The global crypto market cap was at $1.70 trillion on March 7, a 3.96 percent decrease over the previous day. The total crypto market volume over the last 24 hours stood at $70.06 billion, up 31.43 percent.

The total volume in the decentralised finance (DeFi) is $13.48 billion, 19.24 percent of the total crypto market 24-hour volume. The volume of all stable coins is $58.53 billion, which is 83.53 percent of the 24-hour market volume.

The global crypto market cap was at $1.70 trillion on March 7, a 3.96 percent decrease over the previous day. The total crypto market volume over the last 24 hours stood at $70.06 billion, up 31.43 percent.

The total volume in the decentralised finance (DeFi) is $13.48 billion, 19.24 percent of the total crypto market 24-hour volume. The volume of all stable coins is $58.53 billion, which is 83.53 percent of the 24-hour market volume.

Bitcoin made another attempt to conquer the $45,000 region last week but failed. This level had acted as a support in December 2021, during the initial phase of decline. But the level once decisively broken in early January was acting as a significant resistance and prevented at least two attempts in the past one month by the BTC bulls to go past it.

Needless to say that the intermediate downtrend will not be terminated as long as it keeps below this important resistance level. The attached diagram shows this resistance area.

Crypto aficionados see bitcoin as “digital gold,” a handy place to store cash during war or disaster. Bitcoin, the argument goes, has a limited supply and runs on a global computer network beyond the reach of governments and is therefore safer than traditional currencies.

Things are never that simple. Bitcoin’s safe-haven chops are unclear: It often behaves more like risk-on assets such as stocks.

Investors say that during the war bitcoin’s characteristics have stoked demand and helped it outperform other traditional havens. Gold is up 2.6% while the US 10-year Treasury yield has fallen 8.7% since last Wednesday.

Yet the moves may do little to settle arguments over bitcoin’s safe-haven credentials, analysts said. 

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