The world of cryptocurrencies has seen its fair share of ups and downs. The most recent analysis of the crypto market was conducted on March 31, with a focus on SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, and TON. This in-depth analysis provides a comprehensive snapshot of the current state of the market.
Bitcoin (BTCUSD) experienced a dip of 4.29% last week, but a recovery was initiated by bullish investors which pushed the price back to $83,500 on March 31. With new US trade tariffs set to be implemented on April 2, traders are likely to remain vigilant as it could lead to sudden market movements.
Despite the cautious approach of traders, the lower levels of the market are attracting buyers. CoinShares reported that cryptocurrency exchange-traded products (ETPs) saw modest inflows of $226 million last week. Strategy took advantage of Bitcoin’s dip by acquiring 22,048 Bitcoins worth $1.92 billion, at an average price of $86,969. Following this purchase, the company now holds 528,185 Bitcoins bought for a total of approximately $35.63 billion.
The S&P 500 Index (SPX) experienced a bull trap when it broke above the 20-day exponential moving average (5,706) on March 24, but then sharply declined on March 26, breaking below the 5,600 support. The US Dollar Index (DXY) has also been trading below the 20-day EMA (104.46), indicating a negative sentiment in the market.
Other cryptocurrencies like Ether (ETHUSD), XRP (XRPUSD), Binance Coin (BNBUSD), Solana (SOLUSD), Dogecoin (DOGEUSD), Cardano (ADAUSD), and Toncoin (TONUSD) were also analyzed, showing varying levels of performance and market trends.
It’s important to note, however, that this article does not provide investment advice or recommendations. Every investment and trading move comes with risks, and readers are advised to conduct their own research before making any decisions.
