Bitcoin Temporarily Dips Below $85,000

On March 31st, according to Coinglass data, the current funding rates of mainstream CEX and DEX have rebounded slightly compared to yesterday. This indicates that the crypto market remains bearish. The specific funding rates for mainstream coins are shown in the attached image. BlockBeats Note: The funding rate is a fee set by cryptocurrency exchanges to maintain the balance between the contract price and the underlying asset price. It is usually applied to perpetual contracts and is a fund exchange mechanism between long and short traders. The trading platform does not charge this fee. Its purpose is to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the Funding Rate is 0.01%, it represents the baseline rate. When the Funding Rate is greater than 0.01%, it indicates a generally bullish market. When the Funding Rate is less than 0.005%, it indicates a generally bearish market.

March 31st: Traders enhanced their wagers on a rate reduction by the European Central Bank. They anticipated that the deposit rate would reach 1.84% by the end of the year, in contrast to the expectation of 1.88% last Friday. (FXStreet)

On March 31st, based on the data from the BlockBeats platform, the current platform traffic (with a 7-day average) has declined to the level that was last seen on January 17th, prior to the release of the meme project TRUMP by the former U.S. President Trump. This suggests that the Crypto craze triggered by that event has now been entirely depleted by the industry.

On March 31st, Orderly Network, the full-chain derivative liquidity protocol, declared that it is going to commence a scheduled upgrade on April 1st. The downtime is anticipated to last around 3 hours and 30 minutes.

On March 31, as per Decrypt, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to cryptocurrency ATM operators, indicating that such devices might be employed for money laundering and fraud operations. AUSTRAC CEO Brendan Thomas declared that cryptocurrency ATM operators are required to ensure the establishment of robust anti-money laundering mechanisms. According to Coin ATM Radar data, Australia currently has 1,648 cryptocurrency ATMs, which is the highest in the Asia Pacific region. There are 348 in Sydney alone, representing a significant increase from 23 in 2019. Under Australia's anti-money laundering and counter-terrorism financing act, all cryptocurrency exchanges (including cryptocurrency ATM operators) must register with AUSTRAC, conduct Know Your Customer (KYC) checks, monitor transactions, and report cash transactions exceeding 10,000 Australian dollars.

On March 31st, based on CoinGecko data, PAXG had a trading volume of more than $60 million within the past 24 hours. Its current price is $3,140.64, indicating a 0.6% increase in the past 24 hours. Pax Gold (PAXG) is a gold-backed cryptocurrency introduced by the founder of Paxos Standard (PAX).