bitbank
bitbank is one of the largest cryptocurrency exchanges in Japan, which holds more than 600,000 users and 31 available trading pairs, with approximately 20~30% spot-volume share domestically. Users can trade cryptocurrencies in spot markets on exchange and on OTC basis. bitbank has also partnered with Mitsui Sumitomo Trust Holdings Inc., one of the largest specialized trust bank groups in Japan, to establish a certified digital asset trust custodian company, Japan Digital Asset Trust Preparatory Company, Inc. (JADAT), in Japan. bitbank is ISMS certified and abides by every financial regulation standard prescribed by the Japanese FSA.
Mar 27, 2024
Written by Yuya Hasegawa, bitbank
Crypto market analysis of March 27, 2024 :
Bitcoin showed strength on Monday this week after suffering a brutal 17% correction last week as capital flows to spot bitcoin ETFs significantly decreased. However, after recovering $70k on Monday, the rally has come to a halt.
While inflows to BlackRock and Fidelity’s ETFs have started to recover on Tuesday, the crypto and wider financial markets are waiting for February’s U.S. PCE to get a clue for the Fed’s next action.
Furthermore, the price will likely fluctuate around the $70k level until Friday’s option cut-off as the $70k strike has accumulated a significant amount of open interests. Even in the case where bitcoin fails to maintain that level, $65k should be a reliable support as the $65k strike has the most open interests at the moment. Plus, bitcoin’s short-term technical outlook has been improving, so the price could test its all time high if the U.S. PCE indicates some cooling in the pace of inflation.
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