On March 19, Bitcoin‘s journey took a downturn, reaching new lows within the week, sparking speculation among traders and analysts about the potential paths the cryptocurrency’s price might take amidst a broader market slump.
Despite achieving unprecedented heights previously, Bitcoin’s stability is now being tested, with key support levels struggling to hold firm.
Amidst this uncertainty, market watchers are identifying crucial thresholds and entertaining the possibility of a recovery bounce.
A significant factor that could influence the crypto market’s direction is the upcoming Federal Reserve’s interest rate decision on March 20.
Historical patterns suggest that Federal Open Market Committee (FOMC) meetings have previously impacted risk assets, leading to speculation that the forthcoming announcement could ease the current pressure on cryptocurrencies.
Cointelegraph’s examination of short-term BTC/USD predictions reveals an anticipation of Bitcoin potentially approaching the $60,000 mark, a crucial juncture that has yet to be retested convincingly.
Traders, including a notable one named George, suggest that a dip below last week’s low could lead to prices falling under $60,000.
Another trader, Ali, points out key support levels using the realized price distribution method, highlighting significant figures below the $60,000 range, while also identifying major resistance levels.
Analyst Mark Cullen, utilizing Fibonacci retracement levels, indicates multiple support levels that Bitcoin might encounter.
READ MORE: Reddit Under FTC Investigation Over AI Data Licensing Practices Amid IPO Preparations
Furthermore, a “bullish order block” suggests bids congregating around the current price point, below $64,000, indicating potential areas where the correction could stabilize, contingent also on the outcomes of the FOMC meeting.
As the FOMC meeting garners attention, not just within crypto circles but across the broader spectrum of risk assets, financial commentator Tedtalksmacro anticipates that the Fed Chair Jerome Powell’s address could set a pivotal moment for the market.
Predicting a hawkish stance from Powell in response to persistent inflation, Tedtalksmacro suggests that the speech could mark a turning point for risk assets, potentially signaling a bottom.
Amidst these predictions and analyses, Bitcoin exhibits volatility around the $64,000 mark, awaiting the next movements influenced by macroeconomic factors and market sentiment.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
A JPMorgan analyst reported on March 15 that Bitcoin has overtaken gold in investor portfolios, considering volatility adjustments, with Bitcoin’s allocation now 3.7 times that of gold.
This change is underscored by a $9 billion net inflow into Bitcoin ETFs, which offsets outflows from Grayscale.
Nikolaos Panigirtzoglou, a managing director at JPMorgan, shared in a recent X post that Bitcoin’s adjusted allocation exceeds gold by a significant margin.
He noted that since the approval of spot Bitcoin ETFs in January, over $10 billion has flowed into these funds. Panigirtzoglou suggested that the potential market size for BTC ETFs could reach $62 billion, using gold as a reference point.
Further, JPM Securities anticipates the spot Bitcoin ETF market could expand to $220 billion in the next two to three years, significantly impacting Bitcoin’s price due to increased capital inflows.
This optimism follows a nearly 40% increase in the crypto market’s total capitalization to $2.2 trillion, with Bitcoin and Ethereum experiencing 45% and 47% increases, respectively.
The growth has also benefitted altcoins, the DeFi sector, and NFTs.
Spot Bitcoin ETFs saw net sales soar to $6.1 billion in February from $1.5 billion in January.
READ MORE: Hong Kong’s SFC Adds MEXC to Warning List Amid Crackdown on Unlicensed Crypto Exchanges
During the same period, Bitcoin’s price spiked by 31%, reaching an all-time high of over $73,800.
This surge coincided with inflows into spot BTC ETFs, with crypto mining stocks also hitting new highs.
JPMorgan analysts noted that only 7% of the $3.3 trillion invested in gold is held in funds, with the remainder in physical forms.
By applying a volatility ratio of 3.7, they project the spot BTC ETF market could potentially reach $62 billion in the next few years, indicating a shift from other investments to ETFs.
Spot Bitcoin ETFs have attracted $19 billion in cumulative inflows since their inception, excluding Grayscale Bitcoin Trust.
