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February in Charts: Crypto Trends Unveiled

February witnessed regulatory easing, growing Bitcoin decentralization, a record Ether hack, and a cooling memecoin frenzy.

• Main Points:

  • SEC drops 6 cases against major crypto firms.

  • Bitcoin network decentralizes with increased public company hashrate.

  • Lazarus executes the largest crypto hack, stealing $1.4B in Ether.

  • Memecoin issuance drops to record lows, signaling reduced frenzy.

  • Mixed US legislative actions on crypto reserves; five states reject proposals.

• Detailed Insights:

  • SEC paused six legal cases, marking a regulatory shift in crypto.

  • Bitcoin network decentralizes as public companies now hold 35% global hashrate.

  • China’s share drops to 14%, indicating growing geographic mining diversity.

  • Lazarus hacked $1.4 billion Ether from Bybit, setting new records.

  • Memecoin issuances cooled to 40,000 daily, curbing recent token frenzy.

  • US lawmakers see mixed responses, five states reject proposed crypto reserves.

Related: How Low Can Bitcoin Go?

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Ethereum’s $2K Threshold: A Critical Support Level

Ethereum nears a two-year low weekly close; holding above $2K is essential to prevent a deeper 30% drop toward $1,500.

• Main Points:

  • ETH hit a yearly low of $2,070 amid a 7.40% drop.

  • Weekly decline of 24.50% is pushing ETH toward critical lows.

  • A double-top pattern risks triggering a further 28% price drop.

  • Maintaining support above $2K is crucial for bullish recovery.

  • Cost-basis data indicates support near $1,890 if weakness continues.

• Detailed Insights:

  • Ether touched a yearly low of $2,070 amid market drop.

  • Weekly decline reached 24.5%, testing the critical 200-weekly EMA support.

  • Double-top pattern forming; breaking $2K could trigger further 28% drop.

  • Investors must keep ETH above $2K to avoid deeper corrections.

  • Cost-basis data suggests support near $1,890 if market weakness persists.

Related: Noob Alert: Hold BTC Amid Dip Despite $150m BlackRock Sale

XRP Under Pressure: Hold the $2.00 Support!

XRP dropped 9% in 24 hours amid heavy liquidations and SEC uncertainty. Bulls must defend the crucial $2.00 support to prevent a deeper slide toward $1.50.

• Main Points:

  • XRP down 9% in 24 hours amid bearish market sentiment.

  • SEC delay on Ripple lawsuit adds uncertainty to XRP’s price outlook.

  • Over $22 million in long XRP futures positions liquidated recently.

  • Open interest down 30%, indicating weaker trader participation.

  • Bulls must hold $2.00 support to avoid a deeper correction.

• Detailed Insights:

  • XRP dropped from $2.10 to $2.05 in one bearish session.

  • SEC delay on Ripple lawsuit fuels XRP uncertainty among investors.

  • Significant liquidations consistently mirror past drops, pressuring XRP price further.

  • Trader participation declines as open interest fell by 30% recently.

  • Bulls urgently must defend $2.00 support to prevent deeper corrections.

  • RSI at 29 suggests potential recovery if support holds firm.

Related: Michael Saylor: Bitcoin's Success

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results