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The cryptocurrency market has lost almost 2% of its capitalization in the last 24 hours to $2.51 trillion. bitcoin It is holding up better than the market, declining just 0.7% to $67,600. Many major currencies have deeper drawdowns. Ethereum loses almost 3%, BNB loses 1.6% and Solana loses 2.6%. Meme coins are under increasing pressure. Without significant drivers of its own, the cryptocurrency market has come under indirect pressure due to the stock market.
So far, there are more signs that Bitcoin is moving within a pullback scenario from the upper end of the range. In the most bearish scenario, the price could fall back to $60,000. A more optimistic scenario suggests a drop to the $65,000 area, where the 50-day moving average is located.
Glassnode recorded signs of a recovery in buyer interest in Bitcoin. Long-term BTC holders (those who hold the asset for more than 155 days) have resumed accumulation for the first time since December 2023 after months of selling.
News background
BlackRock's bitcoin spot ETF surpassed Grayscale's BTC-ETF (GBTC) in terms of assets under management. The Wall Street investment giant's fund was the largest in the segment at $19.68 billion, with total net inflows into US spot bitcoin ETFs totaling $45.14 million.
According to The Block, the gap in Bitcoin trading volumes and Ethereum The spot market has shrunk to $1.3 billion, a difference that reached $15 billion in March.
The SEC has dropped its lawsuit against mining company Digital Licensing, also known as DEBT Box. A United States federal court ordered the regulator to pay around $1.8 million in costs of the case. In August 2023, the SEC charged DEBT Box with fraudulently raising $50 million in cash, as well as unidentified amounts in BTC and ETH. In December, the court found that the agency's lawyers had misled it in an attempt to block DEBT Box funds.
Payments giant Mastercard announced the pilot launch of its Crypto Credential service for cryptocurrency Transfers between users (P2P transfers).
PayPal, the issuer of PYUSD, launched its stablecoin on the Solana network. The choice of SOL is due to the high speed and low fees of this blockchain.
The Grayscale survey showed that 47% of Americans are willing to allocate a portion of their investment portfolio to cryptocurrencies. At the end of last year, only 40% of respondents were going to invest in digital assets.
