Bitcoin partially recovers on Wednesday after market volatility
Bitcoin (COIN:BTCUSD) reached a new all-time high by briefly
surpassing $69,000 on Coinbase, repeating the feat of November 10,
2021. However, the excitement was short-lived, with a subsequent
correction to $60,800 and over $1 billion liquidated due to market
volatility. Nevertheless, Bitcoin showed resilience, bouncing back
to $66,8930 on Wednesday, up 4.95% in the last 24 hours. Analysts
suggest that the drop was influenced by profit-taking and sales by
miners.
Fernando Pereira, from Bitget, points out that with the current
market capitalization, a significant amount of new investments
would be needed for a similar rise as before, comparing the
investment requirement to the total market value of silver, the
second most valuable commodity in the world. “Although in the
past, some situations of strong increases after breaking ATH have
occurred, this time the scenario is very different because we have
a market capitalization approximately 4 times higher than the last
time we saw this movement. This means that 4 times more money would
be needed. It can happen, but hardly in a few days. Giving an
example, for BTC to double its price today, it is necessary that
all the money in the world invested in SILVER be exchanged for
BTC.”
Bitcoin and silver are ranked eighth and ninth in market value,
with $1.363 trillion and $1.329 trillion respectively, followed by
Alphabet Inc (NASDAQ:GOOGL) with $1.662 trillion. Although silver
is the second most valued commodity after gold, Bitcoin’s rise
challenges its position.
Bitcoin ETFs attract $648 million in a day, BlackRock IBIT sets
records
On March 5, BitMEX recorded a notable volume of $648 million in
investments in US Bitcoin ETFs, corresponding to about 10,238 BTC,
the third largest day of inflows. The highlight was BlackRock’s ETF
(NASDAQ:IBIT), which added 12,447 BTC to its reserves, with a
record $788 million invested totaling $9.2 billion or 183,000 BTC
in assets. Fidelity’s ETF (AMEX:FBTC) also saw significant inflows
of $126 million, while Grayscale’s ETF (AMEX:GBTC) experienced an
outflow of $333 million, despite an overall trend of improvement.
Total net inflows for all Bitcoin ETFs amount to an impressive $8.6
billion, equivalent to 162,868 BTC.
Ethereum paves the way for efficiency with Dencun upgrade
Next week, Ethereum will undergo a significant transformation
with the implementation of Dencun, an upgrade that promises to
usher in a new era of efficiency for second-layer scalability
solutions. With the introduction of EIP-4844, known as
“proto-danksharding,” the upgrade will reduce data storage costs in
rollups, thanks to the new “blobs” structure. This technical
advancement is expected to decrease fees for users, although the
exact extent of the reduction remains uncertain. Leaders of major
layer 2 projects such as Polygon, Arbitrum, StarkWare, and Coinbase
Base have expressed cautious optimism, highlighting the complexity
of predicting changes in transaction fees. The Dencun upgrade is
seen as a fundamental step toward a more scalable, efficient, and
accessible Ethereum.
Vitalik Buterin sells ETH but analysts maintain positive view for
Ethereum
Vitalik Buterin, founder of Ethereum (COIN:ETHUSD), made a
significant sale of his ETH, moving about 30 ETH and converting
some of them into 100,000 USDC, as reported by PeckShield. This
activity has sparked debates about potential impacts on the value
of Ethereum. However, cryptocurrency analysts remain optimistic,
predicting a substantial increase in the price of Ethereum.
Projections range from $10,000 to $15,000, with indicators
suggesting a potential bottom in the ETH/BTC ratio, indicating an
accumulation phase and possible sharp increase.
Spain orders Worldcoin shutdown over privacy concerns
The Spanish Data Protection Agency imposed a three-month
suspension on Worldcoin (COIN:WLDUSD), banning the collection and
use of personal data in the country in response to several
complaints. The measure issued on Wednesday aims to protect the
sensitivity of biometric data and the right to privacy, reflecting
global concerns about the project’s privacy practices, despite
attracting over 4 million people.
Celebrity token frenzy drives meme coin market
This week, the meme coin market witnessed a wave of tokens
inspired by political figures and celebrities, with those issued on
the Solana blockchain standing out. The BODEN token, inspired by
President Joe Biden, saw an impressive increase of 830% in just six
hours. Despite the attractiveness of these digital assets, they
carry high risks of scams. Despite the risks associated with these
volatile investments, the fever for meme coins continues, with
dogwifhat leading the way with a gain of 48%.
