Author: Defx Intern

Proton, the Swiss privacy tech company behind Proton Mail, has recently made its bitcoin wallet, Proton Wallet, available to the general public. The wallet aims to simplify the process of self-custody for bitcoin users, making it an attractive option for those new to the concept.

One of the standout features of Proton Wallet is its user-friendly interface. The wallet allows users to link their email addresses to their bitcoin addresses, streamlining the process of sending bitcoin. This reduces the likelihood of inputting the wrong bitcoin address, a common concern for those new to cryptocurrency transactions.

Setting up a Proton Wallet is a straightforward process, and users are not required to write down the 12-word seed phrase, although it is still recommended as a best practice. Proton emphasizes user privacy, ensuring that the company has no access to user data or private bitcoin keys, much like its approach to Proton Mail.

Key Features and Benefits

• Free to use for up to three wallets and three accounts per wallet
• Easy setup process
• Strong focus on user privacy and security
• Ability to send bitcoin using email addresses
• Customizable transaction priority speeds
• Integration with Ramp and Banxa for direct bitcoin purchases

While Proton Wallet does not currently support Lightning transactions or UTXO management, these features may be less crucial for those just starting their bitcoin self-custody journey. As users become more experienced, they may seek out wallets with more advanced features.

The release of Proton Wallet comes at a time when self-custody is becoming increasingly important in the bitcoin space. With the growing awareness of the risks associated with leaving funds on centralized exchanges, user-friendly solutions like Proton Wallet can play a crucial role in onboarding new users to the world of bitcoin self-custody.

As more companies like Proton continue to develop user-friendly bitcoin wallets, the barrier to entry for self-custody will continue to lower, ultimately contributing to the growth and adoption of bitcoin as a whole.

Tags: Proton Wallet, Bitcoin, Self-Custody, User-Friendly, Privacy

Source: https://bitcoinmagazine.com/takes/proton-wallet-self-custody-bitcoin-wallet-now-available-to-everyone

Donald Trump’s escalating tariff war has sent shockwaves through the crypto market, triggering sell-offs as the former president announced a 25% levy on aluminum and steel imports. Trump also warned of even higher tariffs for countries retaliating against US imports.

Bitcoin ($BTC) briefly dipped to $94K following the announcement, with most altcoins following suit. However, $BTC has since rebounded to $97K, suggesting that the market impact may be short-lived. The quick recovery demonstrates the growing maturity and resilience of the crypto market in the face of macroeconomic and geopolitical forces.

Despite the temporary downturn, some major players remain bullish. MicroStrategy’s Michael Saylor hinted at another potential buying spree, posting a screenshot of the company’s $BTC portfolio tracker for the first time since celebrating Trump’s inauguration with an 11K $BTC purchase. MicroStrategy’s total holdings now amount to an impressive $46.12B.

The company’s stock price has grown by 356% in 2024 and a staggering 2,101% since it began acquiring $BTC five years ago. Japanese firm Metaplanet, which adopted a similar strategy, recorded a 3,575% surge in its stock price over the past year. These figures suggest that the current dip is merely a blip on the radar, and long-term institutional and whale interest will continue to drive crypto adoption and prices.

As legacy investors accumulate $BTC, retail investors are turning to promising new projects like Wall Street Pepe ($WEPE). The meme token’s presale sold out ahead of schedule, raising over $70M in less than three months. With exchange listings imminent, analysts predict a potential 549% surge for early supporters.

$WEPE aims to empower retail investors by fostering a community that shares trading insights and strategies. The project’s successful presale and engaged community indicate strong potential for growth in the coming bull run.

While the crypto market is not immune to global events, its increasing maturity and the unwavering conviction of major players suggest that the future remains bright. As always, investors should conduct their own research and maintain a diversified portfolio to manage risk.

Tags: Donald Trump, Tariffs, Bitcoin, Altcoins, MicroStrategy, Michael Saylor, Wall Street Pepe, $WEPE, Crypto Adoption, Bull Run

Source: https://bitcoinist.com/trump-tariffs-sell-off-wall-street-pepe-listing/

Despite recent volatility and a failed attempt to reclaim the $100,000 level, Bitcoin is showing signs of a potential rebound. According to crypto expert and trader Captain Faibik, Bitcoin’s daily chart reveals an Ascending Broadening Wedge formation, which has historically preceded upward momentum.

