Challenging March for Bitcoin

Bitcoin closed out February with a slight increase of 0.9% to reach $23,200. As of writing, the cryptocurrency has continued to climb and is currently trading at $23.7K. Despite this positive start, historically, March has not been a favorable month for Bitcoin, having declined in eight of the last 12 years with an average decrease of about 15%, and an average gain of 16%.

While the strong growth momentum in January and the renewed local highs in February suggest that the bulls are prevailing, the technical analysis on the weekly timeframe indicates that only a consolidation above $25K would further reinforce a bullish view of the market.

According to Bernstein, the correlation between cryptocurrencies and the US stock market, as well as macroeconomic events, is becoming weaker during Bitcoin's current period of stability, which is a positive sign for the cryptocurrency's bullish prospects.

News background

The Ethereum development team has finished implementing the Shanghai-Capella (Shapella) hard fork on the Sepolia test network. This update is expected to be implemented on the main Ethereum network as early as March, and it will enable the withdrawal of ETH from staked assets.

According to Reuters, payment giants Visa and Mastercard have paused their plans for cryptocurrency integration after a series of industry bankruptcies in 2022. The companies are waiting for the regulatory environment and market conditions to improve before proceeding with their plans.

Coinbase, the leading US cryptocurrency exchange in terms of trading volume, has notified investors of its intention to delist the Binance USD stablecoin. The move comes after Paxos decided to stop issuing BUSD under pressure from US authorities, prompting investors to withdraw their funds from the stablecoin in early February.

In other news, the Tel Aviv Stock Exchange is preparing to introduce cryptocurrency trading. Additionally, Leumi Bank, one of the largest banks in the country, has agreed to start trading digital assets.

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