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💰 Bitcoin (BTC) Price Recovers But Danger Still Looms: QCP Capital
Bitcoin’s setback below $61,000 triggered a market-wide correction. Despite the inflow of fresh capital, the leading crypto asset registered 15% in weekly losses at one point after hitting new all-time highs earlier this month. QCP Capital’s analysis suggests that the Bitcoin bull market is far from over while simultaneously highlighting a continued liquidity rotation, which is likely to propel the asset to new highs post-halving. Having said that, a “violent” near-term correction due to lingering leverage might transpire.
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💰 Bitcoin rebounds to $68k after Fed decides to maintain rates as expected
The US Federal Reserve announced on March 20 that it would keep interest rates steady at 5.25% to 5.5% — aligning with market expectations and easing concerns of a more aggressive tightening of monetary policy. Additionally, the Federal Open Market Committee (FOMC) maintained its projection for a rate cut within this year, signaling a cautious but optimistic outlook for the economy.
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📊 Bitcoin and ether perpetual futures funding rates still elevated despite downturn in spot prices
Bitcoin and ether perpetual futures funding rates are still elevated despite the spot prices of each asset falling by 7% and 6% respectively, in the past 24 hours. The global cryptocurrency market cap fell 5.8% in the past 24 hours to $2.5 trillion, according to CoinGecko data. This means that speculators are still adding to leveraged longs on the dip," Tuesday's QCP Capital market report said.
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🇳🇬 Nigeria intensifies probe into 🟠 Binance with court-ordered data disclosure
A Federal High Court in Nigeria has ordered Binance to provide detailed information on all its Nigerian users to the country’s foremost anti-corruption agency — the Economic and Financial Crimes Commission (EFCC). The ruling comes amid rising tensions between the crypto exchange and Nigerian authorities over the past month as the country’s fiat currency collapsed after locals turned to crypto to deal with unabated inflation.
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💰 Solana's memecoin mania pushes on-chain volumes and fees to new highs
The popularity of memecoin trading and speculation on Solana has pushed on-chain volumes — in U.S. dollar terms — to a new all-time high on Friday. Volume on Ethereum's foremost competitor exceeded $3.79 billion to end the work week, according to data from DefiLlama. The blockchain's previous all-time high volume was $2.85 billion — a figure set earlier this month. Saturday was close to Friday's all-time high.
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💰 Solana price approaches $200 for first time since December 2021
The price of solana is rapidly approaching $200 for the first time since December 2021 and the token is now about 20% off it's all-time high. Solana's price is currently $196, according to The Block's Price Page. It's up 16% in the last 24 hours and has reached a market cap of $84.7 billion. The market cap has risen higher than the peak market cap seen in November 2021 and is setting new all-time highs. While solana has a lower price than at its previous peak, the supply has increased considerably, resulting in a higher market cap.
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💰 Michael Saylor on Gold vs Fiat vs Bitcoin
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💰 Bitcoin Miner Bitdeer Is 'Differentiated' From Peers, Shares Are Cheap: Benchmark
Bitdeer Technologies’ (BTDR) shares are appealing given the wide gap between the company’s discount valuation and its growth prospects, investment banking firm Benchmark said in a research report Thursday. Benchmark initiated coverage of the bitcoin (BTC) miner with a buy rating and a $13 price target. The stock closed over 7% higher on Wednesday at $6.74.
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💰 Bitcoin price unlikely to drop below $50,000 unless 'something dramatic' happens, says Galaxy's Novogratz
Bitcoin is currently trading at around $73,000, and it is unlikely to fall below $50,000 unless a significant event occurs, according to billionaire Mike Novogratz, founder and CEO of Galaxy Digital. Bitcoin has been rallying mainly due to continuous inflows into recently approved spot bitcoin exchange-traded funds in the U.S. and, as long as net inflows are positive, the bitcoin price will keep going higher, Novogratz told CNBC in an interview Wednesday.
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💰 BlackRock’s IBIT spot bitcoin ETF amasses 200,000 BTC in two months
After just two months of trading, BlackRock’s IBIT spot bitcoin exchange-traded fund crossed 200,000 in assets under management on Monday. The newborn nine spot bitcoin ETFs — excluding Grayscale’s converted GBTC fund — total more than 420,000 BTC. Of the newborn nine ETFs, Fidelity’s FBTC is currently in second place with over 128,000 BTC and Ark Invest 21Shares’ ARKB is third with nearly 38,000 BTC per BitMEX Research data.
