Haider Jamal

Mar 31, 2024

Bitcoin Floats Around $70K As Investors Look To Take Their Profits

Bitcoin (BTC) has once again reached the $70,000 mark after dropping below it yesterday, struggling to decisively surpass it during its recovery phase. Various altcoins, including ETH and BNB, have displayed negative performance on a daily basis, while SOL has shown resilience, hovering near $200. Meanwhile, the two most prominent meme coins, DOGE and SHIB, experienced a decrease of approximately 2-3% within a day.


BTC Returns To $70K

Following a relatively calm weekend, the performance of BTC at the start of the business week was optimistic as it surged to $66,000 before skyrocketing to $70,000 on Tuesday. Bulls exerted pressure, propelling the flagship cryptocurrency to a new peak of just under $72,000 on Wednesday. However, it faced strong rejection and quickly retreated to $68,400 shortly after.

Bitcoin then initiated another recovery, approaching $72,000 once more but failed to sustain. Subsequently, it experienced another decline, slipping to $69,200 yesterday. Nonetheless, it has mostly recovered losses and currently sits slightly above $70,000. Market capitalization remains approximately $20 billion short of $1.4 trillion, with its dominance over alternative coins holding steady at 49.7% on CoinGecko.

SOL experienced an overnight gain of nearly 6% and is close to $200 again. TON witnessed a similar increase, rising well above $5. Ripple, Cardano, Avalanche, Polkadot, Chainlink, and Tron also saw gains, albeit more modest. BCH continued its upward trend ahead of its second halving, trading above $600. The total cryptocurrency market capitalization remained relatively stagnant on a daily basis, now standing below $2.8 trillion.


Other Markets

During February, Fidelity decreased the value of its stake in X (formerly Twitter) by 5.7%, while hedge funds turned their attention to Europe in pursuit of the next phase of the stock rally. Projections indicate that US payrolls will maintain a minimum of 200,000 for the fourth consecutive month. Meanwhile, concerns among CLO managers are rising due to the potential selloff of the riskiest bonds following an Altice downgrade.

Elsewhere, Colombian cacao production is on the rise amidst the historic surge in cocoa prices. Cocoa prices have surged recently, prompting discussions about its implications for chocolate lovers. Chinese factory activity also expanded for the first time in six months, with efforts now focused on removing the massive structure at the site of a collapsed bridge.

A recent study highlighted how the spring clock change might influence the response by investors to company earnings. Additionally, Oklahoma troopers had to divert traffic after a barge collided with a bridge, while DC Transit faced service cuts and thousands of layoffs due to a deficit.


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