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Crypto News Today March 23: Crypto Market Loses Its Steam

Key Takeaways
  • Powell's dovish stance may prompt Fed speakers to adopt a hawkish position.
  • Bitcoin trades below $64,000, while Ethereum maintains above $3,350.
  • The cryptocurrency market sees a 2.90% decrease, resulting in a total market capitalization of $2.56 trillion.
23-Mar-2024 By: Lokesh Gupta
Crypto News Today Ma

Crypto market dropped 2.9% to $2.56 trillion valuation

  • The approaching Bitcoin halving may not lead to the anticipated supply squeeze as the market had expected.

  • Spot Bitcoin ETFs listed in the U.S. face their first week of net outflows since late January.

Crypto Fear and Greed Index:

fear and greed index

Over the last day, the "Fear and Greed Index" dipped by 2 points to reach 73 out of 100, indicating a rise in selling pressure.

Latest Market Update: 

  • Crypto prices plunged as Bitcoin dropped below $64,000 and Ethereum approached dipping below $3,300.

  • Altcoins and meme coins such as #Toncoin ($TON), #Bitcoin Cash ($BCH), #Floki ($FLOKI), #Dogecoin ($DOGE), and #Worldcoin ($WLD) recorded substantial gains.

  • #Toncoin ($TON) notably led the pack with an impressive surge of over 9.18% in 24 hours.

  • Conversely, #Celestia ($TIA) emerged as the top loser, experiencing a notable decline of around 8.56% within the same timeframe.

  • Total crypto market volume in the past 24 hours stands at $108.34 billion, reflecting a decrease of 6.06%.

  • DeFi's total volume registers at $10.11 billion, constituting 9.34% of the total crypto market's 24-hour volume.

  • The volume of all stable coins amounts to $98.09 billion, representing 90.54% of the total crypto market's 24-hour volume.

  • Bitcoin's dominance is currently at 51.61%, unchanged from the previous day.

Major Worldwide News Update:

  • Fed Chair Jerome Powell and colleagues hear from business leaders on how interest rate hikes and inflation are impacting Americans. Whitney Ferris-Hansen highlights struggles in agriculture due to rapid rate increases. Small manufacturers face challenges with rising costs and borrowing, affecting investment decisions. Other panelists discuss ongoing pressures from inflation.

  • Ethereum developers Eric Connor and Mariano Conti launch Pump The Gas, aiming to increase Ethereum's gas limit from 30 to 40 million, potentially reducing transaction fees by 15% to 33%. The initiative gains support, trending on social media as users anticipate enhanced scalability and transaction efficiency. Recent Dencun Upgrade also improves Ethereum's functionality and cost-effectiveness.

  • Robert Kiyosaki advocates for Bitcoin and tangible assets, advising against traditional investments amid global uncertainties. Peter Schiff warns of Bitcoin ETF limitations, advocating for self-custody to control assets. Bitcoin supporters stress self-custody's benefits, highlighting its simplicity and security. Digital assets offer 24/7 trading and decentralized control, reshaping investment strategies.

  • Polkadot introduces PINK Memecoin to enhance community engagement, reflecting its commitment to inclusivity. With a capped supply of 2.3 billion tokens, fair distribution is ensured across the network. PINKDROP, a browser game, promotes interaction and rewards active participants. Integration into gaming showcases Polkadot's innovation and collaboration efforts.

  • BlackRock, post Bitcoin ETF success, considers Ethereum ETF but hesitates due to lower client demand. Mitchnick highlights client focus on Bitcoin. Ethereum proponents defend the asset. BlackRock's Ethereum ETF application delayed to May 2024. Industry speculates on SEC's potential 'security tag' for Ethereum. Crypto firms monitor SEC scrutiny.

  • SEC Chair Gary Gensler emphasizes transparency in financial markets, urging disclosure for efficient investor protection. He calls for crypto firms to register with the SEC, citing dangers of opacity. Gensler's focus on regulatory compliance extends to wider disclosure requirements, including climate risks, to ensure market integrity and investor safety.

  • FTX, a bankrupt crypto exchange, plans to sell its $1 billion stake in Anthropic to settle debts, CNBC reports. Anthropic seeks investors, with a deal expected in weeks. Saudi Arabia faces exclusion due to national security concerns. The move follows FTX CEO Sam Bankman-Fried's fraud conviction.

COIN GABBAR Views: Will Bitcoin's price crash again? Has the BTC price correction hit bottom at $60,000? Can a surge in Bitcoin's price propel it to reach new highs once more? Will BTC hit new highs before halving? 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: EtherFi Transforms DeFi with Seamless Staking

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