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ALTCOIN SEASON LOADING… - 7-year trendline still holding strong - 4-year resistance on the edge of breaking - Market setup is primed for a massive breakout Once this resistance cracks, altseason goes full send!

The meme coin sector is growing rapidly, with thousands of tokens released daily. While many market experts have bashed the industry and its inherent lack of utility, some others believe the sector is not completely useless. One of them is Ki Young Ju, founder and CEO of the market analytics platform CryptoQuant. Ju says meme coins are “archetypes of the collective unconscious.” Archetypes of the Collective Unconscious According to the Swiss psychiatrist Carl Jung, who developed the collective unconscious theory, universal, primordial images and patterns of thoughts exist within the shared unconscious mind of all humanity. These thoughts and images are considered archetypes and manifest in myths, dreams, and cultural symbols. They represent the fundamental aspects of the human experience and influence their behavior and perception of the world. In other words, archetypes are patterns of thought that strive for realization within a human environment. Hence, the process of actualizing these thoughts influences the development of an individual’s unique identity and guides their journey of self-discovery and transformation. Jung’s theory classifies archetypes of the collective unconscious into four main groups: self, persona, shadow, and anima/animus. Going by the classification, Ju believes animal meme coins reflect shamanism, a spiritual practice involving interacting with spirits through altered states of consciousness. Shamans revere animals and venerate them as spirit messengers and guides. Celebrity meme coins, on the other hand, reflect higher religions that revere humans. Meme Coins vs. Art Markets There are a lot of animal-themed meme coins, and they include the dog-themed projects Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), Floki (FLOKI), and dogwifhat (WIF). Likewise, the market has seen a surge in the launch of celebrity meme coins like Official Trump (TRUMP), Mother Iggy (MOTHER), Official Melania Meme (MELANIA), Jason Derulo (JASON), Timeless Davido (DAVIDO), and Caitlyn Jenner (JENNER). Ju pointed out that human evolution has been driven by shared beliefs that encompass worshiping, forming groups, and collaborating and that meme coins are an outcome of such developments. Therefore, people who thrive as entrepreneurs in the crypto industry are those who can create something people believe in. Meanwhile, the CryptoQuant founder has also likened meme coins to art markets, insisting that the value of both sectors is assessed through narrative. The post Why Meme Coins Represent Archetypes of the Collective Unconscious: CryptoQuant CEO appeared first on CryptoPotato.

Non-KYC centralized exchange eXch has denied accusations that it’s laundering funds from the Bybit hack on behalf of the Lazarus Group. This was in response to social media accusations that it had moved over $30 million from the exploit. eXch’s Response In a Feb. 23 announcement posted on the Bitcointalk forum, the eXch team said it is “Not laundering money for Lazarus/DPRK.” Before the statement, blockchain investigator ZachXBT had alleged in a February 22 Telegram post that eXch processed $35 million of the stolen funds and mistakenly sent 34 ETH worth $96,000 to another exchange’s hot wallet. Other analysts and blockchain security firm SlowMist also reported that eXch received ETH from wallets associated with the Bybit incident. Nick Bax, a member of the Security Alliance white hat hacker group, estimated that the platform handled about $30 million for North Korea on that day. SlowMist further claimed that a significant amount of ETH had been converted into other cryptocurrencies on eXch. In response, the exchange dismissed the accusations as a “targeted FUD attack” and clarified that the transaction in question was not linked to them. However, the team acknowledged that a small portion of the stolen funds had entered their platform but maintained that it was an isolated case and the only transaction from the incident processed by eXch. The team also criticized ZachXBT, labeling his statements as unfounded and advising the community to verify information from credible sources instead of relying on amateur researchers. CZ’s Solution The Bybit hack is now the largest crypto theft in history, with attackers stealing more than $1.4 billion after gaining control of the exchange’s Ethereum multisig cold wallet. Meanwhile, Binance founder Changpeng Zhao (CZ) has advocated for withdrawal pauses following the incident. In a February 21 post on X, the former executive commented: “Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!” However, there have been concerns that this solution would cause panic. Addressing the criticism, Zhao clarified that his recommendation was based on experience and intended to ensure system integrity. The Binance founder shared an example from 2019, when his exchange temporarily suspended withdrawals following a $40 million hack, later observing more deposits than withdrawals once operations resumed. However, he emphasized that every situation required a judgment call and expressed confidence in Bybit CEO Ben Zhou’s handling of the crisis. He also commended his transparency and calm response, contrasting it with the crisis management approaches of other CEOs, such as those at WazirX and FTX. The post Crypto Exchange eXch Denies Laundering Bybit Hack Funds for Lazarus Group appeared first on CryptoPotato.