This bullish pattern emerges as Bitcoin bulls defend the crucial $96,000 support level. Captain Faibik believes that a bounce from this level could be imminent, potentially leading to a new all-time high between late February and early March. With stabilizing investor sentiment and positive on-chain indicators, Bitcoin may be poised for a significant move higher.

In addition to the Ascending Broadening Wedge, Bitcoin has also recently flashed an Ascending Triangle formation on the daily timeframe. This positive technical pattern typically indicates a possible breakout and continuation of an uptrend. However, to confirm a breakout, Bitcoin bulls need to surpass the critical resistance zone of $106,000. If successful, the next potential target could be the $120,000 mark, which would likely trigger further upside surges.

While short-term holders have been taking profits during the recent price dip, as evidenced by the decline in the Short-Term Holder (STH) MVRV indicator, a return to average levels suggests the end of a local overheated phase. If demand holds after this profit-taking, the market could enter a sideways trend. However, a drop in the STH MVRV below 1.0 would signal the development of a local bottom.

As Bitcoin navigates these key support and resistance levels, investors should keep a close eye on the $96,000 and $106,000 price points. A successful defense of the former and a breakout above the latter could pave the way for a significant rally in the coming weeks.

Tags: Bitcoin, BTC, Bitcoin price, technical analysis, market sentiment, Short-Term Holder MVRV, crypto trading

Source: https://bitcoinist.com/bitcoin-rebound-on-the-horizon/

In a surprising turn of events, Wall Street hedge funds have dramatically increased their short positions on Ethereum (ETH), the second-largest cryptocurrency by market cap. According to data from the Kobeissi Letter, ETH short positions are up a staggering 40% in just one week and 500% since November 2024. This unprecedented level of shorting has raised questions about the future of Ethereum and what hedge funds might know that the rest of the market doesn’t.

The Kobeissi Letter’s analysis highlights the extreme divergence between Ethereum’s price action and futures positioning among hedge funds. They point to the volatile period on February 2nd, when ETH plummeted 37% in just 60 hours as trade war headlines emerged, wiping out over a trillion dollars from the crypto market. Despite robust ETH inflows in December 2024, hedge funds continued to boost their short exposure, potentially limiting breakouts.

One of the biggest mysteries is why hedge funds are so dedicated to shorting ETH, especially given the Trump Administration’s and new regulators’ apparent favor towards the cryptocurrency. Some potential reasons include market manipulation, harmless crypto hedges, or a genuinely bearish outlook on Ethereum. As a result of this extreme positioning, ETH has significantly underperformed Bitcoin.

Potential for a Massive Short Squeeze?

The Kobeissi Letter suggests that Ethereum could be setting up for a short squeeze, given the extreme positioning of hedge funds. They note that since the start of 2024, Bitcoin is up approximately 12 times as much as Ethereum. A short squeeze could potentially close this performance gap.

However, not everyone in the crypto analytics community is convinced that the surge in Ethereum short positions is a purely bearish signal. CryptoVizArt.₿, a senior researcher at Glassnode, argues that the widely shared chart on hedge fund short positions likely represents only a subset of the market and doesn’t account for other significant participants such as asset managers, non-reportable traders, and on-chain holders.

Furthermore, CryptoVizArt emphasizes that CME Ether futures are just a small part of the global crypto derivatives market. Liquidity on other platforms and markets offer a broader view than any single exchange’s data. They also suggest that much of the positioning could be part of non-directional strategies, such as cash-and-carry, rather than outright bearish bets against ETH.

As the crypto market continues to evolve and mature, the actions of institutional players like hedge funds will undoubtedly have a significant impact on price dynamics. Whether the surge in Ethereum short positions is a signal of impending trouble or simply a reflection of complex market strategies remains to be seen. As always, investors should remain vigilant and consider multiple perspectives when making investment decisions.

Tags: Ethereum, ETH, Shorts, Hedge Funds, Wall Street, Crypto Market, Short Squeeze

Source: https://www.newsbtc.com/news/wall-street-ethereum-shorts-explode/

Speculation is once again swirling around the possibility of GameStop adopting a Bitcoin treasury strategy, following a meeting between GameStop CEO Ryan Cohen and Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor. Cohen shared a photo on X (formerly Twitter) of the two executives together, sparking fresh rumors about the gaming retailer’s potential crypto plans.