With a $10 billion outflow from GBTC, the net inflows stand at $9 billion. February saw spot BTC ETF net sales jump to $6.1 billion, with the largest daily inflows exceeding $1 billion on March 12.
As the Bitcoin halving approaches, the market anticipates increased demand and a potential supply crisis. Ki Young Ju, CEO of CryptoQuant, predicts this event will fuel demand further.
The approval of spot Bitcoin ETFs marks a turnaround for Bitcoin, pushing its price beyond previous highs and encouraging institutional adoption, notably by BlackRock.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The cryptocurrency sector is on edge, with projections indicating that a dip in Ether’s value below $3,100 could lead to the liquidation of leveraged long positions amounting to more than $212 million.
This prediction comes amidst a sharp decline in Ether‘s price, which fell 9.3% to $3,254 over a 24-hour period ending at 10:40 am UTC.
Over the week, Ether has seen a downturn of over 18%, and a further drop to $3,100 could erase $212 million in long leveraged investments, based on data from Coinglass.
Should Ether’s price drop below the crucial $3,000 mark, liquidations are expected to surge to $237 million.
The market’s recent volatility has led to significant liquidations amounting to $624.4 million in the last 24 hours alone.
This turbulence has predominantly affected long positions—investments made with the expectation of a price increase—eradicating $514 million in long positions and $110 million in short positions.
The OKX exchange experienced the highest liquidation volume at $90.8 million, with Binance and Bybit following at $79.9 million and $23.4 million respectively, according to Coinglass statistics.
A Bitfinex report, shared with Cointelegraph, notes Bitcoin’s recent sharp downturn since March 14, positing it as a potential test of institutional interest that could lead to a recalibration of prices across the cryptocurrency market: “We anticipate a period of market recalibration as investors seek equilibrium amidst unprecedented inflows into Spot Bitcoin ETFs.
READ MORE: Bitcoin Nears $60K Amid Weekend Sell-Off; Market Eyes ETF Resurgence and Futures Gap for Recovery
Conversely, the altcoin market’s resilience, evidenced by growing investment flows and record outflows of ETH, underscores a bullish narrative for Ethereum and Layer 1 blockchain projects.
As the market evolves, the performance of large-cap altcoins will be instrumental in determining its trajectory.”
Further, a record high in Ether net outflows from exchanges was observed on March 11, with 154,000 Ether withdrawn.
This reduction in exchange-available supply might push prices upward. Bitfinex suggests, “The recent netflow data indicates a potential short-term upward trajectory for Ether, however, we suspect this could be the traders moving their Ether off-exchanges to trade coins on an ERC-20 protocol or a Layer 2 like the Base mainnet.”
This movement indicates a strategic shift by traders, potentially aiming for gains through alternative trading platforms or technologies.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin is on the cusp of entering a critical phase known as the “danger zone” just days before its next halving, an event that could see its value dip, as historically observed.
This period, highlighted by crypto analyst Rekt Capital in a recent X post, has in the past witnessed significant price retractions.
“In 2 days, Bitcoin will officially enter the ‘Danger Zone’ […] where historical pre-halving retraces have begun,” stated Rekt Capital.
“Historical data supports this claim, with Bitcoin experiencing a 40% fall in 2016 and a 20% drop in 2020 during the 14 to 28 days leading up to its halving events.
“Earlier in January, Rekt Capital had foreseen a rally and subsequent retrace surrounding the halving.
This prediction held true as Bitcoin outperformed expectations, surpassing its previous all-time high of $68,990 in March, ahead of a halving for the first time.
With the next halving anticipated on April 20, as per CoinMarketCap, Bitcoin’s value has slightly retreated from its March 14 peak, according to Cointelegraph Markets Pro.
READ MORE: Spot Ether ETFs Have 85% Chance of Being Approved in May
Amidst these fluctuations, Binance CEO Richard Teng remains optimistic.
Speaking at a Bangkok event, Teng projected Bitcoin could exceed $80,000 by year-end, fueled by institutional investments and the impact of new U.S. exchange-traded funds (ETFs), which currently manage $57 billion.
