Top Crypto Experts Reviews for February 2023

Absent shill and bullish newsflow, DOGE and SHIB have struggled to keep up with the wider crypto market rally that occurred in January. The memecoin phenomenon didn’t prove as effective in the last month’s crypto market rally, as the gains of the top cryptocurrencies in this category barely outperformed Bitcoin. The monthly gain of Bitcoin stood at 44.5%, while the top two meme-based coins, Dogecoin and Shiba Inu, gained 27% and 40.7%, respectively.

Dogecoin is losing its popularity, as its most prominent supporter Elon Musk is reportedly developing an independent Twitter Coin instead of integrating his favorite cryptocurrency with the social media platform. For the greater part of 2022, DOGE/USD performed poorly except for when Elon Musk acquired Twitter. The acquisition raised hopes in the Dogecoin community about increased cryptocurrency usage. However, without any tangible announcements or reports from Twitter hinting at Dogecoin usage, the 100% price surge from October reversed in the following two months. The Google search volume for the token has also subsided since Q1 2022.

Like Dogecoin, the weakening memecoin narrative affected the buying strength of Shiba Inu. The second-largest memecoin has been working on enhancing the brand value of Shiba Inu by forming partnerships with clothing brands like Bugatti Group and English designer John Richmond. The Google Trend score of Shiba Inu shows a similar depressing pattern since early 2022 as Dogecoin, with no spikes in search volume since the crypto bull mania of 2021 subsided in Q1 2022. Like Dogecoin, the Shiba community also has an independent blockchain, Shibarium, which is owned by the Shiba community. However, the blockchain’s gas-paying token is BONE instead of SHIB, which brings no real value to the token holders of SHIB. The total balance of SHIB on crypto exchanges jumped earlier in January, which is a negative sign, exposing the token to more sell-offs. On the contrary, the smart money wallets identified by Nansen increased their holdings slightly on Jan. 25, which may add some strength to the recent rally.

The bears are not allowing Dogecoin to sustain above $0.09 and the bulls are not letting it dip below the 20-day EMA ($0.08). If the price turns up from the current level, the bulls will again try to force the DOGE/USDT pair above $0.09. If they can pull it off, the pair could soar to $0.11, where the bears may again mount a strong defense. Conversely, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA ($0.08). This level could act as a minor support but if bears sink the price below it, the pair could collapse to the critical support near $0.07.

Bitcoin and altcoins started the week in the red, but if this week’s Federal Reserve meeting aligns with investors’ general expectations, the wider crypto market could quickly rebound. Traders tend to lighten up positions before important events because they hate uncertainty. The United States Federal Reserve’s next policy decision is on Feb. 1, when the central bank is expected to hike rates by 25 basis points. Market observers will keenly watch for any hints about how high the rates could go. That could be one of the reasons for the profit-booking in Bitcoin. Bitcoin’s sharp recovery in January could also be signaling the start of a new bull market, according to certain on-chain metrics. The Profit and Loss Index from on-chain analytics platform CryptoQuant has given its first buy signal since 2019. Blockware Solutions head analyst Joe Burnett believes that Bitcoin will not break above its all-time high of $69,000 until the next Bitcoin halving, which is scheduled to occur in March 2024. Burnett anticipates Bitcoin’s next bull market top will be between $150,000 to $350,000, which is a massive increase from the current levels.

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Mastercard, Binance to launch their second prepaid crypto card in Latin America. Crypto adoption and usage in Brazil are higher than the global average. Credit card giant MasterCard has teamed up with the world’s largest crypto exchange Binance to launch another prepaid crypto card in Latin America. On Jan. 30, Binance announced the launch of the Binance Card in Brazil. The new card is issued by Dock, a payment institution regulated by the Brazilian Central Bank. It will allow new and existing Binance users in the country with valid national IDs to make purchases and pay bills with crypto assets. The card is in a beta testing phase and will be “widely available in the coming weeks,” according to Binance. Brazil is the second country Binance has launched the product following Argentina in August 2022. According to the announcement, Brazil is among the top ten markets for Binance globally.

Bithumb ordered to pay outage damages to investors by South Korean court. A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange. The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts. On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won. Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved.

Crypto.com delists USDT for Canadian users following OSC ban. Registered cryptocurrency exchanges in Ontario, Canada, cannot list USDT due to regulatory prohibition. According to user reports circulating on social media on Jan. 10, cryptocurrency exchange Crypto.com plans to delist Tether (USDT) for Canadian users, effective Jan 31. The exchange has told itcustomers that if they do not withdraw or convert their USDT assets by the deadline, then their Tether will be automatically converted into USD Coin (USDC). It wrote: “You may incur a retrieval fee if deposits of USDT are made from external wallets after this suspension period, and fund retrieval may not be possible in some cases.” In August, Crypto.com announced that the Ontario Securities Commission had accepted the firm's pre-registration undertaking for operations in Canada. As part of regulatory requirements, cryptocurrency exchanges operating in the Canadian province of Ontario are prohibited from listing digital assets banned by the OSC, which includes USDT. Similarly, Coinsquare, a cryptocurrency exchange regulated by the Investment Industry Regulatory Organization of Canada (IIROC), currently does not list USDT as one of its available trading assets.

FTX did not hold back on company expenses in the Bahamas, according to court documents. FTX’s Bahamian company spent a staggering amount of money on luxury hotels and accommodation, flights and food in the nine months before the exchange’s collapse, court filings have revealed. According to bankruptcy court documents reviewed by Business Insider, FTX Digital Markets went through $40 million between last January and September, before filing for bankruptcy in November because of “liquidity issues.” More than $15 million went on luxury hotels and accommodation, with $5.8 million of that at one resort - the Albany Hotel. This is the luxury resort is where Sam Bankman-Fried lived in his $30 million penthouse until his arrest, the report added. Around $3.6 million went on the Grand Hyatt, a four-star hotel that hosted British royalty in March. There was also $800,000 spent at the five-star Rosewood resort. Furthermore, almost $7 million was spent on meals and entertainment, with around half of that on catering services, according to the documents. Nearly $4 million was spent on flights and over $500,000 was spent on postage and delivery.

Blockchain analytics firm Chainalysis has attempted to put the FTX collapse into perspective - comparing peak weekly-realized losses in the wake of the exchange’s collapse compared to previous major crypto collapses in 2022. The Dec. 14 report found the depegging of Terra USD (UST) in May saw weekly-realized losses peak at $20.5 billion, while the subsequent collapse of Three Arrows Capital and Celsius in June saw weekly-realized losses peak at $33 billion. In comparison, weekly realized losses during the FTX saga peaked at $9 billion in the week starting Nov. 7, and have been reducing weekly since.

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