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The crypto market had a mixed day as price action varied across cryptocurrencies. Bitcoin (BTC) continues to struggle, briefly dipping below $80,000 before recovering and moving to its current level. The flagship cryptocurrency is down nearly 2% over the past 24 hours and trades just below the $82,000 mark. Meanwhile, Ethereum did relatively better, although it still has not reclaimed $2,000. ETH is up just under 1% and trading just under the $1,900 mark.
Ripple (XRP) has done substantially better, with its price up over 2% and trading at $2.29. Meanwhile, Solana (SOL) is up just under 1% and trading at $124. However, Dogecoin (DOGE) and Cardano (ADA) are down 0.50% and $2.16%, while Chainlink (LINK) and Stellar (XLM) have registered notable increases. Toncoin (TON) and Polkadot (DOT) registered substantial increases, while Hedera (HBAR) and Litecoin (LTC) registered notable declines. The crypto market cap is down almost 1% and currently sits at $2.67 trillion.
Central Bank Of Russia Opens Up To Crypto
The Central Bank of Russia has introduced a proposal to allow qualified investors to buy and sell crypto under an experimental framework for three years. The experimental framework will limit the activities to “particularly qualified investors,” a new classification for Russian citizens with over 100 million rubles in deposit and securities investments or with an income of at least half of that registered during the previous year. Companies qualified as investors would automatically be upgraded to the new tier. Additionally, any financial institution entering the sandbox would have to follow the directives issued by the Central Bank, depending on the risk of their specific investment.
The Russian Central Bank will also open investments in crypto derivatives like securities and digital financial assets that do not require the settlement or delivery of crypto to their investors outside the proposed framework. Several market players are delighted with the new rules, and the San Petersburg Exchange (SPB) plans to offer these options. However, the Bank of Russia’s stance on crypto remains unchanged, and it still does not recognize the asset class as a mode of payment.
Telegram Wallet Adds Crypto Trading And Yield Features
Telegram has made another push into crypto with the platform’s self-custodial wallet, rolling out multi-asset trading and yield features and bringing crypto capabilities to over 100 million users. The wallet which initially focused on Toncoin, has added support for Bitcoin, USDT on TON, and several newer assets. The latest update allows users to buy, sell, or hold crypto directly in Telegram without complex on-chain deposits. A standout addition is the wallet’s earn feature that allows users to earn a yield for holding Toncoin. Support for USDT yields and loyalty programs for TON holders are also expected to launch later this year. The Open Platform (TOP) CEO Andrew Rogozov, stated,
“With the current update, the wallet now operates as a fully-fledged crypto platform within Telegram while remaining as simple and accessible as ever. We also plan to implement a loyalty program specifically for toncoin holders to further boost the adoption of the TON Ecosystem.”
Trump Family Seeking Stake In Binance
Representatives of the Trump family have held discussions to acquire a stake in the US arm of Binance, the world’s largest crypto platform. The development comes as the company’s founder, Changpeng Zhao, seeks a presidential pardon. Zhao has served four months in prison after pleading guilty to violating anti-money laundering requirements. He remains Binance’s largest shareholder despite stepping down as CEO after the firm’s $4.3 billion settlement with US authorities in 2023. The discussion began after Binance approached Trump allies and offered a business deal with the family as part of a strategy to re-enter the US market.
The potential investment into Binance could be made directly by the Trump family or through World Liberty Financial, a crypto venture backed by the Trump family. A presidential pardon would clear regulatory hurdles for Binance’s return to the market and help ease international business operations, while a stake in Binance would allow the Trump family to participate in the revival of a crypto trading platform. However, the discussion also raises unprecedented conflict of interest questions as Trump mixes his presidential powers and business interests.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) dipped into the red on Thursday after failing to build momentum and push towards $85,000. The flagship cryptocurrency is down over 25% from its all-time high as macroeconomic concerns, tariffs, a potential trade war with China, and policy uncertainty weigh on investor sentiment. The flagship cryptocurrency registered a marginal bump after the US Consumer Price Index (CPI) numbers came lower than expected., rising 2.8%, below the forecasted 2.9%. Meanwhile, core CPI numbers, which exclude food and energy, fell to 3.1%, lower than the expected 3.2%. However, the brief rally quickly fizzled out, with markets concerned about broader macroeconomic conditions. The bearish sentiment even dragged BTC to a four-month low on March 11.
