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Crypto News March 31: BTC and ETH Prices Hit a Roadblock

Key Takeaways
  • US Fed Chair Jerome Powell stated that there is no likelihood of a recession in 2024, contradicting initial worries
  • Bitcoin is trading comfortably above $70,000, while Ethereum has surpassed $3,600
  • Despite this, the cryptocurrency market saw a 1.40% decline, with total market capitalization at $2.75 trillion
01-Apr-2024 By: Lokesh Gupta
Crypto News March 31

Crypto rose by 1.15%, reaching a valuation of $2.81 trillion

  • The SEC has postponed its decision on approving several spot Ethereum exchange-traded funds (ETFs), which Bitwise CIO Matt Hougan views positively.

  • Sam Bankman-Fried, co-founder of FTX, has received a 25-year prison sentence related to the cryptocurrency exchange's collapse, marking a significant development for the industry.

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" increased by 4 points, now standing at 79 out of 100, signaling extreme greed and increased buying activity. Overall market sentiment continues to lean heavily towards optimism.

Latest Market Update: 

  • Bitcoin remained above the $70,000 mark on early Thursday, indicating stability in the cryptocurrency market.

  • Several cryptocurrencies, including Bitcoin Cash ($BCH), Litecoin ($LTC), Dogecoin ($DOGE), Jupiter ($JUP), and #eCash ($XEC), demonstrated positive performance.

  • #Core ($CORE) surged impressively, rising over 70.52% in just 24 hours, indicating robust investor interest.

  • #ORDI ($ORD) experienced a sharp decline, dropping by over 7.05% in just 24 hours, signaling volatility in specific market segments.

  • Total crypto market volume over the last 24 hours: $68.71 billion, indicating a 4.30% increase.

  • DeFi volume stands at $7.42 billion, comprising 10.80% of the total crypto market 24-hour volume.

  • Stable coins represent $59.21 billion in volume, constituting 86.17% of the total crypto market 24-hour volume.

  • Bitcoin dominance sits at 51.86%, showing a decrease of 0.21% over the day

Major Worldwide News Update:

  • This week, crypto markets await key data and speeches, particularly from the US Fed, impacting rate trajectory. Investors monitor Fed officials' speeches closely amid speculation of earlier rate cuts. Lower rates could boost Bitcoin and other assets, buoyed by increased risk appetite. US labor market data, including Non-farm payrolls, will be pivotal in assessing economic stability and investor sentiment.

  • Peter Schiff, a prominent crypto critic, claims young people prefer Bitcoin over gold due to anticipated higher growth within their lifetimes. Despite Schiff's skepticism, Bitcoin outperformed gold post-SEC approval of spot Bitcoin ETFs. Schiff's criticism extends to MicroStrategy's Bitcoin holdings, drawing attention to market volatility. However, critics note Schiff's consistent inaccuracies in Bitcoin predictions.

  • The 2024 Bitcoin Halving is anticipated to significantly impact the market. Analysts like Rekt Capital and Robert Kiyosaki provide insights, emphasizing pre-Halving phases and potential price surges. Bitwise CEO Hunter Horsley highlights the substantial reduction in BTC mining supply, projecting a significant market effect due to increased demand and decreased selling pressure post-Halving.

  • MicroStrategy, led by CEO Michael Saylor, has made headlines with its substantial Bitcoin acquisitions. Recent purchases intensified speculation about the correlation between Bitcoin holdings and MSTR stock price surge. Despite bullish outlook and impressive BTC holdings, concerns about overvaluation arise, with research suggesting MSTR may not accurately reflect intrinsic value, urging caution for investors.

  • Goldman Sachs revises its Fed rate cuts trajectory, now predicting three cuts by year-end, with the first expected in June, aligning with market consensus. Initially forecasted for December 2024, they now anticipate three cuts in 2024, adjusting expectations based on economic data and Fed signals. Delayed rate drops may impact cryptocurrency markets, though current economic strength suggests continued expansion.

  • Prisma Finance, a DeFi firm, grapples with recovering $540,000 from an $11.6 million exploit. A hacker demands a public apology and identity revelation from Prisma in exchange for returning funds. Prisma works to secure user wallets and restart its protocol, while proposing liquidity reduction to recover losses. Disputes continue amid claims of insincerity from both parties.

COIN GABBAR Views: Are BTC traders anticipating an $80k breakout following the US Fed's "No Recession" statement? With Bitcoin consolidating above $70k, can bulls drive it to $75k? Will Bitcoin reach $100,000 as the halving month approaches? 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: Ethereum Blockchain Reached One Million Validators

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