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💰 Open interest reaches all-time high as Bitcoin touches $72k
Bitcoin has just shattered expectations, soaring past the $72,000 mark, a feat that underscores the growing institutional interest in cryptocurrency and particularly, in spot Bitcoin ETFs. However, beneath this surface of triumph, the derivatives market hints at a brewing storm of volatility, with open interest in Bitcoin futures and options reaching staggering new heights.
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🇺🇸 Gensler Warns About Bitcoin: “Highly Speculative and Volatile Asset”
Gensler has repeatedly highlighted the volatile nature of digital assets. He compared Bitcoin to a rollercoaster, indicating the unpredictable price swings that investors may encounter. He stated, “This is a highly speculative asset class, one could just look at the volatility of bitcoin in the last few days”, drawing attention to the fluctuating prices that have characterized the bitcoin market.
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💰 BlackRock plans to purchase spot bitcoin ETFs for its Global Allocation Fund
BlackRock may purchase spot bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund, according to the U.S.-based asset manager’s updated filing with the Securities and Exchange Commission. The Global Allocation Fund, which utilizes U.S. and foreign equity, debt and money market securities in maximizing returns, held $17.8 billion in assets under management as of March 7, according to BlackRock.
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💰 Total Bitcoin ETF net inflows reach $8.9 billion
BitMEX data showed $332 million in inflows into Bitcoin ETFs, equivalent to 4,995 Bitcoin, on Mar. 6. Leading the charge was BlackRock’s IBIT, which added $282 million to its coffers, bringing its total net inflows to $9.4 billion. This implies that IBIT currently holds around 188,000 BTC. Fidelity’s FBTC wasn’t far behind, maintaining a strong momentum with a robust net inflow of $206 million. This growth brings their total net inflows to $5.6 billion, equivalent to roughly 113,000 Bitcoin, according to BitMEX.
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🚨 Binance temporarily suspends Solana network withdrawals, citing ‘increased volume’
Binance, the world’s largest cryptocurrency exchange, has intermittently suspended withdrawals to the Solana network due to an “increased volume of transactions.”. “Withdrawals on the Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization and is working to provide a stable and long-term solution.
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🏦 Coinbase legal chief argues SEC has ‘no good reason’ to deny spot 🪙 Ethereum ETFs
Amid ongoing speculation surrounding the prospect of spot Ethereum exchange-traded fund approvals in the United States, Coinbase Chief Legal Officer Paul Grewal said the Securities and Exchange Commission has “no good reason” to deny the ETF applications. “Sigh... again with the ETH misinformation as we await a decision on ETH ETPs,” Grewal wrote on X. “Millions of Americans hold ETH; it has been vital to crypto since its 2015 launch; and ETH is a commodity, not a security.”
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❄️ TON Foundation launches Toncoin community rewards initiative worth over $100 million
The TON Foundation, a non-commercial group of contributors behind The Open Network (TON) blockchain, has launched the first round of a Toncoin community rewards initiative named The Open League, valued at more than $115 million at current prices. Following a successful pilot program, The Open League will distribute 30 million Toncoin to competing projects and TON ecosystem users starting April 1.
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🪙 Bitwise CIO says spot Ethereum ETFs could attract more assets if they launch later than May
While there has been a lot of speculation and desire for spot ether ETFs to gain approval in May, Bitwise CIO Matt Hougan said it might be beneficial for it to move more slowly. May is the first main deadline for the SEC to approve or deny the first pending spot ether ETF applications. Initially, pundits were optimistic about the deadline, but recently many analysts have lowered their expectations for it to launch by May due to a seeming lack of progress.
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🪙 Spot Ethereum ETFs may bring up to $45 billion of inflows if approved, says Standard Chartered Bank
Spot Ethereum exchange-traded funds could still be approved by their initial deadline of May 23, according to Standard Chartered Bank, despite skepticism expressed by other commentators. Earlier this year, Kendrick predicted that spot Ethereum ETFs would likely be approved on May 23 primarily because the Securities and Exchange Commission has not classified ETH as a security in its legal actions against crypto companies.
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🇳🇬 Nigeria Proposes Rule Requiring Foreign Crypto Exchanges to Incorporate in the Country
According to the proposed amendments to the rules governing digital asset entities by the Nigerian Securities and Exchange Commission (SEC), a company “seeking to operate as a VASP [Virtual Asset Service Provider] must be incorporated and maintain an office in Nigeria.” The SEC also proposed that the CEO or managing director must reside in Nigeria. Foreign or non-residential operators targeting Nigerian users directly or through their agents will also be subject to the proposed rule changes, the regulator added.
