Standard Chartered Increases Bitcoin Forecast by 50%
Standard Chartered has increased its price forecast for Bitcoin by fifty percent, predicting that it will be worth $150,000 by the end of 2024. The bank predicts Bitcoin will reach a record high of $250,000 by 2025 before the bull cycle ends at $200,000. Standard Chartered made this prediction by comparing it to the performance of gold. By examining the relationship between Bitcoin ETFs and the BTC price, the bank determined the impact of fund inflows on the value of digital assets.
Fidelity’s Bitcoin Fund Becomes the Fifth Most Popular Fund
Fidelity’s Wise Origin Bitcoin Fund (FBTC), which has attracted nearly $6.9 billion since its launch on January 12, is now the sixth most popular exchange-traded fund available, according to statistics from Bloomberg Intelligence. The fund is among the top five funds traded on the spot Bitcoin exchange.
Metamask Partners with CoinLedger
On March 18, CoinLedger, a technology company specializing in tax reporting tools for cryptocurrencies, announced its collaboration with MetaMask. This partnership simplifies functionality and compatibility for MetaMask users. A press release notes that customers can now upload their transaction history to CoinLedger’s tax reporting software with just one click after linking their account. This can help reduce the burden of compiling, converting and combining tax returns from different wallets or accounts.
Large Amount Transferred to Stock Exchanges After Unlocking in Arbitrum
After the unlocking on March 16, whales holding Arbitrum began transferring their digital assets to cryptocurrency exchanges. Lookonchain stated that at least 11 whales placed their tokens on exchanges after the unlock on March 18. Whales transferred a total of 34 million tokens worth approximately $58 million to the exchanges yesterday.
Record Amount of Entry into Digital Asset Funds
There was a total inflow of 2.9 billion dollars into digital asset funds, surpassing the previous record of 2.7 billion dollars. Thus, the total inflow amount since the beginning of the year reached 13.2 billion dollars. 97% of the total inflow occurred in Bitcoin. On the short-bitcoin side, there was an inflow of $26 million, the highest inflow amount of this year, and inflows occurred for five consecutive weeks. Additionally, Ethereum, Solana, and Polygon experienced outflows of $14 million, $2.7 million, and $6.8 million, respectively.
Record Outflow in Grayscale Spot Bitcoin ETF
On March 18, there was a total outflow of $640 million from the Grayscale spot Bitcoin ETF. This amount was the highest outflow amount since ETFs started trading. Additionally, the lowest daily inflow occurred in Fidelity’s spot Bitcoin ETF with $5.9 million. Thus, a total outflow of $154 million from spot Bitcoin ETFs was realized yesterday.
74% Increase in Bitcoin NFT Sales in the Last 24 Hours
Bitcoin started the week with a strong performance in NFT sales, with sales increasing by 74% in the last 24 hours. According to the data, NFT sales of $ 12.13 million were made on Sunday, while sales of $ 21.11 million were made on Monday. Additionally, the number of transactions increased by 17%, from 5773 to 6759.
Chiliz Signs Strategic Partnership with Unagi and LFP
Chiliz recently announced a strategic partnership with the Unagi gaming studio and the French Professional Football League (LFP) to launch a new fantasy game called Coach Ligue 1. According to the announcement, the Coach Ligue 1 gaming platform will offer global fans of Ligue 1 Uber Eats and Ligue 2 BKT the opportunity to build a team of their favorite players through Chiliz-based NFTs.
Fidelity Updates Spot Ethereum ETF to Include Staking
Fidelity amended its spot Ethereum ETF application to include provisions for staking the cryptocurrency. ‘The Sponsor may, from time to time, stake a portion of the fund’s assets through one or more trusted staking providers,’ the company said in an amendment to its ETF application on Monday.
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BITCOIN(BTC)
As of the morning hours, BTC is priced at $65,400 with a 3.26% loss in value. The retreat continues due to the selling pressure from Friday. 64,500 was a support that worked before and it seems to have held the price now. As pricing is seen above this level, we may encounter a movement rising up to $68,500. If the $ 64,500 level breaks downwards, it is useful to expect it to receive support from the next support area between $ 64,000 and $ 63,000.
ETHEREUM(ETH)
ETH is priced at $3385 with a 3.78% loss of value as of the morning hours. Last week, ETH closed at $3644, down 6.03%. There was an increase after the Dencun update, but the decline continues as time passes. $3325 is an area that is likely to act as support. If the retreat up to this point continues, the $ 3500 level may be seen again. If this region breaks downwards, $3200 is a region that is likely to appear as major support.
RIPPLE(XRP)
As of the morning hours, XRP is priced at $0.6018 with a 6.80% loss in value. After rising as high as $0.668 yesterday, a pullback occurred. The retreat is still ongoing. The 0.67 level works as a resistance position. If there is a break above this level, we may encounter increases up to $0.70. If the withdrawal deepens, there may be a drop to $0.5850.
AVALANCHE(AVAX)
AVAX is priced at $57.42 with a 5.20% loss in value as of the morning hours. $50 was a critical level and after breaking this level, it rose to $65.35, but it continues to price below $60 again. $50 currently appears to be strong support. For the rise, a large breakout and persistence above $60 is required, in which case $70 can be targeted. In withdrawals, the levels below $ 50, $ 46 and $ 43.50 are seen as strong support.
SOLANA(SOL)
SOL is priced at $187.17 with a 4.44% loss in value as of the morning hours. When we examine the hourly chart, SOL, which could not maintain permanence in this region after testing the $ 210 level yesterday, broke the support zone levels of $ 200 and $ 195 with a retreat. With this withdrawal movement, we saw some reaction from the $180 level, which we follow as the support zone. If the reaction movement continues, the $190 level can be followed as resistance.
CHAINLINK(LINK)
As of the morning hours, LINK is priced at $17,319, with a 5.12% loss in value. When we examine the four-hour chart, we see that the $ 17,500 level, which we follow as the support zone, has been broken downwards. If this movement continues, the level of $ 17 and below $ 16,500 can be followed as support. In upward movements, it seems important to maintain permanence first above 17,500 and then above 18 dollars.
NEAR
NEAR is priced at $6,677 with a 5% loss of value as of the morning hours. When we examine the four-hour chart, we see that it is approaching the $6.60 level, which is the support zone, with a withdrawal movement. In case of an upward reaction from this region, the $7 level can be followed as resistance. If the support zone is broken downwards, it may be possible for the downward movement to continue up to the $6 level.
MATIC
MATIC is priced at $0.9718 with a 5.68% loss in value as of the morning hours. When we examine the daily chart, we see that the downward movement has continued since the $ 1.25 level and is approaching the support zone of $ 0.95-0.96. In case of an upward reaction from this region, the $1 level can be followed as resistance.