In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has officially commenced its review of Grayscale Investments’ application to convert its XRP Trust into a spot exchange-traded fund (ETF). This move, initiated on February 14, 2025, marks a pivotal moment for XRP, the digital asset associated with Ripple Labs, as it could potentially enhance its accessibility to institutional investors and reshape its market dynamics. SEC Review Process and Timeline The SEC’s acknowledgment of Grayscale’s application has triggered a 240-day review period, culminating in a final decision by October 18, 2025. This period includes a 21-day public comment phase, allowing stakeholders to provide feedback on the proposal. The SEC will meticulously evaluate the application, focusing on compliance with securities laws, market integrity, potential manipulation risks, and investor protection measures. It’s important to note that while the acknowledgment initiates the review, it does not guarantee approval. Grayscale’s Ripple XRP ETF Market Implications and Investor Sentiment The initiation of the SEC’s review has already influenced XRP’s market performance. Following the announcement, XRP experienced a notable price increase, climbing approximately 9.1% to just under $2.73 on February 14, 2025. This surge reflects growing optimism among investors about the potential approval of the ETF and the broader acceptance of XRP in mainstream financial markets. Analysts suggest that the approval of a spot XRP ETF could increase liquidity and attract substantial institutional investments, potentially driving the asset’s value higher. However, the market remains cautious, as the SEC’s decision is pending, and the regulatory environment continues to evolve. Regulatory Landscape and Legal Considerations The SEC’s review of the XRP ETF comes amidst ongoing legal proceedings involving Ripple Labs. The SEC has previously filed a lawsuit against Ripple, alleging that XRP was sold as an unregistered security. This legal backdrop adds complexity to the ETF approval process, as the regulatory status of XRP remains a contentious issue. Despite these challenges, the current U.S. administration under President Donald Trump has exhibited a more crypto-friendly stance, leading to speculation that regulatory hurdles may be less stringent. Industry observers closely monitor how these legal and political factors will influence the SEC’s decision-making process. Global Perspectives and International Developments While the U.S. regulatory process unfolds, other countries are making strides in integrating XRP into their financial systems. Notably, Brazil’s securities regulator has approved the launch of the world’s first spot XRP ETF, managed by Hashdex. This development signifies a growing acceptance of XRP in international markets and may set a precedent that influences regulatory perspectives globally. The Brazilian ETF aims to provide investors with regulated exposure to XRP, potentially boosting its adoption and liquidity. Such international advancements could impact the SEC’s considerations as the U.S. seeks to maintain its competitive edge in the rapidly evolving digital asset landscape. Potential Outcomes The approval of Grayscale’s XRP ETF could have far-reaching implications for the cryptocurrency market. A green light from the SEC would likely pave the way for increased institutional participation, enhanced market liquidity, and greater mainstream acceptance of XRP. Conversely, a denial could perpetuate existing uncertainties and hinder the asset’s growth prospects. As the October 18 deadline approaches, stakeholders are advised to stay informed about regulatory updates and market responses. The interplay between legal proceedings, regulatory decisions, and market dynamics will be crucial in shaping XRP’s future trajectory and its role within the broader cryptocurrency ecosystem. Summing Up on Ripple XRP ETF In conclusion, the SEC’s review of Grayscale’s application to convert its XRP Trust into a spot ETF represents a critical juncture for XRP and the digital asset market at large. The outcome of this process will not only influence XRP’s market position but also signal the regulatory direction for similar digital assets. Investors and industry participants should closely monitor developments, as the decisions made in the coming months will have lasting impacts on the cryptocurrency landscape. Stay tuned to The BIT Journal and keep an eye on Crypto’s updates. FAQs 1. What is Grayscale’s XRP ETF, and why is the SEC reviewing it? Grayscale’s XRP ETF aims to provide investors with regulated exposure to XRP. The SEC reviews it to assess compliance, market risks, and investor protection. 2. When will the SEC decide on the XRP ETF? The SEC has a 240-day review period, with a final decision expected by October 18, 2025. 3. How could the approval of an XRP ETF impact the market? Approval could boost institutional adoption, liquidity, and XRP’s price, similar to Bitcoin ETFs. However, rejection may create market uncertainty. 4. What are the main concerns the SEC might have about the XRP ETF? The SEC is likely examining market manipulation risks, liquidity concerns, and XRP’s legal status following its lawsuit against Ripple. 