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Bitcoin price pumps, but will BTC break $92K anytime soon?
Bitcoin (BTC) price surged by 3% on March 24, distancing from its $76,900 low on March 11 despite failing to sustain the $88,000 level. Now, traders are wondering what factors could drive Bitcoin's daily close above $92,000, which last occurred on March 3. Adding to cryptocurrency investors’ frustration, gold is trading just 1% below its record high of $3,057, while Bitcoin price trades 19% away from its all-time high.
Ethereum (ETHUSD) is currently on the first week of rebound after 3 straight red weeks when it was unable to break above the 1W MA50 (blue trend-line). This is taking place on a Lower Lows trend-line, technically the bottom of a 1-year Megaphone since the March 11 2024 High. #analysis #ETH
The market is no stranger to long-term Megaphone consolidation periods like that as last time we saw this was on the June 2019 - March 2020 Megaphone, which eventually broke upwards after the brutal COVID crash Bearish Leg that touched bottom. This is quite similar to the current Bearish since late December. Notice how perfectly aligned the Fibonacci retracement levels are. #Megadrop
Based on this, we expect at least a 1.5 Fibonacci extension test at $6000 before this Cycle tops at the end of the year. #BTC
According to CoinDesk, the Abu Dhabi Global Market (ADGM), an international financial center in the UAE capital, has entered into a memorandum of understanding with Chainlink. This collaboration aims to develop compliant frameworks for tokenized assets, marking a significant step in fostering blockchain innovation. The agreement grants ADGM access to Chainlink's comprehensive suite of blockchain tools, including data feeds and interoperability services, under the guidance of its Registration Authority.
Chainlink, known for its extensive blockchain solutions, has facilitated over $20 trillion in transaction value globally, serving major financial market institutions. The partnership will also involve regulatory discussions on blockchain, artificial intelligence, and other emerging technologies. Additionally, a series of educational events will be organized to enhance the understanding of the UAE's financial ecosystem. These events will cover crucial topics such as tokenization, proof of reserves, and cross-chain infrastructure, which are essential components of regulated digital asset markets.
Hamad Sayah Al Mazrouei, CEO of ADGM’s Registration Authority, emphasized the importance of this collaboration, stating, "By collaborating with Chainlink, we are aiming to set a global benchmark that spearheads transparency, security, and trust across the blockchain space." This partnership reflects a strategic move to position ADGM as a leader in the blockchain sector, promoting innovation and regulatory compliance in the rapidly evolving digital asset landscape.