Bittime - Amid global financial market turbulence, BTC (Bitcoin) is trying to maintain its position around $63,000. The leading cryptocurrency experienced a brief dip to $61,000 in overnight trading, but managed to bounce back and show its resilience. A similar situation occurred with Ether (ETH), where the price fell but then recovered to $3,300 according to data from Coinbase.
Meanwhile, various movements color other crypto markets. KuCoin's token, KCS, jumped 12.3% to $14, followed by memecoin PEPE which rose 12% and Starknet token, STRK, which saw a rise of 9.4%. On the other hand, Dogwifhat experienced a sharp decline of 12% on Wednesday morning. Avalanche (AVAX) and Aptos (APT) also fell nearly 7% each.
Ethereum ETF Uncertainty Covers Markets
Hopes for Ether-based Exchange Traded Fund (ETF) approval appear to be fading. Bloomberg ETF analyst James Seyffart revised his expectations for the approval, stating that "the SEC has not indicated engagement with ETF issuers regarding the specifics of Ethereum." Previously, Seyffart told Blockworks in January that he believed that the chances of an Ether ETF approval were 60% after the success of the Bitcoin ETF [2].
The Securities and Exchange Commission (SEC) did delay its decision on the ETF proposal from Ark 21Shares and Hashdex. The delay is not surprising, and the SEC is expected to also delay decisions on applications from Grayscale and VanEck. In the midst of this situation, several ETF issuers have actually updated their filings by adding language regarding staking.
Ark 21Shares was the first to add the language earlier this year. Fidelity followed suit by adding staking in an updated filing earlier this week, and Grayscale followed suit despite facing a delay on Tuesday, March 19, 2024.
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The Shadow of the Bitcoin Halving Haunts the Market
Analysts and market commentators predict that Bitcoin prices may experience further declines before rising again. The cause? Uncertainty brought about by the upcoming Bitcoin halving event.
Halving is an event where Bitcoin mining rewards are cut in half. This event is predicted to occur in mid-April. As previously reported by Blockworks, this halving event appears to be different from previous halving events.
The difference is influenced by the approval – and so far success – of Bitcoin ETFs as well as the fact that Bitcoin prices had already reached all-time highs before the halving event. Previously, the price of BTC (Bitcoin) only reached its highest point several months after the halving event.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On March 21, 2024, the price of Bitcoin BTC/USDT was at $66,903 per coin, up 8.54% in 24 hours.
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Diverse Crypto Market Dynamics
Outside of BTC (Bitcoin), Coinbase International managed to reach an all-time high in terms of 24-hour nominal trading volume of $4.4 billion and 30-day nominal trading volume of $30 billion. Bitcoin mining company Riot saw a 4% gain in Wednesday morning trading. Coinbase and Marathon also managed to recover from previous selling pressure. In contrast, Microstrategy still faced pressure and fell more than 1% to around $1,400 per share.
Conclusion
The crypto market seems to be searching for balance amidst the global upheaval and uncertainty ahead of the Bitcoin halving. Bitcoin price is trying to stay around $63,000, while Ether is hovering around $3,300. Some tokens experienced significant increases, while others experienced decreases.
Hopes for an Ethereum ETF approval in May appear to be dwindling. Market players need to pay close attention to developments related to regulations, the Bitcoin halving event, and fluctuating market dynamics to be able to make the right investment decisions.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
How Does Tether (USDT) Influence Global Economic Development? Read the explanation
Bernstein: Ethereum and Solana Are the Next Spotlight for Financial Market Domination
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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