- The global cryptocurrency market climbs 0.26% on Thursday, with the total market capitalization reaching $2.7 trillion.
- Bitcoin’s price has stabilized at $81,000, after fluctuating 3% from its 24-hour high of $84,476.
- Recent developments involving Binance, Ripple, and Dubai officials have prompted investors to largely favor altcoins.
Bitcoin Market Update: First ETFs Experience Inflows in March
- On Thursday, Bitcoin’s price dipped to as low as $79,000, remaining within the range below $84,500 since the start of the week.
- An escalating trade conflict between the U.S. and its North American neighbors continues to restrict capital inflows into BTC.
After experiencing $1.6 billion in outflows over seven consecutive days, Bitcoin ETFs recorded an inflow of $13.3 million on Wednesday, marking the first inflow since March began.
Despite the $13 million inflow being significantly overshadowed by the $1.6 billion in preceding outflows, it suggests that institutional investors in the U.S. are responding positively to the latest U.S. CPI inflation data released that day.
However, with the ongoing tensions from the trade war with Canada and Mexico, it remains uncertain if the possibility of delayed rate hikes will encourage Bitcoin ETFs to initiate a sustained buying trend.
Altcoin Market Update: Ethereum, XRP, and Cardano Experience Losses as Crypto Market Declines by $106 Billion
The global cryptocurrency market started the day on a positive note as Thursday’s U.S. PPI data confirmed signs of easing inflation consistent with the CPI data.
Nonetheless, as the market digests the new macroeconomic indicators, many analysts predict that subdued inflation may embolden the Trump administration to pursue stricter tariffs.
Top 10 Cryptocurrencies Performance
As per CoinGecko data, the cryptocurrency market has decreased by 4.3% in the last 24 hours, losing over $106 billion in market value. Bitcoin, Ethereum, and several major altcoins continued their downward trends.
BTC fell by 3.1% to $80,536, while ETH dropped 2.9% to $1,845.72, marking a weekly decline of 16.2%. XRP, Solana, and Cardano experienced even more severe losses, with ADA down 23.5% over the past week.
BNB was one of the few coins to show some resilience, posting a modest gain of 0.4% in the last 24 hours.
Highlights in the Altcoin Market:
- Ripple (XRP) traded at $2.23, remaining unchanged over 24 hours but down 14.3% for the week, reflecting weak investor confidence despite Ripple acquiring a license to provide crypto payment solutions in Dubai.
- Ethereum (ETH) declined by 2.9% daily and 16.2% weekly, dropping below $1,900 and showing bearish momentum according to technical indicators.
- Cardano (ADA) bore the brunt of the losses among the top altcoins, falling 5.2% daily and 23.5% weekly, indicating significant selling pressure.
Top Trending Coins, March 13
- PEPE and TRUMP posted gains of 6% and 3% respectively, making them among the top five most-searched tokens on CoinMarketCap.
Chart of the Day: BNB Price Shows Rare Gains Despite Market Decline
Binance Coin (BNB) was notably one of the few gainers, rising 0.2% and staying above $570 even amidst widespread market drops. However, conflicting factors suggest that BNB could face increased volatility in the coming days.
BNB Price Action
Heightened demand for exchange tokens amid increased market volatility, along with a recent $2 billion investment from a Dubai-based firm, has added short-term bullish momentum for BNB.
Conversely, the growing controversy regarding Changpeng Zhao’s rumored request for clemency from President Trump poses potential downside risks. Any of these elements could significantly impact the next movement in BNB’s price.
Latest Crypto News Updates:
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Members of Trump’s Cabinet Disclose Bitcoin Holdings Amidst Push for Crypto Policy
In recent financial filings, six members of President Trump’s cabinet reported substantial Bitcoin holdings, highlighting the administration’s increasing connections to the crypto space.
These disclosures, made public in January, align with Trump’s efforts to position the U.S. as a frontrunner in the digital asset arena.
Health and Human Services Secretary Robert Kennedy Jr. reported the most significant Bitcoin position, with a Fidelity crypto account valued between $1 million and $5 million.
Treasury Secretary Scott Bessent disclosed up to $500,000 in BlackRock’s iShares Bitcoin Trust ETF, though he is required to divest within 90 days.
Transportation Secretary Sean Duffy announced Bitcoin investments amounting to as much as $1.1 million, while other cabinet members, including the Director of National Intelligence Tulsi Gabbard and Defense Secretary Pete Hegseth, reported smaller stakes.
Meanwhile, Trump’s AI and crypto adviser David Sacks has confirmed that he sold all his crypto holdings prior to taking office.
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Trump Family Explores Acquisition of Stake in Binance.US as CZ Seeks Clemency
The Trump family is in talks to acquire a stake in Binance.US, potentially facilitated by their investment firm, World Liberty Financial, according to reports from the Wall Street Journal citing informed sources.
This dialogue emerges as Binance’s U.S. operations aim to solidify connections with policymakers amid ongoing regulatory scrutiny. The news of this potential deal has spurred an increase in Binance’s native token, BNB.
Furthermore, Binance founder Changpeng “CZ” Zhao is reportedly pursuing a presidential pardon from Donald Trump following some time served and fines for regulatory infractions.
CZ previously alluded to his willingness to receive clemency in a since-deleted post on social media, maintaining, however, that he has no intention of resuming his role as Binance’s CEO.
Aave Labs Launches Horizon to Incorporate Real-World Assets into Institutional DeFi
Aave Labs has unveiled Horizon, a new initiative designed to promote the adoption of Decentralized Finance (DeFi) among institutions by integrating real-world assets (RWAs). This initiative aims to bridge traditional finance with DeFi by enabling institutions to utilize tokenized money market funds as collateral for stablecoin liquidity.