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By Alex Kuptsikevich
Market picture
The cryptocurrency market is up 0.3% in 24 hours to $2.66 trillion, but it's not due to reduced volatility. Bitcoin and Ethereum are trading close to the previous day's levels. Among the top coins, Doge (+7.4%) and BNB (+3.8%) are the best performers. At the other end of the spectrum are Avalanche (-1.3%) and Toncoin (-0.9%).
Bitcoin's fourth attempt to consolidate above $71K this week was unsuccessful. The Nasdaq100 also showed some downward bias, indicating a cautious attitude towards risky assets, although the S&P500 closed at another high.
Bitcoin has thus found strong resistance, preventing the bulls from launching an offensive. The caution in this case is due to the non-trading days in the US and UK, which greatly reduce the activity of institutional traders. The $69.5K and $68.5K levels attract our increased attention. Without significant support from buyers there, the correction could become more global.
In another recalculation, the mining difficulty of the first cryptocurrency decreased by 0.97%. The indicator stood at 83.13 T. The average hash rate for the period since the previous change in value was 593.99 EH/s.
According to Deribit, open interest in Bitcoin options maturing on 29 March has risen to an all-time high of $9.5bn.
News background
According to Bitwise, a few asset managers have already allocated 3% of client funds to the first cryptocurrency, and many are ready to do so soon.
Previously, there was some concern in the institutional environment about the potential collapse of BTC to zero, but amid the success of the ETF, the 'zeroing out' narrative has disappeared from the agenda.
The Dencun update to the Ethereum network is the foundation for global blockchain adoption, which could benefit TradFi companies in the crypto space, according to Metis.
Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison and fined $11 billion by a court in the Southern District of New York. Prosecutors asked for a 40ā50-year behind bars.
About the author
Alex Kuptsikevich is a financial market professional with 16-yearsā experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.