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What Awaits Us This Week in the Economic Calendar?

Date Time Currency Case Expectation Data Announced in the Previous Month
13.02.2024 10:00 TRY Türkiye Retail Sales (Monthly) 0,2%
13.02.2024 16:30 USD US Consumer Price Index (CPI) (Annual) 2,9% 3,4%
14.02.2024 10:00 GBP Consumer Price Index (CPI) (Annual) 4,1% 4,0%
14.02.2024 11:00 SAND The Sandbox (SAND) unlocking
15.02.2024  10:00 GBP Gross Domestic Product (GDP) (quarterly) -0,1% -0,1%

At the current point;

While the market value of BTC has reached around 944 billion dollars, the total value of the cryptocurrency markets is around 1.88 trillion dollars. Looking at the last 24 hours, we see that the volume of the cryptocurrency market is also around 52 billion dollars in total.

  • 205.5 million units of SAND will be unlocked.

On Wednesday, 205.5 million units worth 96 million dollars will be unlocked, and thus, 9.19% of the circulating supply will be released.

  • The latest analyses show a positive period in the crypto market for the first time since the collapse of FTX.

A leading on-chain analysis company like Glassnode announced for the first time a bullish trend signal in the crypto market after the FTX incident. In this analysis conducted using an important measure called the MVRV ratio, it was stated that a value of 2.06 was reached, and this situation was interpreted as the “beginning of a bullish period” in the crypto market.

  • The spot Bitcoin ETFs launched by BlackRock and Fidelity achieved the largest initial success in the US in the last 30 years.

According to data collected by Bloomberg Intelligence, spot Bitcoin ETFs signed by BlackRock (IBIT) and Fidelity (FBTC) each exceeded a value of over 3 billion dollars within the first 17 days of trading. This indicates that no other fund in the US has achieved such a large increase in value in the first month after launching an ETF in the last 30 years as BlackRock or Fidelity’s spot Bitcoin ETFs.

  • ETFs reached an asset size of $10 billion in the first 20 days.                                                            

Spot Bitcoin ETFs reached an asset size of $10 billion in the first 20 days after launch. This clearly demonstrates the intense interest in spot Bitcoin ETFs. The ETFs with the largest assets under management were BlackRock’s IBIT ETF with a total of $4 billion and Fidelity’s FBTC ETF with $3.4 billion.

  • There’s little time left for Bitcoin Halving.

The countdown has begun for Bitcoin halving. There are fewer than 10 thousand blocks left. This event, which occurs every four years and halves mining rewards, is expected to take place in April 2024. After this event, the reward given to miners will decrease from 6.25 BTC to 3.125 BTC.

  • Will Bitcoin reach $50,000?

Bitcoin, which reached $48,490 immediately after the approval of Bitcoin ETFs, dropped to around $38,000 after failing to sustain these gains. However, recent sharp price fluctuations have pushed Bitcoin’s value above $46,000. Following this increase, hopes have strengthened that the price will surpass the $48,490 liquidity zone and continue to rise. Analysts from LMAX Digital expressing their opinions on this matter stated that Bitcoin will continue to gain value and could reach $50,000.

  • CEO of CryptoQuant, Ki Young Ju, claimed that Bitcoin could exceed $100,000.

On February 11, Ki Young Ju made a notable price prediction for Bitcoin on social media. Stating that the approval of spot Bitcoin exchange-traded funds (ETFs) by the US could be a driving force for Bitcoin, Young Ju suggested that Bitcoin could rise to $112,000 by 2024, with a worst-case scenario of dropping to around $55,000.

  • The date of the expected Ethereum Dencun update has been announced.

Ethereum’s core developers have reached a consensus on the date they will implement the eagerly awaited Dencun update. According to Tim Beiko from the Ethereum Foundation, the Dencun update will take place on slot number 8626176. This corresponds to around 4:55 PM on March 13th according to Turkish time. With this update, the proto-danksharding technology will be deployed under the EIP-4844 proposal on the Ethereum network. The aim is to increase data carrying capacities while maintaining block processing speeds. This could provide advantages for Layer 2 solutions such as zkSync, Optimism, and Arbitrum as improvements will be made in data storage methods. The Ethereum development team has successfully tested the Dencun update on the Goerli, Sepolia, and Holesky test networks.

BTC:

If we evaluate Bitcoin this week with the ITB analyses available on our EgeMoney website;”


We see that the percentage of investors who are in profit, meaning Bitcoin is trading above their cost, has reached 80%. In this context, we understand that there has also been an increase in whale volume. 

Last week, transactions above $100,000 amounted to $92.57 billion, while this week we see it has increased to $93.74 billion. Looking at the signals, we understand that a pullback movement could be imminent.



In predictions, we can use the ITB prediction screen based on the accuracy rate to make trades. Currently, it indicates a downward direction, with a prediction accuracy rate of 66.67% for today.

ETH:

We observe a more positive sentiment in Ethereum with the Dencun update, and if we interpret Ethereum using data generated with the Wave Theory available exclusively on the EgeMoney website;

From this analysis, we understand that Ethereum, which appears neutral in the short term, is likely to turn positive in the medium and long term. Signals generated from the 3rd Wave provide target levels for taking profit according to the time horizon, indicated as Target 1 and Target 2 in the table. We can utilize these levels when opening trades based on moving averages.

“This research report’s investment information and comments are not investment advice.”

 

 
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