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Tomorrow is shaping up to be one of the biggest days in crypto. But before that unfolds, a couple of developments over the last 24 hours have had a slight impact on the market.
Firstly, Trump has once again delayed tariffs—this time on Mexico and Canada. He stated that tariffs on Mexico will not apply to USMCA-compliant goods, with the delay extending until 2 April. Roughly 50% of imports from Mexico comply with USMCA, while 38% of Canadian imports meet the criteria. This continuous flip-flopping on tariffs only adds to economic uncertainty, creating a less stable environment. Market volatility remains extremely high, with levels over 2x higher than during the Global Financial Crisis (GFC) and nearing those seen during the Covid pandemic.
Two Bitcoin-related headlines also dropped. Let’s start with the bad: Mt. Gox has moved 12,000 BTC—worth around $1 billion—to an unknown wallet. Any Mt. Gox movement stirs uncertainty and fear in the market, and this is no exception. Now for the good news: Texas is one step closer to forming a Bitcoin reserve, as the bill proposing its creation has passed the Senate and now heads to the House of Representatives.
On the altcoin front, we’ve had some incredibly bullish news—Sui has just partnered with World Liberty Financial (Donald Trump’s crypto project). If you recall yesterday’s graphic highlighting crypto projects poised to benefit from pro-US crypto policies, SUI was already in two bullish categories: Made in the USA and Received a White House invitation. Now, with this new partnership, Sui’s bullish case continues to strengthen. As a result, SUI surged 14% intraday and remains up 5% on the day, even as most of the market trends red.
Now, attention shifts to 4:30 am tomorrow: the White House Crypto Summit. At the same time, Jerome Powell will be speaking in Chicago. Investors will be watching both closely, as each event is likely to have a significant impact on the market.
This Trump-driven volatility isn’t going anywhere, and sharp corrections should be expected throughout the year. As I’ve said countless times, these dips are golden buying opportunities. Time and time again, I’ve been proven right—and those who followed my advice have reaped massive gains.
Stormrake Spotlight: Sonic (S) ($0.55)
Stormrake Spotlight: Sonic (S) ($0.55)
Sonic reached the top of its accumulation zone yesterday before being rejected, causing it to fall back below this range. While this is short-term bearish, we are now approaching a key accumulation level that has provided strong support for Sonic over the past month. However, the negative price action is not being driven by Sonic’s on-chain performance. Instead, S is simply following broader market weakness.
On-chain, Sonic continues to impress. In the past 24 hours, its app revenue has outperformed some of the largest crypto projects in the space. Sonic’s app revenue hit $270K, surpassing Sui’s $111K and Avax’s $167K. When comparing valuations, Sonic’s FDV (Fully Diluted Value) stands at $1.8B, while Sui is at $25B and Avax at $10B—highlighting how undervalued Sonic is relative to its competitors.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin reached the $92.5K key level yesterday but met strong resistance, pulling back to the middle CPR band and 200 EMA for support. This level has so far held, maintaining BTC’s bullish structure and momentum. With all eyes on tomorrow’s Summit, any positive news could send BTC surging toward $100K.
BTC Total ETF Flows for 6 Mar: $ (data not available at the time of writing)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues to find support at $2,171, a critical level to maintain bullish momentum. Yesterday, ETH attempted to retest the CPR level but was halted at the 200 EMA, leading to a pullback. The next 24 hours will be pivotal, as ETH’s trajectory will largely depend on the outcome of the Summit.
ETH Total ETF Flows for 6 Mar: $ (data not available at the time of writing)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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