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Bitcoin holds US$71K as Ethereum surges 15%: What’s driving the US$2.44T crypto rally

Bitcoin holds US$71K as Ethereum surges 15%: What’s driving the US$2.44T crypto rally

The digital asset market edged higher, climbing 0.63 per cent to reach a total capitalisation of US$2.44T over the past 24 hours. This modest advance reflects a market searching for direction amid competing forces, with momentum in the Ethereum ecosystem and institutional staking flows providing the primary lift. The move shows a moderate 50 per cent correlation with the S&P 500, which itself rose 0.5 per cent to approximately 6,591.90, suggesting that macro drivers continue to influence both traditional and digital asset classes.

Ethereum’s ecosystem stands out as the clear leader, with its market capitalisation surging by 15.58 per cent over the past 24 hours. This outperformance stems from concrete institutional activity rather than speculative fervour. BitMine Immersion Technologies launched MAVAN, an institutional Ethereum staking platform that now holds over 3.14M ETH, representing roughly US$6.8B in committed capital. This development matters because it channels yield-seeking institutional money into the network, reducing immediate sell pressure and reinforcing Ethereum’s role as a core settlement layer. The ongoing dialogue around Ethereum’s L1 and L2 strategy further strengthens this narrative, positioning the network as foundational infrastructure rather than merely a speculative vehicle. When large players allocate billions toward staking, they signal confidence in the protocol’s long-term value accrual, and that confidence tends to ripple through the broader market.

Derivatives data support a healthier backdrop for this advance. Total open interest rose 3.34 per cent while Bitcoin liquidations fell 49 per cent to US$44.92M, indicating that the recent squeeze on over-leveraged positions has eased. The average funding rate remains positive at 0.0017 per cent, indicating balanced leverage rather than excessive bullish speculation. Meanwhile, the Fear and Greed Index ticked up to 36, still in Fear territory but a notable improvement from extreme levels. These metrics suggest that spot buying and staking activity, not leveraged gambling, drive the current uptick. I view this as a constructive shift because markets advance more sustainably when grounded in real demand rather than fleeting leverage. A sustained drop in liquidation volumes and stabilisation of funding rates would further confirm that the market foundation is strengthening.

The near-term trajectory hinges on clear technical levels and upcoming catalysts. Bitcoin must hold above US$71,000 to maintain bullish momentum, while the total market cap needs to stay above the 50 per cent Fibonacci retracement support at US$2.41T. A confirmed break above the US$2.49T resistance, which aligns with the 23.6 per cent Fibonacci level, could open a path toward US$2.56T. Conversely, failing to hold US$2.41T would invalidate the bounce and likely trigger a retest of lower support near US$2.33T. The potential launch of Morgan Stanley’s spot Bitcoin ETF, ticker MSBT, represents a key upcoming catalyst that could influence institutional flows. I watch these levels closely because they reflect not just price action but the market’s collective assessment of risk and opportunity. Technical structure matters most when it aligns with fundamental drivers, and right now, Ethereum staking inflows provide that alignment.

Traditional markets provided a supportive backdrop for this crypto advance. The Dow Jones Industrial Average gained 0.7 per cent, adding 305.43 points to close at 46,429.49, while the Nasdaq Composite advanced 0.8 per cent to 21,929.83, supported by strength in AI-related technology stocks like Nvidia and AMD. European indices posted strong gains, with the FTSE 100 rising 1.42 per cent, the DAX advancing 1.41 per cent, and the CAC 40 climbing 1.33 per cent. Asian markets showed mixed but generally positive performance, with the Nikkei 225 surging 3.08 per cent to 53,860 points, the Straits Times Index gaining 1.10 per cent, and the Hang Seng rising 0.88 per cent. This global equity strength reflects cautious optimism about geopolitical developments, including reports that the United States delivered a potential ceasefire plan to Iran, easing some immediate fears of a wider Middle East conflict. I note that crypto’s moderate correlation with equities means it can benefit from this risk-on sentiment while still responding to its own unique catalysts.

