updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin was relatively flat on Sunday evening after spiking earlier on an intraday basis as the global cryptocurrency market cap rose 0.9% to $2.2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.2% | -2.1% | $46,031.74 |
| Ethereum ETH/USD | 1.05% | 6.1% | $3,495.98 |
| Dogecoin DOGE/USD | 3.3% | -0.2% | $0.145 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Covex Finance (CVX) | +14.8% | $38.89 |
| Compound (COMP) | +11.2% | $168.68 |
| BORA (BORA) | +10.2% | $1.06 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin touched an intraday high of $47,313.48 on Sunday. Volumes remained muted compared with weekdays.
On Friday, Edward Moya, a senior market analyst with OANDA, referenced the $1 billion investment by the Terra (LUNA) blockchain into Bitcoin.
“Bitcoin needs a couple more major investments in order to make a run above the $50,000 level and that might take some time given the global bond market selloff,” Moya wrote in a note.
The S&P 500 and Nasdaq closed 0.3% higher at 4,545.86 and 14,261.50, respectively, on Friday. U.S. stock futures were marginally lower at press time.
Cryptocurrency trader Justin Bennett said it was not a “good look” for the S&P 500 failing to hold above the 4,600 levels. He urged caution on Twitter, saying “if stocks puke next week,” they would drag cryptocurrencies lower with them.
Not a good look for the S&P 500 failing to hold above 4,600 tbh.$BTC is still well above the must hold $44,500 support, but we know that if stocks puke next week, it’ll drag #cryptos with them.
Be careful out there.$SPY $SPX pic.twitter.com/t5nWzAUfzx
— Justin Bennett (@JustinBennettFX) March 31, 2022
On-chain metrics indicate that Bitcoin exchange outflow volume recently rose to 96,200 BTC per month.
“Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions through history, with most being after the March 2020 liquidity crisis,” tweeted Glassnode.
#Bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month.
Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions through history, with most being after the March 2020 liquidity crisis.
Live Chart: https://t.co/k9wM940HCQ pic.twitter.com/836zjf39Nh
— glassnode (@glassnode) April 4, 2022
Meanwhile, Ethereum — the second-largest coin by market cap — has been gaining price dominance against Bitcoin, according to financial market data platform Santiment.
“The $ETH / $BTC price ratio of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878,” said Santiment in a tweet.
#Ethereum has been gaining in price dominance against #Bitcoin, and the $ETH / $BTC price ratio of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878. The top 10 whale addresses remain holding a significant % of supply. https://t.co/euJ94ihSQl pic.twitter.com/vjt4ZghT19
— Santiment (@santimentfeed) April 2, 2022
Going forward into the fresh trading week, Alternative.me’s “Crypto Fear & Greed Index” flashed “Neutral” at press time compared with last week’s “Greed.”
Read Next: More Than 90% Of All Bitcoin Now In Circulation; So What’s Next For The Miners
Dogecoin DOGE/USD traded 0.9% lower at $0.15 over 24-hours leading up to early Tuesday morning.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 0.9% |
| 24-hour against Bitcoin BTC/USD | -3% |
| 24-hour against Ethereum ETH/USD | -4.4% |
| 7-day | 20% |
| 30-day | 16.7% |
|
YTD performance
|
-15.5% |
See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? Dogecoin was muted in comparison with its larger peers Bitcoin and Ethereum, both of which traded in the green on an intraday basis. At press time, the global cryptocurrency market cap rose 1.45% to $2.15 trillion.
DOGE was among the most mentioned coins on Twitter. At press time, it attracted 1,409 tweets, according to Cointrendz data.
Bitcoin, Ethereum, and Cardano were the three most mentioned coins. They attracted 8,996, 5,075, and 3,463 tweets, respectively.
Cryptocurrencies were buoyant on Monday as prices of commodities moderated and money flowed into the market.
Dogecoin Twitter handle Mishaboar shared an “important update” regarding Indian tax laws that come into force on April 1.
The Twitter user reminded their followers that the Indian government plans to levy a 30% tax on gains and a 1% tax on each trade.
