Bitcoin Financial News

Bitcoin holds ground after touching highest this year

A consortium of environmental groups launched a campaign on 28 March seeking to change bitcoin’s code to decrease its energy use, which has grown substantially in the past few years.

The US-based major cryptoasset management firm Grayscale CEO Michael Sonnenshein has suggested that the fund manager may take legal actions against the US Securities and Exchange Commission (SEC) if the agency rejects the former's bid to convert its Bitcoin (BTC) trust into an exchange-traded fund (ETF).

Bitcoin (BTC) is attempting to reclaim a key long-term moving average, but the time to buy is before, not after, one metric hints.

Greenpeace, along with other climate groups, and co-founder and executive chairman of Ripple, Chris Larsen, has launched a new campaign aimed at changing Bitcoin (BTC) to a more environmentally friendly consensus model.

Bitcoin's market capitalisation has reached $902 billion.

The Canadian Conservative Party candidate for Prime Minister, Pierre Poilievre, has come out in support of allowing Canadians to use Bitcoin (BTC) as legal money in the country.

CoinShares data revealed on Tuesday, March 29, that institutional investments into cryptocurrencies are at the highest levels in three months, a sharp rise from the previous week which saw outflows of $47 million.

Cryptocurrencies traded in the green early on March 29. The global crypto market cap is $2.14 trillion, a 1.78 percent increase over the last day. The total crypto market volume over the last 24 hours is $121.97 billion, a 33.72 percent increase.

Bitcoin broke out of a narrow trading range and wiped away this year’s losses amid a broad rally for cryptocurrencies, sparking speculation that the biggest digital asset could advance past the $50,000 mark soon. The token rose as high as $47,583 on Monday, well above the $35,000-to-$45,000 band where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.9% for the year, compared with a 4.7% decline for the S&P 500. Ether similarly bounced as much as 3.7% to $3,358 on Monday, while altcoins such as Solana’s SOL, Avalanche’s AAVE and Dogecoin rose between 5.5% and 9.4%. Bitcoin may encounter its next resistance level at $52,000 and should it break through that, it could advance to $65,000 — not far off the all-time high it reached in November, according to Fadi Aboualfa, head of research at Copper. Rick Bensignor, the president of Bensignor Investment Strategies, said in a note Sunday that Bitcoin is “on the verge of a 20% run higher.”

As Bitcoin struggles to claim its status as a safe haven, analysts seem divided. On the other hand, Bitcoin maximalists have been undeterred by market swings to consider BTC as the ‘new gold.’

As Bitcoin (BTC) finally broke out of the $46,000 resistance on March 27, traders were quick to conclude that the bearish trend was gone for good. Even as the price hit its highest level in 84 days, derivatives metrics and Asia’s Tether premium still show a lack of bullish sentiment.

With Bitcoin changing the market’s mood today, multiple altcoins have skyrocketed. Some others like Polkadot have noted sustainable hikes too, adding to its already impressive performance.

Cryptocurrency investors are in high spirits on March 28 as the week-long melt-up across the market extended another day with Bitcoin (BTC) rallying to $48,000 and Ether trading above $3,400.

Japan will revise changes to the economic sanctions levied on Russia following Moscow’s invasion of Ukraine. Of late, several reports have alluded to Russia’s efforts to evade the sanctions using crypto-assets. Japan is the latest to amend its foreign exchange laws to avoid this, something confirmed by top government officials.

Bitcoin (BTC) and several altcoins surprised many with their newfound strength during the weekend. Bitcoin’s rally easily sliced through the $45,900 level, which according to Glassnode was an area of resistance because several investors had purchased near that level when Bitcoin was declining after hitting its all-time high in November.

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Russia appears keen to foster its Bitcoin (BTC) and crypto mining sector – and appears to have assured miners that sanctions, imposed due to Russia's invasion of Ukraine, will not impede their ability to continue mining tokens. However, the long legal struggle for legalization is continuing – despite the intervention of some of the nation’s most senior politicians.

Sentiment in the crypto market improved markedly over the past week, with the 7-day sentscores of both of the two largest cryptoassets now back in positive territory, according to the market sentiment analysis service Omenics.

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Bitcoin (BTC) went on to hit its highest level since Jan. 2 on March 28's Wall Street open as its latest bull run kept up the pace.