Rebellious crypto market

Rebellious crypto market

Market picture

The cryptocurrency market has become rather rebellious. Neither Trump's sudden announcement of the creation of a crypto reserve, nor his rather unexpected signing of it on Thursday, before a scheduled meeting with crypto bosses on Friday, could unequivocally spur the market. The crypto market is 8% above levels from 7 days ago but is selling off powerfully on upside attempts. As a result, the previous support level near $3.14 trillion is acting as resistance.

The news of the last week is helping to create support on the dips in Bitcoin, which climbed to $90k on Friday. BTCUSD remains sandwiched between the 50 and 200-day moving averages. The long MA plays the role of rising support, while we see the short one as a signal line. The ability to consolidate above $96K early next week will signal the end of the correction. But we caution that increased volatility on the news and low liquidity over the weekend could fool traders.

News background

According to Arkham Intelligence, bankrupt exchange Mt. Gox transferred 11,834 BTC ($1.1bn) to an unknown wallet on 6 March. This is the platform's first major transaction since late January.

On the eve of the White House crypto summit, the Trump family's DeFi project World Liberty Financial (WLFI) bought ETH, WBTC and MOVE for $21.5 million, Nansen experts note. The amount of Ethereum held by WLFI has grown from 2,200 ETH to over 7,000 ETH in the last week. WLFI has invested $336 million in crypto assets.

Tether blocked 89 wallets of Russian exchange Garantex for $22.8 million in USDT. The platform has temporarily halted operations and is looking for a solution to the problem.

US President Donald Trump signed an executive order on a strategic bitcoin reserve. It will include the cryptocurrency, which the US already owns, David Sachs reported. We are talking about 200 thousand Bitcoins worth $17 billion, which were confiscated from attackers.

By the FxPro Analyst Team