Cryptocurrencies, blockchain, NFT and new trends

Crypto market rally stalls at the $1.2T level, but bulls are getting positioned


After gaining 11% between March 16 and March 18, the total crypto market capitalization has been battling resistance at the $1.2 trillion level. This same level was reached on August 14, 2022 and was followed by a 19.7% decline to $960 billion over the next two weeks. During the lateralization period between March 20 and March 27, Bitcoin (BTC) gained 0.3% while Ether (ETH) posted modest gains of 1.6%.

Total crypto market cap in USD, 12-hour. Source: TradingView

One source of favorable short-term momentum is a change in the Federal Reserve’s monetary policy. The U.S. Federal Reserve was forced to increase its balance sheet by $393 billion between March 9 and March 23 in order to provide short-term loans to failing banks. The objective of the plan was to reduce inflation, which has significantly impacted the cost of living and ultimately hampered economic expansion in the United States.

BTC options volume put-to-call ratio. Source: LaevitasPerpetual futures accumulated 7-day funding rate on March 27. Source: Coinglass

Continue Reading on Coin Telegraph