Crypto Recap March 22: BTC Finds $9k Hard Nut to Crack, BNB Headlines Overblown

Market Summary

The crypto market gave back some of its recent gains, with Bitcoin unable to sustain above the $9k handle. The topside failure in the BTC charts led to an immediate setback in the Alts complex, which remains extremely susceptible to Bitcoin price fluctuations. A few assets that managed to put up a fight to end the day eking out tiny gains include NEM, EOS, ETC, QTUM, while ADA, XLM or VEN were hit the hardest among top cryptos, falling by 5–7%.

In terms of the total market cap, we are down by over $15b to $335b or thereabouts. Notice, the vigorous rebound off lows back on March 20 saw the market cap downtrend line violated on increasing volume, a technical revelation that increases the odds of finding buyers on dips. We can draw such conclusion as a rise in increasing volume reveals a new wave of committed buyers came in betting for higher prices, with $9k unlikely to be the first and only upside attempt.

In the dominance chart, BTC remains firm at 44%, but a noteworthy development is that the basket of Alts described as “Others”, which gives you a contextual perspective over the wider spectrum of the market, is starting to recover its footing, up by 3% to about 20% from a year-low of 17%. This means a sign of more diversification away from Bitcoin, which should be understood as a tentative sign of optimism.

Looking at the main drivers for Thursday, this time we can single out one catalyst to blame for the reversal in prices. As we reported, the Nikkei Asia Review published a story claiming that the Financial Services Agency of Japan was investigating Binance’s activity in Japan and was preparing to issue a warning due to the fact that the company hadn’t registered with the FSA yet. According to the article, Binance could even face criminal charges if it continued to operate without a license.

However, as our reporter, Eren Sengezer, explains: “It didn’t take long for Changpeng Zhao, the CEO and founder of Binance, to respond to those claims. “Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them,” CZ said in a Twitter post.”

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* Headlines below are listed in chronological order, as seen in CoinLive News Terminal

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Key Events on Top Cryptos for Mar 23 (Fri)

  • aelf (ELF) — Zero Knowledge Summit
  • AirSwap (AST) — Ethereum Singapore Meetup
  • Bitcoin Cash (BCH) — Satoshi’s Vision Conference in Tokyo
  • Bitcoin Gold (BTG) — Crypto Con 2018 in Mumbai
  • Civic (CVC) — Satoshi’s Vision Conference in Tokyo
  • Eidoo (EDO) — ICO Launch
  • Ethereum (ETH) — BlockchainUA Conference in Kiev
  • Ethereum Classic (ETC) — Redesigned Website Preview Images Release
  • Gifto (GTO) — AMA on Telegram
  • Gnosis (GNO) — Ethereum Singapore Meetup
  • Golem (GNT) — Ethereum Singapore Meetup
  • IOTA (MIOTA) — Crypto Con 2018 in Mumbai
  • Lisk (LSK) — Meetup in Minneapolis
  • NEM (XEM) — International BlockchainUA Conference in Kiev
  • NEM (XEM) — Meetup in Seoul
  • Quantstamp (QSP) — Post-YC Reddit AMA
  • Red Pulse (RPX) — Spring Career Fair in Shanghai
  • Stellar (XLM) — Stellar on IMTC Brasil
  • TaaS (TAAS) — BlockchainUA Conference in Kiev
  • TRON (TRX) — German Weekly Report
  • Waves (WAVES) — Meetup in Taipei
  • WAX (WAX) — Project Update Presentation


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