Here is what you need to know
Markets
BTC/USD has shattered $8,800 support after falling from an intraday high at $8,898. The market has turned bearish in the European hours, although bulls remained in control of the Asian session. Bitcoin price is trading 0.25% lower from the opening value. The low volatility level (in the short term) suggests both downward and upward movements could remain limited.
ETH/USD is almost back to the intraday low on Friday at $226.64. The ongoing retreat follows failure to break above the resistance at $235. Tentative support at $230 tried but failed to keep Ethereum price afloat. At the moment, ETH/USD is teetering at $226.68 amid a growing bearish momentum.
XRP/USD has not been spared the ax after failing to break the hurdle at $0.2450. Losses are mounting at the time of writing while Ripple price is dancing at $0.2370. Support is expected at $0.2300 but if shattered, the recent buyer congestion zone at $0.2200 will come in handy.
Top 100 cryptocurrencies update
The best performing cryptocurrencies among the top 100 include Selfpay $1.06 (20.92%), Bytecoin, $0.0005 (16.29%), Kyber Network $0.5728 (19.87%), PRIZM $0.2122 (11.59%), NEM $0.0505 (7.09%), Maker $586.21 (8.76%) and Chainlink $3.94 (7.26%).
Chart of the day
BTC/USD daily chart (The zone between $8,200 and $8,500 remains to be Bitcoin’s primary support even as bulls continue to be ousted).
-637184705428853456.png)
Market
FTX Ethereum futures volume shoot to all-time high
The relatively new Hong Kong-based FTX cryptocurrency derivatives exchange has seen a surge in the volume of Ethereum futures. The volume to an all-time high of $245 million, representing a 50% rise from the $162 million in volume recorded on Tuesday. Ethereum futures previous record high on the exchange was $189 million (on February 20).
As ETH futures volume ballooned on FTX, the crypto’s price plunged to $210 in tandem with Bitcoin price fall to $8,530.
Rodger Ver: Bitcoin maximalist only interest if to pump BTC price
According to Rodger Ver, an investor in the digital currencies, Bitcoin maximalists have gotten it all wrong. He says that his interest lies with seeing “crypto undermine the power of governments to control peaceful people.” However, “only hold a single coin and want to pump it”
Industry
The Litecoin Foundation has partnered with MeconCash in order to add support for Litecoin (LTC) to the M.Pay payments platform. The support would see crypto users withdraw LTC using Korean Won (KRW) at more than 13,000 ATMs in South Korea. The support will also enable users to have access to quick cash in addition to being able to send money from overseas to South Korea. The users of Litecoin will also be able to shop using LTC on MeconMall. Charlie Lee, the founder of LTC said in regards to the partnership:
Litecoin’s integration into M.Pay’s platform and large network of ATM’s is a big step toward expanding Litecoin’s footprint in the South Korean market, and we are excited to partner with MeconCash as they continue to grow their platform and offer additional services which Litecoin vas be used.
Regulation
The US Commodity Futures Trading Commission (CFTC) in a meeting held on February 26 discussed topics related to stablecoins and their impact on the traditional economy. In attendance, were representatives from three stablecoins, JPM Coin, MarkerDao and Paxo. CFTC Commissioner Brian Quintenz pointed out that stablecoins have the potential to serve as liquid exchange mediums in the future. He also said:
In the furtherance of providing such correlated value, stablecoins have the potential, through tokenization, to function as viable, liquid mediums of exchange and serve as powerful enablers of smart contracts.
Quote of the day
Bitcoin maximalists only hold a single coin and want to pump it.
I hold dozens of coins and just want crypto to undermine the power of governments to control peaceful people.
Roger Ver @rogerkver
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily
Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.
Floki poised for growth after listing on Revolut
Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.
Jupiter DEX second Launchpad vote concludes, JUP price rises 5%
Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?