The cryptocurrency market has seen a marginal 0.3% increase in total value over the past day, reaching $2.66 trillion. This modest growth occurs amid a stable trading range for market leaders Bitcoin and Ethereum, with minimal movement from the previous day. Notably, Dogecoin has surged by 7.4%, while Binance Coin (BNB) has experienced a 3.8% uptick. Conversely, Avalanche and Toncoin have both experienced declines, dropping by 1.3% each.
Bitcoin’s Struggle for Ascendancy
Despite several recent attempts, Bitcoin has yet to sustain a position above the $71,000 mark. This resistance is in the face of contrasting market signals, with the S&P 500 closing higher yet the Nasdaq100 exhibiting a slight decline, indicating a cautious approach to high-risk assets. Market watchers are now focusing on Bitcoin’s support levels between $69,500 and $68,500, with the potential for a more extensive correction if buyer support wanes.
Options market activity suggests heightened interest, as open positions in Bitcoin options set to expire on March 29 have reached a record-breaking $9.5 billion. The Bitcoin price hovers above $70,000 as it approaches the $71,000 resistance level once more.
Broader Crypto Developments
Bitcoin’s mining difficulty recently decreased by 0.97%, which has led to an average hash rate of around 593.99 EH/s. Asset managers have been gradually increasing their Bitcoin allocations, with many expressing readiness to boost their stakes. The skepticism surrounding Bitcoin’s value plummeting to zero has subsided, especially following the success of the cryptocurrency exchange-traded funds (ETFs).
Updates to the Ethereum network are paving the way for more widespread blockchain adoption, potentially benefiting the traditional financial sector. In legal news, former FTX CEO Sam Bankman-Fried received a 25-year prison sentence and an $11 billion fine from a New York Southern District court, although prosecutors had recommended a longer sentence of 40-50 years.