According to analysts, the crypto market is facing several challenges. Institutional investors have adopted a risk-averse strategy, moving capital away from risk assets. Meanwhile, recession fears are growing, and Trump’s tariff policies have shrouded the market with uncertainty. In the latest set of actions, President Trump has slapped a 25% tariff on steel and aluminum imports from Canada, prompting retaliatory action from Canada. The EU also imposed $28 billion in retaliatory tariffs on US products, intensifying tensions and putting the markets on edge.
Spot Bitcoin ETFs have also come under significant pressure as outflows increase. While there have been net positive inflows, they have been small compared to the volume of outflows. ETFs saw their largest single-day outflow on February 25, with investors pulling out over $1 billion, indicating a clear risk-off sentiment among institutional investors. Despite the significant outflows, BlackRock’s IBIT maintains its position as the dominant ETF with 568,000 BTC, followed by Fidelity’s FBTC and Grayscale’s GBTC at 197,500 BTC and 196,000 BTC.
According to a technical analysis by CryptoCon, BTC’s sharp pullback from its all-time high could mean it has reached a local bottom or is at the beginning of a deeper correction. The analyst pointed out that BTC had reached historically low RSI Bollinger Band levels, where it rarely stays for long.
“Bitcoin has now made a full return to critically low RSI Bollinger Band % levels, and it doesn't like to stay there for long. This comes after the completion of phase 4, the ATH break like January 2013, December 2016, and November 2020. What we're seeing now is looking just like March 2017! Likely not a coincidence that it's the same month. Phase 5 (the cycle top) was still 9 months away then, now has all the same characteristics of every local low we've seen this cycle.”
BTC dipped to a low of $81,500 last Tuesday before rebounding and settling at $87,316. The flagship cryptocurrency reclaimed $90,000 on Wednesday after an increase of nearly 4% and settled at $90,639. It encountered volatility on Thursday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal drop to slip below $90,000 and settle at $89,957. The price continued dropping on Friday, falling 3.53% to $86,781. Price action remained bearish over the weekend as BTC dropped to $86,267 on Saturday. Bearish sentiment intensified on Sunday as BTC fell below $80,000 and the 200-day SMA, dropping to a low of $79,987 before reclaiming $80,000 and settling at $80,736.
Source: TradingView
Buyers attempted a recovery on Monday as BTC surged to an intraday high of $84,075. However, it could not stay at this level and dropped nearly 3%, falling below $80,000 and settling at $78,620. Sellers pushed BTC to a four-month low on Tuesday as it dropped to $76,635. It recovered from this level, rising 5.50% to reclaim $80,000 and settle at $82,945. Buyers retained control on Wednesday as BTC rose almost 1% to $83,709. However, it was back in the red on Thursday, dropping over 3% to $81,136. The current session sees BTC up nearly 1% and trading at $81,900. Buyers will look to retain control and push BTC above the 200-day SMA and $85,000. On the other hand, sellers will look to push BTC below $80,000. A break below this level could see the price drop to $75,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to build momentum and reclaim $2,000. The world’s second-largest cryptocurrency dipped to a low of $1,825 earlier today as bearish sentiment intensified before recovering and moving to its current level. ETH trades between $1,800 and $2,000 as it waits for a catalyst to dictate price action. That being said it has shed over half its value in the past few months as it struggles against several factors. Spot Ethereum ETFs have continued to register outflows as demand and interest from institutional investors wanes. The ETFs have registered total outflows worth $500 million over the past week, bringing the cumulative net inflows to $2.64 billion. The daily number of active Ethereum users has also declined, dropping to 293,000 addresses from over 700,000 earlier this year.
ETH’s daily chart shows a clear downtrend, with the price making lower highs and lower lows. ETH has also dipped below multiple support levels and moving averages, indicating a bearish pivot. It also lost the psychological $2,000 price level and is testing a significant support zone around $1,900. A break below this level could drag ETH towards $1,600.
