Crypto prices today: Bitcoin at $72K, Ether at $4.1K, Dogecoin and Solana decline Bizz Buzz
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The crypto market was navigating turbulence on Friday, with major digital assets tumbling. After a brief but spectacular rally following the approval of spot Bitcoin exchange-traded funds (ETFs) in the US, the OG cryptocurrency Bitcoin has seen a steady decline in its prices.
Headwinds for the crypto market continue to linger, with more than $247 million in crypto liquidated in the past 24 hours. Bitcoin long positions worth nearly $68 million alone were liquidated during that period, according to data from CoinGlass.
Bitcoin’s (BTC) price sank another 3.6% in the past 24 hours. At one point, the BTC price fell to as low as $40,800 — the lowest in a month. However, Bitcoin recouped some losses and was last seen changing hands at $41,080. Bitcoin’s market cap slipped to $806 billion while trading volumes rose over 30% to $26.6 billion in the last 24 hours.
Ethereum — the third largest crypto — also went into a descent, sliding 2.8% over the last 24 hours to $2,460. At press time, Ether commanded a market cap of $295.5 billion while trading volumes stood at $11.9 billion, up 18% over the last 24 hours.
While Tether (USDT) price rose marginally to $0.99, BNB climbed 0.6% to $311.25. The remaining top 10 cryptocurrencies by market cap saw a steep decline in their prices in the past 24 hours.
Solana (SOL) price was down 6.7%, XRP was off 3%, Cardano (ADA) price was down 5%, and Avalanche (ADA) price plunged over 7%. Popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) slid over 3% each.
In sync with the negative sentiment, the global crypto market crashed nearly 3.5% to $1.62 trillion. The fear and greed index level stood at 56, indicating investor sentiment has taken a hit.
Top 3 Cryptos For Today
Pepe Price Falls Over 5%
The price of Pepe Coin tumbled over 5% over the last 24 hours to $0.000001125. Consequently, its market cap fell to $473.7 million. Its trading volume over the last 24 hours rose marginally to $73.3 million.
SEI Price Plummets 9%
The Sei Network’s namesake token has seen a more than 9% decline in its prices over the last 24 hours. At press time, SEI’s price stood at $0.717, while its market cap fell to $1.7 billion. The 24-hour trading volumes stood at roughly $502 million, down 5% in the last 24 hours.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin, Ethereum, Dogecoin Plummet As $600M Longs Liquidated In A Single Day: Analyst Says ‘We Hold $41K Benzinga
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COIN, MSTR, HOOD and crypto mining stocks MARA and RIOT are down today during pre-market hours while Bitcoin price is below $41,000.
Today Bitcoin price is down. The major crypto asset is treading below $41,000 this morning. The main crypto stocks in the pre-market are also in the red zone.
Coinbase Global Inc (NASDAQ: COIN) is down 3% and is trading at around $143. MicroStrategy Inc (NASDAQ: MSTR) stock is down over 3%, trading at $551. Marathon Digital Holdings Inc (NASDAQ: MARA) is trading at around $17, which means that it has lost already over 5% today. Riot Platforms Inc (NASDAQ: RIOT) is also down. Its loss is 4.99% and the stock is exchanging hands at $14.85. The pre-market loss of Robinhood Markets Inc (NASDAQ: HOOD) is over 2.5%. The trading price is around $11.
More details will be added soon.
As the crypto market braces for the Federal Reserve’s decision, traders are showing caution, evidenced by a 40% drop in trading volume over the last 24 hours.
Bitcoin (BTC), the world’s leading cryptocurrency, finds itself in a period of consolidation around the $41,000 price mark, as traders eagerly await the Federal Reserve‘s interest rate decision, scheduled for today.
Bitcoin’s Price Movement
Bitcoin’s recent journey in the market has been characterized by volatility, with the price rebounding from a low of $40,200 to $42,000 before settling at around $41,300. Despite the apparent stability, the crypto market remains on edge, with traders carefully analyzing key metrics to gauge the sentiments of major players in the space.
While some attribute the recent negative price movement to derivatives markets, a closer examination reveals a more complicated picture. The impact of forceful liquidation orders, often associated with futures markets, dissipated swiftly after Bitcoin’s price hit $40,200 on Monday. This suggests that the recent downturn was not solely driven by futures markets, challenging the notion of a crash caused by derivatives.
To determine whether influential market participants such as Bitcoin whales and market makers remain bullish, traders are closely monitoring the Bitcoin futures premium, also known as the basis rate. Despite the 9% intraday price drop on Monday, the BTC futures premium remained above the 10% neutral-to-bullish threshold, indicating resilience and possibly continued optimism among key players.
