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Crypto News: BTC Holds Firm at $72K Amid Toncoin Dual Rally

Key Takeaways
  • Market response to persistent high inflation in the United States and its potential effect on the Fed’s interest-rate strategies.
  • Bitcoin is currently priced above $72,000, while Ethereum has exceeded the $4,000 mark.
  • The cryptocurrency market as a whole has seen a 0.60% uptick, pushing the total market capitalization to $2.86 trillion.
13-Mar-2024 By: Lokesh Gupta
Crypto News: BTC Hol

Crypto market soared by 0.60%, reaching $2.86 trillion

  • BTC's lack of significant reversal suggests a prevailing bullish sentiment, though monitoring ETF inflow data remains crucial for further insights.

  • The ETH Dencun upgrade is scheduled to go live at 7.25 PM today, potentially enabling rollups to submit Ethereum blockchain data at rates ten times lower than previously observed.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:fear and greed index

Even though the 'Fear and Greed Index' remains stagnant, hovering around 81 out of 100, indicating prevalent market optimism in recent days.

Latest Market Update: 

  • #Bitcoin ($BTC), the most esteemed cryptocurrency globally, maintains stability around the $72,000 mark on Wednesday.

  • Alternative cryptocurrencies, such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana (SOL), and #Litecoin ($LTC), experienced a blend of slight declines and increases during this period.

  • #Toncoin ($TON) emerged as the leading gainer on the second day, posting an impressive 24-hour surge of nearly 28%.

  • Conversely, #Kaspa ($KAS) faced the most substantial decline, experiencing a 24-hour dip of nearly 6.86%.

  • Total crypto market volume decreased by 3.70% over the last 24 hours, amounting to $159.03 billion.

  • DeFi volume stands at $15.49 billion, constituting 9.74% of the total crypto market 24-hour volume.

  • Stablecoins represent a substantial portion, with a volume of $146.23 billion, comprising 91.95% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is presently at 52.00%, declining by 0.04% throughout the day.

Major Worldwide News Update:

  • US Consumer Price Index exceeded expectations in February, with a 3.2% year-over-year increase, slightly higher than anticipated. The core rate, excluding food and energy, was at 3.8%. Monthly CPI rose by 0.4%, meeting estimates. Expectations for rate cuts in 2024 have diminished due to strong economic growth and persistent inflation above the Fed's target, delaying anticipated rate cuts to summer, per CME FedWatch Tool.

  • Bitcoin surged to a record high of $72,621 but dipped below $70,000, causing over $361 million in leveraged trades liquidation in 24 hours. Long positions worth $258 million were wiped out, while short sellers lost over $103 million. Volatility rose slightly with a 4.85% swing, prompting concerns of a price correction amid increased futures open interest.

  • The U.S. Attorney's Office in Chicago seized $1.4 million in Tether (USDT) linked to a customer support scam. Tether collaborated with DOJ and FBI, emphasizing its commitment to combat financial fraud. Scammers targeted victims through popup ads, exploiting fear to coerce them into transferring funds, primarily preying on the elderly.

  • After nine months of inactivity, the SEC declared the First Trust SkyBridge Bitcoin ETF abandoned. This decision followed a previous rejection in 2022 and a lack of response from the company. Despite the potential benefits, such as BlackRock's success, the ETF failed to capitalize on Bitcoin's all-time high surge above $72,000 amidst increasing interest in spot Bitcoin ETFs.

  • VanEck Bitcoin Trust saw its largest daily inflow after announcing a year-long fee waiver, attracting $119 million and adding 1,600 bitcoins. With over 6,000 BTC ($440 million), it ranks sixth among U.S. Bitcoin ETFs. This surge reflects growing investor confidence in digital assets amid Bitcoin's rally above $72,000 and record-breaking inflows into Bitcoin products.

  • President Biden's budget proposal zeroes in on regulating digital assets to unlock their revenue potential. Proposed measures encompass wash trading regulations, a tax on crypto mining, and the closure of tax loopholes. The objective is to generate $10 billion by 2025, with future forecasts surpassing $42 billion.

  • The Ethereum network's Dencun update, merging Deneb and Cancun, aims to cut operational costs, particularly on Layer 2 networks, fostering open access and innovation in DeFi, gaming, and beyond. By introducing "blobs" for data storage, transaction costs are expected to plummet, enhancing user experience and driving ecosystem growth.

COIN GABBAR Views: Is it opportune to exchange BTC for ETH amidst BTC's surge past $72K with bulls eyeing further gains? What's the anticipated next target? Is surpassing the $100K milestone for BTC plausible post-halving? Are projections aligning for BTC to hit $80K in the upcoming week? Is there potential for BTC to reach $100K by March? 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, 12 March: Bullish Momentum Wanes Pre-CPI

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