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Crypto News, 19 March: Is the Crypto Market Bubble Bursting?

19-Mar-2024 By: Lokesh Gupta
Crypto News, 19 Marc

Cryptocurrency prices plummeted in the last 24 hours

TOP 5 Losers Coins

IndicesLTPChange (%)
Theta Network$2.6918.80%
Pyth Network$0.905815.85%

Crypto News Key Highlights:

  • Grayscale CEO Michael Sonnenshein announces gradual fee reduction for Grayscale Bitcoin Trust (GBTC) ETF, acknowledging $12B outflows. Competition intensifies as rivals like BlackRock and Fidelity gain market share. Sonnenshein notes fees typically decrease as market matures and demand rises, reflecting ongoing evolution in crypto investment landscape. GBTC faces significant outflows amidst increasing competition.

  • Meme coins, once dominating with significant profits, now face a downturn. Dogecoin, Shiba Inu, and others plummet, alongside a broader crypto market decline. Meme coin volatility persists, influenced by market trends and the Federal Reserve's imminent meeting. Indian stock market woes compound the situation. Recovery prospects remain uncertain.

  • BOJ ends eight-year sub-zero interest rates, lifting benchmark to 0% - 0.1%. Ceases yield curve control program and ETF/REIT purchases. Bitcoin dips post-announcement, influenced by U.S. ETF inflow slowdown. Nikkei index stabilizes. Yen unaffected as BOJ hints at data-dependent future policy. Further tightening could impact risk assets, particularly Japanese investors' capital exports.

  • SFC warns of fraudulent websites posing as licensed institutions, such as "KKR Global," engaging in cryptocurrency scams. CSRC includes identified site in warning list. Public cautioned against potential scams despite website blocking. Mox Bank plans cryptocurrency investment services; SFC and CSRC advise due diligence before transactions.

  • The FOMC interest rate decision is set for March 20, drawing attention to Jerome Powell's post-meeting conference. Despite prolonged anticipation for rate cuts, the Fed has stressed potential for sustained higher rates. No cuts are expected now, but prospects for a June cut persist. Inflation remains above the 2% target, with Powell foreseeing rate reductions later this year.

  • Bitcoin nears the "Danger Zone," where pre-halving retracements typically occur. Historical data reveals retracements 14 to 28 days before halving. In 2020, Bitcoin dipped 20% before halving; in 2016, it retracted 40% post-rally. Newly launched ETFs significantly influence the current bull run, propelling BTC to unprecedented highs pre-halving, a novel occurrence in this cycle.

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 Meltdown: Bitcoin and Altcoin Sink, Bear Market Looms

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