Crypto Price Analysis 3-13: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, INTERNET COMPUTER: ICP, LITECOIN: LTC, NEAR PROTOCOL: NEAR, OPTIMISM: OP

The crypto market remained flat for most of the day after a brief rally following better-than-expected inflation data quickly lost steam. Bitcoin (BTC) briefly rose above the $84,000 mark after the US CPI Report but fell flat later in the day, dropping below $84,000. The flagship currency is up over 2% in the past 24 hours and is trading at around $83,500. 

Other cryptocurrencies followed a similar trajectory. Ethereum (ETH) registered a marginal bounce but failed to build momentum and reclaim the $2,000 mark. The second-largest cryptocurrency is marginally up and trading around $1,875. Ripple (XRP) fared slightly better, registering an increase of over 3% and settling at $2.22. Meanwhile, Solana (SOL) is up 1.43%, while Cardano (ADA) is down just over 1%, trading at $0.752. Dogecoin (DOGE) is up over 5%, trading around $0.169, while Tron (TRX) is up almost 1%. Chainlink (LINK), Hedera (HBAR), Stellar (XLM), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered notable increases. 

Binance Secures $2 Billion Investment From Abu Dhabi’s MGX 

Binance, the world’s largest cryptocurrency exchange, has secured a $2 billion investment from Abu Dhabi’s MGX. The investment marks the first institutional placement in the exchange and is the first digital asset-focused investment for MGX. MGX made the investment in stablecoins but did not specify which currency was used. Binance already has a strong presence in Abu Dhabi and employs over 1,000 people. The platform’s Dubai subsidiary, Binance FZE, obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing it to offer a range of exchange and trading services across the UAE. 

Crypto Markets Flat After Inflation Cools 

Inflation cooled more than expected in February, reviving hopes of an interest rate cut by the Federal Reserve. However, despite the positive development, the crypto market remained largely passive. The Consumer Price Report showed that inflation cooled to 2.8%, down from 3% in January and slightly below the predicted 2.9%. The crypto market remained largely unresponsive to developments, except for a slight bump that pushed BTC above $84,000. However, the flagship cryptocurrency could not sustain momentum and dipped once again. 

According to Dr. Youwei Yang, Chief Economist at NYSE-listed BIT Mining. The market’s muted reaction indicates a deeper concern about policy risks, particularly President Trump’s trade tariffs. Yang stated, 

“Today’s lower-than-expected CPI should be bullish, signaling faster rate cuts, but crypto hasn’t reacted strongly. Weeks of market fear require more than a single good print to regain confidence.”

Yang highlighted Trump’s aggressive tariffs on steel and aluminum as a potential headwind for inflation and market stability. Trump’s tariffs have already triggered retaliatory tariffs from Europe, which are set to begin in April. 

“The real issue is Trump’s aggressive tariffs, which risk making inflation stickier while also crashing markets and triggering layoffs, particularly by the Department of Government Efficiency (DOGE).”

According to Yang, an aggressive tariff policy makes it difficult for the Federal Reserve to initiate rate cuts. 

“High inflation from tariffs makes rate cuts harder. But market crashes and job losses pressure the Fed to cut rates sooner. Cutting too early could reignite inflation, making future policy tougher.”

Crypto Market Awaits Clearer Policy Signals 

Yang stated that the crypto markets have adopted a wait-and-watch approach due to the growing uncertainty over future policy direction. 

“Investors want stronger support from the White House or Fed, especially after last week’s crypto summit failed to reassure markets.”

Many expected the White House Crypto Summit to bring clarity about crypto regulations. However, the lack of a concrete outcome has left markets unsure about the Trump administration’s position on crypto. 

“Until clearer signals emerge, fear and uncertainty will weigh on crypto market sentiment.”

US Reps Vote To Repeal IRS Crypto Tax Rule 

The US House of Representatives has passed a bill to repeal an IRS rule that required decentralized finance (DeFi) brokers to report user transactions. The rule was implemented under the Biden administration, and aimed to enhance tax compliance. However, it faced opposition from lawmakers concerned about its impact on crypto innovation and the risk of companies relocating overseas. 

Rep. Mike Carey and Sen. Ted Cruz led the bipartisan effort and secured approval in the House after gaining traction in the Senate. Supporters have argued that rolling back the reporting requirement would create a more favorable regulatory environment for the crypto sector. 

Bitcoin (BTC) Price Analysis 

The February Consumer Price Index (CPI) numbers came in lower than expected, rising 2.8%, below the forecasted 2.9%. Core CPI numbers, which exclude food and energy, fell to 3.1%, slightly lower than the predicted 3.2%. As a result, markets increased bets on Federal Reserve rate cuts, with traders pricing in a 31.4% chance of a rate cut in May, up 9% since last month. The odds of three rate cuts jumped to 32.5%, while expectations for four rate cuts rose to 21%. Meanwhile, Bitcoin (BTC) briefly crossed $84,000 following the release of the CPI numbers but quickly retreated to $83,000 despite the soft inflation data. Equities were also unable to sustain early gains, while other financial markets also lost momentum. Analysts blamed the ongoing trade tensions between the US and Canada as the primary reason for low-risk appetite. 

