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Crypto News March 27: Market Awaits U.S. Data Ripple Effect

Key Takeaways
  • US release of Revised UoM Consumer Sentiment, Pending Home Sales, Final GDP, and Unemployment Claims may increase market volatility.
  • Bitcoin falls below $70,000, while Ethereum maintains above $3,500.
  • Cryptocurrency market experiences a 1.40% decline, with total market capitalization at $2.75 trillion.
28-Mar-2024 By: Lokesh Gupta
Crypto News March 27

Crypto market saw a 1.40% dip, valued at $2.75 trillion

  • Fidelity Investments joins the queue for an Ethereum ETF, becoming the eighth institution alongside BlackRock, Ark Invest, and others already seeking approval.

  • In a volatile day, BTC initially surpassed $71k before dropping below $69k, resulting in over $175 million in long liquidations and over $80 million in short liquidations.

Major Event to be watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the last 24 hours, the "Fear and Greed Index" decreased by 3 points, now standing at 80 out of 100, signaling extreme greed and increased buying activity. Overall market sentiment continues to lean heavily towards optimism.

Latest Market Update: 

  • Early Thursday, Bitcoin (BTC), the oldest and most valuable cryptocurrency, fell below the $70,000 mark.

  • Bitcoin Cash ($BCH), Dogecoin ($DOGE), Singularity NET ($AGIX), Maker ($MKR), and #Fetch.ai ($FET) all showed positive performance.

  • Mantle ($MNT) saw the most substantial gain, with a 24-hour increase exceeding 26.67 percent.

  • On the other hand, #Lido DAO ($LDO) experienced the most significant loss, dropping by over 8.25 percent within 24 hours.

  • Total crypto market volume in the last 24 hours stands at $119.24 billion, reflecting an increase of 11.61%.

  • DeFi's total volume amounts to $12.42 billion, representing 10.42% of the total crypto market's 24-hour volume.

  • The volume of all stable coins has reached $106.8 billion, constituting 89.57% of the total crypto market's 24-hour volume.

  • Bitcoin's dominance now sits at 52.29%, marking a day-over-day increase of 0.21%.

Major Worldwide News Update:

  • The crypto market's direction today hinges on several US economic indicators. Final GDP quarter-on-quarter is expected to stay at 3.2%, with Unemployment Claims slightly up to around 212K from 210K. Final GDP Price Index is forecasted at 1.6%. Chicago PMI is projected to decrease to 45.9 from 44.0, while Pending Home Sales are expected to rise by 1.4%, contrasting with the previous -4.9%. Revised University of Michigan Consumer Sentiment is estimated at 76.5, potentially affecting market volatility.

  • BlackRock's Bitcoin ETF IBIT has surged since its January launch, amassing $13.8 billion in assets with record daily inflows, soon potentially overtaking Grayscale's GBTC. CEO Larry Fink expresses surprise at IBIT's rapid adoption and optimism for an Ethereum ETF despite regulatory hurdles. Meanwhile, GBTC faces continuous outflows, prompting fee reductions. ARK 21Shares' Bitcoin ETF also sees a surge in inflows, reflecting growing investor interest.

  • MicroStrategy co-founder Michael Saylor expresses optimism for Bitcoin trading, favoring it over company shares. Despite recent Bitcoin price decline, Saylor believes in its long-term value, contrasting it with precious metals like gold. With MicroStrategy holding around 1% of BTC supply, Saylor's confidence remains unwavering, citing the upcoming halving event as a price catalyst.

  • The US and UK sanctioned Gaza Now and its founder, Mustafa Ayash, for allegedly aiding Hamas financially, following the October 7 attack in Israel. Elliptic identified $21,000 in cryptocurrency donations to Gaza Now, aligning with TRM Labs' findings that most transactions to terrorist groups via crypto are under $500. These sanctions aim to disrupt Hamas' financial networks, part of global efforts to combat terrorist financing.

  • Judge Failla's denial of Coinbase Inc.'s motion to dismiss the SEC lawsuit sparks speculation on the lawsuit's future. FOX Business reporter Eleanor Terrett predicts a full discovery phase, where both sides can request documents. Terrett believes this process could favor Coinbase, akin to Ripple's case, possibly extending the legal battle for up to a year.

  • KuCoin announces a $10 million airdrop of Bitcoin and KuCoin Shares due to recent legal issues, including DOJ and CFTC allegations. CEO Johnny Lyu states the airdrop is to thank users and address challenges. Despite $1 billion in withdrawals post-accusations, KuCoin assures users of system stability and fund safety. Regulatory risks persist, but KuCoin reaffirms commitment to compliance and security.

COIN GABBAR Views: Will Bitcoin face selling pressure ahead of the BTC halving amid mounting macroeconomic and regulatory headwinds? Can Bitcoin (BTC) whales drive the price to a new all-time high? How will the release of Revised UoM Consumer Sentiment, Pending Home Sales, Final GDP, and Unemployment Claims by the US affect the crypto market? 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:Mantle Steals the Show as BTC Holds Firm at $70K

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