While GameStop has yet to make any official announcements regarding Bitcoin investments, the company’s strong balance sheet and recent policy changes have fueled the rumor mill. As of October 31, 2024, GameStop reported approximately $4.616 billion in cash, cash equivalents, and marketable securities. Additionally, a recent change in the company’s investment policy grants Cohen the authority to invest in cryptocurrencies without requiring shareholder or board approval.

If GameStop were to allocate its $4.6 billion cash reserves to Bitcoin, it could acquire approximately 48,000 BTC at current prices. This move would position GameStop as the second-largest corporate holder of Bitcoin, surpassed only by MicroStrategy and ranking ahead of MARA Holdings.

The potential impact of a GameStop Bitcoin adoption on the company’s stock price has also been a topic of discussion. Some analysts suggest that the stock could see a significant boost, possibly increasing 5-10 times by the end of the decade. The memories of the 2021 “meme stock” phenomenon, during which GameStop’s share price experienced a dramatic run-up and inflicted heavy losses on some short sellers, add to the intrigue surrounding the potential move.

However, it is crucial to note that, despite the excitement generated by the meeting between Cohen and Saylor, there is currently no concrete evidence to suggest an imminent Bitcoin purchase by GameStop. Historically, Cohen has been tight-lipped about the company’s crypto-related plans, even as GameStop has explored NFTs and blockchain projects in the past.

As the crypto community eagerly awaits further developments, the market impact of a potential GameStop Bitcoin adoption remains speculative. Nevertheless, the renewed rumors serve as a reminder of the growing interest in Bitcoin as a corporate treasury asset and the potential for major players in traditional markets to make significant moves in the crypto space.

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Tags: GameStop, Bitcoin, Ryan Cohen, Michael Saylor, Bitcoin Adoption, Corporate Treasury

Source: https://bitcoinist.com/will-gamestop-buy-bitcoin-cohen-saylor-rumor/

A key momentum indicator for Bitcoin (BTC) has turned bearish, coinciding with President Donald Trump’s escalating trade war rhetoric. The moving average convergence divergence (MACD) histogram on Bitcoin’s weekly chart has crossed below zero, signaling a potential shift in momentum. However, the current price action doesn’t fully validate this bearish reading yet.

The MACD turned positive in mid-October, strengthening the case for a rally to $100,000. While the latest bearish signal might alarm some bulls, especially retail buyers relying on technical analysis, BTC remains confined within the $90K to $100K range. The directionless trading diminishes the significance of the MACD’s bearish crossover.

It’s important to remember that indicators are derived from price action, not the other way around. MACD signals need to be confirmed by price movements. The indicator’s previous bullish signal in October was backed by prices breaking out of a multi-month trading range.

While the MACD isn’t a major concern yet, several macro factors warrant attention as potential sources of downside volatility. Trump’s tariff threats, if acted upon, could lead to higher bond yields and lower risk assets. The University of Michigan consumer sentiment survey showed that the tariff threat is already adversely impacting consumer expectations about price pressures in the economy.

Inflation expectations for the year ahead increased to 4.3% in February from 3.3% in January, the highest reading since November 2023. This could keep the Fed from cutting rates rapidly. The market is interpreting the Fed to be on a long pause, with growth holding up okay and the idea that even if inflation drops to 2%, the Fed doesn’t need to hurry to cut rates.

The upcoming U.S. CPI data for January, scheduled for release on Feb. 12, will provide further insights into the inflation picture. A break below the long-held support near $90,000 would validate the fresh negative reading on the MACD, confirming a bearish shift in momentum for Bitcoin.

While the current technical setup and macro factors suggest caution, Bitcoin’s long-term fundamentals remain strong. The cryptocurrency’s limited supply, increasing institutional adoption, and growing mainstream acceptance continue to provide a bullish backdrop for its future price appreciation.

Tags: Bitcoin, MACD, Technical Analysis, Trump, Tariffs, Inflation

Source: https://www.coindesk.com/markets/2025/02/10/bitcoin-indicator-that-flashed-bullish-signal-before-usd70k-breakout-has-turned-bearish-amid-trump-s-trade-war-rhetoric

Polymarket, a popular decentralized betting platform, saw a staggering $1.1 billion in volume on the outcome of the recent Superbowl, which ended with the Philadelphia Eagles defeating the Kansas City Chiefs 40-22. Despite facing regulatory hurdles and scrutiny from authorities, Polymarket continues to gain traction among bettors looking to place on-chain wagers on various events, including sports and politics.