Canada has responded to steel and aluminum tariffs with $21 billion in tariffs on US exports. The European Union has also imposed additional tariffs on US goods valued at $8 billion. Markets are concerned trade disputes would increase inflationary pressure and complicate the Fed’s decision-making. According to the Kobeissi Letter, the US must refinance a $9.2 trillion debt in 2025. Borrowing costs could escalate sharply if interest rates are not controlled, further straining the $36 trillion national debt. Meanwhile, on-chain data suggests crypto traders are quickly losing confidence, with activity declining since its peak in February. 

BTC started the previous week with a substantial decline, falling nearly 9%, slipping below the 20-day SMA and $90,000 and settling at $86,225. The price fell to an intra-day low of $81,500 on Tuesday as selling pressure intensified. However, BTC recovered from this level to register an increase of 1.27% and settle at $87,316. Buyers retained control as BTC rose nearly 4% on Wednesday to reclaim $90,000 and settle at $90,639. The price encountered volatility on Thursday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC fell nearly 1%, slipping below $90,000 and settling at $89,957. Bearish sentiment intensified on Friday as the price fell 3.53% to $86,781.

Source: TradingView

Sellers retained control over the weekend as BTC registered a marginal decline on Saturday. Bearish sentiment intensified on Sunday as BTC plunged below the 200-day SMA and $80,000, falling to a low of $79,987 before settling at $80,735. Buyers attempted a recovery on Monday as BTC surged to an intraday high of $84,075. However, it could not stay at this level and dropped nearly 3%, slipping below $80,000 and settling at $78,620. BTC plunged to an intraday low of $76,635 on Tuesday as bearish sentiment intensified. However, it rebounded from this level, registering an increase of 5.50% to reclaim $80,000 and settle at $82,945. Buyers retained control on Wednesday as BTC registered a marginal increase and moved past the 200-day SMA despite selling pressure. The current session sees BTC down over 1% and trading around $82,600.

BTC has failed to rally despite better-than-expected CPI numbers, as concerns about tariffs, a trade war, and policy remain. The RSI and MACD indicate a growing bearish sentiment. If BTC continues declining, it could slip below $80,000. Buyers will look to retake control and push BTC above $80,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has failed to reclaim $2,000 after falling to its lowest levels since October 2023. The world’s second-largest cryptocurrency has declined over 55% since November last year. ETH has crashed for several reasons. Spot Ethereum ETFs have continued to register outflows as demand from institutions wanes. Ethereum ETFs have registered total outflows of over $500 million over the past week, bringing the cumulative net inflows to $2.64 billion. Data from Santimenty has revealed that the daily number of active Ethereum users has dropped. ETH had 293,000 addresses on March 12, down from over 717,000 earlier this year.

ETH plunged to nearly 15% as it started the previous week on a bearish note. The price continued to drop on Tuesday, falling to an intraday low of $1,996. However, it recovered from this level to register an increase of 1.03% and settled at $2,172. Buyers retained control on Wednesday as ETH rose over 3% and settled at $2,242. However, bearish sentiment returned on Thursday as the price fell nearly 2% to $2,203. ETH continued to decline on Friday, dropping almost 3% and settling at $2,142. Despite the bearish sentiment, ETH recovered on Saturday, rising 2.93% to $2,204.

Source: TradingView

Bearish sentiment returned on Sunday as ETH plunged over 8% to $2,020. Buyers attempted a recovery on Monday as the price reached an intraday high of $2,159. However, it could not stay at this level and dropped nearly 8%, slipping below $2,000 and settling at $1,865. Sellers drove ETH to an intraday low of $1,759 on Tuesday, the closest level since November as selling pressure intensified. However, the price rebounded from this level to register an increase of 3.12% and settle at $1,923. Sellers regained control on Wednesday as ETH registered a marginal decline and settled at $1,909. The current session sees the price down over 1% as sellers look to drive the price below $1,800.

ETH is no longer in the oversold zone, indicating it could face more downside. The MACD is also bearish, indicating sellers have the upper hand.

Solana (SOL) Price Analysis

Solana (SOL) plunged below the 20-day SMA at the beginning of last week as bearish sentiment intensified after Sunday’s rally. As a result, the price dipped below $150 and settled at $142. SOL recovered on Tuesday despite the overwhelming bearish sentiment, rising 1.91% and settling at $144. Buyers retained control on Wednesday as the price rose just over 1% and settled at $146. However, sellers returned to the market on Thursday as SOL dropped over 2% and settled at $143. SOL continued to fall on Friday despite an attempted recovery, ultimately dropping 2.77% and settling at $139.

