Altcoins News

Story: Bitcoin Holds $59K Floor as Whales Keep Buying

By Evie Vavasseur

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Retail Traders Jump In. Retail platforms are going nuts too. eToro reported a 25% spike in new account registrations on…

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Mining Gets Profitable Again. Bitcoin miners are making bank right now. Mining revenues jumped 15% since early March, per…

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Fed Meeting Looms Large. The next Federal Reserve meeting could shake things up.

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Bitcoin won't budge. The cryptocurrency sits pretty above $59,000 as of March 27, and traders are starting to think it might never see the $50s again.

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The digital asset has been trading in a tight range between $59,100 and $60,300 over the past 24 hours.

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Things got wild after the SEC approved that Bitcoin ETF last month.

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The regulatory green light changed everything for institutional money. Pension funds and hedge funds that couldn't touch Bitcoin before are now loading up through the ETF wrapper.

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Retail platforms are going nuts too. eToro reported a 25% spike in new account registrations on March 25 compared to the previous month.

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But not everyone's convinced this rally has legs.

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Jane Smith from Crypto Insights thinks people are getting too excited. "Sure, $59,000 looks solid now, but we've seen Bitcoin crash from higher levels before," Smith said in a…

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The on-chain data tells an interesting story too. Glassnode found that addresses holding more than 1,000 Bitcoin are accumulating like mad.

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CME Group futures volumes hit new yearly highs on March 24. Institutional traders are using futures to hedge their Bitcoin exposure, but also to get leveraged long positions.

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Ethereum's riding Bitcoin's coattails, trading near $1,800. The whole crypto market seems to be finding its footing after months of uncertainty.

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The next Federal Reserve meeting could shake things up. If the Fed hints at more rate cuts, Bitcoin might rocket higher as investors hunt for yield.

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JP Morgan threw some cold water on the party yesterday. The bank warned that Bitcoin could face selling pressure if macro conditions shift.

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