Bitcoin Holds Steady Above $80,000 Amid Market Volatility
Bitcoin (BTC) remains above $80,000, influenced by macroeconomic factors. Key developments include:
- Bitcoin dominance at 62%, nearing a yearly high.
- Divergence between BTC and the broader crypto market, with ETH underperforming against BTC.
- Concerns arise from Trump's trade wars affecting optimism; EU retaliates with tariffs.
- Canada's Prime Minister plans to sell U.S. dollar bonds, potentially raising yields.
- Upcoming Consumer Price Index (CPI) report could impact risk assets, with S&P 500 down nearly 10%.
What to Watch
Crypto Events:
- March 12: Hemi mainnet launch.
- March 15: Athene Network mainnet launch; Reploy closes V1 RAI staking program.
- March 17: CME Group launches solana (SOL) futures.
- March 18: Zano hard fork upgrade.
- March 20: Pascal hard fork on BNB Smart Chain.
Macro Events:
- March 12: Brazil and U.S. inflation data released.
- March 13: U.S. producer price inflation data expected.
Market Movements
Current prices:
- BTC: $82,577.14 (down 0.55%)
- ETH: $1,892.41 (down 2.6%)
- CoinDesk 20: 2,556.70 (down 1%)
BTC funding rate on Binance is 0.007%. The dollar index (DXY) decreased by 0.31% to 103.52.
Derivatives Positioning
Open interest in ETH futures rises to 9.75 million ETH. BTC perpetual futures remain low with marginally positive funding rates.
Token Updates
Bubblemaps’ BMT token has dropped over 50% since its launch due to concerns over supply concentration and governance issues.
ETF Flows
Spot BTC ETFs reported a daily net outflow of $371 million. Total BTC holdings are approximately 1,121 million.
Overall, investors should monitor CPI data and market reactions to ongoing geopolitical tensions.