The platform’s success has not gone unnoticed by regulators, with some countries outright banning Polymarket and the U.S. Commodity Futures Trading Commission (CFTC) seeking access to the platform’s customer data. However, crypto attorney Aaron Brogan argues that characterizing prediction markets like Polymarket as a Web3 version of gambling is inaccurate. Unlike traditional betting platforms, prediction markets generate revenue from transaction fees rather than directly from users’ losses.

Despite the challenges, Polymarket is thriving, with bettors experiencing significant gains and losses. One trader, known as ‘abeautifulmind,’ profited over $550,000 from their bets on the Eagles, contributing to their overall profit of just over $1 million, primarily from sports bets. On the other hand, a bettor named ‘hubertdakid’ lost $718,633 by betting against the Eagles, adding to their overall loss of $638,177 on the platform.

Polymarket offered various Superbowl-related contracts, including the number of times Taylor Swift would be shown on the broadcast and the duration of the national anthem performance. The platform’s lifetime volume from sports-related contracts has surpassed $6 billion, exceeding the volume on U.S. election markets, which stood at $5.2 billion according to Polymarket Analytics.

The growing popularity of decentralized betting platforms like Polymarket highlights the increasing demand for on-chain wagering opportunities. As the industry continues to evolve, it is likely that more users will gravitate towards these platforms, attracted by the transparency, immutability, and accessibility offered by blockchain technology. However, the regulatory landscape remains uncertain, and platforms like Polymarket will need to navigate these challenges to ensure long-term sustainability and growth.

As the world of decentralized finance (DeFi) continues to evolve, platforms like Polymarket are likely to play an increasingly important role in the future of betting and prediction markets. By leveraging the power of blockchain technology, these platforms offer users a secure, transparent, and accessible way to engage in on-chain wagering, while also providing valuable insights into market sentiment and trends.

Tags: Polymarket, Superbowl betting, decentralized betting, prediction markets, crypto regulation

Source: https://www.coindesk.com/markets/2025/02/10/polymarket-bettors-punt-usd1-1b-on-superbowl-results-despite-regulatory-overhang

In a bold move to drive market growth and financial innovation, Jung Eun-bo, chairman of the Korea Exchange, has called for the listing of cryptocurrency exchange-traded funds (ETFs) in South Korea. Eun-bo believes that embracing crypto ETFs now is crucial for the country to stay ahead in the rapidly evolving digital asset landscape.

The chairman’s push for crypto ETFs comes at a time when global interest in cryptocurrencies is on the rise, with major institutions and investors increasingly recognizing the potential of digital assets. By allowing the listing of crypto ETFs, South Korea could attract significant capital inflows and solidify its position as a leading player in the crypto market.

Crypto ETFs offer several advantages over direct investments in cryptocurrencies. They provide investors with exposure to the crypto market without the need to manage individual digital wallets or navigate the complexities of trading on crypto exchanges. ETFs also offer greater liquidity and lower transaction costs compared to buying and selling cryptocurrencies directly.

The introduction of crypto ETFs in South Korea could have far-reaching implications for the country’s financial markets. It would not only boost the growth of the crypto industry but also drive innovation in traditional finance. As more investors gain exposure to cryptocurrencies through ETFs, it could lead to increased adoption and mainstream acceptance of digital assets.

Moreover, the listing of crypto ETFs could attract a wider pool of investors, including institutional players who have been hesitant to invest directly in cryptocurrencies due to regulatory uncertainties and lack of infrastructure. The regulated nature of ETFs would provide a more secure and compliant way for institutions to gain exposure to the crypto market.

However, the path to crypto ETF listings in South Korea is not without challenges. Regulators will need to establish clear guidelines and frameworks to ensure investor protection and prevent market manipulation. The Korea Exchange will also need to work closely with asset managers and index providers to develop robust and transparent methodologies for constructing crypto ETF portfolios.

Despite the challenges, the potential benefits of crypto ETFs for South Korea’s financial markets cannot be ignored. As the global crypto market continues to grow and mature, countries that embrace innovation and provide a supportive regulatory environment will be well-positioned to reap the rewards.

The Korea Exchange chairman’s push for crypto ETFs is a significant step towards mainstream adoption of cryptocurrencies in South Korea. It reflects a growing recognition of the transformative potential of digital assets and the need for traditional financial institutions to adapt to the changing landscape.