Important retweet for all shibes in #India (and not only). https://t.co/TxoLV0m1Tt
— Mishaboar (@mishaboar) March 29, 2022
Additionally, a tax on each trade which the Indian government calls “Tax Deduction at Source or TDS” would come into effect on July 1.
The 30% tax is a flat tax, not depending on your income level, and will come into effect on April.
The tax on each trade (TDS) will apply to trades occuring within Indian exchanges, and should come into effect on July 1st, 2022.
— Mishaboar (@mishaboar) March 28, 2022
“Regardless of the specificity and aggressive nature of these new taxes, crypto remains an unregulated digital asset class in [India], and there is no specific advancement concerning the regulation of crypto and protection of investors’ rights,” said Mishaboar.
Dogecoin Chatter: DOGE co-creator Billy Markus shared a meme on an incident at the Academy Awards where the actor Will Smith slapped Chris Rock for making a joke about the latter’s wife.
poor @willsmith pic.twitter.com/NybOtQp580
— Shibetoshi Nakamoto (@BillyM2k) March 28, 2022
Read Next: Elon Musk Reacts To Will Smith Slapping Chris Rock At Oscars
The weekend rally in cryptocurrencies petered out on Sunday night as major cryptocurrencies turned red and the global cryptocurrency market cap fell 4.25% to $1.75 trillion.
What Happened: Ethereum (CRYPTO: ETH), the second-largest cryptocurrency by market cap, which shot up beyond the $3,100 mark on Saturday, fell below the psychologically important $3K level.
At press time, ETH traded 7.3% lower over 24 hours at $2,929.30. Over seven days ETH traded 15.74% higher.
The apex cryptocurrency, Bitcoin (CRYPTO: BTC), fell 2.93% to $43,102.16. BTC is up 8.5% for the week.
See Also: How To Buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) corrected sharply by 15.55% over 24 hours and traded at $0.23 at press time. Over a seven-day period, DOGE traded 14.15% higher.
XinFin Network (CRYPTO: XDC) was the top gainer over 24 hours on Sunday night rising 19.8% to $0.094. XDC rose 18.43% over seven days.
The token on of the hybrid blockchain technology traded 22.68% and 27.84% higher against BTC and ETH respectively.
XinFin Network claims to have introduced the first decentralized email solution on Friday
Other notable gainers over 24 hours at press time were Holo (CRYPTO: HOT), Elrond (CRYPTO: EGLD), and Axie Infinity (CRYPTO: AXS).
HOT shot up 4.54% to $0.0081, EGLD was up 3.97% to $122.07, and AXS edged up 1.96% to $41.57 in the period.
Why It Matters: Following Ethereum’s London hard fork, the cryptocurrency could become a deflationary asset as network data suggested the process of burning of tokens has commenced.
Derivatives market indicators point towards a bullish trend building up in ETH with Switzerland-based options exchange Laevitas data showing that ETH volumes rose by more than 50,000 ETH to 153,000 ETH or $424 million on Saturday, CoinDesk reported.
Call options were reportedly more active than puts, with most popular derivatives being calls with an expiry of March 2022 carrying strike prices of $50,000 and $40,000.
Glassnode data pointed to growing activity on BTC blockchain even as that asset’s price grew over the weekend.
BTC’s total transfer volume (entity adjusted) rose to $7.48 billion a day over the fortnight leading up to Saturday, as per CoinDesk.
Transactions larger than $1 million made up 46.5% of the total transaction volume and were rising, noted Glassnode.
This week, the bi-partisan infrastructure bill’s passage through the U.S. Senate is likely to take center stage.
See Also: Elon Musk Sides With Crypto Industry In Infrastructure Bill Debate
The bill, which is partly financed by a wider tax net on cryptocurrencies, can only be expedited through the legislative body if all 100 Senators agree to its passage.
Currently, Sen. Bill Hagerty (R-Tenn.) is objecting to its fast-tracking citing the effect on the federal budget deficit, reported Reuters.