{"id":71041,"date":"2024-02-21T19:12:11","date_gmt":"2024-02-21T13:42:11","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=71041"},"modified":"2024-03-21T12:35:08","modified_gmt":"2024-03-21T07:05:08","slug":"mudrex-crypto-market-outlook-february-13-february-19-2024","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-outlook-february-13-february-19-2024\/","title":{"rendered":"Mudrex Crypto Market Outlook | February 13 &#8211; February 19 2024"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-synopsis\">Synopsis<\/h2>\n\n\n\n<ul>\n<li>Bitcoin flirts with $50k, correction incoming?<\/li>\n\n\n\n<li>Argentina\u2019s reliance on stablecoins<\/li>\n\n\n\n<li>Franklin Templeton takes the <a href=\"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-recap-september-9-september-16\/\">Ethereum ETF<\/a> route<\/li>\n\n\n\n<li>Biggest gainer and loser of the week<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-observations\">Key Observations<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-analysis\"><strong>Analysis<\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-is-bitcoin-on-the-rise\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>A correction on the horizon for BTC?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2048\" height=\"1152\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/btce2-min-scaled-1-2048x1152-1-jpg.webp\" alt=\"\" class=\"wp-image-71043\" style=\"object-fit:cover;width:706px;height:422px\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/btce2-min-scaled-1-2048x1152-1-jpg.webp 2048w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/btce2-min-scaled-1-2048x1152-1-300x169.webp 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/btce2-min-scaled-1-2048x1152-1-1024x576.webp 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/btce2-min-scaled-1-2048x1152-1-768x432.webp 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/btce2-min-scaled-1-2048x1152-1-1536x864.webp 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><figcaption class=\"wp-element-caption\"><br><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Figure 1: Bitcoin hovering at $50k<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/figcaption><\/figure><\/div>\n\n\n<p>The market has seen bulls lead as Bitcoin inch closer to $50k amid last week\u2019s 17% surge. With analysts and investors calling for a bull run, an impending correction in price seems likely.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s take a look at what has happened since the ETF launch &#8211;<br><br>1) On the first day of trading, the ten newly approved Bitcoin ETFs saw a cumulative trading volume surpassing $4 billion, with over 1\/4th of this recorded in less than 30 minutes.<\/p>\n\n\n\n<p>2) Within the first month of launch, BlackRock\u2019s IBIT and Fidelity\u2019s FBTC surpassed $3 billion in AUM per BitMEX Research data as of Feb 9 which is unprecedented in US ETF history.<\/p>\n\n\n\n<p>3) Grayscale\u2019s GBTC has recorded over $6 billion in outflows, cutting down the overall net inflows to Bitcoin ETFs to just over $2 billion.<\/p>\n\n\n\n<p>This highlights the massive interest in recently approved spot Bitcoin ETFs, driving the demand for the underlying asset. Reports have suggested that a supply shock is coming as ETFs have driven consumption levels 10x of that of the current supply. However, in the short term, Bitcoin should likely correct before continuing its leg up.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-eigenlayer-total-value-locked-sees-an-inflow-of-1b\"><strong><strong><strong><strong><strong><strong><strong><strong><strong>Argentina\u2019s reliance on stablecoins<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"752\" height=\"423\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/c2a8a5fce4e44c0bae17e505828f2ccd-jpeg.webp\" alt=\"\" class=\"wp-image-71044\" style=\"object-fit:cover;width:706px;height:422px\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/c2a8a5fce4e44c0bae17e505828f2ccd-jpeg.webp 752w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/c2a8a5fce4e44c0bae17e505828f2ccd-300x169.webp 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><figcaption class=\"wp-element-caption\"><strong><strong><strong>Figure 2: Crypto emerges as a lifeline to inflation?<\/strong><\/strong><\/strong><\/figcaption><\/figure><\/div>\n\n\n<p>Argentina has emerged as the leading buyer and holder of stablecoins in Latin America, according to a report by Bitso, a Mexican-founded crypto exchange. Bitso&#8217;s recent &#8216;Crypto Landscape in Latin America: Report 2H 2023&#8217; explores the crypto market trends across various Latin American countries with significant crypto adoption, such as Colombia, Argentina, Brazil, and Mexico.<\/p>\n\n\n\n<p>The report highlights that amidst economic turmoil, 60% of Argentine crypto purchases on Bitso were directed towards dollar-based stablecoins like USDT and USDC, while only 13% were allocated to Bitcoin. This stark contrast with Colombia, Brazil, and Mexico, where stablecoin purchases accounted for between 31% and 40% of total crypto acquisitions, is attributed by Bitso to the prevailing political and economic context in Argentina.