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The total value of the cryptocurrency market has increased by 0.3% in the last 24 hours, reaching $2.66 trillion. However, this is not due to a decrease in volatility. Bitcoin and Ethereum are trading close to their levels from the previous day. Among the top coins, Doge has seen a 7.4% increase and BNB a 3.8% increase. On the other end of the spectrum, Avalanche and Toncoin have fallen by 1.3%.
Bitcoin Price Fails to Break Through $71,000
Bitcoin‘s fourth attempt this week to consolidate above $71,000 has failed. Despite another high closing for the S&P500, the Nasdaq100 showed a slight downward trend, reflecting a cautious stance towards riskier assets.
Bitcoin thus encountered strong resistance, preventing the bulls from launching an attack. This caution may be due to non-trading days in the US and UK, which have significantly reduced the activities of institutional investors. Bitcoin levels of $69,500 to $68,500 are now drawing more attention. Without significant support from buyers at these levels, the correction could become more global.
According to Deribit, open positions in Bitcoin options expiring on March 29 have reached an all-time high of $9.5 billion. As we can see from the graph above, written at the time of writing, the BTC price is above $70,000. The price will once again struggle to surpass $71,000.
What Else is Happening in the World of Cryptocurrency?
With the latest recalculation, the mining difficulty of Bitcoin, the flagship of cryptocurrencies, has decreased by 0.97%. Since this change, the average hash rate has been around 593.99 EH/s.
According to Bitwise, several asset managers have allocated 3% of client funds to the leading cryptocurrency, and many are prepared to allocate more in the near future. Previously, there were concerns in the corporate world about BTC potentially dropping to zero, but with the success of the ETF, the ‘zeroing out’ story has fallen out of the conversation.
According to Metis, the Dencun update to the Ethereum network lays the foundation for global Blockchain adoption that could benefit traditional finance companies in the crypto space. A significant development yesterday was related to the FTX case. Former FTX CEO Sam Bankman-Fried was sentenced by a court in the Southern District of New York to 25 years in prison and an $11 billion fine. Prosecutors had sought a prison sentence of 40-50 years.
