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Crypto News: Bitcoin and Altcoin Sink, Bear Market Looms

Key Takeaways
  • Market volatility increases as investors anticipate interest rate decisions from the US Federal Reserve, Bank of Japan, and Bank of England.
  • The price of Bitcoin has dropped below the $65,000 mark, and Ethereum is also experiencing a decline, falling below $3,400.
  • The cryptocurrency market sees a 4.80% decline, leading to a total market capitalization of $2.57 trillion.
19-Mar-2024 By: Lokesh Gupta
Crypto News: Bitcoin

Crypto market dips 4.80%, hitting $2.57 trillion valuation

  • Investors await key rate decisions from US Fed, BoJ, BoE, alongside China's loan prime rate announcement.

  • Federal Reserve FOMC to announce rate decision on March 20, with Chairman Powell's speech. CME predicts 99% rate stability likelihood.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Fear & Greed index currently registers at 79, indicating a state of Extreme Greed among investors and reflecting buoyant market sentiment.

Latest Market Update: 

  • #Bitcoin experienced further decline early Tuesday, reflecting a lack of investor confidence.

  • Other popular altcoins such as #Ethereum ($ETH), Dogecoin (DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) all saw declines.

  • The #Fantom ($FTM) token stood out as the largest gainer, boasting a 24-hour increase of over 6 percent.

  • Conversely, memecoin #dogwifhat ($WIF) faced the largest loss, dropping over 22 percent in the span of 24 hours.

  • Total crypto market volume over the last 24 hours: $151.67 billion, marking a 12.96% increase.

  • DeFi volume stands at $14.33 billion, representing 9.45% of the total crypto market's 24-hour volume.

  • Volume of all stablecoins is now $140.01 billion, comprising 92.31% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is at 52.27%, up by 0.41% during the day.

Major Worldwide News Update:

  • This week, major central banks like the US Federal Reserve, Bank of England, Swiss National Bank, Bank of Japan, and Reserve Bank of Australia are poised to determine interest rates, impacting market sentiment. Expectations rise as these banks' decisions hint at future policy directions, shaping market dynamics and investor confidence.

  • The recent upgrade of Ethereum effectively lowered gas fees, yet it did not have a significant impact on its price. Speculation indicates a potential further decline in Bitcoin's price, echoing its pre-halving retracement and potentially entering what is colloquially known as 'the danger zone'. Nonetheless, the imminent halving event is expected to reshape the trajectory.

  • Inflows to US Bitcoin ETFs dwindle, with Grayscale Bitcoin ETF (GBTC) seeing record outflows of $643 million on March 18. HODL15Capital notes GBTC lost 250,600 Bitcoin since ETF conversion, holdings down 40%. BlackRock Bitcoin ETF attracted major outflows, while Europe and Canada Bitcoin ETFs experience withdrawals amid US competition.

  • A US district court sanctions the SEC for alleged misconduct in its case against Debt Box, citing misrepresentations to obtain a TRO. Judge Shelby criticizes SEC's actions, ordering payment of Debt Box's legal fees. The ruling sparks debate on regulator integrity and accountability, calling for potential SEC reforms and personal liability.

  • Despite the SEC's ongoing delays on spot Ethereum ETF approval, Fidelity Investments persists, adding a Staking option to its filing. The SEC's delays extend past expected deadlines, prompting Fidelity to adapt while awaiting a decision. Other applicants, like Ark Invest and 21Shares, anticipate outcomes, while industry skepticism remains high.

  • OKX CEO, Star Xu, explains the exchange's decision not to list memecoins amidst recent hype. Despite memecoin frenzy, OKX focuses on utility tokens, prioritizing thorough research over pitching. Star emphasizes independence in listing decisions, urging against token pitching. CryptoQuant's Ki Young Ju also criticizes memecoins, highlighting concerns about industry harm.

  • The SEC seeks an extra $158 million from Congress for 2025, citing market evolution and crypto challenges. SEC Chair Gensler highlights tech changes and increased risks, emphasizing the need to combat wrongdoing. Staffing increases target 5,621 positions, with focus on crypto-related risks and fraud prevention.

COIN GABBAR Views: Will Bitcoin's correction end soon? How does the FED fund rate, FOMC statement, and economic projections affect BTC? Is the bloodbath ongoing or nearing a halt? With the Fed rate decision approaching, is Bitcoin heading into the danger zone? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto News Today,18 March: Avalanche, Dogwifhat Drive Rally

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