Bitcoin News: BTC May Experience Significant Price Rally According to CryptoQuant Data

Bitcoin May Be on the Verge of a Rally, Suggests CryptoQuant Data

According to a CryptoQuant Quicktake post, Bitcoin (BTC) may experience a significant price rally. Since February 6, net flow across crypto exchanges has remained negative, which is historically a bullish signal for the digital asset. Despite recent market volatility with liquidations exceeding $360 million, on-chain data remains bullish, suggesting that concerns may be overstated.

South Carolina’s Bitcoin Reserve Bill Plans to Invest 10% of State Funds

South Carolina has filed a Bitcoin Reserve bill allowing the state treasurer to invest up to 10% of unexpended, unencumbered, or uncommitted state funds in digital assets, including Bitcoin. This move follows President Trump’s intention to create a US Bitcoin Reserve, leading to many state governments attempting to create smaller models. Fiscal conservatives may be concerned about this investment, which contributed to recent failures.

GameStop’s Bitcoin Announcement Backfires, Stock Tanks 25%

GameStop’s official announcement that it will start investing in Bitcoin has not been well received by the market, causing the stock price to drop by 25% in intraday trading. Wall Street had been receptive to rumors of the investment, but the sell-offs are linked to the actual details of GameStop’s plans. The announcement follows months of speculation and a spike in GME’s share price when the company’s CEO, Ryan Cohen, posted pictures with Michael Saylor, a known Bitcoin advocate.

US President Pardons Founders of BitMex Crypto Exchange

US President Donald Trump has pardoned all three founders of the BitMEX cryptocurrency exchange, Arthur Hayes, Benjamin Delo, and Samuel Reed. The co-founders previously pled guilty to various federal criminal charges related to money laundering using the platform. Prosecutors accused the men of operating BitMEX as a “money laundering platform” and ordered them to pay civil fines totaling $30 million. However, Trump issued the pardons on Thursday, allowing the trio to walk free.

Bitcoin (BTC) Price Prediction for March 28

Bitcoin price faced a strong bearish momentum due to increasing selling pressure. As a result, Bitcoin initiated a severe downturn after failing to surge above $88K, plunging the BTC price below $84K. Over the past 24 hours, Bitcoin’s trading volume has dropped by more than 26%, totaling $32.76 billion. In a broader perspective, Bitcoin fell below $100,000 on January 7 and continued to show a downward trend, reaching lows near $91K on February 3 and facing increased volatility below $90K in recent days. Over the last 24 hours, its total market capitalization dropped by 4.3%, settling at $1.65 trillion.