Bitcoin and Ethereum trade sideways, AI concept coins lead gains

On Wednesday, trading activity in the cryptocurrency market cooled slightly. As of the close of U.S. stocks that day, the total market value of crypto fell 1.2% to $2.6 trillion. Bitcoin and Ethereum face resistance at key levels.

The current price of Bitcoin is US$71,754, which was later lowered to US$69,793, a decrease of 1.2%. Ethereum is trading at $3,516, down 1.35% in the past 24 hours.

In the altcoin market, the native tokens of blockchain AI concept projects Fetch.ai, SingularityNET and Ocean Protocol are soaring amid the proposed merger plan. The proposed merger is called the "Artificial Super Intelligence Alliance". These projects The token will be named Artificial Superintelligence (ASI).

The cryptocurrency prices corresponding to these messages have fluctuated significantly. Fetch.ai (FET) is up 15%, SingularityNET (AGIX) is up 12%, and Ocean Protocol’s token OCEAN is the biggest gainer, up more than 36%. The three projects submitted integration proposals to their respective governance communities today and plan to launch a 14-day consultation period, with proposal voting expected to take place between April 2 and April 16.

Base The meme trend continues, with the hottest BRETT, inspired by a cartoon drawn by artist Matt Furie, up 11% in the past 24 hours Character, the market value was once close to 500 million US dollars. “It is now clear that memecoins have evolved from a cultural movement into a key tool in driving the adoption of new blockchains,” Coingecko wrote in a newsletter.

In this case, the hype campaign It has attracted the attention of regulatory agencies. The British Financial Conduct Authority (FCA) issued a document warning KOLs to pay attention to "misleading" encryption meme projects. Paid promotions must obtain regulatory approval to avoid potential criminal charges. The FCA will "emoticon" Packages” items were listed as key areas for online breaches.

Cryptocurrency market "is in the middle of a bull market"

Based on a recent report from Grayscale, market cycle indicators show that the cryptocurrency market "is in the middle of a bull run" on the back of strong fundamentals and technical factors. We are currently in the middle of a bull market.”

Despite Bitcoin rising from $63,800 to $70,000 in the five days leading up to March 27, only $151 million of leveraged short positions were liquidated in the BTC futures market. This suggests that bears remain cautious despite a whopping $888 million in net withdrawals from U.S. Bitcoin spot ETFs last week.

On the positive side, Bitcoin has shown resilience, falling from $73,757 on March 14 to $60,795 on March 20 without causing panic among spot ETF investors. Spot ETF flows reversed course this week, recording net inflows totaling $418 million on March 26.

In addition, Grayscale reported that exchanges held significantly less Bitcoin, “a 7% decrease since the local Bitcoin supply peak in May 2023.” This suggests that supply is tight in part as spot Bitcoin ETFs move BTC into custodial cold wallets for long-term storage as investors anticipate future price increases.

Is the pre-halving correction in BTC over?

Analyst Rekt Capital said on the The previous correction occurred as expected. Now Bitcoin is back near $70,000."

Rekt Capital said in a video analysis yesterday that if the all-time high of $69,000 turns As a support level, Bitcoin prices may break through all-time highs. He said: "Bitcoin has broken through all-time highs and may be ready for the end of the correction before halving."

According to Bitfinex analysts According to a research report, last week’s Bitcoin price adjustment indicates that the price has formed or is close to forming a local bottom. Analysts said: “We believe that Bitcoin’s correction last week from the current all-time high of $73,666 is equivalent to approximately 17.5%. The correction shows that we are close to establishing a local bottom, and in fact the market has begun to follow this pattern."

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