Market Overview
- Total crypto market cap dropped to $2.75 trillion, marking a 4% decline on Tuesday.
- Ethereum (ETH), Dogecoin (DOGE), and Chainlink (LINK) were among the top losers in the top 20 assets.
- Bitcoin (BTC) rebounded above $80,000, ending a five-day 15% losing streak, despite ongoing market volatility.
Bitcoin Market Update
- BTC hit a low of $76,606 before rebounding 8% to $82,000 during U.S. trading hours.
- Mt. Gox wallets transferred 11,335 BTC (~$930M), sparking fears of massive sell-offs as creditor repayment deadlines near.
- Bitcoin ETFs saw $369M in outflows—the sixth consecutive day of withdrawals since early March.
Spot vs. Derivatives Market Analysis
While altcoin spot trading volumes remain strong, derivatives data reveals mixed sentiment:
- ADA: Up 10.9% but faces $1.37M in liquidations (mostly long positions).
- XRP: Gained 8.7%, but short positions dominate ($24.96M liquidations).
- ETH: Rose 6.81% but struggles to hold $1,950 after $140.57M in liquidations.
Crypto News Roundup
Texas Proposes $250M Bitcoin Reserve Bill
- HB 4258 would allocate funds from the state’s economic stabilization fund to BTC/digital assets.
- If passed, local governments could invest up to $10M starting in 2025.
Thailand Approves USDT for Regulated Use
- Tether (USDT) gets greenlight for trading/payments, effective March 2025.
- Part of Thailand’s broader push to integrate stablecoins into its financial ecosystem.
Starknet Plans Bitcoin-Ethereum L2 Integration
- Aims to connect both blockchains, enabling BTC participation in DeFi while maintaining security.
- Developing bridge mechanisms (e.g., BitVM-based) for seamless interoperability.
FAQ
Q: Why did Bitcoin drop below $77,000?
A: Mt. Gox’s $930M BTC transfer triggered fears of creditor sell-offs, exacerbating market volatility.
Q: Is ADA’s rally sustainable?
A: With high liquidation risks, ADA may face a short-term pullback unless spot demand strengthens.
Q: What’s next for ETH?
A: ETH must hold $1,950 to avoid retesting $1,900 support. Derivatives data suggests cautious optimism.