Bitcoin price today: drops to $63k amid regulatory woes, ETF outflows

Bitcoin price fell on Tuesday as sentiment towards cryptocurrencies showed little signs of improvement amid regulatory woes and as outflows from investment products, specifically exchange-traded funds, remained in play.

The world’s largest cryptocurrency fell 1% in the past 24 hours to $63,558.2 by 01:52 ET (05:52 GMT). 

Sentiment towards crypto markets was battered this week by a report showing that less than 10% of overall stablecoin transactions- which are a key vehicle for transacting in crypto- were organic or from real users. 

The report raised questions over just how much retail demand there actually was for crypto, given that stablecoin operators, specifically Tether- clocked consistent increases in market capital. 

Additionally, trading app Robinhood Markets Inc (NASDAQ:HOOD) said it was facing potential regulatory action from the Securities and Exchange Commission over crypto tokens traded on its platform. The SEC was also seen postponing a key decision on ETFs.

The negative factors came amid sustained outflows from crypto investment products, indicating that sentiment towards the space remained largely negative. 

Bitcoin ETF outflows extend into third straight week

Data from digital asset manager CoinShares showed on Monday that crypto investment products saw a third straight week of sustained capital outflows. 

Overall outflows amounted to $435 million, with Bitcoin products seeing outflows of $423 million.

Outflows from Grayscale’s Bitcoin ETF still made up a bulk of the overall outflows. But capital inflows into other Bitcoin ETFs were also seen slowing substantially.

Weakening flows came amid a dearth of immediate cues for crypto markets, after Bitcoin’s halving event passed with little fanfare. The token was also largely rangebound after surging to record highs in March. 

What about PEPE? 🤔

Pepe Coin’s (PEPE) rise in 2023 was nothing short of impressive, rallying to more than a $1 billion market cap in a bear market. Since then, the meme coin has since cooled down, with its market cap falling below $400 million once more. But for meme coins like PEPE whose community remains strong, the show is far from over, especially when they are yet to see their very first bull market.

Going by the growth of meme coins in the 2021 bull market, with the likes of Shiba Inu crossing the $30 billion market cap, the PEPE coin could be quite undervalued at these levels. Reaching the $20 billion market cap mark would mean a more than 50x increase from here, with the types of gains that cannot be gotten with the likes of Bitcoin.

$PEPE

AsalamoAlaikum (Ya Ali MADAD) Eid wishes to all Binance users.

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| $SHIB To The 🌙!! |
|＿＿＿＿＿＿＿＿＿＿＿＿＿|
\ (👀) /
\ /
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$SHIB

If SHIB succeeds in closing the day above this level, the analyst believes the price range between $0.00003050 to $0.00003200 to present the first blockage due to many day traders attempting to take profits at this SHIB price range. If SHIB overcomes this challenge, the biggest sell wall awaits at $0.00003455, continuing until $0.000036.

$SHIB Shiba Inu Whale spends $19 Million On 692 Trillion SHIB, Time For Recovery?

A significant Shiba Inu whale transaction was seen on the blockchain in the early hours of Monday and has caught investor attention over this time. The transaction which was reported by the on-chain whale tracking platform Whale Alert, was carrying a whopping 692.4 trillion SHIB.

Now, at the time of the transaction, the tranche of coins was worth around $19.26 million. But with the crypto market seeing upside ahead of the start of the trading week, this stash of coins has moved closer to to being worth $20 million at press time.

#SHIB

Highest monthly close ever — 5 things to know in Bitcoin this week

Bitcoin sets multiple records at the end of Q1 as anticipation grows for a return to BTC price discovery.

Bitcoin starts a new week, month and quarter of 2024 with several new records — can the bull market continue from here?

BTC price action made history on March 31 as the first quarter of 2024 ended with the highest close ever seen.

Old resistance is not giving up without a fight; however, a battle between buyers and sellers is keeping old all-time highs from 2021 firmly on the table.

Thus, price discovery remains elusive, with Bitcoin needing a push to $74,000 to knock out the bulk of latecomer sell-side liquidity.

The stage is set for potentially volatile moves as Q2 gets underway.

Adding to the mixture is the classic macroeconomic data element, with nonfarm payrolls due from the United States at the end of the week.

This will be preceded by fresh commentary from Jerome Powell, chair of the Federal Reserve. Last week, Bitcoin appeared to respond positively to Powell, who kept the prospect of interest rate cuts in 2024 in focus.

#BITCOIN

Shiba Inu (SHIB) Triggers Negative 1,146% Netflow Spike: Implications

Dog-themed cryptocurrency Shiba Inu has triggered a massive spike in large holder netflows, albeit a negative one.

