A stronger dollar can tighten global financial conditions and often weighs on risk assets such as equities and cryptocurrencies. Higher oil prices-both Brent crude and West Texas Intermediate are hovering around $100 per barrel-reinforce inflation concerns and heighten expectations of interest-rate increases. Higher rates also detract from the attraction of such investments. One wonders if the market is merely playing a cruel game of musical chairs.
According to the ever-watchful Glassnode, who posted their findings on the mystical platform X, Bitcoin and its crypto cousins have parted ways like a badly choreographed dance routine. The “spot trading volume,” a metric as straightforward as a Discworld troll, shows who’s still got the moves.
On a Thursday that shall henceforth be remembered as the day the financial overlords condescended to mingle with the crypto rabble, BlackRock unveiled its ETHB. The fund, with a hauteur befitting its lineage, promises to “provide investors with exposure to spot ether while potentially generating income by staking a portion of its ether holdings.” How generous of them to allow the plebeians a glimpse of their gilded cage.
According to the oracles at crypto.news, Ethereum (ETH) price leapt nearly 6% to $2,144 during the mystical hours of Friday morning in the East, before settling like a sated cat around $2,100. At this valuation, the second-largest crypto asset by market cap sits 11% above its weekly low and a staggering 18% above its February nadir. A resurrection, if you will, from the ashes of despair.
Crypto futures open interest swelled 2%, now a bloated $102 billion. Yet, flat-to-negative funding rates whisper of a crowd more interested in playing it safe than chasing dreams. Traders, ever the pragmatists, are hedged and waiting-probably planning their next coffee break.
What makes this warning so peculiar? Well, Ethereum’s network is busier than a squirrel in a nut factory, yet its price is as flat as a pancake. It’s like watching a superhero lose their powers while their fans cheer louder than ever.
Bitcoin hit $72k. Ethereum’s at $2,100. BNB, XRP, Solana, Dogecoin-all had their moment in the sun. Big deal. Meanwhile, the Dow Jones face-planted, and tech stocks are crying in the corner. Crypto’s like, “Not my problem.”
Verily, Solana’s price hath begun a decent increase after settling above the $85 zone, much to the delight of its adherents, who now revel in the company of Bitcoin and Ethereum. SOL hath ascended above $88, thereby entering a short-term positive zone, though one must question whether this is a mere flirtation or a lasting union.
VeryAI, a “proof of reality” platform, announced March 12 that it has raised $10 million in seed funding. The round was led by Polychain Capital, with participation from the Berggruen Institute and Anagram. With this fresh capital, VeryAI plans to scale its proof of reality infrastructure and develop further tools to ensure the future of the internet remains human-centric.
The price of Ethereum, in what could only be described as a rather bold move, cleared the $1,980 resistance zone-quite like Bitcoin, which is always good company when one is trying to break free from the shackles of lower price levels.