Teng emphasized the growth potential despite expected price volatility.
Echoing a sentiment of resilience, Crypto.com’s CEO Kris Marszalek viewed the recent price correction as beneficial, suggesting it curbed excess leverage.
He observed a momentum in Bitcoin’s trajectory similar to its late 2020 rally and anticipates a more gradual price increase.
Marszalek highlighted Bitcoin’s long-term value, suggesting it’s an asset meant for decades, not merely short-term speculation.
This outlook reflects a broader confidence in Bitcoin’s enduring appeal and its ability to navigate through its cyclical challenges, including the impending “danger zone.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
As Bitcoin approaches its all-time highs, the cryptocurrency community is divided, with significant movements of coins towards larger investors, according to on-chain analytics firm Glassnode.
These “Bitcoin whales,” entities owning over 1,000 BTC, are aggressively accumulating more Bitcoin, highlighting a stark contrast in investment strategies within the market.
The divergence in investor sentiment is evident from Glassnode’s analysis, which showcases a clear split between those with larger and smaller Bitcoin holdings.
This distinction was emphasized by Bitcoin Munger on X, noting a parallel between natural observations and market behaviors.
He pointed out that while whales and “sharks” (holders of 100 to 1,000 BTC) are increasing their holdings, “fish” (those holding 10 to 100 BTC) are distributing their assets differently throughout this period.
Whales have significantly expanded their portfolios, with a net increase of 84,000 BTC in the last 30 days as of March 17, based on transactions between their wallets and exchanges.
READ MORE: Bybit Announces ‘Deposit Dash’ Promotion Following Ethereum’s Dencun Upgrade
Sharks have also notably increased their exposure, with a net position change of 244,000 BTC in the same timeframe. This movement underscores a stark contrast with the behaviors of smaller Bitcoin investors.
Bitcoin Munger’s commentary on this dynamic is telling: “Smart money is buying, while dumb money sells,” he stated, confidently predicting that the market is set to rise further.
His analysis suggests that we are yet to see the full excitement of this cycle, hinting that early sellers may regret their decision, echoing sentiments from past cycles but with a twist for the current market conditions.
Despite the ongoing struggles to establish new support levels at previous all-time highs and the transient nature of price discovery this month, institutional interest remains strong.
Bitcoin Munger remains optimistic, comparing the current market to previous cycles and suggesting that the real regret this time around will be selling too soon, encapsulating his outlook with, “This time is different.”
As the Bitcoin market continues to evolve, these insights provide a glimpse into the strategic moves of different investor classes, highlighting the ongoing battle for accumulation amidst a backdrop of potential price discovery and market flux.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Shiba Inu, often referred to as the ‘Dogecoin Killer,’ is experiencing a significant resurgence, evidenced by a notable increase in token burn rates and accumulation by traders, indicating a positive shift in investor sentiment.
Recent data from Shibburn highlights an astounding 2,889.5% burn rate for Shiba Inu, with significant amounts of SHIB tokens being removed from circulation through burning processes.
Notably, a single transaction resulted in the burning of 167.6 million SHIB tokens, complemented by two other substantial burns of 16.7 million and 10 million tokens, showcasing the community’s commitment to reducing supply.
Adding to the intrigue, The Data Nerd reported on a whale’s strategic actions involving the creation of seven new wallets and the transfer of 71.55 SHIB tokens from Coinbase to each, culminating in a massive accumulation of 500.9 billion SHIB tokens valued at $14.35 million.
This move is seen as a strategy to enhance security and distribute assets more securely, following a significant transfer of three trillion SHIB tokens to a wallet associated with Robinhood earlier in March.
READ MORE: Bybit Announces ‘Deposit Dash’ Promotion Following Ethereum’s Dencun Upgrade
Despite a recent 4% decline in its trading price, Shiba Inu has shown resilience with a price surge approaching $0.00003, even after experiencing a 17% decrease over a week.
Data from IntoTheBlock indicates a 38% increase in large transaction volumes, with transactions over $100,000 also seeing a rise, suggesting a growing interest in the meme coin.
Shiba Inu’s social media presence remains robust, with cryptic posts and teasers about future developments.