Commodity and currency markets added nuance to the macro picture. Brent Crude rose slightly to US$102.97 per barrel, up 0.74 per cent on the day, indicating that energy supply concerns persist even as geopolitical tensions ease. The 10-year Treasury yield reached 4.38 per cent, reflecting investor expectations that interest rates may remain elevated for longer, which typically pressures risk assets. The Bloomberg Dollar Spot Index rose 0.2 per cent as the euro and pound weakened slightly against the greenback, suggesting some safe-haven demand for the US currency. Bitcoin traded around US$70,727, up one per cent, aligning with the broader crypto market advance. I see these cross-asset moves as important context because they shape the liquidity environment in which digital assets operate. When Treasury yields rise and the dollar strengthens, crypto faces headwinds, and the current advance shows that ecosystem-specific catalysts can offset broader macro pressure.

Labour market data and global economic outlooks also influence investor positioning. US initial jobless claims were expected at 211K, signalling a cooling but still resilient labour market, which affects Federal Reserve policy expectations. The OECD released its Interim Economic Outlook, highlighting the shift towards embedded finance as a structural market driver, a trend that directly intersects with blockchain and digital asset adoption. I view embedded finance as a critical frontier because it represents the seamless integration of financial services into everyday digital experiences, and blockchain technology enables the transparency and efficiency that this integration demands. When major institutions acknowledge these structural shifts, it reinforces the long-term case for decentralised infrastructure, even if short-term price action remains volatile.

The key question centres on whether institutional staking demand continues to grow and whether Bitcoin can sustain its key support levels amid ongoing macro uncertainty. Will Ethereum’s role as a yield-generating asset attract enough capital to offset broader headwinds from elevated Treasury yields and a strong dollar? For now, the data supports a constructive but measured outlook, with clear levels to watch and catalysts to monitor as the market navigates this complex macro landscape.

 

Source: https://e27.co/bitcoin-holds-us71k-as-ethereum-surges-15-whats-driving-the-us2-44t-crypto-rally-20260326/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin and Ethereum rally while S&P 500 plummets: Is crypto finally decoupling from traditional markets?

Bitcoin and Ethereum rally while S&P 500 plummets: Is crypto finally decoupling from traditional markets?

The cryptocurrency market advanced 2.15 per cent to reach a total capitalisation of US$2.44T on March 13, 2026. This gain stands out because it occurred while traditional risk assets faced severe pressure. Equities and bonds sold off sharply as Brent crude oil surged above US$100 per barrel for the first time since 2022. Escalating Middle East tensions and a critical blockage in the Strait of Hormuz triggered the move.

The crypto market’s weak correlation with the S&P 500 at -14 per cent and with Gold at -34 per cent signals a crypto-specific catalyst rather than broad risk-on sentiment. This divergence suggests digital assets are beginning to trade on their own fundamental narratives. Such independence represents a maturation I have long argued is essential for the asset class to evolve beyond a speculative adjunct to traditional finance.

The primary engine behind this rally is BlackRock’s launch of its iShares Staked Ethereum Trust, ticker ETHB, which debuted on Nasdaq on March 12. The product generated US$15.5M in first-day volume, a solid start for a novel instrument. This ETF allows investors to gain exposure to Ethereum’s price while simultaneously earning staking rewards. The design treats ETH as a productive, yield-bearing asset. This marks a profound shift.

For years, institutional adoption focused on Bitcoin as digital gold, a store of value. BlackRock’s move validates Ethereum’s utility as a foundational technology capable of generating cash-flow-like returns. By locking up ETH supply through staking, the product mechanically reduces sell-side pressure. This creates a favourable supply-demand dynamic. The critical metric to watch now is weekly ETF flow data. Sustained inflows would confirm that institutions are not just testing the water but are committing capital to this new yield-bearing crypto thesis.

