Synopsis
- STEPN announces airdrop worth $30M
- TON Foundation partners with Hashkey
- UK plans legislation for stablecoins and crypto staking
- Biggest gainer and loser of the week
Key Observations
Analysis
STEPN announces $30 million airdrop
Move-and-earn lifestyle platform, STEPN, has announced an airdrop for 100 million FSL points, worth $30 million. These points are redeemable 1-to-1 for STEPN’s native token, GMT.
This announcement comes before a partnership between STEPN and one of the world’s leading sports brands. The airdrop is in two phases, rewarding badge holders and Genesis Sneakers holders. Users will be required to sign up for an FSL ID by the end of April to claim their rewards.
STEPN’s CEO Shiti Manghani acknowledged the airdrop as a token of gratitude to loyal users and hinted at major growth plans in the near future. This initiative is part of STEPN’s strategy to dominate the move-and-earn sector, bridging Web 2.0 and Web 3.0.
TON Foundation partners with Hashkey to drive crypto on-ramp on Telegram
TON Foundation has joined hands with Hashkey Group, the parent company of Hashkey crypto exchange, to increase provision for on-ramp and off-ramp of crypto and fiat on Telegram Wallet.
TON and Hashkey announced that they will initially be focusing on Hong Kong, but plan to expand to other Asia-Pacific markets, depending on the success of the project pilot.
TON started out as a Telegram project in 2018, only to be abandoned two years later due to regulatory issues. However, members of the community decided to revive it in the form of the TON Foundation, and it continues to grow to this day.
UK readies legislation for stablecoins and crypto staking
The British government is reportedly planning to introduce legislation for stablecoins, along with crypto staking, custody, and exchange. Once these legislations are introduced, a whole host of crypto activities will come under the regulatory perimeter of the government for the first time.
This move is expected to be completed by June or July of this year. Additionally, the British government also plans to bring back fiat-backed stablecoins under the oversight of the Bank Of England and other financial regulatory authorities.
This would be a big deal in the overall context of crypto regulations, and could prove to be the catalyst for other governments around the world to take quicker action in bringing cryptocurrencies and other digital assets under their regulatory wing.
Biggest gainer of the week: Ondo (ONDO) up by 8.48%
Technical Analysis
In the context of the recent market downturn attributed to geopolitical conflicts and anticipatory adjustments prior to the cryptocurrency halving event, Ondo Finance emerged as the week’s top performer with a commendable gain of 8.48%. ONDO’s valuation peaked at $1.02638 before retracting to $0.79089, which has established itself as a robust support level. Currently, ONDO is trading at $0.83185, maintaining its position above this critical support threshold. Should it continue to uphold this level, an upward trajectory may be anticipated for ONDO’s market price.
Analyzing the daily time frame through technical indicators, the oscillators predominantly signal a sell, influenced largely by the bearish transitions in both the Momentum indicator and the Moving Average Convergence Divergence (MACD). Conversely, the Moving Averages present a contrasting perspective, indicating a strong buy recommendation, thereby suggesting a potential divergence in short-term versus long-term investment outlooks.
Biggest loser of the week: ORDI (ORDI) down by 39.80%
Technical Analysis
The BRC 20 token, Ordinals Protocol, registered as the most significant market decliner of the week with a precipitous drop of 39.80%. ORDI plummeted to a price low of $38.844, marking its nadir since the first week of December. Currently, ORDI is trading at $41.95, endeavoring to recuperate within a weak demand zone defined by the $38-$43 price range.
Technical analysis of the daily time frame reveals a neutral market sentiment, bolstered by a favorable reading from the Commodity Channel Index (20). However, the moving averages indicate a strong sell sentiment, reflecting broader market apprehensions. In the weekly analysis, both oscillators and moving averages converge on a sell recommendation for ORDI.
As the halving event nears, the specific dynamics associated with BRC 20 tokens such as ORDI suggest a potential rebound to its prior demand levels, contingent on market response to structural changes and broader economic factors.
Conclusion
It was quite an eventful week, with everything from a major airdrop announcement to hopes of concrete regulations for crypto. All in all, the outlook for the near future looks bright for crypto, and as we head deeper into this bull run, here’s hoping to it only getting better from here.
