The crypto
market lost 0.5% in 24 hours, bouncing back to $1.18 trillion. This level has
become the centre of gravity around which the market has been moving all week.
So far, it looks like a pause and consolidation but not a breakout.

Bitcoin has
fared better this time around, losing 0.4% and remaining stuck at $28,000 for
the past three weeks. Notably, there has been no deep correction or noticeable
upward bias during this time. Bitcoin’s rally has stalled in the area that
provided meaningful support in May and early June last year. An upside move
would be a significant milestone to restore long-term investor confidence.

On the other
hand, a deeper drawdown below $27.0K or even to $25.5K may be required before a
move higher, which would fully correct the rise from the early March lows and
clear the way to the upside.

News background

According to
CCData, trading volumes on centralised crypto exchanges reached $3.81 trillion
in March, the highest since September 2022. Trading volumes on the cash market
rose 10.8% to $1.04 trillion, while the derivatives market jumped 32.6% to
$2.77 trillion.

Cryptocurrencies
will reduce transaction costs for remittances by 97%, according to a study by
Coinbase. Americans sending money overseas collectively pay more than $12
billion in fees each year.

The market
capitalisation of the Tether stablecoin has surpassed $80 billion, rising by
$15 billion in the first three months of 2023 to a record high since May 2022.

This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.

This article was written by FxPro FXPro at www.forexlive.com.