Crypto Watch: 5 Coins to Keep an Eye On

The crypto market is constantly changing, with investor sentiment, regulations, and technological advances all playing a role. This week, we’re taking a closer look at five coins that are at critical junctures for various reasons.

1. Bitcoin: ETF Data, Monthly Close, and US PCE

Bitcoin remains the market leader, and its movements are closely watched by investors and analysts. This week, the focus will be on the daily spot Bitcoin ETF and outflows, which indicate institutional interest. The monthly close on Thursday will also be important. A close above $40,941 would be bullish, potentially leading to a retest of the $48,400 support level. If BTC holds above this level, it could rally towards the 0.786 Fib level at $57,380. The PCE inflation data release on Thursday in the US will also impact Bitcoin’s price. If the data exceeds expectations, it could be negative for Bitcoin and crypto.

2. Uniswap: Governance Proposal and SEC Attention

The Uniswap Foundation has proposed a revision to its governance structure, which includes a fee switch mechanism. This could significantly influence Uniswap’s price dynamics if implemented. The outcome of this proposal is particularly sensitive given Uniswap’s status as a US-based project, where regulatory actions from the SEC could be looming. A snapshot vote on the proposal will be held on March 1, 2024, followed by an on-chain vote on March 8, 2024.

3. Lido Finance: Revenue Sharing and Ethereum ETF

Lido Finance could benefit from Uniswap’s revenue-sharing initiative if it is successful. Lido could also benefit from the spot Ethereum ETF, with the final approval deadline in mid-May. Additionally, the Simple Distributed Validator Technology (DVT) Module testnet will be released soon, aiming to enhance the functionality and efficiency of the Uniswap protocol.

4. Blur: Blast L2 Launch

Blur is launching Blast L2 next week, a significant advancement for Ethereum’s Layer 2 scaling efforts. This initiative aims to improve Ethereum’s scalability and reduce asset depreciation for Blur users. Blast L2 is an optimistic rollup solution that offers native yield opportunities while preserving the security of the Ethereum network. The project has already secured over $400 million in funding.

5. Starknet: Revised Crypto Token Unlock

Starknet has adjusted its token distribution strategy to mitigate potential selling pressure. Only 0.64% of the initially planned 10 billion tokens will be released on April 15, with the rest being released monthly at a rate of 0.64% until March 15, 2025. This revised schedule aims to stabilize the market and prevent sudden influxes of tokens from impacting the token’s price negatively. Starknet’s TVL is on an upward trajectory, bolstered by a 40 million STRK Incentive Campaign. However, Starknet remains unlisted on several major centralized exchanges, presenting a potential growth opportunity.