Bitcoin (BTC), the most popular cryptocurrency in the world, has been showing signs of resilience and is managing to consistently bounce back to the $70,000 mark a couple of weeks ahead of the much-awaited BTC halving event. Of course, readers are reminded that the halving event may not lead to a mega boom, as several factors affect prices. Still, a stable BTC also gives way to a relative boom among other coins as well. It remains to be seen how long Bitcoin can hold on to its newfound rally.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (April 1), the overall crypto market cap stood at $2.68 trillion. BTC price stood at around $70,500, ETH price stood at around $3,600.
A week later, the overall market cap rose to $2.68 trillion.
Check Out Top Crypto Prices Today
DeFi’s total volume stands at $8.04 billion, at 10.64 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $67.14 billion, at 88.92 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 76 points (out of 100).
BTC dominance, at the time of writing, stood at 52.84 percent.
Over the past seven days, Bitcoin achieved a high of $72,395.27 (on April 8) and a low of $64,779.61 (April 2).
Ethereum, on the other hand, saw a high of $3,613.85 (April 8) and a low of $3,225.09 (April 5).
Crypto Events To Note
Paraguay’s stance on cryptocurrency and its mining operations is undergoing a significant shift as lawmakers consider new regulations. A recent bill proposed in the National Congress aims to impose a temporary ban on cryptocurrency mining activities within the country, citing concerns over their extensive energy consumption.
Introduced by a group of Paraguayan legislators on April 3, the bill suggests a 180-day halt on both the operation and establishment of cryptocurrency mining facilities and related ventures. This moratorium could potentially be extended until comprehensive legislation governing these activities is implemented. Should the bill gain approval, legal miners operating within Paraguay may find themselves in uncertain territory.
Meanwhile, Brazil is gearing up to revamp its taxation system concerning cryptocurrencies. The impending introduction of a new bill aimed at reforming investment taxation for individuals could potentially reshape the landscape of crypto taxation in the country.
The proposed bill, slated to be unveiled in the forthcoming sessions of the National Congress, seeks to redefine the taxation framework for cryptocurrencies. Under the proposed changes, cryptocurrencies would be classified akin to stocks and capital assets, subjecting them to a variable exchange rate mechanism. If the bill comes into effect, cryptocurrency investors would be required to allocate 15 percent of their income generated from crypto transactions towards taxation.
Lastly, Coinbase, a leading digital currency exchange platform, has achieved a noteworthy feat in Canada. The company has confirmed its registration as a restricted dealer within the nation, marking a pivotal milestone in its expansion efforts.
Acknowledging Canada’s standing as the third-most crypto-aware nation in the world, Coinbase underlined the country’s vibrant tech ecosystem and its potential to emerge as a frontrunner in the global crypto-economy. This move not only signifies Coinbase’s commitment to enhancing its presence internationally but also reflects the growing enthusiasm surrounding digital assets within Canada.
With its newfound status as a registered restricted dealer, Coinbase is poised to offer its suite of cryptocurrency services to Canadian users, tapping into a market ripe with opportunity. This development underscores the company’s strategic vision to broaden its reach and provide accessible avenues for individuals to engage with cryptocurrencies.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “As Bitcoin maintains its position above the $69,000 mark, the week ahead appears to be characterized by continued consolidation. Despite the lack of significant momentum, there is a possibility for a marginal advantage in bullish sentiment if Bitcoin manages to sustain its upward trajectory. Resistance levels at $70,200 and $73,000 present potential barriers, while support remains steady at $67,500. Investors and traders should monitor and assess the market closely throughout the week.”
WazirX Vice President Rajagopal Menon offered his take, “Despite experiencing sideways movement, Bitcoin has neared the $70,000 threshold and is poised to touch this milestone imminently. However, the sustainability of this upward momentum remains uncertain. The recent rally in Bitcoin briefly elevated the overall cryptocurrency market cap before experiencing a slight dip of 0.17% over the last 24 hours. This could continue for a couple more days before overbought conditions for the token become the prominent market sentiment.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.