Tuesday, November 28, 2023

Market Watch March 10: Crypto market sees gains, Bitcoin crosses $40k

The US President Joe Biden signing the executive order for digital assets has hit the crypto market positively. It sent bitcoin soaring, crossing the crucial $40,000 mark. But at the time of writing this article, BTC has slipped 1.51% in the last 24-hours and is trading at $40,800, as per CoinMarketCap data.

In the afternoon of March 9, bitcoin surged above $40,000 and touched $42,000 briefly. This saw the total crypto market cap to add about $130 billion overnight. While the world’s most popular cryptocurrency gained over 10%, Ethereum rose by 8.64%. The ripple effect was felt across the crypto market sending the altcoins in green. THORchain’s native token RUNE spiked nearly 30% – making it the largest gainer of the day.

Analysts attribute the green shade of the crypto market to US Treasury Secretary Janet Yellen’s milder statement, which wasn’t expected. She called for a coordinated and comprehensive approach to the digital asset policy. Yellen highlighted that it will support responsible innovation that could bring about substantial benefits for the country, businesses, and consumers.

Meanwhile, industry watchers have described the US’s move to regulate crypto as fair. Analysts believe that if BTC price remains below $43,000 on March 11, only $190 million worth of call options will be available. This happens as there is no value in the right to buy Bitcoin at $44,000 when it’s trading below the level. It’s advisable for bitcoin bulls to hold $42,000 for a $140 million profit on March 11.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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