Global Gaming Directory: March 2025

Wednesday, March 05, 2025

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Bitcoin and Ethereum Are Trying to Break Resistance

Market Picture
The crypto market is sitting at $2.23 trillion, roughly back to levels of a week earlier, with two legs of growth—at the end of the day on Thursday and the start of trading on Monday. Sentiment has returned from fear to neutral territory (48), while sentiment in US stock indices is close to extreme greed.

Bitcoin broke above the $64K mark on Monday morning, accelerating intraday gains after breaking through its 200-day MA. This is a repeat of the momentum from a week earlier when the price failed to consolidate above that line. Looking back at the optimism in equities and the strong rally in BTC on the dip under $60K, we give more chances for growth development and a new test of $65K at the intersection of the round level and the upper boundary of the downward channel from March.

Ethereum climbed to $2,500, accelerating gains at the intersection of its 50-day MA on Monday. But this was not such a difficult task as this curve was pointing downwards. Should positive sentiment develop, the target for the bulls looks to be the $2,700 area—the highs at the end of September.

News Background
According to SoSoValue, inflows into the BTC-ETF last week totalled $308.8M after outflows of $301.5M a week earlier. Cumulative inflows since Bitcoin-ETFs were approved in January increased to $18.81bn (+1.7% for the week). In the Ethereum-ETF, net outflows over the past week declined to a paltry $5.2 million after outflows of $30.7 million previously. Net outflows since product approval rose to $558.9 million (+0.9% for the week).

Crypto whales with balances above 1,000 BTC have accumulated an additional 1.5 million coins over the past six months, CryptoQuant noted. Smaller investors have been selling BTC in the meantime. Whale’s growing balance sheet is setting up for a rally sooner rather than later.

The regulator’s attitude toward digital assets ‘is a disaster for the entire industry,’ SEC Commissioner Mark Uyeda said. He continued that the SEC ‘has not developed guidelines. As a result, the courts have done so and have issued various rulings.

MicroStrategy’s ultimate goal is to transform into a leading Bitcoin bank with a market value of $1 trillion, founder Michael Saylor said. MicroStrategy’s crypto reserves are valued at 252,220 BTC, with assets of approximately $15.5 billion.

Payment service Stripe has added USDC and USDP stablecoins as payment options on its checkout page. The launch of the service was made possible thanks to the cooperation with Coinbase, which was signed in June.