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BTC needs to maintain a position above $68,500 to break the $75,000 level

BTC needs to maintain a position above $68,500 to break the $75,000 level

March 27, 2024

I. Mainstream exchange news

  • Coinbase adds Shadow Token (SHDW) and Neon EVM (NEON) to its roadmap.
  • KuCoin and its two founders have been indicted for violations of the US anti-money laundering laws and unlicensed money transmission business, according to the US Department of Justice website.
  • Binance lists BONK/USDC and FLOKI/USDC spot trading pairs on March 27th.
  • Binance joins the Global Travel Rule Alliance to promote interoperable compliance and enhance security.
  • OKX Web3 wallet launches Merlin Super Season.
  • Binance's Web3 wallet introduces a GMX airdrop activity worth $85,000.
  • NEAR launches a multi-chain trading feature for single accounts.
  • The US CFTC reaffirms Ethereum as a commodity in a lawsuit against Kucoin.
  • Apple to hold its global developer conference on June 10th, possibly announcing its AI strategy.
  • Hong Kong may approve the creation and redemption of physical Bitcoin spot ETFs in Q2 this year, according to Bloomberg analysts.
  • Optimism to provide $3.3 billion in funding to blockchain builders, with tokens to be issued in four rounds.
  • The US SEC requests a judge to approve a proposed final judgment that imposes a $1.95 billion penalty on Ripple.
  • BadgerDAO and Lido partner to launch eBTC, a synthetic Bitcoin token.

III. Funding news

  • Blockchain game Illuvium completes $12 million Series A funding.
  • Reya Network developer Reya Labs raises $10 million in funding, with participation from Coinbase Ventures.
  • Bitcoin ecosystem project Satoshi Protocol completes seed round funding, led by Web3Port Foundation and Waterdrip Capital.
  • Web3 infrastructure 0G Labs completes $35 million pre-seed round funding.
  • Crypto game development company Gunzilla Games completes $30 million in funding, led by Avalanche Fund and CoinFund.

IV. Regulatory news

  • The UK Treasury and Bim Afolami MP have jointly released the second tokenization report, further exploring the potential use cases for fund tokenization.
  • Filipino Binance investors sell USDT at a discount of up to 7% after the regulatory ban.


Market overview

On March 26th, BTC surged past its recent high of $71,561, officially breaching the key resistance level of $70,500. BTC needs to maintain a position above $68,500, the midpoint of the 4-hour bullish line, to sustain its bullish momentum and potentially reach a new all-time high of $75,000. Notably, on the same day, significant inflows were observed in various Bitcoin-related funds: Fidelity's Bitcoin Spot ETF FBTC received approximately $279.1 million, VanEck's Bitcoin Spot ETF HODL saw an inflow of about $15.8 million, and JP Morgan's BTCO recorded an inflow of around $26.7 million. This influx contrasts the previous trend of consecutive daily net outflows, indicating a positive shift that bodes well for the ongoing recovery of BTC prices.

MEW daily maximum increase of 110 times

Memecoins centered around cat-themed IPs have rapidly gained popularity, partly reflecting the community's weariness with dog-based emojis. Following the launch of MEW on Solana, its value surged over 100 times within 7 hours, reaching a market capitalization exceeding $300 million. Presently, there are 8,500 token holders, indicating significant community engagement, with the trading volume in the last 24 hours approaching $300 million.

zkSync may issue tokens soon

Nansen announced its integration with zkSync, and the launch of its Macro Dashboard, which could be the strictest anti-sybil attack mechanism in history. The possible airdrop requirement is a snapshot on March 14th, with a wallet balance greater than 100 USDT. The specific rules are currently undecided, with token issuance expected in April.

WEN breaks all-time high

On March 27th, Memecoin WEN, launched by Jupiter, surpassed its all-time high, reaching a market value exceeding $300 million and attracting 232,000 token holders. Given its significant wealth effect and attention, it's worth paying special attention to the performance of Zeus Network, Jupiter's first IDO project.

Growing volatility ahead of XRP and XLM

On July 13, 2023, a US federal judge ruled that XRP sold through the secondary market is not considered a security, while XRP sold from the primary market retains its classification as a security. This decision marked a 'brief victory' for Ripple, leading to an 80% surge in XRP's price in a single day. However, the US SEC subsequently refiled an appeal.

On March 26, 2024, the SEC submitted a proposed final judgment requesting the judge to approve a fine of $1.95 billion against Ripple. Ripple must respond and submit materials before April 22nd. The judgment holds significant implications for most copycat coins. If the SEC prevails, it establishes a precedent for punishing such coins under the Securities Act. This potential outcome underscores the need for vigilance regarding XRP's volatility. Additionally, the volatility of XLM, often influenced by and mirroring XRP's price movements, warrants careful observation.

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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