The crypto market capitalisation fell to $2.63 trillion. – the bottom of the range for the week. The top coins have moved without momentum over the past 24 hours, with losses for BTC (-0.9%), Ethereum (-1.9%) and BNB (-3%), but gains for Solana (1.4%), Dogecoin (+0.5%) and Toncoin (+2%).
Bitcoin was once again subject to an intensified sell-off after briefly moving above $71.5K. At the start of active trading in Europe, BTCUSD fell below $69K. This is a sharp drop from the immediate upper boundary to the lower boundary of the last six days’ trading range. Such a large amplitude can be explained by reduced liquidity due to the Easter weekend.
We still see the dips to just below $69K as a post-growth consolidation – an important stage before a new advance. However, we have already seen several false starts, so it is better to wait for confirmation that Bitcoin has completed the consolidation. In our case, it’s the ability to grow above $71.5K.
Bitcoin rose 15.4% in March to $70.9K, hitting all-time highs on several occasions. The number one cryptocurrency has risen in six out of the last seven months. In terms of seasonality, April is considered one of the best months for the top cryptocurrency. Over the past 13 years, Bitcoin has ended the year higher nine times. The average rise has been 21.6%, while the average fall has been 7%.
News background
The monthly demand for BTC in 2024 jumped from 40,000 to 213,000 coins, according to CryptoQuant. The number of available bitcoins fell to 2.7 million, the lowest in four years.
According to Santiment, crypto whales bought 100,000 BTC last week for a total of over $7 billion. According to GoinGlass, open interest in bitcoin futures reached a record $38 billion. The figure rose by $12 billion over the month.
CFTC Commissioner Caroline Pham said the cases against cryptocurrency exchange KuCoin highlight significant differences in approaches to the classification of cryptocurrencies and cross-jurisdictional lines between the CFTC and SEC.
Former CIA contractor Edward Snowden suggested that the largest US crypto exchange, Coinbase, had a good chance of winning its legal battle with the SEC.
Forbes questioned the usefulness of the Ripple ecosystem, specifically the XRP Ledger (XRPL) and the XRP token. In addition to XRPL, Cardano, Bitcoin Cash, Litecoin and Stellar were included in the list of “useless” blockchains, sparking outrage in the crypto community.
Information supplied by: The FxPro Analyst Team