ETH was quite bearish towards the end of last week, dropping nearly 2% on Thursday and 3% on Friday to settle at $2,142. However, the price recovered on Saturday, rising almost 3% and settling at $2,204. Bearish sentiment returned on Sunday as ETH plunged over 8% to $2,020. Buyers attempted a recovery on Monday as the price reached an intraday high of $2,159. However, it lost momentum after reaching this level and dropped nearly 8%, slipping below $2,000 and settling at $1,865.
Source: TradingView
The price recovered on Tuesday after hitting a low of $1,759, registering an increase of just over 3% and settling at $1,923. However, it could not reclaim $2,000 and was back in the red on Wednesday, dropping nearly 1% to $1,909. ETH continued to drop on Thursday, falling over 2% to $1,865. The current session sees ETH up over 1% and trading at $1,891. ETH’s RSI is hovering around the oversold mark, suggesting the possibility of a short-term bounce. However, as long as ETH remains below $2,000 and $2,400, any recovery is temporary. Bulls must reclaim $2,400 to reverse the current downtrend. A break below $1,800 could drag ETH to $1,600.
Solana (SOL) Price Analysis
Solana (SOL) has traded primarily in the red since last week, registering a substantial drop of over 20% last Monday, slipping below $150 and the 20-day SMA to $142. The price recovered on Tuesday and Wednesday, ultimately rising to $146. However, it was back in the red on Thursday, dropping just over 2% to $143. SOL continued to drop on Friday, dropping nearly 3% to slip below $140 and settle at $139. Price action remained bearish over the weekend as SOL dropped 1.67% on Saturday and almost 8% on Sunday to settle at $126. Sellers retained control on Monday as SOL dropped 6.53%, slipping below $120 and settling at $118.
Source: TradingView
The price fell to an intraday low of $112 on Tuesday as bearish sentiment intensified. However, it recovered from this level to register an increase of almost 6% and settle at $125. Buyers retained control on Wednesday, rising just over 1% and settling at $126. SOL was back in the red on Thursday, dropping 2.54% and settling at $123. The current session sees SOL up over 1% and trading at $124. SOL must reclaim $150 to reverse the current bearish trend. However, if sellers retake control, a break below $120 could drag the price to $100.
Ripple (XRP) Price Analysis
Ripple (XRP) rebounded strongly after dropping to a low of $2.22 last Tuesday, rising nearly 3% to $2.45. Buyers retained control on Wednesday as XRP rose almost 2% and settled at $2.50. The price moved past the 20-day SMA on Thursday, rising nearly 4% and settling at $2.60. However, it lost momentum after reaching this level and fell over 8% on Friday, slipping below the 20-day SMA and settling at $2.38. Price action remained bearish over the weekend as XRP dropped 2.50% on Saturday and over 8% on Sunday to settle at $2.13.
Source: TradingView
XRP bounced to an intraday high of $2.25 on Monday as buyers attempted a recovery. However, it lost momentum after reaching this level and dropped over 5%, settling at $2.02. The price plunged to an intraday low of $1.90 on Tuesday as selling pressure returned but recovered to register an increase of over 7% and settled at $2.17. Buyers retained control on Wednesday as XRP rose over 3% and settled at $2.23. XRP reached an intraday high of $2.34 on Thursday as it attempted to move past the 20-day SMA. However, it could not sustain itself at this level and ultimately settled at $2.25 after a marginal increase. The current session sees XRP up just over 2% and trading at $2.29 as buyers attempt a move past the 20-day SMA.
Jupiter (JUP) Price Analysis
Jupiter (JUP) traded in the red last week, starting with a dramatic 19% collapse on Monday. The price traded in the red and dipped below $0.60 by Friday, slipping below a key support level. Price action remained bearish over the weekend as it fell nearly 4% on Saturday and over 11% on Sunday, falling below $0.50 and settling at $0.49. Buyers attempted a recovery on Monday as the price reached an intraday high of $0.530. However, it lost momentum after reaching this level and dropped over 2% to $0.479.
Source: TradingView
JUP recovered on Tuesday, rising over 7% to reclaim $0.50 and settling at $0.514. Buyers lost momentum on Wednesday as JUP registered a marginal decline. Bearish sentiment intensified on Thursday as the price fell 2.43% to $0.50. The current session sees JUP up over 1% and trading at $0.507 as buyers look to prevent a drop below $0.50.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