<\/p>\n\n\n\n<p>Citizens are seeking alternatives to combat inflation and currency devaluation, driven by the ongoing economic challenges. Argentina, the region&#8217;s second-largest country by population and third-largest economy, has long faced economic difficulties, including an alarming annual inflation rate of 211.4% in 2023, heightening concerns about financial stability. Consequently, the economic instability creates a compelling incentive for consumers to explore more stable options to protect their wealth from devaluation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ens-peaks-with-godaddy-integration\"><strong><strong><strong><strong><strong><strong><strong><strong><strong>Franklin Templeton\u2019s ETH ETF interest<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"600\" height=\"338\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/primerpic_1612372633265_1612372644218.webp\" alt=\"\" class=\"wp-image-71045\" style=\"object-fit:cover;width:706px;height:422px\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/primerpic_1612372633265_1612372644218.webp 600w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/primerpic_1612372633265_1612372644218-300x169.webp 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption class=\"wp-element-caption\"><strong><br><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Figure 3: Franklin Templeton files an S-1<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/figcaption><\/figure><\/div>\n\n\n<p>On Monday, investment firm Franklin Templeton initiated the process for launching an Ethereum&nbsp; ETF, following in the footsteps of other asset managers pushing for approval from the Securities and Exchange Commission.<\/p>\n\n\n\n<p>The firm submitted an S-1 registration statement for the Franklin Ethereum ETF, intending for the fund to track the price of ether. Coinbase Custody Trust Company and the Bank of New York Mellon are slated to serve as custodians for ether and cash holdings.<\/p>\n\n\n\n<p>&#8220;The Shares have been designed to remove obstacles associated with the complexities and operational burdens involved in direct investment in Ether by providing an investment with a value that reflects the price of the ether owned by the Fund at such time, less the Fund\u2019s expenses. The Authorized Participants will deliver only cash to create Shares and will receive only cash when redeeming Shares,&#8221; the filing read.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-biggest-gainer-of-the-week-chainlink-link-up-by-26-15\">Biggest gainer of the week: Kaspa (KAS) up by 26.15%<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"455\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/KASUSDT_2024-02-13_12-11-53-1024x455.png\" alt=\"\" class=\"wp-image-71046\" style=\"width:786px\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/KASUSDT_2024-02-13_12-11-53-1024x455.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/KASUSDT_2024-02-13_12-11-53-300x133.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/KASUSDT_2024-02-13_12-11-53-768x341.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/KASUSDT_2024-02-13_12-11-53-1536x682.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/KASUSDT_2024-02-13_12-11-53.png 1793w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Figure 4: KAS technical analysis<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Opinions<\/strong>:<\/p>\n\n\n\n<p><strong>Technical Analysis:<\/strong><\/p>\n\n\n\n<p>KAS has witnessed a 40% growth over the last week. There is a growing sentiment that KAS should witness a correction in the price. As KAS prepares to go past 0.145, there is a possibility that KAS could test support regions of 0.139 if current levels fail to hold.<\/p>\n\n\n\n<p>Oscillator indicators: 4 bearish, 6 neutral, 1 bullish<\/p>\n\n\n\n<p>Moving Average indicators: 1 bearish, 1 neutral, 13 bullish<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-biggest-loser-of-the-week-monero-xmr-down-by-16-27\">Biggest loser of the week: Monero (XMR) down by 16.27%<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"455\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/XMRUSDT_2024-02-13_12-18-14-1024x455.png\" alt=\"\" class=\"wp-image-71047\" style=\"width:786px\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/XMRUSDT_2024-02-13_12-18-14-1024x455.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/XMRUSDT_2024-02-13_12-18-14-300x133.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/XMRUSDT_2024-02-13_12-18-14-768x341.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/XMRUSDT_2024-02-13_12-18-14-1536x682.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2024\/02\/XMRUSDT_2024-02-13_12-18-14.png 1793w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong><strong><strong>Figure 5: XMR technical analysis<\/strong><\/strong><\/strong><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Opinions<\/strong>:<\/p>\n\n\n\n<p><strong>Technical Analysis:<\/strong><\/p>\n\n\n\n<p>XMR had been brought it back to the levels previously seen in September 2023. Since then it has reclaimed lost ground and found support at 118.9. The current levels seem weak and it seems increasingly likely that XMR will drop even further before finding support.<\/p>\n\n\n\n<p>Oscillator indicators: 1 bearish, 9 neutral, 1 bullish<\/p>\n\n\n\n<p>Moving Average indicators: 13 bearish, 1 neutral, 0 bullish<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h2>\n\n\n\n<p>The cryptocurrency market was marked with important events. Bitcoin is cruising at $50k with a supply shock hovering ahead. Argentina\u2019s reliance on stablecoins to address inflation and Franklin Templeton\u2019s S-1 filing for an Ethereum ETF round up the highlights of the week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis Key Observations Analysis A correction on the horizon for BTC? The market has seen bulls lead as Bitcoin inch closer to $50k amid last week\u2019s 17% surge. With analysts and investors calling for a bull run, an impending correction in price seems likely.&nbsp; Let\u2019s take a look at what has happened since the ETF [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":71049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/71041"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=71041"}],"version-history":[{"count":3,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/71041\/revisions"}],"predecessor-version":[{"id":71050,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/71041\/revisions\/71050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media\/71049"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=71041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=71041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=71041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}