Bitcoin Tapped $69K, Oil Prices Ended March With 60% Surge: Market Watch
Bitcoin jumped to a new multi-day peak of over $69,200 earlier today as the markets prepare for Trump’s highly anticipated speech on the war against Iran.
Most larger-cap alts are also in the green, with ETH climbing past $2,100 and XRP defending the $1.30 support. ZEC and HBAR have posted the most gains.
BTC Stopped at $69K
The primary cryptocurrency ended the previous business week with a violent price drop that drove it from $69,000 to a then-multi-week low of $65,600, which dragged the entire market sentiment back to ‘extreme fear’ territory. The asset found some support at those levels before it dumped to a new monthly low of $65,000 on Monday morning when the legacy futures markets opened.
The bulls finally reemerged at this point and didn’t allow another breakdown. Instead, BTC began to recover some ground and tapped $68,000 later on Monday. It fell back to $66,400, jumped by two grand, and dipped again to $66,000 yesterday as the war in the Middle East continued to unfold.
Once Iran’s President said his country is ready to end the war if it receives certain guarantees, BTC jumped to $68,400 again, but was stopped. It broke through that level earlier today and tapped $69,200 after reports emerged that US President Trump will address the situation later.
For now, BTC has retraced to $68,700, avoiding a sixth consecutive decline into March, with a market cap of $1.375 trillion. Its dominance over the alts stands above 56% on CG.
BTCUSD April 1. Source: TradingView
Oil’s Month
Given the fact that Iran, one of the world’s biggest oil hubs, was under attack for the entire month, and the Strait of Hormuz remains largely closed, it’s expected that the commodity’s price would go on a volatile ride.
Overall, it ended March with a massive 60% surge. In fact, Brent crude oil futures marked the most significant monthly increase since the contracts were created nearly 40 years ago.
ETH Above $2.1K
Ethereum has jumped by over 3% in the past 24 hours and now sits well above $2,100. XRP maintained the $1.30 resistance and now sits at $1.36. BNB is above $615, while LINK, ZEC, AVAX, and HBAR have posted even more impressive gains from the larger-cap alts. In contrast, CC, BCH, and TRX are slightly in the red.
The total crypto market cap has added around $60 billion daily and sits close to $2.450 trillion on CG.
Cryptocurrency Market Overview April 1. Source: QuantifyCrypto
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