The main thing on the cryptocurrency market.
The outflow of funds from spot Bitcoin ETFs amounted to almost $94 million.
On March 21, 2024, the net daily capital outflow in the spot Bitcoin ETF sector amounted to $93.85 million, according to SoSo Value data.
The negative trend continues for the fourth day in a row. It is due to an increase in outflow of $358.79 million from the GBTC fund from Grayscale Investments.
In the period from March 18 to 21, this figure increased to more than $1.8 billion, and the total outflow of funds from spot Bitcoin funds during this time amounted to more than $835 million.
According to data, the first place in capital inflow was taken by the iShares Bitcoin Trust (IBIT) crypto fund from the company BlacRock . It added $233.45 million to its balance sheet, and the volume of funds under management reached $13.32 billion.
In second place is an investment product from Bitwise Asset Management – $12.10 million, in third place is Valkyrie Bitcoin Fund (BRRR) with an indicator of $4.72 million. The remaining bitcoin ETFs received a total of $14.69 million.
< h3>Total stablecoin capitalization exceeds $150 billion
Yesterday, March 21, the market capitalization of stablecoins set a new record, reaching $150.3 billion. According to CoinGecko, daily trading volume for this asset class approached $100 billion.
It should be noted that Llama's DeFi analytics dashboard data is different from CoinGecko. According to this source, the capitalization of stablecoins is $147.3 billion.
The leader in this category is USDT, Tether's stablecoin. The dominance of the asset exceeds 70%.
In second place is USDC. USDC's capitalization is $31.6 billion, thanks to which Circle's stablecoin occupies more than 20% of the market. In third place is DAI with $4.6 billion.
According to some analysts, the increase in the market capitalization of stablecoins is an optimistic signal for further market growth.
Total Stablecoin Mcap:
Mar 21st. $147b.
Feb 21st. $138b.
Jan 21st. $133b.
Dec 21st. $130b.
Nov 21st. $127b.
Oct 21st. $124b.it is imposible and stupid to not bullish on DeFi whilst this chart is just up and to right for the last 6 months. pic.twitter.com/qkcERkIXi8
— ZeroToTom (@zerototom) March 21, 2024
By the end of the year, Bitcoin will reach $90,000 – Bernstein
Analysts at the brokerage company Bernstein presented an updated forecast for the growth of the price of Bitcoin. In their opinion, the rate of the first cryptocurrency will exceed the $90,000 mark by the end of 2024. This was reported by The Block with a link to the company's report.
Experts believe that the upcoming Bitcoin halving, which could take place in a month, will not be a big shock for mining companies. The reason for the relatively weak impact on the industry will be “bullish sentiment” in the market and a significant influx of funds in the Bitcoin ETF spot, Bernstein notes.
High commissions on the network and the active preparation of miners for halving Analysts recall that the previous reduction in rewards for Bitcoin mining led to a drop in hashrate by 15%. However, this time Bernstein representatives expect a significantly smaller decrease in the figure – up to 7%.
Experts said that companies such as CleanSpark and Riot Platforms will strengthen their positions in the market. This will be facilitated by low energy costs and better equipment efficiency, Bernstein notes. Analysts expect that after the halving, these miners will gain a significant share of the market.
In addition, representatives of the brokerage firm see potential in one more player. We are talking about the Bitcoin miner Marathon Digital, which is developing a model of independent cryptocurrency mining and relies on high liquidity, Bernstein emphasized.
According to experts, the shares of the mentioned companies are one of the most profitable areas for investment. Three Bitcoin miners control about 10% of the total hashrate of the network, and their total market value exceeds $13 billion.
In addition, the Bernstein team noted a recent correction in the rate of the first cryptocurrency, as a result of which the value of the asset dropped by more than $10,000. In their opinion, this situation represents a “temporary opportunity to acquire” the first cryptocurrency.
“We expect the market to consolidate before halving and then re-emerge,” analysts say.
OKX Crypto Exchange to Cease Operations in India
OKX Crypto Exchange Announces Termination of Operations in India. This was reported by Cointelegraph with a link to an email that local users of the platform received.
The statement states that in accordance with local legislation, users must close all margin positions, as well as positions on perpetuals, by April 30, 2024 contracts, futures and options.
In addition, clients were urged to stop using the Earn, Loan, Jumpstart products and withdraw funds from the platform.
The team noted that after April 30, accounts will be limited , but the withdrawal function will be available. The company also assures that the assets will remain safe and will be available in the account until users withdraw them.
