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Bitcoin Price Eyes $70K Again, Ethereum Flirts With $2K: Market Watch

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BTCUSD Mar 4. Source: TradingView


XDC has skyrocketed the most today, followed by ICP and JUP. In contrast, AAVE has lost the most value.

Bitcoin’s price volatility continued in the past 24 hours as the asset slipped below $66,200 at one point, only to rebound and aim at $70,000 once again.

Most altcoins are slightly in the green as well on a daily scale, with ETH challenging $2,000 and BNB tapping $640. SOL is up by over 2% daily.

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BTC Aims at $70K Again

It was last Thursday when bitcoin jumped to $70,000 for the first time in over a week, only to be halted and driven south hard. It remained around $68,000 by Friday when it suddenly dumped to under $65,000. Although it had rebounded to $66,000 by Saturday morning, it quickly plunged to $63,000 after the attacks in the Middle East began.

Instead of dumping further as the geopolitical tension began, BTC rebounded strongly to over $68,000 after reports emerged that Iran’s Supreme Leader was killed in the attacks. However, it couldn’t go any higher and dropped to $65,000 by Monday.

Then came an unexpected and rare hourly rally, in which the asset jumped to over $70,000 again in minutes. Another rejection followed, which pushed BTC down to $66,200. More volatility ensued, and the cryptocurrency now trades just under $70,000 again, but some analysts believe there’s a major obstacle in its way.

Its market cap has climbed to almost $1.4 trillion, while its dominance over the alts is up to 57% on CG.

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BTCUSD Mar 4. Source: TradingView
BTCUSD Mar 4. Source: TradingView

ETH Challenges $2K

Most larger-cap alts have posted more modest gains than BTC in the past day. ETH has climbed to just over $2,000 as of press time, while BNB is up to $640 and remains above XRP in terms of market cap positioning. SOL and BCH are up by 2%, while DOGE, ADA, HYPE, and CC have lost somewhere between 1-3% daily.

AAVE has lost the most value from the larger-cap alts, dropping by 6% to $113. In contrast, XDC has rocketed by 9% and now trades at $0.035. ICP and JUP follow suit.

The cumulative market cap of all crypto assets has gained nearly $100 billion since yesterday’s low and is up to $2.440 trillion on CG.

Cryptocurrency Market Overview Mar 4. Source: QuantifyCrypto
Cryptocurrency Market Overview Mar 4. Source: QuantifyCrypto
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Crypto World

Stablecoins Do Not Threaten Banking Just Yet: Analyst

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Stablecoins Do Not Threaten Banking Just Yet: Analyst

The impact of stablecoins on the banking sector appears “limited” at the current phase of the adoption cycle, but banks could face increasing competition and an erosion of market share as the stablecoin sector and tokenized real-world assets (RWAs) grow in market capitalization. 

“So far, the use of stablecoins remains limited, but their market capitalization exceeded $300 billion at the end of last year,” Abhi Srivastava, associate vice president of Moody’s Investors Service Digital Economy Group, told Cointelegraph.

The stablecoin market cap has surged past $300 billion. Source: RWA.xyz

The role of stablecoins in payments, cross-border commerce and onchain finance is “expanding,” despite their currently limited role, Srivastava said, adding that existing payment systems in the US are already “fast, low-cost and trusted.” He said:

“For the banking sector, at this stage, disruption risk appears limited. In the near term, US rules that prohibit stablecoins from paying yield mean they are unlikely to replace traditional deposits at scale domestically.”

However, over time, growing adoption of stablecoins and tokenized RWAs, traditional or physical financial assets represented on a blockchain by a token, could place “pressure” on the banking sector, leading to deposit outflows and reduced lending capacity, he said.

Stablecoin regulatory policy has become a hot-button issue among crypto industry executives and those in the banking sector, with fears that yield-bearing stablecoins could erode banking market share proving to be a stumbling block for the CLARITY crypto market structure bill in Congress. 

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Related: Stablecoins behave like FX markets as liquidity splits: Eco CEO

CLARITY Act stalled, as banks fight yield-bearing stablecoins

The Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, is a comprehensive crypto market regulatory framework that establishes an asset taxonomy, regulatory jurisdiction and oversight over the crypto markets.

The CLARITY crypto market structure bill. Source: US Congress

It is now stalled in Congress after a group of crypto industry companies, led by cryptocurrency exchange Coinbase, publicly stated opposition to earlier drafts of the bill.

A lack of legal protections for open-source software developers and a prohibition on yield-bearing stablecoins were among some of the most contentious issues cited by crypto industry opponents of the legislation.

Several attempts have been made by US lawmakers and the White House to negotiate a bill acceptable to both the crypto industry and the bank lobby.

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Earlier this month, North Carolina Senator Thom Tillis said he plans to release an updated draft bill proposal that would be acceptable to both sides; however, the bill has reportedly received pushback, according to Politico, and has yet to be publicly released. 

However, other crypto industry executives and market analysts have warned that if the CLARITY Act fails to pass, it could open the crypto industry up to future regulatory crackdowns by hostile lawmakers and officials.

Magazine: Stablecoins will see explosive growth in 2025 as world embraces asset class