Crypto Market Update: Bitcoin Resilience, Ethereum’s Bullish Sentiments, and Coinbase’s Futures Trading Plans
Following a turbulent week driven by significant liquidations due to high US CPI data, Bitcoin has shown resilience by rebounding to the $67,000 mark after the Federal Reserve’s decision to maintain key interest rates for the fifth consecutive meeting. However, this upward trajectory was short-lived as Bitcoin promptly retreated to the $65,000 level. The strengthening US dollar, possibly influenced by the Swiss Central Bank’s decision to reduce interest rates, played a role in this retreat. Additionally, outflows on Bitcoin spot ETFs, especially from Grayscale’s GBTC, contributed to the downward trend.
Despite these temporary setbacks, Bitcoin has managed to sustain itself above the critical $60,000 threshold. It has showcased impressive growth of 26% over the past month and a staggering 133% over the past year. The next support level is expected to be around $64,000, with resistance at $67,300. Concurrently, Ethereum hovers around the $3,500 mark with bullish sentiments aiming to reclaim levels above $3,600 and potentially trigger an upward trend.
Coinbase Announces Futures Trading for Dogecoin, Litecoin, and Bitcoin Cash
In other developments in the crypto market, Coinbase has revealed plans to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash by April 1st. This announcement has generated positive momentum for all three cryptocurrencies and driven gains in their respective markets.
OKX Discontinues Services for Indian Users
Meanwhile, OKX, a prominent crypto exchange, has decided to discontinue its services for Indian users. Investors who were using OKX are advised to transfer their funds to platforms compliant with Financial Intelligence Unit (FIU) regulations in India. By opting for FIU platforms, users can benefit from enhanced legal protection against potential fraudulent activities.
BlackRock Launches Tokenized Fund on Ethereum Network
Furthermore, BlackRock Inc, known for managing the world’s fastest-growing spot Bitcoin ETFs, has entered a new venture by launching its first tokenized fund called BUIDL on the Ethereum network. This innovative fund marks BlackRock’s entry into tokenization, which involves digitizing traditional assets on a blockchain platform to leverage the benefits of decentralized technology. The introduction of BUIDL highlights the increasing intersection between traditional finance and blockchain technology, indicating broader adoption of digital assets within institutional investment circles.
It is crucial for investors to conduct thorough research before investing in tokens or selecting a platform to safeguard their funds against potential fraudulent activities. By exercising diligence and vigilance, investors can mitigate the risk of falling victim to scams, Ponzi schemes, or fraudulent platforms. This approach will help safeguard their investments and contribute to a more secure and trustworthy ecosystem for digital asset adoption.
Top Performers and Losers in the Crypto Market
Among the top 100 cryptos by market cap, here are the best and worst-performing cryptocurrencies over the past week:
Top 5 crypto gainers during the week:
- Fantom is up by 47%
- Ondo is up by 39%
- Stacks is up by 31%
- Jupiter is up by 27%
- Sui is up by 23%
Top 5 crypto losers this week:
- Bonk is down by 26%
- Dogwifhat is down by 25%
- Worldcoin is down by 17%
- NEAR Protocol is down by 17%
- Injective is down by 15%
(This article is attributed to Mr. Edul Patel, CEO & Co-founder of Mudrex, a Global Crypto Investment Platform)
Hot Take: Key Updates in the Crypto Market
The crypto market has witnessed various significant developments recently. Bitcoin’s resilience and Ethereum’s bullish sentiments have caught the attention of investors. Coinbase’s announcement about futures trading for Dogecoin, Litecoin, and Bitcoin Cash has further fueled positive momentum in the market. Additionally, BlackRock’s entry into tokenization with the launch of its tokenized fund on the Ethereum network signifies the growing convergence between traditional finance and blockchain technology.
Investors are advised to stay informed and exercise caution while navigating the crypto market. Thorough research and due diligence are crucial to safeguarding funds against potential fraudulent activities. By staying vigilant, investors can protect their investments and contribute to a more secure and trustworthy ecosystem for digital asset adoption.
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