Market

Trump’s Summit, ENA Unlock, and More

Published

1 month ago

March 3, 2025

Coin2049 Newsletter

This week in crypto, several major events are in the pipeline, with the potential to affect traders’ and investors’ portfolios. Among the top stories include the White House crypto summit, massive ecosystem-specific token unlocks, and Tron blockchain moving forward with its recent commitments.

With the following headlines primed to influence investor sentiment, traders should adjust their strategies to capitalize on the volatility.

White House Crypto Summit

Slated for Friday, March 7, US President Donald Trump’s crypto summit at the White House is the highlight of crypto news this week. The hype comes after the President’s executive order commissioning a crypto reserve featuring assets like Solana (SOL), Cardano (ADA), and Ripple’s XRP token.

The reserve also contains Bitcoin (BTC) and Ethereum (ETH), given their heft as the pioneer crypto and altcoin, respectively.

“…And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum,” read a post on Trump’s Truth Social.

Analysts at Greeks.live note the potential impact of the crypto summit on Bitcoin, given its growing reaction to macroeconomic data. Beyond this, they also cite the potential of Trump’s tariffs on Mexico and Canada, which are due for execution on Tuesday, March 4. Amidst the expected volatility, the analysts see opportunities for investors.

“The most notable event this week is the cryptocurrency summit coming up in the US on the 7th of March…Trump’s every move greatly affects the cryptocurrency market…With Trump’s tariff policy on Mexico and Canada coming into effect on Tuesday and important economic events on other days, events drive rare trading opportunities,” they wrote.

Ethena (ENA) Unlock

Also among the top crypto news items this week is the Ethena token unlock, due on March 5. On Wednesday, the Ethena network will unlock 2.07 billion ENA tokens, constituting 66.19% of its circulating supply and worth $910.15 million at current rates.

Given the typical market reaction of such events on asset prices, this event could inspire volatility for ENA. BeInCrypto recently reported that 90% of token unlocks drive prices down. Citing Keyrock Research, the report articulated how larger events cause sharper declines.

This means the Ethena token unlocks could see the ENA price drop significantly, especially if recipients quickly cash in for early gains. Other token unlocks to watch include Portal (PORTAL), AltLayer (ALT), and NFPrompt (NFP).

Pectra Upgrade Debut on Sepolia Testnet

Ethereum’s Pectra Upgrade will debut on the Sepolia Testnet on March 5. It features eight key enhancements, including wallet and staking improvements. The upgrade follows testing on the Holesky testnet on February 24.

These testnet deployments ensure stability before the mainnet implementation in April. Notably, the April launch marks a postponement after initial reports indicated a March launch. The delay comes amid a broader push for rigorous testing and coordination necessary for a smooth transition.

“EF Developer Operations Engineer Parithosh Jayanthi shared an update on the status of Pectra Devnet 6. He affirmed that the devnet is “doing well” and the validator participation rate is near perfect,” read a recent report, citing Parithosh Jayanthi, Ethereum Foundation’s Developer Operations Engineer.

Beyond the Pectra Upgrade, the Ethereum Foundation is also planning for Fusaka, which is expected to bring many enhancements to the Ethereum Virtual Machine (EVM) and increase block capacity.

GMX Perpetual DEX Debut on Sonic

Further, crypto markets anticipate the launch of the GMX perpetual DEX (decentralized exchange) on Sonic. GMX, which boasts over $243 billion in historical volume, could launch a new Layer-1 (L1) blockchain from Fantom’s lineage, boasting 10,000 TPS on Sonic.

Currently on Arbitrum (ARB) and Avalanche (AVAX), GMX could leverage Sonic’s speed for faster, cheaper trades, tapping into a fresh ecosystem after its $1 million Hackathon. This could potentially boost GMX’s $456 million TVL (total value locked) towards rivaling peers like Hyperliquid at $642 million.

The GMX token, trading for $18.03 as of this writing, and Sonic’s S token could see speculative gains. Notably, however, the rumor remains unconfirmed.

MegaETH Testnet Launch

Additionally, MegaETH, an Ethereum Layer-2 network, aims to redefine blockchain performance with 100,000 TPS and sub-10ms block times. It targets real-time use cases like blockchain gaming and high-frequency trading.

Backed by $30 million from Vitalik Buterin, Dragonfly Capital, and others, MegaETH’s EVM-compatible platform promises seamless app integration. The testnet, kicking off in two days, will not be incentivized per X posts, but it is a chance to preview its tech—think Netflix-like speed on-chain.

“MegaETH has made know that their testnet would not be Incentivized,” a user on X indicated.

The mainnet is slated for late 2025, and no confirmed token launch has yet been announced, though speculation swirls about crypto airdrops. MegaETH could juice Ethereum’s ecosystem for markets, boosting ETH if adoption spikes, but its centralized sequencer raises decentralization concerns.

Tron Gas-Free Transactions for USDT

Another highlight this week is Tron blockchain’s planned gas-free transactions for USDT stablecoin. Once praised for cheap USDT transfers, Tron has seen fees soar to $3.20-$6.50 per TRC-20 USDT transaction, outpacing Ethereum’s $0.40 ERC-20 fees.

This shift eroded its cost edge, prompting founder Justin Sun to announce a “Gas Free” feature that would roll out within a week of February 25.

“Tron’s Gas Free feature supporting USDT gas payments without the need for TRX will launch within the next week,” Sun shared on X.

This means users can send USDT without needing TRX for fees, simplifying the process. Tron handles over $60 billion in USDT—51% of its supply—making this significant. It aims to reclaim affordability, boost adoption, and ease stablecoin use for big firms. Fees spiked to $9 in late 2024, so this could revive Tron’s appeal.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

BNB Price Faces More Downside—Can Bulls Step In?

Published

13 hours ago

April 2, 2025

Coin2049 Newsletter

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Market

VanEck Sets Stage for BNB ETF with Official Trust Filing

Published

14 hours ago

April 2, 2025

Coin2049 Newsletter

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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Market

XRP Recovery Stalls—Are Bears Still In Control?

Published

15 hours ago

April 2, 2025

Coin2049 Newsletter

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.

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