Bitcoin and Altcoins Start the Week Calmly
Bitcoin and Altcoins Start the Week CalmlyBy Manoj Dharra
Crypto market was trading flat on Monday ahead of a key policy rate decision in the U.S. later in the week — an event that is likely to set the direction of the crypto market in the near term. In the past, The Fed’s actions have influenced the global financial system and the crypto market is highly sensitive to these developments. Bitcoin had slumped to around $77,000 on Tuesday, the least since just after the election of Trump in November. That was about a 30% drop from the all-time high of $109,000 reached on inauguration day in January. BTC was trading at $83,300 down 0.2 percent while ETH was at $1900 up 0.5 percent. The overall crypto market cap was at $2.73 trillion down by 0.1 percent. As Bitcoin price struggles to pass the $84,000 resistance on the upside, bearish calls for BTC are rising amid severe concerns in the US stock market which have corrected by 12%. Economist Peter Schiff believes that things could turn brutal for BTC if the correction slips further into a bear market. The slide triggered a record outflows from Bitcoin exchange-traded funds, ETFs: Investors pulled over $5.5 billion in total from the group of 12 ETFs over the past five weeks, data compiled by Bloomberg show. The record outflows started shortly after Trump returned to the White House, underscoring how even crypto investors have focused more on the trade war he ignited than on his crypto-friendly policies like creating a digital-asset stockpile. Investors continue to focus on macroeconomic events such as inflation and tariffs and ignore several crypto-friendly measures taken by the Trump administration… BNB Chain surpasses Solana in 24-hour DEX volume. BNB Up by 4% (CMP – $630) On March 17, according to SoSoValue data, the crypto market sectors generally fell, while the RWA sector rose 0.75% in 24 hours, MANTRA’s OM token rose by 5% (CMP – $6.92). OKX has repurchased and burned ~31.1M $OKB tokens worth approximately $1.32B; OKB Jumps 6% (CMP – $49.42)
Outlook Wednesday, March 19th: We have the Bank of Japan’s interest rate decision. Any hint of a shift in their policy, even subtle nuances in their statement, can send tremors through currency markets and, by extension, the crypto market. ON Wednesday all eyes will be glued to the U.S. Federal Reserve’s interest rate decision. This is arguably the most significant economic event of the week, and possibly the month. Thursday, March 20th: U.S. Jobless Claims – Gauging Economic Health – Unexpectedly high or low jobless claims can influence overall market sentiment and trigger short-term price fluctuations in the crypto market.
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