By Frank Martin (MoneyAmped.com)
Bitcoin has failed to stay above $85,000 over the past few days as analysts at CryptoQuant claim that the bull run is over. According to data from CoinGecko, the number one asset by market cap is valued at $83,082, down 7% in the last seven days.
As BTC continues to witness selling pressure, several crypto-related stories have made headlines this week. They include:
Glassnode Analysts Say ETH Might Head to $1.6k
On March 17th, analysts at crypto research firm Glassnode said that the probability of Ethereum, the second-largest token by market cap, hitting the $1,600 critical support had risen significantly after plunging below $2,000 on March 11th for the first time in two years.
In their report, these analysts claimed that onchain data suggested a further dip if the bears pull and keep Ethereum below $1,750. However, they expect a massive bull run from $1,600.
Argentina Announces New Crypto Rules
On Thursday, Argentina’s financial watchdog, the National Securities Commission (NSC), announced a legal framework for crypto companies in the country. The rules will require these companies to adhere to measures for preventing money laundering and protecting customer assets. Furthermore, the NSC has provided guidance on how crypto players can register with the authority.
The announcement stated that the goal of the legal framework was to protect investors in the crypto space while promoting blockchain innovation.
US Policymaker to Introduce a Bitcoin Reserve in Congress
Although US President Donald Trump signed an executive order to create a Bitcoin reserve earlier this month, lawmaker Byron Donalds seeks to table a Bitcoin reserve in Congress to ensure that future administrations are involved in crypto.
On Saturday, Donalds said the bill would make Bitcoin a permanent reserve asset for the United States. He added that it would end the war against crypto.
Report: FTX Liquidated Over $1B in 3AC Assets 14 Days Before Hedge Fund’s Downfall
A recent court document indicated that collapsed crypto exchange FTC secretly sold its 3AC (Three Arrows Capital) assets worth over $1 billion 14 days before the sudden downfall of the hedge fund in 2022.
3AC filed for bankruptcy in June 2022 after facing financial challenges due to placing losing trades. Luckily for FTX, the exchange managed to liquidate its assets linked to the hedge fund before its downfall, which left over 20 associated companies counting losses worth billions.
SEC Delays Its Decision on Several Crypto ETFs
American financial regulator Securities and Exchange Commission (SEC) will not announce its decision regarding XRP, Dogecoin, Litecoin, and Solana ETFs this month, according to its recent statement. The agency said late last week that it will announce whether it has approved or dismissed the ETF applications in May.
Russia Uses Crypto for International Trade, Reports Reuters
The latest Reuters report has revealed that Russian oil firms have been accepting digital currencies like USDT and Bitcoin from Chinese and Indian customers. An unrevealed source cited in the report claimed that these companies have resorted to cryptocurrencies due to international sanctions against Russia.
Crypto Founders Reveal North Korea’s New Hacking Technique
Several crypto players have reported attempts by North Korean cybercriminals to steal confidential information via fake Zoom calls. Security Alliance co-founder Nick Bax said on March 16th that North Koreans contact their targets with offers and insist on explaining them through a Zoom call. However, once the video call begins, they text a message to inform about technical issues and provide a fake link to a new Zoom call.
Winners and Losers
Most of the top 100 crypto assets by market cap have mirrored BTC’s price performance. But which are the biggest losers? Data from CoinGecko shows that Ethena, Pi, and JasmyCoin have seen the highest losses, dropping 26%, 18%, and 16.43%, respectively.
Meanwhile, Story is the highest gainer this week after a 26% rally. Kaspa and Celestia come in second and third with gains of 16% and 12%, respectively.