Supporting this institutional momentum is a wave of regulatory optimism. Social media channels buzzed with reports that President Trump had confirmed a zero per cent tax on crypto transactions. Additional chatter highlighted the US Senate advancing measures to block a Central Bank Digital Currency until 2030. While these developments require official verification, the market is clearly pricing in a more accommodating policy environment. This narrative has fuelled a healthy rotation of capital into altcoins. The Layer 1 sector advanced 1.58 per cent.

Artificial intelligence tokens like Render surged over 11 per cent. Bitcoin dominance held steady at 58.78 per cent. This indicates that new money is flowing into the broader ecosystem rather than just fleeing to the largest asset. Such breadth is a positive sign for market health. It suggests investors are gaining conviction in specific technological narratives like decentralised compute and scalable infrastructure.

From a technical perspective, the market cap is now testing a pivotal level at US$2.44T. Immediate resistance sits at the recent swing high of US$2.46T. A clean break above this level could open a path toward the US$2.52T extension. Caution is warranted because the seven-day Relative Strength Index reads 74.39. This indicates overbought conditions in the short term.

The rally may need to consolidate before its next leg higher. The key support level to monitor is US$2.33T. A break below this floor would signal a loss of momentum and could trigger a deeper pullback. The next major catalyst will be the upcoming US ETF flow reports. Positive data could provide the fuel needed to overcome resistance. Disappointing flows might exacerbate a technical correction.

This crypto-specific rally gains additional significance when viewed against the backdrop of traditional market turmoil. On March 12, US indices posted broad declines. The Dow Jones Industrial Average fell 739.42 points, or 1.56 per cent, to close at 46,677.85. The S&P 500 dropped 103.22 points, or 1.52 per cent, to 6,672.58. This marked its lowest close since November. The Nasdaq Composite slipped 404.15 points, or 1.78 per cent, to 22,311.98 as technology stocks grappled with rising yields. The VIX volatility index settled at 24.23, reflecting elevated fear. The trigger for this selloff was the energy crisis. Brent crude surged over nine per cent to settle at US$100.20 per barrel.

The International Energy Agency warned of the largest oil supply disruption in history. This shock has forced traders to scrap expectations for Federal Reserve rate cuts in 2026. Soaring energy costs threaten to reignite inflation. Consequently, US Treasury yields are climbing. The 2-year yield jumped 11 basis points. The 10-year yield hit 4.27 per cent. Stress is also emerging in the US$1.8T private credit market. Funds like Morgan Stanley and Cliffwater LLC have capped withdrawals following a surge in redemption requests.

In this environment, crypto’s decoupling is not just a market curiosity. It represents a potential shift in how digital assets function within a diversified portfolio. My view has consistently been that crypto’s long-term value proposition hinges on its ability to offer uncorrelated returns driven by its own adoption cycles and technological progress. The current action supports that thesis.

The rally is fuelled by a structural product innovation from the world’s largest asset manager and a favourable regulatory narrative. It is not driven by a surge in liquidity from traditional markets. This is a more sustainable foundation for growth. Sustainability remains the key question. Can the crypto market maintain its upward trajectory if ETF inflows decelerate this week or if the macro backdrop worsens? The overbought RSI suggests a pause is likely. The underlying drivers remain intact.

The path forward hinges on a few clear factors. First, institutional demand for the new staked Ethereum ETF must prove durable. Second, the regulatory narrative needs to translate into concrete policy actions to maintain confidence. Third, the market must successfully digest its overbought condition without breaking below the US$2.33T support. A failure on any of these fronts could lead to crypto re-correlating with traditional risk assets. Those assets are currently under severe strain from inflation fears and geopolitical instability. For now, the momentum is bullish, and the drivers are specific to the crypto ecosystem. This is a sign of maturation.

