Bitcoin is stabilizing at $83,100 while awaiting economic data; LIBRA meme coin crashes nearly 15%; the crypto market is valued at $2.5 trillion but shows attempts at stabilization.

On March 13, Bitcoin (BTC) stabilized around $83,100, recovering nearly 3% this week as the February Consumer Price Index (CPI) reported softer-than-expected inflation figures. Market participants are now closely watching the upcoming Producer Price Index (PPI) data and initial weekly jobless claims for potential economic indicators.

The LIBRA meme coin, touted by Argentina’s President Javier Milei, has witnessed a significant downturn, plummeting nearly 15% in a single day. Reports indicate that attorney Gregorio Dalbón is seeking a red notice from Interpol concerning Hayden Davis, escalating concerns around the coin’s future.

The overall cryptocurrency market has faced a decline, now valued at $2.5 trillion, representing a one-third decrease from its December highs. Nevertheless, there are signs of stabilization, with market capitalization rebounding to approximately $2.67 trillion towards the end of the week.

Investing in cryptocurrencies involves substantial risks, including possible loss of capital and emotional distress. The information provided does not serve as a recommendation to invest and readers are urged to conduct their own research before making financial decisions.

In related news, metaverse tokens have been under correction since their peak in December, although on-chain data suggests ongoing accumulation by holders. Furthermore, reports indicate that a DeFi trader lost over $700,000 in a sandwich attack, raising discussions about the integrity of these financial ecosystems. Tether (USDT) has seen a surge in on-chain activity, signaling increased usage and transfer metrics reaching a six-month high. Despite recent declines, conversations around a potential Bitcoin recovery have intensified coinciding with the White House Crypto Summit.

In summary, the cryptocurrency market is exhibiting volatility with Bitcoin stabilizing amid economic data releases and fluctuating external factors. The LIBRA meme coin is facing challenges following calls for legal action, while Tether’s increased activity suggests growing blockchain engagement. Investors should remain cautious and well-informed, considering the inherent risks associated with cryptocurrency investments.

Original Source: www.fxstreet.com

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