Source: TradingView

Bearish sentiment persisted over the weekend as SOL dropped 1.67% on Saturday and settled at $137. Selling pressure increased on Sunday as the price fell nearly 8% and settled at $126. The current week began with a drop of 6.53% as SOL fell below $120 and settled at $118. The price fell to an intraday low of $112 on Tuesday as selling pressure intensified. However, SOL rebounded from this level to register an increase of almost 6% to reclaim $120 and settle at $125. Buyers retained control on Wednesday as the price rose over 1% to $126. The current session sees SOL marginally down as buyers and sellers struggle to establish control. SOL could slip below $120, potentially declining to $100 if sellers maintain control. On the other hand, if buyers regain control, SOL could push towards the 20-day SMA and $140.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) made a strong recovery after dropping to a low of $5.63 last Tuesday, rising nearly 6% on Wednesday to reclaim $6 and settle at $6.39. However, bearish sentiment returned on Thursday as the price fell over 3% to $6.19. Sellers retained control on Friday as ICP fell over 2% to $6.06. Bearish sentiment persisted over the weekend as the price dropped 1.65% on Saturday, slipping below $6 and settling at $5.96. Selling pressure intensified on Sunday as ICP plunged over 9% to end the weekend at $5.40.

Source: TradingView

Buyers attempted a recovery on Monday as ICP rose to an intraday high of $5.78. However, it lost momentum after reaching this level and dropped nearly 6% to $5.09. The price fell to an intraday low of $4.85 on Tuesday as bearish sentiment intensified. However, it rebounded from this level to register an increase of 6.48% and settle at $5.42. Buyers retained control on Wednesday, and ICP rose 1.29% to $5.49. The current season sees ICP up over 1% and trading at $5.56.

Litecoin (LTC) Price Analysis

Litecoin (LTC) has been trading downwards since last Monday, when it plummeted nearly 14%, slipping below the 20 and 50-day SMAs and settling at $109. Sellers retained control on Tuesday as LTC plunged to an intraday low of $94. The price rebounded from this level to reclaim $100 and settle at $103, ultimately registering a decline of nearly 6%. Wednesday saw a recovery as LTC rose 1.15% and moved to $104. Buyers attempted a recovery on Thursday as the price surged to an intraday high of $113. However, it lost momentum after reaching this level and dropped 1.34% to $103. LTC encountered volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand, and LTC registered a marginal increase.

Source: TradingView

However, the price was back in the red on Saturday, dropping 1.21% after reaching an intraday high of $108. Bearish sentiment intensified on Sunday as LTC fell below $100, dropping over 7% and settling at $94. Sellers retained control on Monday as LTC fell below the 200-day SMA and settled at $87 before encountering volatility on Tuesday and rising over 3% to $90. Buyers retained control on Thursday as LTC rose 1.28% and settled at $91. The current session sees LTC down nearly 2% as it struggles to move past the 200-day SMA.

NEAR Protocol (NEAR) Price Analysis

Near Protocol (NEAR) registered a substantial recovery on Wednesday, rising over 6% after falling to an intraday low of $2.56 on Tuesday. Buyers retained control on Thursday as NEAR surged to an intraday high of $3.24. However, it could not stay at this level and dropped to $3.05, ultimately registering an increase of over 2%. Sentiment changed on Friday as NEAR dropped nearly 4%, slipping below $3 and settling at $2.93. Sellers retained control over the weekend as the price fell 1.85% on Saturday and almost 12% on Sunday, settling at $2.55.

Source: TradingView

NEAR started the current week in the red, dropping over 10% to $2.28. However, buyers stepped in at this level, preventing a further decline. As a result, NEAR rose 7% and moved to $2.44. Buyers retained control on Wednesday as NEAR rose 4.59% and settled at $2.55. The current session sees NEAR up nearly 3% and trading at $2.61.

Optimism (OP) Price Analysis

Optimism (OP) registered a sharp decline last Monday, falling below the 20-day SMA and $1 to $0.985. The price fell to an intraday low of $0.875 on Tuesday but recovered to reclaim $0.90 and settle at $0.944. OP recovered on Wednesday, rising nearly 5%, but was back in the red on Thursday, falling 3.25% to $0.955. OP registered a marginal decline on Friday before dropping almost 2% on Saturday to settle at $0.934. Bearish sentiment intensified on Sunday as OP plunged over 9% to $0.848.

Source: TradingView

Buyers attempted a recovery on Monday as OP reached an intraday high of $0.931. However, it lost momentum after reaching this level and dropped over 5% to $0.852. The price fell to an intraday low of $0.746 on Tuesday as selling pressure intensified. However, OP rebounded from this level to register an increase of almost 6% and settle at $0.852. Buyers retained control on Wednesday as the price rose 3.27% and settled at $0.879. The current session sees OP marginally down and trading around $0.871.

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.