The market is beginning to trade on its own merits. This development aligns with the vision of a decentralised financial system operating in parallel with, and sometimes independently of, the legacy system. The coming days, with their focus on ETF flows and key technical levels, will provide crucial evidence on whether this independence can be sustained amid a global macro storm. Investors should watch the US$2.46T resistance and US$2.33T support as decisive boundaries.

A break above US$2.46T could accelerate gains toward US$2.52T. A drop below US$2.33T would signal a loss of momentum and invite a deeper correction. The US$15.5M debut volume for ETHB offers an initial benchmark, but sustained weekly flows will determine if institutional appetite remains strong.

With Bitcoin dominance at 58.78 per cent, the market retains room for altcoin expansion if the regulatory tailwinds persist. The 7-day RSI at 74.39 warns of short-term exhaustion, so patience may reward those waiting for a healthier entry point. In a world where Brent crude trades above US$100 per barrel and the 10-year yield touches 4.27 per cent, crypto’s ability to post gains on its own terms signals a new phase of market evolution. This phase demands careful monitoring of ETF data, technical levels, and policy developments. The US$2.44T market cap represents both opportunity and risk. Navigating this landscape requires discipline, clarity, and a focus on the structural forces shaping the next chapter of digital finance.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

The US$71000 Bitcoin bounce lacks foundation but Japan’s rally has real teeth

The US$71000 Bitcoin bounce lacks foundation but Japan’s rally has real teeth

Asian markets delivered a powerful statement of confidence on Monday, February 9, 2026, as investors embraced a wave of fiscal optimism sweeping across the region. Japan led the charge with extraordinary force as the Nikkei 225 surged more than 2700 points in a single session to reach an intraday historic peak of 57337.07. This remarkable advance followed Prime Minister Sanae Takaichi’s landslide election victory, which immediately reshaped market expectations toward aggressive fiscal stimulus and potential tax cuts.

The political mandate translated directly into investor enthusiasm, particularly for technology and financial shares, which absorbed most of the buying interest. This Japanese momentum proved contagious, creating a positive feedback loop that lifted markets from Shanghai to Sydney as regional investors recalibrated their outlook toward growth rather than caution.

China participated meaningfully in this regional uplift, with the Shanghai Composite climbing 1.25 per cent to approach the 4100 level. The advance carried particular significance because it coincided with the release of consumer price index data showing inflation at 0.8 per cent year over year. This reading suggested a subtle but important shift away from the deflationary pressures that had constrained Chinese markets for an extended period.

Investors interpreted the data as evidence that Beijing’s economic stabilisation efforts might finally be gaining traction, providing a foundation for cautious optimism even amid ongoing structural challenges. The modest inflation print provided a psychological pivot point, allowing market participants to envision a scenario in which domestic demand could gradually reawaken, supporting corporate earnings and asset values across the Chinese equity landscape.

Australia completed the regional trifecta with the S&P ASX 200 closing substantially higher at 8875.10. This performance proved especially notable given that the Reserve Bank of Australia had recently raised interest rates to 3.85 per cent, a move that typically pressures equity valuations. The market demonstrated resilience, absorbing the hawkish monetary policy signal while focusing instead on the broader global risk environment emanating from Tokyo and reinforced by developments in other major economies.

Australian financial and resources stocks benefited from synchronised regional strength, while the currency remained stable against the yen and the dollar, suggesting investors viewed the rally as sustainable rather than speculative. This ability to rally despite tighter monetary conditions underscored the depth of the sentiment shift across Asia-Pacific markets.

The positive sentiment extended beyond Asia as global markets positioned for continued strength. Wall Street futures indicated a constructive open with Dow Jones futures climbing more than 100 points following the index’s historic first-ever close above 50000 on the previous Friday. European markets exhibited cautious optimism, with the STOXX 600 hovering near the 600-point record, reflecting a synchronised global risk appetite.

Commodities participated vigorously in this broad advance as gold breached the symbolic US$5,000 threshold, reaching a weekly high of US$5,037 per ounce before consolidating around US$5,022. Crude oil stabilised as geopolitical tensions in the Middle East eased, removing a persistent risk premium from energy markets. This synchronised global move suggested investors were pricing in a coordinated economic expansion rather than isolated regional strength.