Examining the options markets provides further insights into investor sentiment. The 25% delta skew, which measures the cost of upside or downside protection, has remained neutral since December 5. This suggests a balanced cost for both call (buy) and put (sell) options, indicating resilience after the 6.1% correction since December 10.
Federal Reserve’s Role in Bitcoin Price
As the crypto market braces for the Federal Reserve’s decision, traders are showing caution, evidenced by a 40% drop in trading volume over the last 24 hours. Federal Reserve Chair Jerome Powell is expected to provide a summary of economic projections following the release of the Consumer Price Index (CPI) data, which showed a decline in US inflation to 3.1%, aligning with market expectations.
Investors are wary of potential rate adjustments, with the consensus leaning towards the Fed maintaining rates within the 5.25% to 5.50% range. The Fed’s previous decision to pause rate hikes was expected, allowing time to assess the impact on inflation and economic growth. The uncertainty surrounding the potential for future rate hikes has contributed to the instability seen in the Bitcoin price.
In the traditional financial markets, the Dow Jones Industrial Average futures rose by 0.11%, and S&P 500 and Nasdaq 100 futures climbed 0.11% and 0.18%, respectively. Positive sessions for major averages have been observed, with the S&P 500 and Dow reaching their highest intraday levels since January 2022, and the Nasdaq Composite reaching its highest level since April 2022.
Investors will be closely monitoring Jerome Powell’s commentary for clues on the timing of possible rate cuts. The CME FedWatch Tool indicates market expectations of rate cuts beginning next spring, but Powell may push back on this scenario. Treasury yields have also pulled back, with the 10-year Treasury yield falling to 4.2% after reaching 5% in October.
Bitcoin Halts at $41K as Traders Eye Fed Rate Decision; AVAX Flips Dogecoin as Altcoins Jump CoinDesk
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For many crypto enthusiasts and market participants, all indications point to the fact that Bitcoin could hit over $60,000 by April 2024.
Just as widely expected, it looks like Bitcoin’s (BTC) year will be ending on a very high note. This follows after its price surged 5% in the last 24 hours to surpass the $41,000 mark, according to CoinMarketCap data.
With its latest gains, Bitcoin has now reached levels not seen in over 19 months, and it may not even be done yet. The price surge also marks a new year-to-date high for BTC that has gained over 144% since 2023 began. However, despite this impressive run, it’s still down around 40% from its November 2021, all-time high of over $69,000.
Analysts Predict More Price Gains for Bitcoin (BTC)
For many crypto enthusiasts and market participants, all indications point to the fact that the flagship cryptocurrency could hit over $60,000 by April 2024. That is around the time the next Bitcoin halving will take place.
As Coinspeaker earlier reported, Matrixport research head Markus Thielen believes that Bitcoin will not only hit $60,000 by April but will eventually attain $125,000 by the end of 2024.
Thielen’s prediction is based on the historical records of what followed after the previous Bitcoin halvings. He said partly:
“Miners tended to hoard Bitcoin before each halving, prices increased by +200%, which would project Bitcoin reaching $125,000.”
Also fueling the bullish BTC price predictions is another interesting speculation that a wave of approval might come as early as January 10, 2024. That is for the firms that currently seek the United States’s approval to launch spot Bitcoin exchange-traded funds (ETFs).
Notable names among the 13 applicants with pending approvals are BlackRock and Grayscale.
According to a recent note by Standard Chartered, the approval of those ETFs could see Bitcoin fetching six figures before the end of next year.
Gold Gets Going
Interestingly, the price of gold may have also taken a cue from Bitcoin. The precious metal surged to new highs on Monday morning after breaking past the significant $2,100 level. However, it has since retraced its steps, shedding off about $90 so far. As of publication, the precious metal was seen trading at around the $2,068 area, down less than 0.10% for the day.
The latest actions of gold appear to suggest that investors are bracing up for a potential stock market unrest.
Justin Sun, the founder of the Tron network, has recently found himself in the midst of several adversities and challenges. Sun has been the subject of close scrutiny ever since the U.S. SEC brought charges against him for fraud and market manipulation, which resulted in the loss of his diplomatic status as Grenada’s Ambassador to the World Trade Organization.
Justin Sun Offers Bitcoin Buyout Deal
On March 31, the United States District Court for the Southern District of New York received a document from the government on the case against James Zhong, which stated that the agency has begun liquidating 51,352 Bitcoins seized in connection with the Ulbricht case. The filing claims that on March 14, government officials sold 9,861 Bitcoins for almost $215 million while keeping nearly 41,491 Bitcoins to be sold at a later date.
