Crypto Market Steady as BTC Tops 200-Day Moving Average at $84,000
The crypto market has stabilized recently, with bitcoin briefly exceeding the 200-day moving average at $84,000. This trend follows a softer-than-expected U.S. CPI report, suggesting potential Federal Reserve interest rate cuts.
Key highlights include:
- The memecoin sector led recent recovery, followed by layer-1 and layer-2 tokens and AI tokens.
- Market concerns persist due to geopolitical issues, recession fears, and bond-market volatility.
- Quarter-end rebalancing may drive funds to buy equities, positively impacting crypto correlated with tech stocks.
- The Japanese yen's weakness could affect crypto stability amid unwinding of carry trades.
- Global liquidity is increasing, potentially encouraging risk-taking in markets.
- Traders should be cautious of volatility as the BTC options market shows significant negative dealer gamma between $81,000 and $87,000.
Upcoming economic reports include the February PPI and jobless claims, which could influence market dynamics.
Crypto Events
- March 15: Launch of Athene Network (ATH) mainnet.
- March 17: CME Group launches Solana (SOL) futures.
- March 18: Hard fork upgrade for Zano (ZANO).
- March 20: Pascal hard fork on BNB Smart Chain.
Market Movements
BTC: $83,335.37 (24hrs: +0.98%)
ETH: $1,896.33 (24hrs: -0.4%)
CoinDesk 20 Index: 2,596.89 (24hrs: +1.65%)
Derivatives Positioning
Positive cumulative volume deltas are noted for BNB, ETH, XLM, DOT, and OM. Open interest in CME bitcoin futures is around 146K BTC.
Recent reports indicate that U.S. crypto users missed out on an estimated $3.49 billion to $5.02 billion from airdrops due to regulatory uncertainties, affecting adoption rates.
Overall, while there are positive signs for the crypto market, remaining vigilant against volatility and market shifts is advised.