Bitcoin currently trades above $36k with a moderate momentum since its high of $36,790.57 in the last 24 hours. BTC currently has a market cap of $680,083,174,620 and a fully diluted market cap of $762,460,122,674. The volume traded in the last 24 hours is $29,759,074,875, down 18.49%, with a circulating supply of 18,728,912.00 BTC.
In the week ending March 17, when BTC price ended slightly over $60,000, its market cap was around $1.15 trillion, larger than the combined market cap of the world’s three largest banks—JP Morgan, Bank of America, and The Industrial and Commercial Bank of China—at $1.08 trillion.
Weibo Crypto Suspensions
Bitcoin and the top 30 cryptocurrencies, excluding stablecoins, declined in the last 24 hours after a crackdown in China and revelations from a Goldman Sachs report that cryptos were far from being institutionalized. Chinese social media and micro-blogging site Weibo suspended some crypto-related accounts citing law violations, regulations, or Weibo rules.
Putting further pressure on Bitcoin prices is a curtailment of BTC mining and crypto trading by China. It is pertinent to point out that Weibo similarly suspended the accounts of exchange operator Binance Holdings Ltd and blockchain platform Tron in 2019. Still, in a bind with technical levels, Bitcoin, the largest trading cryptocurrency, remains below its 20-day and 200-day moving averages.
El Salvador President’s Legal Tender
Adding to positive sentiments over BTC, El Salvador President Nayib Bukele, who prefers communicating over Twitter, said he favors BTC becoming a legal tender in his country, making it the first country to do so. To this effect, he sent a recorded message to a crypto conference in Miami, the US, that he would initiate proposed legislation to the country’s congress making Bitcoin a legal tender.
The US Dollar is El Salvador’s legal currency. A quarter of El Salvadoreans live in the US and remit $6 billion annually to the country where 70% of the population does not have a bank account. Bukele said the move would help create more jobs for his countrymen and make the society more financially inclusive.
Will Bitcoin Turn Green?
Many altcoins showed a gain of over 10%. BTC has shown encouraging signs above the $36,000 level. Based on our Bitcoin price predictions, the price might reach above the $40,000 resistance level in the next few trading sessions, provided it remains stable.
Towards the last weekend, BTC price showed an upward trend towards the $37,500 resistance. It also cleared the $38,000 resistance and tested $39,500. Currently, it is showing a consolidation of gains above the $38,000 levels. Not to be outdone, most major altcoins are driving in forward momentum. ETH tested $2880 resistance levels up 5%, while XRP/USD could accelerate if it crosses $1.10.