Preface
Bitcoin and Ethereum have risen by 2.28% and 4.19% respectively in the past 24 hours, with current prices at $86,503 and $2,086, and an ETH/BTC exchange rate of 0.027. The Crypto Fear & Greed Index stands at 45, indicating fear in the market.

Market Trending

Monday’s gains set a positive tone for the week, with Bitcoin rising 3.28% and reaching a daily high of $88,757, while Ethereum peaked at $2,103. Altcoins saw an overall increase of 5%.

After approaching a low of $76,600 at the beginning of the month, Bitcoin has shown a significant rebound, with bullish momentum building over the weekend. Analyzing the hourly chart, Bitcoin steadily climbed yesterday, breaking through the $88,000 mark, with a 24-hour trading volume of $27.65 billion, indicating a stable upward trend. The market attributes this rebound to easing tariff concerns, as the White House may narrow the scope of the tariff announcement on April 2, excluding tariffs on the industrial sector. This news alleviated inflation worries, leading to increased market activity and a recovery across the cryptocurrency market, with the total market capitalization rising by one percent, approaching $30 trillion. Additionally, several projects have initiated token buybacks, such as dYdX, Jupiter, Myshell, Goplus, Aave, and Raydium, further supporting the recovery of token prices.

Moreover, Strategy (formerly Microstrategy) announced the purchase of approximately 6,911 BTC between March 17 and March 23, spending $584.1 million in cash. This purchase brings Strategy’s total holdings to around 506,137 BTC, with a total cost of $33.7 billion. Strategy’s CEO, Saylor, has been a strong advocate for the cryptocurrency industry, emphasizing the importance and potential of Bitcoin as a strategic reserve. Saylor’s unwavering support for the crypto sector has encouraged more institutions to adopt cryptocurrencies, expanding the potential for Bitcoin’s future breakthroughs.

In the altcoin sector, AI-related tokens led the market with an average increase of 10%, with BUZZ, ARC, FARCTOIN, GRIFFAIN, and ZEREBRO seeing gains of over 25%. In the meme coin sector, DOGE rose by 7%, returning to $0.18, while SHIB, SPX, CHEEMS, and POPCAT all saw increases of over 10%. In the DeFi sector, UNI returned to $7, with ENA, RAY, and LAYER also rising by over 10%.

The cryptocurrency market has experienced a prolonged period of stagnation at the bottom, but bullish signals are gradually emerging. However, unclear cryptocurrency policies and a persistently high interest rate environment remain significant obstacles. Tense economic data or negative statements could amplify these risks, and the market’s recovery requires clearer signals and stronger narratives.

Spot Bitcoin ETF Flows

The U.S. spot Bitcoin ETF saw a net inflow of $84.2 million yesterday, with FBTC net inflow at $82.85 million, IBIT at $18.09 million, and BITB at $19.23 million.

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTC/USDT Perp!

Daily Spotlight

Today’s spotlight is SPX, with a 24-hour increase of 27.72%.

SPX6900 (SPX) is a meme token based on the Ethereum chain, inspired by the S&P 500 index, suggesting that SPX6900 has greater value or significance than the S&P 500 index, aiming to disrupt the traditional financial system. The project originated in August 2023, and in November of the same year, the SPX6900 NFT series AEON was launched. In December, the project utilized Wormhole technology to cross-chain to Solana and expanded to the Base chain in March of the following year. The total supply of the SPX token is 1 billion, with a circulating supply of 930,993,091 tokens.

SPX has seen a 24-hour increase of 27.72%, currently priced at $0.6181.

Check Out the Latest Prices, Charts, and Data of SPX/USDT Spot and SPX/USDT Perp!

The Word on the Street

The U.S. SEC plans to establish a new Presidential Cryptocurrency Task Force 2.0.

The U.S. Securities and Exchange Commission (SEC) announced its support for advancing the “SEC Crypto 2.0” initiative, establishing a new Presidential Cryptocurrency Task Force. The document states, “The SEC should clarify that digital asset securities trading (including on-chain and off-chain) must comply with the same reporting requirements as traditional securities. Protect retail investors, provide legal certainty for financial transactions, and promote financial innovation while ensuring market integrity.”

The SEC recommends: strengthening off-chain trading regulation, developing investor protection and market structure standards for digital asset securities activities facilitated through off-chain trading by trading platforms; improving trading reporting mechanisms, requiring timely reporting of all transactions deemed digital asset securities; and establishing a cross-agency digital asset transaction repository (DART), with the SEC collaborating with the Commodity Futures Trading Commission (CFTC) to jointly authorize and regulate a Digital Asset Repository of Transactions (DART).

Project Funding

Cryptocurrency card issuer Rain completes $24.5 million financing.

Cryptocurrency card issuer Rain announced the completion of $24.5 million in financing, led by Norwest Venture Partners, with participation from Galaxy Ventures, Goldcrest, Thayer, and Hard Yaka. Rain issues debit and credit cards that allow customers to settle payments in stablecoins.