Crypto Price Analysis 3-31: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE

The crypto market started the week in the red as its recent downtrend continued, thanks to growing investor anxiety ahead of Donald Trump’s “Liberation Day” tariffs. As a result, the crypto market cap declined further, dropping almost 2% to $2.65 trillion. Bitcoin (BTC) held firm above $83,000 for most of the weekend but registered a substantial decline, falling to a low of $81,366 before rebounding back above $82,000 to its current level of $82,200, down over 1% over the past 24 hours. 

Other cryptocurrencies declined as well, with Ethereum (ETH) continuing its downward trajectory. The world’s second-largest cryptocurrency plunged below $2,000 on March 28 and fell below $1,900 on Sunday as bearish sentiment intensified. ETH is currently trading just above the $1,800 mark. Meanwhile, Ripple (XRP) is down almost 4%, trading at $2.11. Solana (SOL) is trading at $126 after a marginal decline, while Dogecoin (DOGE) is down almost 3% and trading at $0.167. Cardano (ADA), Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) also registered notable declines. However, Toncoin (TON) bucked the bearish trend and is up over 3%, trading at $3.89. 

Japan To Give Crypto Legal Status 

Japan’s Financial Services Agency (FSA) is considering revising the Financial Instruments and Exchange Act to give crypto assets legal status as financial products. As part of the move, crypto assets will be put under insider trading restrictions, prohibiting the purchase and sale of these assets based on internal information. The FSA plans to submit a bill to parliament as early as 2026 to amend the Financial Instruments and Exchange Act. Japan classifies cryptocurrencies as a means of settlement under the Payments Services Act. 

The potential rule change will allow Japan’s financial regulator to tighten its grip on local crypto service providers and reduce the cases of scam cryptocurrencies. Classifying crypto as a financial product would also mean that exchanges and companies soliciting crypto must register with financial regulators. The bill will also place crypto assets separately from other securities like stocks and bonds, while insider trading rules will be similar to those governing conventional financial products. 

South Korea’s Crypto Investors Top 16 Million 

The number of cryptocurrency investors in South Korea has crossed 16 million, according to data submitted to Rep Cha Gyu-guen of the Rebuilding Korea Party. The figure represents almost 32% of the country’s population. The data was compiled from accounts held at the country’s top five exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. Crypto investors in South Korea crossed 14 million in March 2024. Another 500,000 entered the market after Donald Trump’s election victory, pushing the figure beyond 15 million. Market watchers have predicted the figure could cross 20 million if the current pace of expansion continues. An industry official stated, 

“Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared with the matured stock market.”

Another local report states that over 20% of South Korean officials hold cryptocurrency. Out of 2,047 officials who filed declarations, 411 disclosed direct crypto investments or holdings. These include high-ranking government representatives like the Secretary General of the Labor-Management Development Foundation, the President of the Korean National Police University, and the Vice President of the Korea Water Resources Corporation. The total value of crypto assets declared by these officials amounted to 14.1 billion Korean won, equal to $9.8 million. 

Toulouse Begins Accepting Crypto For Public Transport 

The city of Toulouse has started accepting crypto as payment for public transport. This means residents can pay for their metro, cable car, tram, and bus tickets using Bitcoin and other cryptocurrencies. 

“With @Lyzi_app and @tisseo_officiel, you can now get around Toulouse using your crypto holdings; marking them as the first European public transport system to test this! Metro, tram, bus, cable car, and park & ride – they’re all included. Lyzi keeps making #Web3 more accessible by collaborating with leading real-world companies.”

The move comes as France looks to deploy crypto-friendly services across major cities, with reports suggesting even Cannes is working on a payment system to accept crypto from residents. According to the Deputy Mayor of Toulouse, the initiative is experimental as Tisséo, a Toulouse public transport operator, wants to check the feasibility of using crypto in the long run. The company’s press release emphasized that the city’s administration is interested in the long-term prospects of crypto integration. Paris-based Lyzi has helped develop the crypto payment infrastructure for Tisséo. The fintech company has also helped several other businesses, including co-working spaces, pharmacies, and restaurants, to accept crypto payments. 

Bitcoin (BTC) Price Analysis 

Bitcoin’s (BTC) attempts to mount a recovery on Sunday went up in flames as the flagship cryptocurrency succumbed to selling pressure, going from $83,600 to a low of $81,596 on Sunday. BTC’s recent bearish turn has seen it drop almost 6% over the past week and is down nearly 2% over the past 24 hours. BTC is slipping towards the $80,000 mark as markets remain bearish, with market watchers worried about another dip below key support levels. The flagship cryptocurrency is trading below $82,000, and the 20, 50, and 200-day SMAs. It faces immediate resistance at around $82,000, with the first key resistance at around $83,000. If BTC fails to push above these resistance levels, it could start a fresh decline, with the first immediate support level at $81,000. A break below this level could send the price towards $80,000. If sellers drive BTC below this level, it could settle between $75,000 and $78,000. 

CryptoQuant data reveals investor sentiment is muted. This is in sharp contrast with ETF inflows and accumulation by South Korean retail traders. BTC and the wider market’s decline also triggered over $192 million in derivatives liquidations over the past 24 hours. Bitcoin longs accounted for $44 million, while Ethereum added another $45 million. 

