A strong crypto market rebound to new highs after an initial dip assured investors of an optimistic outlook for the market and prevented panic sell-offs.
The past week was an eventful one for the crypto market. Bitcoin’s volatile movements served as the main spotlight for the industry. Initially trading above $63,000 at the beginning of the week, BTC gained support from bulls. Soon after, it hit an all-time high trading level, marking a significant moment for the crypto market. Unfortunately, a dip occurred immediately, but a steep crypto market rebound stopped further sell-offs.
The crypto market rebound on March 5 is likely the sector’s most critical moment this week. On that day, BTC faced a price retest around the $61,000 mark. Bears could have taken over the market if bulls had not gained enough strength for a recovery. Subsequently, BTC witnessed enough support to trade above $66,000 comfortably.
Analysts from leading asset management firm QCP Capital observed the event. They said, “With some of the leverage taken out, the path higher has now opened up and we look to a near-term break higher as the uptrend resumes immediately.” Other analysts have also revised price targets for BTC for the coming days.
Meanwhile, other events in the UK and US saw substantial progress on the crypto regulatory front. The US, which hasn’t observed many crypto regulatory developments, finally noted approvals for a crypto bill. The new bill in Virginia could stand as an ideal for other crypto regulatory bills and regulations.
Besides, the US viewed another progressive step for the crypto sector this week. The Blyth Fund, which students of Stanford University manage, allocated 7% of its portfolio to the Bitcoin ETFs. Apart from furthering awareness about crypto among university students, the move will also uplift the ETFs.
The UK, on the other hand, is in the middle of crafting effective crypto regulations. A former official of the Bank of England credited coordination between regulators for appropriate crypto laws. Stablecoin news, which featured prominently last week, also found mention in a BIS report. The BIS report accounted for a major piece of stablecoin news, providing multiple suggestions for the industry’s regulations.
The following tokens surged the highest this week:
As we can observe, Shiba Inu rose by over 150% during the last seven days! An altcoin rally has been running parallel to Bitcoin’s rise as well. ETH is trading just a little below $4,000, creating new records. Other tokens like BNB, DOGE, and UNI have also gone through massive upward trends.
These tokens lost the most value during the week:
The crypto market is currently trading above $2.5 trillion. If the trend continues, it may breach the $3 trillion level soon this month.
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