According to data from on-chain analytics firm IntoTheBlock, Shiba Inu's large holder netflow has plunged 1,146.68% in the week, with varied implications for SHIB. Large holders netflow provides an idea of the change in positions of whales or large holders. In short, spikes in netflow can be seen as accumulation from large players, while drops point to reduced positions or selling. While the drop in Shiba Inu's large-holder netflows might suggest reduced positions or selling, it might be essential to consider the broader context. The broader crypto market has seen volatile price movements in recent weeks, and SHIB is no exception. After recovering from a low of $0.00002366 on March 20, SHIB steadily climbed to $0.00003285 before hitting a wall.

Investors should keep an eye on further developments, as the actions of large holders can often precede significant market shifts. At the time of writing, SHIB was down 2.44% in the last 24 hours to $0.00003025, continuing its second day of loss from highs of $0.00003285 on March 28. In a positive turn, SHIB triggered a positive large holder netflow spike, surging from -65.76 billion SHIB on March 28 to 1.2 trillion SHIB on March 29.
#SHIB🔥🔥 #XRP #Bitcoin #BullRun!

BUFFALO NETWORK

What about BUFF Tokens, when this token will be launched ? I heard about this will launch by June 2024, Is it right ?#BuffaloNetwork #Buff #PBUFF

#WIF #BinanceLaunchpool #pepe #shiba-inu: #BTC🔥🔥🔥🔥

AsssalamoAlaikum.

WIF Surpasses PEPE to Become Third Largest Meme Coin by Market Cap After DOGE and SHIB

While the overall cryptocurrency market remains relatively stable, meme coins have been gaining momentum, with Dogwifhat emerging as a front-runner. 

The red-hot Solana-based meme coin has recently reached a new all-time high, becoming the third largest meme coin by market cap after Dogecoin and Shiba Inu. 

Starting the day at $3.21, the coin experienced sideways trading until around 9 am ET, after which it witnessed a sudden spike. 

Earlier today, it reached an all-time high of above $4 and is currently trading at $3.73, up by more than 20% over the past day. 

The coin has surpassed the more established meme coin Pepe, securing the 38th position in the Top 100. 

According to data from CoinMarketCap, Dogwifhat has a market cap of $3.7 billion, while Pepe settles in 43rd place with a market cap of $3.32 billion.

It is important to note that meme coins are highly volatile and lack strong fundamentals. 

The vision behind WIF is simply “literally just a dog wif a hat.” 

As a result, they are influenced by random events, such as tweets, unrelated news, and the movements of other coins. 

Market sentiment plays a larger role in driving these tokens than any tangible factors.

Other meme coins are also performing well today. 

In the overall Top 100 of the crypto industry, the four best-performing tokens are meme coins: Dogecoin (+16.83%), Floki (+12.7%), and BONK (+10%). 

Outside of the top 10, PEPE has seen an 2% increase and is currently trading at $0.000007883 per token, while Shiba Inu is up 5.85% to $0.00003179. 

A total of 65 out of the 100 biggest meme coins have posted gains in the last 24 hours.

XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger—an open-source, permissionless, and decentralized blockchain technology that can settle transactions in 3-5 seconds. While XRP and Ripple are intrinsically linked, it’s important to note that they operate as two distinct entities. Ripple is a fintech company that builds global payment solutions while XRP is an independent digital asset that can be used for microtransactions, remittance and online payments.

#XRPCOIN #SHIB #pepe #BTC🔥🔥🔥🔥

Don't miss SHIB, Buy and Hold you will fly over the MOON. 🙂

#SHIB #learneandearn #bullruns #CryptoUpdate🚀🔥 #PepeCoinForecast

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Create your liquidity pool and try to generate the best yield, so you’ll earn points on the leaderboard but also APR fees.

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DYOR.

##BTC Bitcoin Purchases Soar in Argentina

According to a Bloomberg report, in the first week of March alone, the number of weekly Bitcoin purchases in Argentina soared to 34,700, marking the highest volume seen in the country in 20 months. This surge represents more than double the levels observed in early February, showing Argentinians’ growing interest and adoption of Bitcoin.

The appeal of Bitcoin as a hedge against inflation has intensified as the cryptocurrency has witnessed substantial gains, rising as much as 73% year-to-date and reaching an all-time high of over $73,000. This surge has been attributed to various factors, including the introduction of the U.S.’ first spot Bitcoin exchange-traded funds (ETFs) and anticipation surrounding the upcoming halving event scheduled for April.

Argentina’s inflation rate, currently at 276%, has eroded the value of the national currency, the peso, prompting citizens to seek alternative stores of value. Traditionally, the U.S. dollar has been the preferred choice for Argentinians seeking stability amidst economic turmoil. However, the recent strengthening of the peso, coupled with government efforts to stabilize the currency, has diminished the appeal of the greenback.