A notable tweet from Shiba Inu’s marketing lead, Lucie, hinted at exciting plans for the TREAT token, integral to the SHIB ecosystem and SHIB: The Metaverse, promising significant utility and rewards.
Despite fluctuations in value, Shiba Inu’s global interest remains high, with Google search trends showing peak interest in the meme coin over two years across ten countries.
This enduring popularity underscores the community’s enthusiasm and speculative interest surrounding Shiba Inu’s future prospects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In the ever-evolving crypto meme market, $BONK and $SHIB stand out as two of the leading tokens, especially with the crypto bull run propelling $BTC to new heights.
Despite their prominence, these tokens have seen a decline from their peaks as new meme coins gain popularity.
$BONK, launched on Christmas Day 2022 as Solana’s first dog-themed coin, quickly captured the crypto community’s attention.
Its value surged by over 30% within two days of its debut, eventually reaching an all-time high of $0.00004704.
However, it has since fallen by 35% from this peak, facing a substantial market correction. Despite this downturn, $BONK remains a strong player in the market, with potential for future rallies.
$SHIB, launched in 2020, garnered significant attention, partly due to endorsements from public figures like Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk.
It experienced a staggering 40 million percent increase from its launch price, peaking at $0.00008845.
Currently, $SHIB is about 60% below its all-time high, but there is speculation about it reaching new highs later this year.
READ MORE: Prosecutors Reveal Sam Bankman-Fried’s Plan to Rehabilitate Image Post-FTX Collapse
Nevertheless, as $BONK and $SHIB experience downturns, newer memes such as $GFOX, $WIF, and $CIF are stepping into the limelight.
In December 2023, Dogwifhat ($WIF) was introduced on the Solana blockchain, quickly becoming a top 50 cryptocurrency by market cap and creating millionaires within four months.
This has led to a wave of similar tokens like Catwifhat ($CIF), which saw a 1000% increase in a month, among others.
For investors seeking significant returns, exploring token presales might offer the best entry points.
Galaxy Fox’s $GFOX token stands out for its unique play-to-earn concept set in space adventures, distinguishing itself in the meme coin market.
$GFOX is essential for transactions within the game, offering staking rewards and a portion of transaction taxes back to the ecosystem.
This setup incentivizes players and investors alike, with the platform promising real monetary rewards for active participants and offering over 3000 NFTs for presale.
As the bull market continues, $GFOX represents a prime opportunity for those looking to capitalize on the meme coin craze with potential for significant returns.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The cryptocurrency sphere experienced a significant event as Whale Alert, a renowned tracker of substantial crypto transactions, disclosed a massive movement of Shiba Inu (SHIB) tokens.
An eye-popping 1 trillion SHIB, valued at around $28,814,000, was transferred from an anonymous wallet to Gate.io, one of the top cryptocurrency exchanges.
This immense transaction created ripples across the cryptocurrency world, fueling widespread speculation about potential sales or substantial trading activities that could follow, thereby injecting volatility into the SHIB market and keeping traders alert.
In the midst of this upheaval, the Shiba Inu community received a wave of excitement with new updates on the eagerly awaited Shiba Eternity game.
“Departing from his usual cryptic responses, Kusama revealed plans for beta testing of the play-to-earn (P2E) version of the game in the upcoming quarter.”
This statement from Shytoshi Kusama, the project’s lead, during a Discord AMA session, heightened anticipation for the game’s beta testing phase, promising a significant milestone in the ecosystem’s evolution.
However, the SHIB market is currently navigating through a phase of uncertainty, marked by a notable 14.27% drop in prices over the last 24 hours, leading to an atmosphere of heightened vigilance among investors.
READ MORE: Hong Kong’s SFC Adds MEXC to Warning List Amid Crackdown on Unlicensed Crypto Exchanges
Additional data from CoinGlass highlighted an increase in liquidations, totaling $5,280,000, with the majority being long liquidations amounting to $4,080,000 and $1,200,000 from short liquidations, further agitating the market sentiment.