Read More: Top Mastercard-Backed Blockchain App Migrates To Hedera; Is HBAR Price Gunning For $1?
In light of this revelation, the 32-year-old crypto mogul offered the US government a buyout deal for the seized 41K BTC at a 10% haircut. Sun’s proposal came against the backdrop of growing concerns surrounding the mounting sell-pressure bestowed upon Bitcoin. He believes that the deal would “minimize the potential impact on the market”, as stated in his latest tweet.
Will Justin Sun Walk The Talk?
Tron’s creator explicitly mentioned that he is willing to purchase these BTC for a concession of 10%. In addition to that, he noted that he was open to the idea of executing the deal over an OTC transaction — as high-valued sales like these could adversely affect the price of Bitcoin.
US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023
On the other hand, some in the crypto community are skeptical about Sun’s assertions because he is currently the subject of an ongoing SEC investigation. However, Sun has been known to make such wild statements in the past as well. The crypto entrepreneur achieved mainstream fame and instantly rose to the top of the celebrity ladder after accepting the grand $4.5 million dinner offer from Warren Buffet back in 2020.
Also Read: Bitcoin’s Price Flashes Buy Signal, Is $35,000 In Sight?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a filing made on March 31 with the US District Court for the Southern District of New York concerning the case against James Zhong, it was stated that authorities from the United States government had started liquidating approximately 51,352 Bitcoin (BTC) that had been seized in connection with the Ulbricht case. According to the document, on March 14, government officials sold approximately 9,861 Bitcoins for more than $215 million, retaining almost 41,491 BTC to be sold later.
US To Sell Silk Road Bitcoin
The filing further revealed that the government intended to off-load the remaining 41K BTC in four separate lots throughout the course of this calendar year. Considering Bitcoin’s price at the time of writing, this sale would translate to roughly $1.2 billion in favor of the US government.
Read More: Bitcoin’s Price Flashes Buy Signal, Is $35,000 In Sight?
According to the court filing, the United States government was quoted as saying:
The Government understands [that the Bitcoin] is expected to be liquidated in four more batches over the course of this calendar year.
Zhong entered a guilty plea in November on accusations of committing wire fraud in conspiring a plot to steal bitcoins from Silk Road in the year 2012. However, in November 2021, law enforcement officials from the United States raided his residence in Georgia and confiscated more than 50,000 BTC, which was reportedly worth over $3 billion at the time.
Markets Spooked By Revelation
In light of this news, crypto traders and market participants became slightly concerned after seeing that US authorities transferred over $200 million worth of bitcoin to Coinbase earlier this month. With the US planning to offload an additional 41K Bitcoins along with the Mt.Gox repayments slated to be disbursed this year — the crypto market anticipates mounting sell pressure for the flagship cryptocurrency.
As things stand, the price of BTC is currently exchanging hands at $28,334 which represents an increase of 2.02% over the past 24 hours in comparison to a gain of 2.51% recorded over the previous seven days.
Also Read: Top Mastercard-Backed Blockchain App Migrates To Hedera; Is HBAR Price Gunning For $1?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin extended gains above $42,500 against the US Dollar. BTC struggled near $43,000 and started a sharp downside correction.
- Bitcoin started another decline after it failed to clear the $43,000 resistance zone.
- The price is now trading below $41,000 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $41,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt a fresh increase, but the $41,000 resistance holds the key.
Bitcoin Price Dips
Bitcoin price remained well bid above the $41,500 resistance zone. BTC gained pace and cleared the $42,000 resistance zone. It even moved above $42,500 and the 100 hourly simple moving average.
However, the bulls failed to push the price above the $43,000 level. A high was formed near $42,950 and the price reacted to the downside. There was a sharp move below the $42,000 level. Besides, there was a break below a major bullish trend line with support near $41,250 on the hourly chart of the BTC/USD pair.
There was a break below the 50% Fib retracement level of the upward move from the $38,750 swing low to $42,950 high. Bitcoin is now trading below $41,000 and the 100 hourly simple moving average.
The price is now consolidating above the 61.8% Fib retracement level of the upward move from the $38,750 swing low to $42,950 high. An immediate resistance on the upside is near the $40,750 level. The next key resistance could be $40,950 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
To start a strong upward move, the price must settle above the $41,000 zone and the 100 hourly simple moving average. If the bulls succeed, the price could rise towards the $41,800 resistance zone.
More Losses in BTC?
If bitcoin fails to clear the $41,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,250 level.
The next major support is seen near the $40,000 level. A downside break below the $40,000 zone could send the price towards the $39,250 support zone.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $40,250, followed by $40,000.
Major Resistance Levels – $40,750, $41,000 and $41,800.
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