The global crypto market has seen an upswing in the past few weeks. Crypto prices are slowly recovering from the global meltdown caused by the FTX collapse late last year and have been on a steady recovery path lately. As a new trading week begins, here are certain factors and events that can help shape investor calls for the coming days.
Before we continue, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to determine how cryptocurrencies are likely to behave in the future. This article aims to help investors keep up to date with the current market scenarios and the biggest events that have already happened, as well as some upcoming events that are worth keeping up to date with. Investors are advised to do their own research before answering a call.
Crypto prices over the past week
As of last Monday (March 20), the total crypto market cap was $1.15 trillion. Bitcoin (BTC) price was around $27,500 and Ethereum (ETH) price was around $1,700.
A week later, the total market cap has grown to $1.16 trillion, according to CoinMarketCap data.
Check out the top crypto prices today
The total volume of DeFi is $3.05 billion, which is 9.26 percent of the total 24-hour market volume. For stablecoins, the total volume is $29.41 billion, which is 89.32 percent of the total 24-hour market volume.
BTC dominance stands at 46.41 percent at the time of writing.
In the past seven days, bitcoin reached a high of $28,755.36 (on March 22) and a low of $26,917.94 (on March 23), showing a relatively stable state.
Ethereum, on the other hand, posted a high of $1,839.58 (March 23) and a low of $1,718.65 (March 26), also showing stable movement.
Crypto events to watch for
Trouble is brewing at Binance, the world’s largest crypto exchange by trading volume. On Friday, CEO Changpeng Zhao tweeted that a bug was discovered in the platform’s trailing stop order matching engine, causing deposits and withdrawals to be temporarily halted.
According to media reports, the exchange has now ordered an internal investigation to investigate know-your-customer (KYC) evasion of rumors within the company. Employees were allegedly involved in helping Chinese customers bypass the KYC and related security measures. A company spokesperson reportedly confirmed that anyone associated with him is “expressly prohibited” from assisting users in circumventing company policies and laws.
ALSO READ: Binance Launches Internal Investigation into KYC Bypass Rumors: Everything You Need to Know
Furthermore, according to the latest Kaiko data, BTC liquidity has dropped to a 10-month low. The main reason for this could be attributed to the shutdown of Silvergate’s SEN and Signature’s Signet transfer networks.
Finally, US prosecutors arrested Do Kwon, the cryptocurrency entrepreneur behind the crash of two digital currencies (TerraUSD and LUNA) that lost over $40 billion last year, and charged him with fraud.
ALSO READ: LUNA Investor Arrested for Knocking on Terra Founder Do Kwon’s Door After Losing Millions
Kwon, the wanted co-founder of Terraform Labs behind a multi-billion dollar crash of the firm’s cryptocurrency last year, has been arrested in Montenegro in the US.
On March 31st, the NFT-based game Katana Inu will start its closed beta. Expect the KATA coin, currently trading at $0.000599, to see a boost on Friday.
Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for losses on such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek professional advice and carefully read the offering document(s) and relevant key literature on the subject before making any type of investment. Cryptocurrency market predictions are speculative and any investment made is at the sole expense and risk of the readers.
