The crypto market capitalization experienced a downturn, reaching $2.63 trillion, marking the week’s low point. Major cryptocurrencies displayed varied movements within the past 24 hours, with Bitcoin (BTC) witnessing a decline of 0.9%, Ethereum (ETH) down by 1.9%, and Binance Coin (BNB) slipping by 3%. Conversely, Solana saw gains of 1.4%, while Dogecoin surged by 0.5% and Toncoin by 2%.
Bitcoin encountered heightened selling pressure after briefly surpassing the $71.5K mark. Upon the commencement of active trading in Europe, BTCUSD plummeted below $69K, marking a significant retreat from the upper boundary to the lower limit of the past six days’ trading range. Such pronounced volatility can be attributed to diminished liquidity levels over the Easter weekend.
Despite the dip below $69K, market analysts view this as a period of post-growth consolidation, an essential phase preceding a potential upward movement. However, amidst several false starts, market participants await confirmation of Bitcoin’s consolidation completion, indicated by a sustained rise above $71.5K.
In March, Bitcoin registered a robust 15.4% increase, reaching $70.9K and attaining multiple all-time highs. Notably, the leading cryptocurrency has recorded gains in six out of the last seven months. Historically, April emerges as a favorable month for Bitcoin, with nine out of 13 years concluding with positive returns. On average, Bitcoin has witnessed a 21.6% surge in April, contrasting with a 7% average decline.
Significant Developments in the Crypto Sphere
Cryptocurrency market insights indicate a substantial surge in monthly Bitcoin demand for 2024, soaring from 40,000 to 213,000 coins, as reported. Concurrently, the available supply of bitcoins dwindled to 2.7 million, marking a four-year low.
According to Santiment, prominent crypto whales acquired 100,000 BTC last week, amounting to over $7 billion in total transactions. Additionally, data from GoinGlass revealed a record-breaking $38 billion open interest in Bitcoin futures, witnessing a $12 billion increase over the month.
Caroline Pham, CFTC Commissioner, underscored the jurisdictional disparities between the CFTC and SEC in addressing cryptocurrency-related issues, citing the cases against KuCoin as illustrative examples.
Former CIA contractor Edward Snowden expressed optimism regarding Coinbase‘s legal battle with the SEC, suggesting favorable outcomes for the largest US crypto exchange.
Forbes ignited controversy within the crypto community by questioning the utility of the Ripple ecosystem, particularly the XRP Ledger (XRPL) and the XRP token. The article also cast doubt on the efficacy of other blockchains, including Cardano, Bitcoin Cash, Litecoin, and Stellar, provoking strong reactions from enthusiasts.
