Markets
The cryptocurrency market has been infected by the correction
Market image
The cryptocurrency market lost almost 2% of its capitalization in the last 24 hours, settling at $2.51 trillion. Bitcoin it is holding up better than the market, falling only 0.7% to 67.6 thousand dollars. Many of the major coins have deeper draws. Ethereum loses almost 3%, BNB loses 1.6% and Solana loses 2.6%. Meme coins are under greater pressure. Without significant drivers, the cryptocurrency market has come under indirect pressure from the stock market.
So far, there are multiple indications that Bitcoin is moving within a pullback scenario from the upper edge of the range. In the most bearish scenario, the price could return to $60,000. A more optimistic scenario suggests a drop to the $65,000 area, where the 50-day moving average is located.
Glassnode has seen signs of picking up buyer interest in Bitcoin. Long-term BTC holders (those who hold the asset for more than 155 days) have resumed accumulating for the first time since December 2023 after months of selling.
News background
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 US bitcoin spot ETFs totaling $45.14 million.
According to The Block, the gap in 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 dropped its lawsuit against mining company Digital Licensing, also known as DEBT Box. A US federal court ordered the regulator to pay about $1.8 million in court costs. In August 2023, the SEC accused DEBT Box of fraudulently raising $50 million in cash and unspecified amounts in BTC and ETH. In December, the court ruled that the agency’s lawyers had deceived it in an attempt to freeze 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 PYUSD issuer, 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 planned to invest in digital assets.