BTC registered a sharp increase on Wednesday (March 19) but fell back in the red on Thursday, dropping below the 20 and 200-day SMAs and settling at $84,215. Price action remained bearish on Friday and Saturday as sellers retained control. As a result, BTC registered marginal declines and settled at $83,822. However, sentiment changed on Sunday as markets rallied, with BTC rising almost 3% to cross the 20 and 200-day SMAs and settle at $86,116. The price surged to an intraday high of $88,839 on Monday as bullish sentiment intensified. However, it could not stay at this level and settled at $87,523, ultimately registering an increase of almost 2%. BTC lost momentum on Tuesday after encountering volatility and selling pressure. As a result, it registered a marginal decline and settled at $87,417. Sellers retained control on Wednesday as the price dropped below $87,000 and settled at $86,942.

Source: TradingView

BTC registered a marginal increase Thursday to reclaim $87,000 and settle at $87,236. However, it was back in the red on Friday as markets turned bearish, dropping over 3%, slipping below the 200-day SMA and settling at $84,422. Sellers retained control on Saturday as BTC dropped over 2%, falling below the 20-day sMA and settling at $82,704. Buyers attempted a recovery on Sunday as the price reached an intraday high of $83,635. However, BTC lost momentum after reaching this level and settled at $82,404, registering a marginal decline. The current session sees sellers in control, with the price down almost 1% and trading at $81,870. If sellers retain control, BTC could dip to $80,000. A break below this level could see BTC drop to $75,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) continued its decline as it fell below $1,900 and closed below its daily support of $1,861. The world’s second-largest cryptocurrency is down over 13% this week and down almost 2% over the past 24 hours, with sellers firmly in control. ETH registered a sharp increase on Wednesday (March 19) but fell back into the red on Thursday after failing to move past the 20-day SMA. As a result, the price dropped almost 4%, slipping below $2,000 and settling at $1,983. Sellers retained control on Friday as ETH dropped nearly 1% and settled at $1,965. The price recovered over the weekend, rising almost 1% on Saturday and 1.33% on Sunday to climb above $2,000 and settle at $2,007. Bullish sentiment intensified on Monday as ETH registered an increase of almost 4% to move past the 20-day SMA and settle at $2,082.

Source: TradingView

However, it lost momentum after reaching this level, registering a marginal decline on Tuesday to settle at $2,068. Sellers retained control on Wednesday as ETH dropped almost 3% and settled at $2,010. The price remained bearish on Thursday, registering another marginal decline and settling at $2,003. Selling pressure intensified on Friday as ETH plunged over 5%, slipping below the 20-day SMA and $2,000 to $1,897. Bearish sentiment persisted over the weekend, as the price dropped almost 4% on Saturday and 1.15% on Sunday to settle at $1,807. The current session sees ETH marginally up as buyers look to prevent a drop below $1,800. However, if buyers regain control and ETH resumes its downward trend, it could retest the $1,700 support level. On the other hand, buyers will look to build momentum and reclaim $2,000. The RSI is below the neutral zone, while the MACD indicates growing bearishness, suggesting sellers have the upper hand.

Solana (SOL) Price Analysis

Solana (SOL) started the previous week on a bullish note, registering an increase of over 3% and settling at $132. Bullish sentiment intensified on Monday as the price rose over 6%, moving past the 200-day SMA and settling at $141. Buyers retained control on Tuesday as SOL registered an increase of almost 2% and settled at $143, but not before reaching an intraday high of $147. However, SOL lost momentum after reaching this level thanks to selling pressure of around $150. As a result, the price dropped over 4% on Wednesday, slipping below $140 and settling at $137.

Source: TradingView

SOL registered a marginal increase on Thursday as buyers attempted a recovery. However, it was back in the red on Friday, falling over 6%, slipping below the 20-day SMA, and settling at $129. Price action remained bearish on Saturday as SOL dropped almost 4% and settled at $124. SOL attempted a recovery on Sunday but could not build momentum, ultimately registering only a marginal increase. The current session sees SOL marginally up as buyers and sellers struggle to establish control. Buyers will look to retain control and push SOL back above the 20-day SMA. On the other hand, sellers will look to regain control and drive the price below $120. A break below this level could see SOL plunge towards $100.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has substantially declined over the past few days, losing momentum after failing to move past $0.20. The popular meme coin started the previous week on a bullish note, registering an increase of over 3% on Sunday. Bullish sentiment intensified on Monday as DOGE surged past the 20-day SMA and settled at $0.182. Buyers retained control on Tuesday as the price registered an increase of over 5% and settled at $0.191. DOGE surged to an intraday high of $0.206 on Wednesday. However, it lost momentum after reaching this level and settled at $0.194, ultimately registering an increase of 1.62%.

Source: TradingView

Selling pressure intensified on Thursday as markets turned bearish. As a result, DOGE dropped almost 2% and settled at $0.191. Selling pressure intensified on Friday as the price dropped over 5% and settled at $0.180. Price action remained bearish over the weekend as sellers retained control on Saturday. As a result, DOGE fell over 6%, slipping below the 20-day SMA and settling at $0.169. The price continued to decline on Sunday, falling over 1% and settling at $0.167. The current session sees DOGE marginally down and trading at $0.165.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.