Bitcoin Adjusting First Quarter Gains

Alexander Kuptsikevich
Published: Mar 31, 2023, 08:48 GMT+00:00

The crypto market's capitalisation fell by 1.1% over the past day to 1.17 trillion, which resembles profit-taking after 50% of market growth in the first quarter of this year.

Bitcoin Adjusting First Quarter Gains

In this article:

Crypto Market Experiences Profit-Taking After Q1 Growth

Bitcoin daily chart

Bitcoin underwent an even more active sell-off the night before, losing about 2% in 24 hours, but holding near $ 28K, bringing the result of the first quarter to 70%. A full correction from these levels involves a pullback to $ 26K or even $ 25K.

The fact that the stock market has maintained a positive bias over the past day, and the dollar has been declining, additionally supports the idea of a local shake-up of crypto portfolios, but not the return of pessimism. If this happens, anxiety will kick in when the decline is under $ 25K.

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The US Securities and Exchange Commission (SEC) has charged the cryptocurrency platform Beaxy with brokerage and clearing activities without proper registration.

Gensler called on the government to allocate $2.4 billion to the SEC to prosecute unregistered crypto companies more effectively. He says, “the cryptocurrency market is the Wild West, where people put hard-earned money at risk by investing it in high-risk assets.”

Senator from the US Democratic Party, Elizabeth Warren, called for an “anti-crypto army”. In her future election campaign, she plans to pay special attention to the problems of cryptocurrency companies and the formation of a broad coalition of opponents of crypto assets.

Part of the digital division of the Stuttgart Stock Exchange (Boerse Stuttgart), Blocknox has received a cryptocurrency custodian license from the German Federal Financial Supervisory Authority (BaFin).

by FxPro’s Senior Market Analyst Alex Kuptsikevich

About the Author

Alexander is engaged in the analysis of the currency market, the world economy, gold and oil for more than 10 years. He gives commentaries to leading socio-political and economic magazines, gives interviews for radio and television, and publishes his own researches.

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