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Crypto News March 26: Crypto Investors Await Economic Impact

Key Takeaways
  • KuCoin encounters $200 million in withdrawals following DOJ charges, sparking worries regarding asset security and regulatory adherence.
  • Bitcoin holds the $70,000 mark; Ethereum breaches the $3,600 threshold.
  • Cryptocurrency market undergoes a 0.30% decline, reaching a total market capitalization of $2.79 trillion.
27-Mar-2024 By: Lokesh Gupta
Crypto News March 26

Crypto market dipped 0.30%, now valued at $2.79 trillion

  • London Stock Exchange's positive view on Bitcoin and Ethereum ETNs, set for launch on May 28, likely fueled recent market surge.

  • BTC maintains above $70k post-retest. Market awaits economic reports and Powell's remarks, anticipating volatility.

Major Event to be watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Over the past day, the "Fear and Greed Index" surged by 2 points, reaching 83 out of 100, indicating extreme greed and heightened buying activity. Market sentiment remains predominantly optimistic.

Latest Market Update: 

  • #Bitcoin remained stable around the $70,000 range on Wednesday, maintaining its position as the oldest and most valuable cryptocurrency.

  • Other leading altcoins like Ethereum ($ETH), Dogecoin ($DOGE), Ripple ($XRP), Solana ($SOL), and Litecoin ($LTC) witnessed favorable performance.

  • Memecoin #dogwifhat ($WIF) experienced the most significant gain, with a 24-hour increase of over 19 percent.

  • #KuCoin Token ($KCS) was the biggest loser, facing a 24-hour decline of over 13 percent.

  • Total crypto market volume in the last 24 hours is $106.87B, indicating a 5.21% decrease.

  • DeFi volume stands at $11.73B, representing 10.98% of the total crypto market's 24-hour volume.

  • Stablecoins contribute $93.73B to the total crypto market volume, comprising 87.70% of the 24-hour volume.

  • Bitcoin's dominance is at 52.09%, marking a 0.08% increase from the previous day.

Major Worldwide News Update:

  • Spot Bitcoin ETFs witnessed a turnaround, with $15.7 million in net inflows, ending a five-day outflow streak. Fidelity's FBTC saw $261 million inflow, while Grayscale's GBTC faced a $350 million outflow. Despite asset stagnation at $30.62 billion, renewed investor confidence persists. The London Stock Exchange's plan to launch BTC and ETH ETNs in May propelled Bitcoin above $71,000. QCP Capital noted rising demand for BTC allocations, expecting momentum to push Bitcoin past $100,000, appealing for its independent returns amid market volatility.

  • The London Stock Exchange's announcement of launching Bitcoin and Ethereum exchange-traded notes (ETNs) from March 28th bolstered market optimism. The trend remains bullish, marked by positive ETF inflows following recent outflows, signaling sustained interest. However, tomorrow's US final GDP (QoQ) announcement could introduce additional market volatility.

  • BTC bulls maintain prices above $70k post-retest at $69k support, with analysts anticipating a potential short squeeze. Investors await Friday's Final GDP q/q, Unemployment Claims, and personal consumption expenditures reports, along with remarks from Federal Reserve Chairman Jerome Powell, which could heighten market volatility.

  • KuCoin faces massive outflows amid U.S. Department of Justice indictment for AML violations. Withdrawals surpass $1.195 billion in 24 hours, with $500 million from Ethereum wallets. Despite outflows, KuCoin holds $3.6 billion on Ethereum network. Reports suggest KuCoin considered halting operations in 2023. CFTC classifies BTC, ETH, LTC, USDC, and USDT as commodities.

  • BlackRock's CEO warns of urgent US debt crisis, calls for measures to spur economic growth. Rising debt prompts investor caution in traditional markets. Bitcoin shows resilience amid volatility, attracting investors. Cryptocurrency markets surge as investors seek decentralized assets amidst debt concerns. Predictions suggest bright future for Bitcoin despite uncertain financial landscape.

  • US 2024 elections spark anticipation in financial and crypto markets. Biden leads in six crucial swing states, boosting Democrats' prospects. Cryptocurrency proponents seek legislative improvements and transparency. Katie Porter's defeat reflects growing influence of pro-crypto sentiment. With one in five Americans owning digital assets, crypto support could sway election outcomes.

  • Hashdex enters US spot Bitcoin ETF market by converting its futures ETF to hold spot Bitcoin, renamed as DEFI. The fund invests at least 95% in spot Bitcoin and up to 5% in CME-traded Bitcoin futures contracts. Hashdex's late entry faces competition with BlackRock and Fidelity's dominant ETFs. Management fee: 0.90% annually.

COIN GABBAR Views: Is Bitcoin on its way to the next destination? With the Bitcoin Halving just 25 days away, could we see a price surge to $90,000 by year-end? What's the short-term and long-term outlook for Ethereum's price, and when might it hit $5000? Are we expecting volatility soon as whales deposit over $1.5 billion worth of crypto into Coinbase? 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: Bitcoin's $70,000 Surge Sparks Altcoin Frenzy

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