By Francisco Rodrigues (All times Eastern unless otherwise noted)
Bitcoin The broader cryptocurrency market showed mixed signals on Tuesday, with the largest cryptocurrency briefly touching $70,000 amid reports that Iran was proposing a ceasefire.
Bitcoin’s hesitation comes just a day after a Bitcoin exchange-traded fund (ETF) recorded its largest inflows since late February, with markets keeping a close eye on the grim macro backdrop. Demand from Bitcoin ETF investors suggests they view current price action as an accumulation opportunity.
Binance Research found earlier this month that Bitcoin’s correlation with its global easing breadth index, which tracks 41 central banks, turned strongly negative following the launch of a spot Bitcoin ETF. ETF-driven institutional flows tend to be more forward-looking and able to prepare for anticipated policy moves. That is, institutional capital may accumulate ahead of expected easing of monetary policy.
Bitfinex Alpha describes the market as range-bound but fragile, with organic demand weak, corporate funding purchases slowing, and options positions becoming more volatile below $68,000 as downside protection increases.
Macro pressures also remain. Brent crude prices remained above $110 a barrel as a looming deadline for U.S. President Donald Trump’s deal to open the Strait of Hormuz to Iran kept investors on edge.
The market currently sees little room for the Federal Reserve to cut interest rates in the near future, given rising energy costs leading to rising inflation expectations. U.S. inflation data due later this week will be crucial. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
What to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- Macro
- April 7, 07:15 am: U.S. ADP Employment Change Weekly Report (estimated 10K)
- April 7, 7:30 a.m.: U.S. durable goods orders in February were 04% month-on-month (previous value: 0%)
- April 7, 11:35 a.m.: Chicago Fed President and CEO Austan Goolsby joins a conversation on economic and monetary policy.
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- April 7: Kamino and xStocks host X Spaces conference on tokenization.
- The Balancer DAO is voting on two related proposals to reorganize operations, reduce team and budget, and improve token economics by stopping BAL emissions, discontinuing veBAL, transferring all fees to the treasury, and offering token buybacks. Voting closes on April 7.
- The CoW DAO is voting to fix its solver reward budget at 50% of protocol revenue, split between performance rewards and new consistency rewards. The proposal received overwhelming support and closed on April 7.
- Unlock
- Token issuance
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is down 0.98% since 4pm ET on Monday to $69,149.83 (24 hours: -1.05%)
- ETH fell 0.98% to $2,128.41 (24 hours: -1.31%)
- CoinDesk 20 down 1.13% to 1,946.75 (24 hours: -1.59%)
- The comprehensive pledge rate of Ethereum CESR increased by 4 basis points to 2.74%
- The BTC financing interest rate on Binance is 0.0049% (annualized 5.3327%)
- DXY fell 0.15% to 99.83
- Gold futures prices unchanged at $4,688.40
- Silver futures fell 0.3% to $72.63
- The Nikkei 225 index closed unchanged at 53,429.56 points
- The Hang Seng Index closed down 0.70% at 25,116.53 points
- The FTSE rose 0.33% to 10,470.51
- Europe’s Stoxx 50 rose 0.98% to 5,748.35
- The Dow closed up 0.36% on Monday at 46,669.88 points
- The S&P 500 closed up 0.44% at 6,611.83 points
- The Nasdaq Composite closed up 0.54% at 21,996.34
- The S&P/TSX Composite Index closed up 0.22% at 33,181.97 points
- The S&P 40 Latin America index closed up 0.12% at 3,656.10
- The U.S. 10-year Treasury bond rate fell 1 basis point to 4.325%
- E-mini S&P 500 futures unchanged at 6,657.25
- E-mini Nasdaq 100 futures unchanged at 24,373.50
- E-mini Dow Jones Industrial Average futures rose 0.16% to 46,976.00
Bitcoin Statistics
- Bitcoin dominance: 59.04% (-0.08%)
- Ethereum-Bitcoin ratio: 0.03077 (0.54%)
- Computing power (seven-day moving average): 951 EH/s
- Hash price (spot): $31.40
- Total fee: 2.18 BTC / $151,084
- CME Futures Open Interest: 117,120 BTC
- BTC in gold: 14.8 ounces.
- Bitcoin and gold market capitalization: 4.6%
technical analysis
- This chart shows weekly candles of the Bitcoin USD price over the past few years.
- The indicator is still trading near the 200-week exponential moving average at $68,317, while the RSI continues to rise after bottoming at $27 a few weeks ago.
- With no bearish RSI divergence evident, the next core level to monitor is $73,000 for any confirmed upside momentum
crypto stocks
- Coinbase Global (COIN): Closed at $174.79 (+1.94%) Monday pre-market, -0.56% to $173.82
- Circle Internet (CRCL): Closed at $92.15 (+2.09%), +0.18% at $92.32
- Galaxy Digital (GLXY): Closed at $18.28 (+3.63%), +0.11% at $18.30
- Bullish (BLSH): Closed at $37.35 (+2.69%), unchanged pre-market
- MARA Holdings (MARA): Closed at $8.85 (+1.61%), -0.55% at $8.80
- Riot Platforms (RIOT): Closed at $13.52 (+5.13%), -0.52% at $13.45
- Core Scientific (CORZ): Closed at $16.29 (+0.37%), -0.18% at $16.26
- CleanSpark (CLSK): Closed at $9.10 (+3.53%), -0.33% at $9.07
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $36.70 (+2.63%)
- Exodus Movement (EXOD): Closed at $6.33 (+3.77%), +0.63% at $6.37
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $127.69 (+6.56%), -0.71% at $126.79
- Strive (ASST): Closed at $10.12 (+3.79%), +0.30% at $10.15
- SharpLink Gaming (SBET): Closed at $6.38 (+3.07%), +0.12% at $6.39
- Upexi (UPXI): Closed at $1.01 (+3.59%), -0.99% at $1.00
- Lite Strategies (LITS): Closed at $1.14 (+1.79%)
ETF flows
Spot BTC ETF
- Net daily traffic: $471.4 million
- Cumulative net flow: $56.41 billion
- Total BTC holdings are approximately 1.29 million
Spot ETH ETF
- Net daily traffic: $120.2 million
- Cumulative net flow: $11.63 billion
- The total holdings of ETH are approximately 5.68 million
Source: Farside Investors