Bitcoin (BTC) Shows Overheating Signal But I'm Not Worried, So Why? Bitcoin Enters the Radar of Giants and Some Latest Developments in Crypto Markets

Bitcoin (BTC) continues to explore new highs and hit a new ATH today at $73,000. However, on the other hand, it shows an overheating signal, which makes a slight pullback or major correction possible. However, the enthusiastic atmosphere still prevails in the crypto market and institutional investors are showing great interest in Bitcoin. SSo I wouldn't worry if Bitcoin drops a little, on the contrary, a little pullback after every peak is a good sign.

Bitcoin (BTC) Hourly Chart

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Bitcoin (BTC) is currently trading at $70,104. It appears to have fallen about 4% after hitting a new ATH at $73,000. Bitcoin started to show overheating signals after rising above $65,000, so such declines are quite normal but for now, a further decline does not seem quite possible, but there is still a possibility of falling to $65,000 with a sharp correction. But still, these declines will not worry me because Bitcoin is more likely to explore new highs.

Let's take a look at the latest developments in the crypto markets.

Miners Revenue (USD)

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Bitcoin mining revenue has reached an all-time high as Bitcoin continues to rise. Miner earnings reached $68.35 million on March 10. Miners now get paid more. However, Bitcoin halving is only 38 days away, which means miner earnings will drop. However, as Bitcoin rises, its revenues will continue to increase.

U.S. CPI Increased to 3.2% Annually Pace in February

According to the statement, the US Consumer Price Index rose faster than expected last month and the annual increase rate increased to 3.2%. On a monthly basis, CPI was at 0.3% in January and increased by 0.4% in February. Core CPI rose 0.4%, above expectations of 0.3%, and remained at the same level as in January. Stubbornly high inflation stands in the way of the Fed's willingness to start cutting interest rates.

The Securities and Exchange Commission (SEC) of Thailand has allowed asset firms access to U.S. spot Bitcoin ETFs.

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Thailand's SEC has allowed firms to launch funds to invest in U.S. spot Bitcoin ETFs, local media reported. Thailand's SEC Secretary General Pornanong Budsaratragoon says there are serious demands from asset management firms to be allowed to invest in crypto assets. And the SEC will allow investing in U.S. spot Bitcoin ETFs but says it has no plans to allow such products to be launched in the country. Click for the source of the news.

Goldman Sachs, BNY Mellon, DRW, Oliver Wyman and Paxos Test Interbank Blockchain Network

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Goldman Sachs, BNY Mellon, DRW, Oliver Wyman and Paxos, and several other firms, have completed a series of tests on the Canton Network, an interoperable network designed for institutional assets created by Bluechip financial blockchain provider Digital Asset. The Canton pilot, which included 15 asset managers, 13 banks, 4 custodians and 3 exchanges, allowed firms to seamlessly transact and settle tokenized assets and engage in fund registration, digital cash, repo, securities lending and margin management. Additionally, Microsoft and Deloitte are said to be participating at the time of launch. Click for the pilot press release. Source of news.

Spot Bitcoin ETFs

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Just 2 months after launch, U.S. spot Bitcoin exchange-traded funds (ETF) have captured almost 90% of the daily trading volume market share of ETFs. And Bitcoin futures ETFs now hold for only 10% share. Spot Bitcoin EFTs have truly attracted great interest, with trading volume reaching a total of $113.5 billion since January 11.

MMORPG MapleStory is Moving to Web3 with Avalanche

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MapleStory Universe and Avalanche have announced a strategic partnership to expand the blockchain-based gaming ecosystem. Additionally, South Korean game publisher Nexon Group says it has partnered with Ava Labs to launch 2D massively multiplayer online role-playing game MapleStory on the Avalanche network. Released in 2003, MapleStory was one of the first online games to popularize the free-to-play model and has over 180 million users worldwide. Click for the source of the news and more.

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Rapper Drake, who has 146 Million followers, posted the Michael Saylor Bitcoin Video. This post by Grammy-winning musician Drake is quite remarkable.

There will be volatility, sharp corrections, and even sharp declines as Bitcoin reaches new highs, but no matter how much it falls, it does not and will not worry me. Because I believe that Bitcoin will explore more new peaks this year, and now Bitcoin has entered the radar of the giants. Since I'm a long-term investor, I'm not worried and I'm just enjoying it, but if you're a short-term investor, fluctuations can be annoying so be careful.

Thank you for reading
@rtonline

This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

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