur Hayes predicted that HYPE, the token of decentralized crypto derivatives exchange Hyperliquid, could rise to $150. He noted that while computers at traditional asset exchanges are idle over the weekend, trading is always available on Hyperliquid. He added that amid geopolitical tensions in the Middle East, the asset to watch this weekend is the CL-USDC crude oil perpetual future. Hayes is known to have been accumulating a significant amount of HYPE since last year. According to CoinMarketCap, HYPE is currently trading at $31.02, up 1.43%. To reach $150, the token would need to rise approximately 400% from its current price.

BlackRock has lowered the proposed fee for its upcoming Ethereum staking ETF (ETHB) from 18% of staking rewards to 10%. Bloomberg ETF analyst James Seyffart explained that BlackRock specified the change in a recent filing with the U.S. Securities and Exchange Commission (SEC). He added that the base fee is now set at 10%, with the possibility of tiered discounts.

Cryptocurrency data analytics firm Swissblock has found a negative correlation between its Bitcoin Risk Index and fund flows for spot Bitcoin ETFs. In an analysis shared via its Bitcoin Vector signal service, Swissblock explained that when funds flow out of ETFs, the Risk Index becomes unstable and selling pressure tends to dominate. Conversely, when there are net inflows into ETFs, the Risk Index falls. The firm noted this phenomenon has been occurring almost in lockstep since last November and became particularly prominent last week. Swissblock added that if ETF-driven inflows continue, the Risk Index could fall to 25 or below, leading to a market where buying pressure takes control.

The three major U.S. stock indices closed lower today. - S&P 500: -1.17% - Nasdaq: -1.44% - Dow Jones: -1.20%

Bloomberg analyst Eric Balchunas reported on X that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are in discussions to move into the same building in Washington D.C. He noted that while the two agencies are not fully merging, he considers it good news.

Curve Finance has accused PancakeSwap of plagiarizing its code. According to Cointelegraph, the code in question is for the StableSwap feature used in the latest version of the PancakeSwap DEX for exchanging stablecoins and price-pegged assets. In response, PancakeSwap stated that it will discuss the matter with Curve.

A software company's chief financial officer (CFO) has been sentenced to two years in prison for embezzling $35 million in company funds and transferring the money to his personal cryptocurrency platform, Decrypt reported. Nevin Shetty invested the funds in high-yield decentralized finance (DeFi) lending protocols that promised returns of over 20%. He subsequently lost nearly all the money following the collapse of Terra and the ensuing crypto winter.

The Florida state legislature has passed a regulatory framework for stablecoins, which The Block reports is the first of its kind at the state level in the U.S. The bill passed the Senate in a 37-0 vote. It amends Florida's anti-money laundering law to include stablecoins, requiring issuers to comply with existing regulations and prohibiting unlicensed issuance. The legislation also specifies that certain payment stablecoins are not securities. The bill is now awaiting the governor's final signature.

Digital asset management firm BlockFills is considering restructuring, Unfolded reported. The development follows a lawsuit filed by Dominion Capital on Feb. 27, accusing BlockFills of misappropriating client assets. The suit alleges the firm used millions of dollars in client funds to cover its losses. A U.S. court has since ordered 70 BTC related to the case to be frozen.

As BlackRock begins to limit redemptions for its $26 billion private equity fund amid a surge in requests, concerns are growing that instability in the global private equity market could spread to cryptocurrency, CoinDesk reported. Andreja Cobeljic, head of derivatives trading at the Swiss-based crypto bank Amina, warned that if redemption pressures force private credit funds to liquidate their positions, it could trigger widespread deleveraging across all asset classes. This, he noted, could have a ripple effect on cryptocurrencies like Bitcoin. Cobeljic added that risk assets such as crypto could face a secondary shock from disorderly liquidations in such a scenario.

According to CoinNess market monitoring, BTC has fallen below $68,000. BTC is trading at $67,964.06 on the Binance USDT market.

U.S. Senator Elizabeth Warren has criticized the Securities and Exchange Commission's (SEC) decision to dismiss its lawsuit against Tron (TRX) founder Justin Sun, arguing the move is linked to President Donald Trump's stance on cryptocurrency. According to The Block, she stated that the SEC's dismissal of the suit raises serious concerns about the agency's independence and that it must not become a puppet for Trump's billionaire friends. Warren emphasized that any cryptocurrency legislation passed by Congress must address the president's corruption issues related to the sector.