Macro Overview
- US Fed Funds Rate: The Federal Reserve kept the Fed Funds Rate unchanged, which is neutral for the market. While the market initially saw gains, it later declined, indicating a neutral overall reaction.
- UK Official Bank Rate : The Bank of England kept the Official Bank Rate unchanged, which is neutral for the market.
- US President Trump Speech Update: Trump did not make any remarks on the rumored ‘capital gains tax-free on crypto’ policy during his speech. The market reacted negatively and saw a decline after the event.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 2.08% uptick, bringing the total market capitalization to $2.7 trillion. Notably, BTC saw an uptick of 1.85% and ETH saw an uptick of -3.75%. Bitcoin’s dominance stands at 61.58%, while Ethereum’s holds at 8.74%.
- Stablecoin Market Cap Surpasses $230 Billion: The total stablecoin market capitalization crossed $230 billion, driven by rising institutional interest and supportive U.S. policies. President Trump reiterated his support for U.S. dollar-backed stablecoins in a recent speech, while the U.S. Senate Banking Committee passed the “GENIUS Act” to establish a legal framework for stablecoins.
- Australia Unveils Plans for ‘Fit-for-Purpose’ Digital Asset Framework: The Australian government announced plans to develop a comprehensive digital asset regime aimed at balancing innovation and consumer protection. The framework will cover digital asset platforms and stablecoins, with input from industry, regulators, and the community, as Australia aims to become a global leader in the sector.
Top Tokens Update
- Canary Capital Files for First-Ever Pengu ETF: Canary Capital has filed for the first-ever Pengu ETF with the U.S. SEC, aiming to expand crypto offerings. The ETF will hold the Ethereum-based Pudgy Penguins’ PENGU token along with other cryptocurrencies. This move reflects growing interest in unique digital asset products as firms explore new opportunities in the crypto ETF space.
- Solana Futures Complete First Trading Day on CME: CME launched its regulated Solana (SOL) futures, offering both standard and micro contracts. On the first trading day, the futures saw decent trading activity, marking the first regulated SOL futures listing in the U.S.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Mar-26 | – | US DC Blockchain Summit | – |
| Mar-27 | 6:00 PM | US Final GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Mar-28 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bearish.
- Bitcoin continued to remain choppy this week and still looks bearish based on technicals and broader sentiment. The trend will be bearish until BTC reclaims above $92K
- Key regions to watch out for big moves – $69K-$70K region (major support), while resistance stands at $91K-$92K.
- For short term, Key support levels to consider are around $78,500 and $73,000 On the upside, resistance level is at $85,000 and $86,500.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- ETH attempted to breakout but failed, its again back in the range. Currently, it is consolidating and is expected to chop as the overall market sentiment remains bearish.
- Significant support levels include $1730 and $1544, while resistance levels to watch are at $2124 and $2385.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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