The privacy-focused cryptocurrency Midnight [NIGHT] declined by 6.7% over 24 hours, following a wider market downturn after Bitcoin [BTC] failed to hold near $73,900. Despite an uptick in spot CVD, negative funding rates and falling Open Interest indicate short-term bearish pressure. The token, which began spot trading on Binance recently, is approaching its mainnet launch in late March, where it will be used for fees, staking, and governance on the network.
Midnight’s NIGHT token dropped in value alongside broader market weakness after Bitcoin’s price rejection. Data from Coinalyze showed a rise in spot CVD was outweighed by negative funding rates and declining Open Interest.
Spot trading for NIGHT went live on Binance on Friday, March 13. The Canadian custodian Balance also announced it would provide custody support for the network ahead of its mainnet.
The mainnet launch is scheduled for the final week of March. The network’s native NIGHT token is designed for transaction fees, staking, and governance.
On February 26, the Midnight City Simulation was unveiled. This simulation features AI agents that generate real transactions, offering a peek at rational privacy in motion.
Technically, NIGHT displayed a bearish structure on the daily chart, failing to defend higher lows formed in late February. The price retested the $0.047 support level once more.
The 4-hour chart showed a clearly bearish price structure for the altcoin. A sell-off occurred at the $0.054 supply zone last Friday.
The coin has shed 21.78% over the past ten days and was unable to reclaim $0.062 as support. It could see a potential bounce toward the $0.055 to $0.059 range from its current level.
