Consolidation Not Going According To Plan

Crypto Market Dips 4% in 24 Hours

The crypto market lost 4% in 24 hours, falling to a capitalisation of $2.53 trillion. Bitcoin (-3.7%), Ethereum (-4.5%) and BNB (-3.5%) are all down by the same amount. Solana (-6.4%) and Doge (-7.9%) are lagging the market, not to mention the systematically weak Avalanche (-7% for the day and -17% for 7 days) and Cardano (-4.5% for the day and -19% for 30 days).

A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.

Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.

Crypto News

According to CoinShares, investments in crypto funds rose by $862 million last week, following a record outflow of $942 million the week before. Investments in Bitcoin rose by $865 million, while those in Solana rose by $6 million, and those in Ethereum fell by $19 million. Against the backdrop of bitcoin’s recovery to $70,000, assets under management (AuM) increased from $88.2 billion to $97.9 billion, CoinShares noted.

According to Arkham Intelligence, Tether increased its bitcoin reserves by 8,888 BTC ($618 million) to 75,354 BTC ($5.23 billion), making it the seventh largest Bitcoin holder.

The Tron Foundation has filed a motion in a New York federal court to dismiss a lawsuit brought by the US SEC alleging that Tron’s crypto assets and BitTorrent are unregistered securities. Tron’s lawyers argue that the SEC’s jurisdiction does not extend to transactions that take place on global platforms outside the US.

Telegram released an update that allows owners of channels with more than 1,000 subscribers to receive 50% of ad revenue in the Toncoin (TON).

by FxPro’s Senior Market Analyst Alex Kuptsikevich