Macro Overview
- US CPI Y/Y : came in at 2.8%, lower than the expected 2.9%, which is bullish for the market, but the market reacted negative post announcement implying weakness.
- US PPI M/M : The US Producer Price Index (PPI) m/m came in lower than expected, which is generally a positive indicator. However, the market showed little reaction and continued to decline afterward.
- US Job Openings: US Job Openings came in slightly above expectations, which is marginally bearish for the market as it suggests continued labor market strength.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -7.28% fall, bringing the total market capitalization to $2.69 trillion. Notably, BTC saw a fall of -6.41% and ETH saw a fall of -13.10%. Bitcoin’s dominance stands at 61.57%, while Ethereum’s holds at 8.59%.
- Strategy Nears 500,000 BTC Holdings with Modest $10.7M Purchase: Bitcoin treasury firm Strategy (formerly MicroStrategy) added 130 BTC for $10.7 million at an average price of $82,981 per BTC between March 10 and March 16. This marks a significantly smaller acquisition than its previous billion-dollar purchases. The company now holds 499,226 BTC, valued at over $41 billion, with an average purchase price of $66,360 per BTC. Strategy’s holdings account for more than 2.3% of Bitcoin’s total supply.
- Ethereum’s Market Dominance Drops to 2020 Lows: Ethereum has experienced a sharp decline, losing over 44% of its value in the first quarter. The network also saw record-high sell-offs over the past three months, leading to a significant drop in market dominance. According to CoinMarketCap, Ethereum’s dominance now stands at 8.5%, the lowest level since 2020.
- Binance Secures $2 Billion Investment from Abu Dhabi’s MGX: Binance has secured a landmark $2 billion investment from Abu Dhabi’s MGX, marking the tech investor’s first venture into the crypto space. As part of the deal, MGX has acquired a minority stake in Binance. CEO Richard Teng emphasized the significance of this milestone for both Binance and the broader crypto industry. Notably, this is Binance’s first institutional financing and the largest investment ever made using stablecoins.
Top Tokens Update
- YZi Labs Invests in Plume Network: YZi Labs has invested in Plume Network, a blockchain built for Real World Assets (RWAs). Plume aims to bridge DeFi and traditional finance, enabling seamless RWA integration. With over 18 million testnet wallets and 180+ partnerships, it seeks to unlock the full potential of RWAfi.
- Telegram’s Pavel Durov Leaves France for Dubai, TON Surges 20%: Telegram CEO Pavel Durov has received permission to temporarily leave France and has moved to Dubai, according to France24. Following the announcement, Telegram’s native token, TON, surged 20%, reflecting positive market sentiment. Durov was previously indicted and placed under judicial supervision over allegations related to illicit activities on Telegram.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Mar-19 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| Mar-20 | 5:30 PM | UK Official Bank Rate | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bearish.
- Bitcoin remained choppy last week but now leans bearish based on technicals and broader sentiment. This week’s Fed funds rate decision will be crucial for market direction.
- Key support lies in the $69K-$70K region, while resistance stands at $91K-$92K.
- 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 Bearish.
- Ethereum continued to underperform Bitcoin, experiencing a significant drop last week and still showing signs of weakness. Currently, it is consolidating and is expected to chop or drop further as 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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