Following a tumultuous week marked by substantial liquidations driven by unexpectedly high US CPI data, Bitcoin has shown resilience, 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, spurred by a strengthening US dollar possibly catalyzed by the Swiss Central Bank’s decision to reduce interest rates by 25 basis points. Additionally, the outflows on Bitcoin spot ETFs especially from Grayscale’s GBTC rose contributing to the downward trend.
Despite these temporary setbacks, Bitcoin has managed to sustain itself above the critical $60,000 threshold, showcasing impressive growth of 26% over the past month and a staggering 133% over the past year. The next support level would be around $64,000, with resistance expected at $67,300. Concurrently, Ethereum hovers around the $3,500 mark, with bullish sentiments aiming to reclaim levels above $3,600, potentially triggering an upward trend.
In other developments, Coinbase has unveiled plans to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash by April 1st. This announcement has spurred positive momentum for all three cryptocurrencies, driving gains in their respective markets.
Crypto Tracker
48,371 (3.24%)
83 (0.15%)
5,452,988 (-2.1%)
288,439 (-2.17%)
14,675 (-6.49%)
Meanwhile, OKX, a prominent crypto exchange, has opted to discontinue its services for Indian users. Investors should transfer their funds to platforms compliant with Financial Intelligence Unit (FIU) regulations in India. By opting for FIU platforms, users can get enhanced legal protection against potential fraudulent activities.Furthermore, BlackRock Inc, renowned for managing the world’s fastest-growing spot Bitcoin ETFs, has embarked on a new venture by launching its inaugural tokenized fund, called BUIDL, on the Ethereum network. This innovative fund marks BlackRock’s foray into tokenization, a process that involves digitizing traditional assets on a blockchain platform to leverage the benefits of decentralized technology. The introduction of BUIDL underscores the growing intersection between traditional finance and blockchain technology, signaling a broader adoption of digital assets within institutional investment circles.It is paramount 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, thereby safeguarding their investments and fostering a more secure and trustworthy ecosystem for digital asset adoption.Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week: As per prices on Friday.
Top 5 crypto gainers during the week:
1. Fantom is up by 47%
2. Ondo is up by 39%
3. Stacks is up by 31%
4. Jupiter is up by 27%
5. Sui is up by 23%
Top 5 crypto losers this week:
1. Bonk is down by 26%
2. Dogwifhat is down by 25%
3. Worldcoin is down by 17%
4. NEAR Protocol is down by 17%
5. Injective is down by 15%
(This article is attributed to Mr Edul Patel, CEO & Co-founder of Mudrex, a Global Crypto Investment Platform)