Hello, everyone!

Yesterday I shared with you my Elliott wave marking for the bear market. I told you that the price has printed wave 4 as a complex correction. According to Trading Chaos waves 4 can last up to 70% of entire waves cycle in terms of time.

Chart 1. BTC price.

On the chart you can see that waves 1, 2 and 3 last approximately 60-80 days. Wave 4 - 245 days. It means that in the worst case scenarion wave 5 also will be 80 days. Therefore the bear market will be ended in May, 2023.

Best regards, Ivan

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In another shocking twist that has dealt a severe blow to the price of bitcoin, crypto-friendly bank Silvergate announced that it would be winding down operations as the contagion from the FTX collapse spreads. Naturally, this led to a swift decline in the price of BTC, dragging it to the mid-$21,000s once more. This recent event, coupled with other developments in the market, could mean that bitcoin and others are moving back into the bear market.

U.S. President Biden Comes For Crypto Gains

According to a Wall Street Journal report, U.S. President Biden has once again turned his attention toward the cryptocurrency market in a way that would affect how investors trade assets in the space. A fiscal 2024 budget plan that is expected to be revealed on March 9 included a proposal to increase the capital gains from 20% to almost 40%.

One of the reasons given for this is to stop the phenomenon known as “tax loss harvesting” in crypto. What this means is that sometimes, investors would sell their cryptocurrencies at a loss to make it a claimable loss on their tax filings, but then repurchase the assets right after. This will however be limited to higher net-worth individuals making at least $1 million a year.

Despite this cutoff, the broader market has not received the proposal well. Participants in the space have expressed their displeasure at the proposal. One of these is crypto analyst Lark Davis who took to Twitter and posted the tweet below.

Bitcoin Returns To Bear Market Levels

As the news of Silvergate’s collapse and the new tax proposal by President Biden spread, digital assets in the crypto space quickly responded. Bitcoin lost its footing above $22,000 and fell to $21,500 for the first time in over three weeks.

Other digital assets in the space followed this trend with the likes of Ethereum, Cardano, and Dogecoin all cascading down with over 2% losses. This has pushed the crypto market farther back into the bear territory, increasing the possibility of a prolonged bear market. The tumble in price also saw market liquidations cross $100 million in the last 24 hours.

However, bitcoin has held up better than expected so far. The digital asset found support above $21,500, suggesting that there was still a reasonable amount of buy pressure in the marketing holding the pioneer cryptocurrency up. As such, liquidations have slowed down significantly in the last 4 hours to only $6.7 million.

Whether bitcoin will continue to fall remains to be seen at this point. If BTC is able to reclaim the $22,000 level before the trading day is over, then this would have only been a temporary setback and the cryptocurrency could resume its upward trajectory.

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Binance announced a suspension of deposits and withdrawals from its Binance Smart Chain (BSC) network.

The issue was attributed to a node issue – the team has estimated a fix within the hour.

The exchange announced scheduled wallet maintenance to occur at 07:00 UTC on March 30. It was estimated to take two hours to complete — with deposits and withdrawals suspended during this time.

A further announcement was released at approximately 09:52 UTC, detailing “a node issue,” extending the downtime. The firm added that deposits and withdrawals would reopen once maintenance has been completed.

“The ongoing wallet maintenance for BNB Smart Chain (BEP20) will be extended by approximately 1.5 hours to 2023-03-30 11:00 (UTC). Binance is working actively to complete the maintenance as quickly as possible.”

Binance under fire

On March 27, the Commodities Futures Trading Commission (CFTC) filed an enforcement action against Binance over charges of operating an illegal exchange.

CEO Changpeng Zhao (CZ) said he was surprised by the move as the company had been working with the regulator over the last two years. He disagreed with the lawsuit, citing “an incomplete recitation of facts.”

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