Markets
Crypto market infected by correction
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The crypto market lost almost 2% of its capitalization in the last 24 hours, reaching $2.51 trillion. Bitcoin is holding up better than the market, falling just 0.7% to $67.6k. Many top coins have larger indents. Ethereum loses almost 3%, BNB loses 1.6% and Solana loses 2.6%. Meme coins are under more fierce pressure. Without a significant driver, the crypto market has been under indirect pressure due to the stock market.
So far, there are more indications that Bitcoin is moving in a pullback scenario from the upper end of the range. In the most bearish scenario, the price could return to $60,000. A more optimistic scenario suggests a decline towards the $65,000 area, where the 50-day moving average lies.
Glassnode has recorded signs of a resurgence in buyer interest in Bitcoin. Long-term BTC holders (those holding the asset for more than 155 days) resumed accumulation for the first time since December 2023 after months of selling.
News context
BlackRock’s bitcoin spot ETF outperformed Grayscale’s BTC-ETF (GBTC) in terms of assets under management. The Wall Street investment giant’s fund was the largest in the segment at $19.68 billion, with total net inflows into U.S. spot bitcoin ETFs totaling $45.14 million.
According to The Block, the gap between trading volumes on Bitcoin and Ethereum the spot market shrank to $1.3 billion, a difference that reached $15 billion in March.
The SEC has withdrawn its case against mining company Digital Licensing, also known as DEBT Box. A US federal court ordered the regulator to pay around $1.8 million in legal costs. In August 2023, the SEC charged DEBT Box with fraudulently collecting $50 million in cash as well as anonymous amounts in BTC and ETH. In December, the court ruled that the agency’s lawyers had misled it by attempting to block DEBT Box’s 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.
The Grayscale survey showed that 47% of Americans are willing to allocate a portion of their investment portfolio to cryptocurrency. At the end of last year, only 40% of respondents were considering investing in digital assets.