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BTC, ETH Down Ahead of SEC’s Crypto Round Table
By Manoj Dharra
Bitcoin and other major cryptocurrencies took a hit on Friday, as market participants became increasingly concerned about the US tariffs, which led to a more cautious investment sentiment. The tariffs have raised worries among economists, who fear they could drive up inflation, making it harder for central banks to support struggling economies. This uncertainty has contributed to a decline in investor appetite for riskier assets, such as cryptocurrencies. During central bank meetings this week, global leaders expressed caution, with a particular focus on the uncertain political and economic climate. The US Federal Reserve, the Bank of Japan, and the Bank of England all decided to keep interest rates unchanged, citing concerns about trade tensions and inflation.
As the global economy faces an increasingly cloudy outlook, investors are paying close attention to President Donald Trump’s plans for a series of broad reciprocal tariffs, which are set to be implemented on April 2. Bitcoin, the leading cryptocurrency, was down 1.5% at $84,000, while Ethereum slipped nearly 1.2% to $1,968. The global crypto market cap also declined 1.5%, falling to $2.75 trillion in the past 24 hours. In terms of US ETF flows, approximately 1,910 BTC were bought and 6,080 ETH were sold on March 20, with BTC ETFs seeing $165.7M in net inflows.
On Thursday, Trump addressed the Blockworks Digital Assets Summit in New York through a prerecorded message, reiterating his commitment to positioning the US as a leader in the crypto space. He emphasized the importance of removing restrictive regulations and urged Congress to establish clear rules for stablecoins and digital asset markets. In terms of performance, XRP showed steady declines, reducing Wednesday’s 10% spike to a 4.8% gain on a weekly basis, while BNB Chain’s BNB continued to edge higher, bringing weekly gains to over 8%. Tron’s TRX and TON were the only major tokens in the green, both rising by 2%. TRX was floated on Solana for the first time ever late Thursday in an attempt to expand its user base, while TON saw retail demand after the Toncoin Foundation revealed that venture capital firms now hold over $400 million worth of the asset following fresh investments.
From a technical perspective, if Bitcoin continues its current correction, it could extend the decline to retest its next support level at $78,258. The Relative Strength Index (RSI) on the daily chart reads 45, having been rejected from its neutral level of 50 on Wednesday, signaling rising bearish momentum. If the RSI continues to slide, Bitcoin’s price could fall sharply. Looking ahead, the SEC is hosting its first-ever Crypto Roundtable today, an event that will feature key discussions on cryptocurrency regulations. The event will bring together experts and industry leaders to explore challenges and opportunities in the crypto space, marking a significant step in shaping the future of crypto regulation.
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