As South Korea moves closer to listing crypto ETFs, it will be important to strike a balance between innovation and regulation. By creating a robust framework that protects investors while fostering growth, South Korea can position itself as a leader in the global crypto market and drive the future of finance.

Tags: Crypto ETFs, South Korea, Korea Exchange, Digital Assets, Financial Innovation

Source: https://news.bitcoin.com/korea-exchange-chief-pushes-for-crypto-etfs-to-boost-markets/

The recent uptrend in XRP price has hit a roadblock, with the price struggling to continue higher above the $2.720 zone and correcting gains. The price is now moving lower and might struggle to stay above $2.2650. This comes after XRP failed to clear the $2.780 level and is now trading below $2.50 and the 100-hourly Simple Moving Average.

Technical analysis shows a connecting bearish trend line forming with resistance at $2.4650 on the hourly chart of the XRP/USD pair. The pair might start a fresh increase if it clears the $2.50 resistance zone. The first major resistance is near the $2.50 level, followed by $2.60. A clear move above the $2.60 resistance might send the price toward the $2.780 resistance. Further gains could see XRP targeting $2.880 or even $2.920 in the near term, with the next major hurdle for the bulls at $3.00.

However, if XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.2650 level, with the next major support at $2.1420, which is also the 61.8% Fib retracement level of the upward wave from the $1.7501 swing low to the $2.7750 high. A downside break and close below $2.1420 could see the price continue to decline toward $2.050, with the next major support near the $2.00 zone.

The current market sentiment for XRP appears bearish, with the MACD gaining pace in the bearish zone and the RSI now below the 50 level. This suggests that the recent uptrend may have run out of steam, and further downside could be in store unless XRP can break above key resistance levels.

For XRP to resume its uptrend, it will need to see strong buying pressure that can push the price back above $2.50 and $2.60. A sustained move above these levels could open the door for a retest of the recent highs near $2.80. However, if the bears remain in control, XRP could see a deeper correction, with potential support levels to watch at $2.1420 and $2.00.

Tags: XRP, Ripple, XRP Price, XRP/USD, Technical Analysis

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-uptrend-hits-a-snag/

Ethereum’s price has recently faced another setback, failing to sustain its upward momentum above the crucial $2,880 resistance level. The second-largest cryptocurrency by market capitalization is now trading below $2,700 and the 100-hourly Simple Moving Average, indicating a potential continuation of the downtrend. This bearish sentiment has raised concerns among investors and traders alike, as they speculate on the future trajectory of ETH.

The recent decline in Ethereum’s price can be attributed to several factors. Firstly, the bears have shown significant strength above the $2,800 level, effectively suppressing any attempts at a sustained recovery. Additionally, there is a connecting bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD, further reinforcing the negative outlook.

If Ethereum fails to clear the $2,700 resistance level, it could trigger another wave of selling pressure. In such a scenario, initial support is expected around the $2,525 level, followed by a major support zone near $2,440. A clear break below this critical support could see ETH’s price plummet towards $2,320 or even lower to $2,250 in the near term.

On the other hand, if Ethereum manages to stage a recovery and break above the $2,700 level, it could encounter resistance around $2,880 or $2,920. A decisive move beyond this resistance zone might open the doors for a retest of the $3,000 psychological level. In the most bullish case, Ether could potentially rise towards the $3,050 resistance zone or even $3,120 in the coming sessions.

From a technical perspective, the MACD indicator for ETH/USD is gaining momentum in the bearish zone, while the RSI has dipped below the 50 level, suggesting that bears currently have the upper hand. Traders should keep a close eye on these key levels and indicators to gauge the short-term direction of Ethereum’s price.

The current downtrend in Ethereum’s price has broader implications for the cryptocurrency market as a whole. As the second-largest cryptocurrency, ETH’s performance often influences the sentiment surrounding other altcoins. A prolonged decline in Ethereum’s value could lead to a general market downturn, while a strong recovery might inspire confidence and encourage bullish sentiment across the board.

In conclusion, Ethereum’s price is at a critical juncture, with the potential for further downside if key support levels are breached. However, a successful break above the $2,700 resistance could pave the way for a recovery towards $3,000 and beyond. As always, investors and traders should exercise caution, maintain appropriate risk management strategies, and stay informed about the latest market developments.

Tags: Ethereum, ETH, ETHUSD, Ethereum Price, Crypto Market

Source: https://www.newsbtc.com/analysis/eth/ethereum-price-declines-again-2525/