Category: Forex News

Bitcoin Could Correct To $60k

By Published On: March 15, 20241 min readViews: 2270 Comments on Bitcoin Could Correct To $60k

In a corrective scenario, the $65.0-65.5K and $60.0-60.5K areas are of particular interest, as they contain important round levels (significant for retail) and the 76.4% and 61.8% Fibonacci retracement lines.

As a result of another recalculation, the difficulty of mining the first cryptocurrency increased by 5.79%. The indicator updated the historical maximum at 83.95T. The average hash rate for the period since the previous change in value was 600.72 EH/s.

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Crypto News

The addition of spot bitcoin ETFs to the list of instruments by major platforms and the approval of options based on them will be “powerful catalysts” for demand by the end of the year, notes Bloomberg. The ETFs are not yet available to clients of registered investment advisor platforms with $7-10 trillion in assets, but that could happen within the next few months.

Fees in EIP-4844-implemented layer-2 networks saw a several-fold decline after the Dencun upgrade in the Ethereum mainnet. Gas fees in the Base protocol dropped from $0.7 to $0.0024. In Optimism, transaction fees dropped from $0.66 to $0.0055, and in zkSync – from $0.32 to $0.097.

QCP Capital predicts that Ethereum will fall after the Dencun upgrade. Appetite for ETH-focused instruments in the futures and options markets has declined, suggesting a deterioration in the altcoin’s medium-term prospects.

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