Despite the recent price dip and the consequential unease within the community, SHIB has shown a remarkable ability to bounce back, registering a 194% surge in the past month after a significant rally.
Nevertheless, the massive transfer of SHIB tokens to Gate.io raises questions about the market’s future stability, leaving the community apprehensive yet hopeful for the potential growth opportunities the Shiba Eternity game may bring.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
John Deaton, an advocate for the cryptocurrency XRP, has declared his intention to contest against the long-serving Senator Elizabeth Warren in the upcoming Massachusetts Senate race.
Deaton, who has a significant following in the crypto community on social media, has urged his supporters to contribute to his campaign financially.
On the social media platform X, he informed his 324,100 followers of his $500,000 personal investment in his Senate bid, expressing his belief in his potential to unseat Warren despite her 11-year tenure.
He confidently stated, “I can win, some people mistakenly believe that Elizabeth Warren cannot be beaten in Massachusetts and it’s simply not true.
“I put in $500K of my own money because I know I can win.
“Please help me get to $1 million by March 31. Donate traditionally or through Crypto because freedom is on the line.”
The election, set for September 3, sees Deaton having already funded half of his campaign goal, calling on his followers to help raise the remaining $500,000, through either cash or cryptocurrency donations.
READ MORE: Prosecutors Reveal Sam Bankman-Fried’s Plan to Rehabilitate Image Post-FTX Collapse
“You must believe in yourself, if I could self-fund I would, because freedom is on the line. I need your help. I’m trying to raise $1 million by the end of the quarter,” Deaton emphasized.
Charles Hoskinson, the founder of Cardano, has shown support for Deaton’s campaign, highlighting the need for individuals who are prepared to challenge the status quo, particularly against banks’ influence over lawmaking and their impact on the crypto industry.
Deaton’s candidacy was officially announced on February 20, as reported by Cointelegraph, with a campaign focus on confronting “Washington elites” and criticism of Senator Warren for her lack of achievements for Massachusetts.
Despite Deaton’s strategic avoidance of crypto in his campaign discussions, the underlying tension between him and crypto-skeptical government figures like Warren is evident.
Warren, in December 2023, criticized the close ties between the crypto industry and Washington insiders, implying that some officials might be positioning themselves for future roles in digital asset lobbying while still in public service.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Over the weekend, Bitcoin experienced a significant downturn, approaching $60,000 on March 17, amidst ongoing selling pressure.
The cryptocurrency’s value dropped to new lows of $64,522 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView, following a week of achieving record highs.
This decline was marked by a series of lower lows and unsuccessful recovery attempts, with the sell-off accelerating ahead of the anticipated weekly candle close.
Skew, a noted trader, analyzed the market, highlighting potential buying zones between $60,000 and $64,000 on major trading platforms.
The trader pointed out on X that “Majority of the selling has been driven by takers (market selling),” with significant spot selling observed from major exchanges like Coinbase and Binance since Bitcoin hit $74K.
Despite the sell-off, there was notable dollar-cost averaging at lower prices, contributing to temporary rebounds.
This latest correction represented a 12% pullback in Bitcoin’s bull market, a modest dip compared to deeper retracements in past cycles while maintaining the overall upward trend.
READ MORE: Shiba Inu Burns Millions of SHIB Tokens, Aiming for Rarity Amidst Price Volatility
With U.S. spot Bitcoin exchange-traded funds (ETFs) set to resume purchasing on March 18, optimism remained in the air among some market participants.
Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, commented on X, “Yes, this is Bear Trap,” expressing confidence in the influx of liquidity into Bitcoin ETFs and suggesting substantial future allocations from real money.
Fahrer’s remarks hinted at potential large-scale institutional investment in Bitcoin in the near future.
As the week neared its close, attention also turned to the Bitcoin futures market, specifically the gap in CME Group’s Bitcoin futures.
The futures market closed on March 15 at $69,135, creating a “gap” with the spot price that some believed could catalyze a market recovery, as has been observed historically.
This gap, nearly $4,000 wide, and the anticipation of renewed buying interest from ETFs and possibly institutional investors, offered a glimmer of hope for a bullish reversal in the coming weeks.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.