Markets
Crypto market infected with correction
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The crypto market lost almost 2% of its capitalization in the last 24 hours to $2.51 trillion. Bitcoin is behaving better than the market, falling just 0.7%, to US$67,600. Many major currencies have deeper drawdowns. Ethereum loses almost 3%, BNB loses 1.6% and Solana loses 2.6%. Meme coins are under the strongest pressure. Without significant drivers of its own, the crypto market has come under indirect pressure due to the stock market.
So far, there are more indications that Bitcoin is moving within an upper range bound retracement scenario. In the most pessimistic scenario, the price could return to US$60,000. A more optimistic scenario suggests a decline to the $65,000 area, where the 50-day moving average is located.
Glassnode has recorded signs of recovery in buyer interest in Bitcoin. Long-term BTC holders (those who have held the asset for more than 155 days) have resumed accumulation for the first time since December 2023 after months of selling.
News history
BlackRock’s bitcoin spot ETF has surpassed Grayscale’s BTC-ETF (GBTC) in terms of assets under management. The Wall Street investment giant’s fund was the largest in its segment at $19.68 billion, with total net inflows into US spot bitcoin ETFs totaling $45.14 million.
According to The Block, the difference in trading volumes of Bitcoin and Ethereum The spot market decreased to US$1.3 billion, a difference that reached US$15 billion in March.
The SEC has dropped its case against mining company Digital Licensing, also known as DEBT Box. A US federal court has ordered the regulator to pay around $1.8 million in costs in the case. In August 2023, the SEC accused DEBT Box of fraudulently raising $50 million in cash as well as unidentified amounts in BTC and ETH. In December, the court concluded that the agency’s lawyers misled it in an attempt to block DEBT Box funds.
Payments giant Mastercard has announced the pilot launch of its Crypto Credential service for cryptocurrency transfers between users (P2P transfers).
PayPal, the issuer of PYUSD, has launched its stablecoin on the Solana network. The choice of SOL is due to the high speed and low fees of this blockchain.
Grayscale research showed that 47% of Americans are willing to allocate a portion of their investment portfolio to cryptocurrencies. At the end of last year, only 40% of respondents would invest in digital assets.