Top tokens to watch this week: DOGE, MATIC, XEC

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Crypto Market Update: Dogecoin Breaks Free, MATIC Struggles, XEC Surges

Here's a quick look at some of the top cryptocurrencies making headlines this week:

Dogecoin (DOGE): After weeks of battling a downtrend, Dogecoin (DOGE) finally clawed its way back to freedom. The memecoin decisively breached the resistance line on March 24th, currently trading around $0.17. While a brief dip saw DOGE retest the support level, it appears to be back on an upward trajectory.

Polygon (MATIC): Unlike DOGE, MATIC has faced a rough week. The token dipped below the $1 mark after two consecutive days of losses in mid-March, currently trading at around $0.90. MATIC is attempting a comeback, but strong resistance from the market is hindering its progress.

eCash (XEC): While the broader market experienced a downturn, XEC defied the trend with a stellar performance. Following an initial 11% gain on March 20th, XEC went on a tear on March 23rd, surging a staggering 26% to reach a two-week high of $0.00006919. Although a slight correction followed, XEC remains a standout performer this week.

What to Watch:

• Can DOGE maintain its upward momentum?

• Will MATIC break through the resistance and reclaim the $1 level?

• Will XEC continue its impressive run, or is this a temporary spike?

Stay tuned next week for another update on the ever-evolving cryptocurrency market!

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BlackRock Clients Show Strong Bitcoin Preference, "A Little Bit" of Ethereum Interest

BlackRock's foray into crypto continues, but their clients' preferences are becoming clear. According to Robert Mitchnick, Head of Digital Assets at BlackRock, Bitcoin remains the king in their clients' eyes, with "a little bit" of interest in Ethereum trailing behind.

This revelation came during a fireside chat at the Bitcoin Investor Day conference in New York. It stands in contrast to the excitement surrounding BlackRock's Bitcoin ETF launch in January. The iShares Bitcoin Trust (IBIT) quickly became a market leader, attracting a staggering $15 billion in assets – significantly more than any other crypto ETF.

So, why the Bitcoin focus? Mitchnick explains that client demand played a crucial role. BlackRock saw consistent client interest in Bitcoin throughout both bull and bear markets. This persistent demand ultimately led them to launch the IBIT, offering a secure and regulated way for their clients to access this digital asset.

Key Takeaways:

• Bitcoin dominates interest among BlackRock's clients, with Ethereum a distant second.

• The success of the IBIT ETF highlights strong client demand for Bitcoin exposure.

• BlackRock's entry into the crypto market signifies growing mainstream acceptance of Bitcoin.

Bitcoin Traders Eye Potential Dip as Options Data Hints at Bearish Sentiment

Bitcoin traders are bracing for possible turbulence ahead, with options data suggesting a short-term bearish outlook. According to crypto options exchange Deribit, the volume of put options expiring on March 29th has surpassed call options within the last 24 hours.

This shift in the put-to-call ratio, a key metric for gauging market sentiment, indicates that traders are hedging against a potential price decline for Bitcoin. Notably, the strike prices for these put options are concentrated around $50,000 and $45,000, with Bitcoin currently trading around $63,500.

David Lawant, head of research at crypto prime broker FalconX, points to the recent outflows from the Grayscale Bitcoin Trust (GBTC) as a possible catalyst for this market correction. These outflows could be interpreted as a decrease in investor confidence, leading some traders to hedge their bets through put options.

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