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💰 Bitcoin Trader Sees Prices Slumping to $60K as Crypto Bulls See $650M in Liquidations
Crypto market capitalization dropped 7%, its sharpest fall this year, as bitcoin (BTC) plunged 8% in the past 24 hours to wipe weekly gains and kickstart a marketwide decline. Bitcoin slumped from Thursday’s high of $73,000 to as low as $65,800 early Friday before slightly recovering. Meanwhile, Coindesk 20, a broad-based index of most liquid cryptocurrencies, was down 8.25%.
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💰 Cetera Financial Group unveils policy to allow Bitcoin ETF exposure for RIAs, brokers
Cetera Financial Group has introduced a new initiative aimed at supporting financial advisors with the integration of spot Bitcoin ETFs into investment strategies. Cetera has an impressive roster of over 12,000 financial advisors and holds roughly $475 billion in assets under management, making it one of the largest wealth management services in the US.
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🇬🇧 BBC News covers 💰 Bitcoin saying "almost hourly now this virtual currency is hitting new all time highs." 📈
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💰 $1.4 billion of bitcoin mined last year by once bankrupt Core Scientific
Earlier this year, the crypto mining firm Core Scientific emerged from bankruptcy and had its shares relisted on Nasdaq. On Tuesday, the company said that last year, it mined 19,274 bitcoin, worth about $1.4 billion at current prices. Core Scientific reported on Tuesday that it had self-mined 13,762 bitcoin for its own account on top of "an estimated 5,512 for our hosting clients’ accounts." The company also reported a net loss of $195.7 million, which it said was an improvement of $239.2 million.
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💰 Solana registers all-time high in daily new addresses
The daily number of new addresses on the Solana blockchain has reached an all-time high, according to The Block’s Data Dashboard. The daily count of new addresses on the Solana network, based on a seven-day moving average, now stands at over 691,000. Frizza added that Solana has experienced a surge in transaction volumes on DEXs, consistently surpassing the $2 billion daily trading threshold since early March.
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💰 Glassnode Insights Into Long-Term Bitcoin Holders Reveal 228% Average Unrealized Gain
In its analysis, Glassnode emphasizes the notable entry of institutional funds into bitcoin (BTC), especially after the green light for U.S. spot bitcoin exchange-traded funds (ETFs). This influx, contrary to the doubts of critics, has boosted bitcoin’s value, reaching $70,000 last week—a 58% leap from its $42,800 value before the ETF approval.
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💰 Bitcoin sees violent volatility after hitting new ATH second time in a week
Bitcoin hit a new all-time high for the second time this week and once again experienced a violent sell-off that erased its gains and stirred memories of past volatilities in the crypto space. However, the jubilation was short-lived as a wave of sell pressure engulfed the market, driving the price down by more than 3% to a low of $66,500 in less than an hour. The wider crypto market experienced similar volatility.
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🔻 Optimism Foundation to sell $89 million worth of OP tokens in private sale to unknown buyer
Optimism Foundation, which supports the Ethereum Layer 2 project Optimism, said it is privately selling approximately 19.5 million governance tokens — valued at over $89 million at current prices. The tokens will be subject to a lockup period of two years, according to an official announcement, but the purchaser will still be able to delegate tokens to unaffiliated third parties for governance votes. "Optimism has entered into a private token sale of approximately 19.5M OP tokens,".
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💰 Blackrock's Bitcoin ETF Adds 12,623 BTC in Largest Single-Day Purchase Since Launch
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), amassed the largest single-day bitcoin purchase since its Jan. 11 launch on Tuesday. This buying surge coincided with a bitcoin price correction, following the cryptocurrency’s new all-time high set just hours earlier. On Tuesday, IBIT saw a record inflow of $788.3 million, pushing the total net inflow for all 10 new spot bitcoin ETFs to $648.3 million.
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🏦 Coinbase counters use of default judgment ruling in SEC lawsuit
Coinbase is countering the Securities and Exchange Commission's efforts to leverage a decision from an insider trading case to bolster the agency's lawsuit against the cryptocurrency exchange. Coinbase hit back after the SEC a day earlier said it wanted to inform the court of a default judgment made last week by another court. That ruling said that the trading of certain crypto assets on secondary markets constitutes securities trading.
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