5. Has any country approved an XRP ETF yet? Yes, Brazil recently approved a spot XRP ETF, setting a precedent that could influence the SEC’s decision. Glossary of Key Terms XRP ETF – A financial product allowing investors to gain exposure to XRP without directly holding the asset. Grayscale Investments – A digital asset management firm applying to convert its XRP Trust into an ETF. SEC (Securities and Exchange Commission) – The U.S. regulatory body overseeing securities, including crypto ETFs. Spot ETF – An ETF that holds actual cryptocurrency rather than futures contracts. Institutional Investors – Large entities like hedge funds and banks that invest in financial assets. Market Liquidity – The ease with which an asset can be bought or sold without significantly affecting its price. Ripple Labs – The company behind XRP, which has faced legal scrutiny over whether XRP is a security. Regulatory Compliance – Meeting the legal and financial requirements set by government agencies. Public Comment Period – A timeframe where stakeholders can submit opinions on an SEC proposal. Market Manipulation – Practices that distort asset prices, a key concern for ETF approval. Sources Bitcoin.com – “Grayscale’s XRP ETF Under SEC Review: The Countdown Begins” CoinDesk – “What an XRP ETF Could Mean for the Crypto Market” Reuters – “SEC’s Crypto Stance and ETF Approvals” CoinTelegraph – “Brazil’s Approval of Spot XRP ETF” Bloomberg – “Institutional Interest in Crypto ETFs”

According to recent market data, BNB price trades within a defined range, facing resistance near $700 while holding support above $620. The asset’s price volatility has tightened, with technical indicators suggesting potential shifts in market sentiment. On-chain metrics show mixed signals, making key resistance and support levels crucial for traders. BNB Price Shows Indecision Amid Market Uncertainty BNB’s price trajectory indicates indecision among buyers and sellers, leading to a neutral market outlook. An uncertain market appears from the Moving Average Convergence Divergence (MACD) indicator, since it has a positive histogram at 1.93 and a negative signal line at -1.65. If the MACD turns positive, it could confirm an upward trend, whereas continued divergence may keep BNB in consolidation. The RSI stands at 47.23, placing BNB in a neutral zone with no clear buying or selling pressure. The moving average of 52.37 indicates that the RSI shows bearish trends in its current position. The price will likely continue to drop if the RSI falls below 40 but will experience upside momentum if it rises above 55. Bollinger Bands suggests BNB is trading near its basis level of $640.39, signifying a consolidation phase. Two important breaking points exist at $709.13 and $571.64, forming the upper and lower bands. Trader validation of a bullish rally arises from upper band breaks while descending below the lower band indicates continuing negative price action. BNB Liquidations Rise as Price Fluctuates BNB’s price movements have triggered an increase in liquidations, with the current price hovering around $644.2. An analysis of liquidation maps shows large numbers of long position liquidations beneath present price levels due to unexpected events among leverage traders. The $656-$675 area shows rising cumulative short liquidations because a price breakout at that point would likely produce more price movement. Market volatility continues rising due to leveraged trades using 10x and 50x positions in settings where the liquidation zones exist. The area spanning from $630 to $638 shows intensified past liquidations, which represents a major cluster. Additionally, leverage trading intensifies as BNB moves toward $670-$690, signaling a key resistance zone where further liquidations may occur. Market players should track support and resistance zones since rising liquidation risks have become more prevalent. Any movement of price below $630 could initiate more long liquidations, strengthening selling activity. The price will likely surge to more than $690 after a short squeeze from when traders push the market through the $670 threshold. Selling Pressure May Push BNB Lower If BNB maintains momentum above $680 and surpasses $700, a rally toward $740 could materialize. An increase in trading volume alongside Binance-related operational news will help strengthen an upward price movement for BNB. Continuous buying activities at elevated price points will strengthen market sentiment. Failure to hold $640 could increase selling pressure, pushing BNB toward $620. If the price breaks from its present position, support at $580 would emerge, indicating declining bullish sentiments. Prolonged downward risks will occur if investors refrain from purchasing BNB. Conclusion BNB’s price action remains within a critical range, with volatility driven by technical indicators and liquidation pressures. The asset will experience a substantial price change based on the two vital price points of $630 and $670. The current market calls for traders to exercise caution because major price movements likely result from upward or downward breakouts. FAQs What is Binance Coin (BNB)? Binance Coin (BNB) is the native cryptocurrency of the Binance ecosystem, used for trading fees and various utilities. What does a neutral RSI indicate? A neutral RSI means the asset lacks strong buying or selling momentum, leading to consolidation or range-bound trading. How do Bollinger Bands help in trading? Bollinger Bands highlight potential breakout and breakdown levels by measuring price volatility. Why are liquidation zones important? Liquidation zones show where leveraged traders might be forced to close positions, influencing price volatility. What happens if BNB breaks above $700? A breakout above $700 could trigger further buying momentum, pushing the price toward $740 or higher. Glossary MACD: A trend-following indicator that helps identify market momentum. RSI: A momentum oscillator that measures the speed and change of price movements. Bollinger Bands: A volatility indicator showing price ranges and potential breakout levels. Liquidation: The forced closing of a leveraged position due to insufficient margin. Short Squeeze: A rapid price increase due to short sellers covering their positions. References: Coinglass TradingView