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Bitcoin’s got 3 strikes, but investors remain calm despite price drop

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After Bitcoin (BTC) faced its third consecutive rejection, investors became more confident in adding altcoin positions. For the leading cryptocurrency, the path to $50,000 appears more challenging than previously expected.

According to Euronews Next, on March 14, the European Union rejected a proposed rule that could have banned the energy-intensive proof-of-work (PoW) mining algorithm used by Bitcoin and other cryptocurrencies. Several EU parliamentarians have been pushing to ban PoW mining over energy concerns.

BTC/USD price at FTX. Source: TradingView

In terms of performance, the aggregate market capitalization of all cryptos was relatively flat over the past seven days, registering a modest 0.4% gain to $1.77 trillion. However, the apparent lack of performance in the overall market does not represent some mid-capitalization altcoins, which managed to gain 17% or more in one week.

Bitcoin presented a 2.5% gain over the previous seven days, while the vice-leader Ether (ETH) increased 3.6%. However, they were no match for the altcoin rally that happened. Below are the top gainers…

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