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The cryptocurrency market did not find the strength to accelerate and fell almost 2.3% on the day to $2.6 trillion, but that is still a 3.5% gain in seven days. In other words, the market maintains its upward trend but needs drivers for further movement.
The US CPI report, which has caused a comparable increase in volatility to the NFP in recent years, has impressive potential to influence the market on Wednesday.
Renewed buying of Bitcoin and other leading altcoins since the start of the day on Wednesday indicates optimism from traders. Still, this sentiment could change dramatically or intensify this afternoon. On the Bitcoin chart, a support line can be drawn through the early March lows, which became more frequently tested in April.
Ethereum is slightly above its 50-day moving average. Staying below this line in early April should not be dramatized, as something similar occurred in late January and early February, which only whetted buyers' appetite.
News background
Chinese financial giants Harvest Fund and Southern Fund intend to offer units of their future bitcoin-based spot exchange-traded funds to customers through their branches in Hong Kong. BTC-ETF registration applications have been filed with the Securities and Futures Commission (SFC) in Hong Kong.
Deutsche Bank surveyed more than 3,600 bank customers in the US, UK and EU. According to the survey, only 10 percent of respondents believe Bitcoin will exceed $75,000 by the end of 2024.
The US Treasury Department intends to strengthen control over crypto exchanges, including foreign ones. The department lacks โlegislative toolsโ to combat the illegal use of cryptocurrencies by terrorist groups and countries under US sanctions, US Treasury Undersecretary Wally Adeyemo said.
The cost of mining bitcoins with an Antminer S19 XP as a result of the halving will increase from $40,000 to $80,000, CryptoQuant calculated. This model is widely used by American miners and is the best in terms of energy efficiency in the S19 line, representatives of which still generate most of the hashrate.
The Solana blockchain team said the launch of new projects will be suspended until April 15 while technical issues related to network congestion and transaction errors are resolved.
According to Cointelegraph magazine, meme coins represent the majority of activity on Base's L2 network, with one coin in six being a scam and 91% having vulnerabilities.