Amid broader environmental risks, the cryptocurrency market recorded a modest but telling advance, rising 0.86 per cent to reach a total valuation of US$2.39 trillion over 24 hours. The move carried distinctive characteristics that revealed crypto’s evolving relationship with traditional markets. Most significantly, the sector demonstrated a 94 per cent correlation with the S&P 500 over the past week, underscoring how digital assets have become tightly integrated into macro-driven market movements rather than operating as an independent asset class.

The primary catalyst for the bounce came from an unverified claim by CNBC’s Jim Cramer, who suggested President Trump would establish a United States Bitcoin reserve, with purchases made at the US$60,000 level. Though entirely speculative, this narrative generated immediate buying pressure, lifting Bitcoin above US$71,000 and pulling the broader market upward in its wake.

Beneath this rumour-driven surface, the rally found genuine technical support. The market had entered deeply oversold territory, with a seven-day relative strength index of just 27, creating fertile conditions for a corrective bounce. Simultaneously, on-chain data revealed substantial accumulation activity, as a whale withdrew 3,500 Bitcoin, equivalent to US$249 million, from the Binance exchange. This combination of extreme oversold conditions and significant institutional-scale buying provided a foundation that extended beyond mere speculation, suggesting some sophisticated participants viewed current levels as attractive entry points despite the absence of fundamental catalysts.

The near-term outlook for both traditional and digital markets now hinges on confirmation of catalysts. For Asian equities, the sustainability of the rally depends on whether Prime Minister Takaichi’s administration moves swiftly to implement concrete fiscal measures that validate current optimism.

For cryptocurrencies, the entire advance remains precariously balanced on an unverified political rumour, making the move inherently fragile. Bitcoin must hold above US$71,000 to maintain bullish momentum, with a break above US$75,000 potentially extending gains toward the 78.6 per cent Fibonacci retracement level corresponding to a US$2.4 trillion total market capitalisation. Conversely, a rejection below US$68,000 would invalidate the bounce, signalling a return to distribution patterns.

My perspective on this market environment recognises two distinct but parallel narratives. Asia’s rally stems from tangible political developments with clear policy implications, creating a foundation for sustained strength if follow-through occurs. The cryptocurrency advance, however, represents pure sentiment speculation lacking institutional or regulatory anchors. This divergence matters profoundly because policy-driven rallies typically exhibit greater durability than rumour-driven spikes.

Yet the exceptionally high correlation between crypto and equities reveals an uncomfortable truth for digital asset investors: their fortunes remain tethered to broader macro sentiment rather than blockchain-specific developments. The market has not achieved true independence; instead, it functions as a high-beta extension of risk assets.

The critical question facing investors now centres on resilience. Will Asian markets maintain their advance when fiscal details emerge, potentially revealing implementation challenges or budget constraints? Will cryptocurrency markets hold their gains if the Bitcoin reserve rumour is officially denied by the White House or the Treasury Department?

The answer likely depends on whether underlying macroeconomic conditions continue to support risk assets generally. With inflation showing signs of stabilisation in China, global growth indicators improving, and geopolitical risks receding temporarily, the environment remains conducive to risk-taking. Investors must recognise that Japan’s policy-driven rally possesses fundamentally stronger underpinnings than crypto’s rumour-fuelled bounce. One represents anticipation of real economic stimulus, the other reflects speculative positioning on unverified political theatre.

Both may rise together in a risk on environment, but their paths will inevitably diverge when market conditions test their respective foundations. The coming days will reveal whether this surge marks the beginning of a sustained expansion or merely a temporary reprieve within a more complex market cycle.

 

Source: https://e27.co/the-us71000-bitcoin-bounce-lacks-foundation-but-japans-rally-has-real-teeth-20260209/

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j