SEC action triggers crisis at Binance.US with layoffs and revenue
drop
Following the SEC action in June, Binance.US faced a severe
crisis, cutting two-thirds of its staff due to a 75% drop in
revenue, revealed a court document. The platform also saw
approximately $1 billion in assets leave, loss of banking
partnerships, and challenges in restoring customer confidence.
Binance.US COO Christopher Blodgett reported in testimony the
collapse of business and trading volumes, although he denied any
wrongdoing.
DCG and CEO seek to dismiss legal action in New York
Digital Currency Group (DCG) and its CEO, Barry Silbert, are
challenging a legal action filed by New York Attorney General
Letitia James related to the collapse of Genesis Global Capital.
They have sought dismissal of the accusation that implicates them
in concealing financial losses, claiming the allegations are
unfounded. The lawsuit accuses DCG and other entities of defrauding
investors of $3 billion, linking them to the dismantling of
companies like Three Arrows Capital and FTX. DCG defends its
financial transparency and significant contributions to Genesis
after the losses.
Binance halts Solana withdrawals due to transaction surges
In response to a spike in activity on the Solana network
(COIN:SOLUSD), Binance decided to temporarily pause SOL withdrawals
since March 4, 2024, sparking debates about implications for
Solana’s value. This measure aims to improve the platform’s
performance and is scheduled to end on March 9, 2024. Crypto
experts are divided on the impact of this pause on prices, with
some predicting rapid recoveries and others advising caution. The
situation highlights the connection between network functionality
and investor confidence in the cryptocurrency market.
Flashloan attack causes WOOFi assets to drop by 20%
WOOFi, a decentralized exchange, saw the value of its assets
drop by 20% to $45 million after suffering a flashloan attack. The
hacker manipulated the platform’s algorithm to drastically alter
the price of the WOO token, resulting in losses of $8.75 million.
Despite the quick detection and suspension of swaps, WOOFi offered
a 10% reward to the hacker if they choose to act as a “white hat”
and return the stolen funds.
Bitstamp advances in Singapore with preliminary regulatory approval
from MAS
Bitstamp, an influential European cryptocurrency exchange,
achieved a milestone by receiving initial approval from the
Monetary Authority of Singapore (MAS) to operate in the city-state.
With the imminent Major Payment Institution (MPI) license, Bitstamp
will expand its digital payment token services in Singapore,
positioning itself as the first major EU cryptocurrency platform to
achieve such recognition in the region. Bitstamp’s focus in
Singapore will be on financial institutions and intermediaries.
UK consults on OECD standards for crypto
The UK has initiated a public consultation on adopting the
cryptocurrency reporting framework proposed by the OECD, coinciding
with its spring budget. The Treasury anticipates that this measure
could generate significant revenue in the coming years, aligning
with international efforts to improve tax transparency and combat
tax evasion in cryptocurrency transactions. Implementation is
scheduled for 2026, following the conclusion of the consultation on
May 29.
DMG blockchain records extraction of 49.3 Bitcoins in February and
awaits delivery of new miners
DMG Blockchain Solutions Inc. (TSXV:DMGI), a vertically
integrated blockchain technology and data center company, revealed
its mining results for February 2024, highlighting the extraction
of 49.3 bitcoins and a hash rate of 1.0 EH/s. With a total of 454
bitcoins by the end of the month, the company also anticipates the
arrival of the first installment of an order of 4,550 Bitmain T21
miners in March 2024.
Magic Square invests $66 million in Web3 projects
Magic Square, a Web3 application platform, announced the
allocation of $66 million in its SQR token (COIN:SQRUSD) to support
projects in its store. This initiative, representing 12% of the
total SQR tokens, aims to cover marketing costs to increase
visibility and engagement of selected applications and games.
Currently, Magic Square has over 1,100 applications, games, and 3.6
million wallets, backed by renowned investors such as Binance Labs
and Crypto.com Capital.
ZettaBlock announces integration with Sui in open Beta launch
At the Open Beta launch, ZettaBlock, an advanced Web3 data
platform, will integrate Sui, a high-speed, scalable layer 1
blockchain, among 12 other networks. This collaboration provides
developers access to a wide range of high-quality data from over
500 Web3 datasets. ZettaBlock, which started in 2022, provides a
unified solution for on-chain and off-chain data, simplifying the
development process for builders with its comprehensive API
library. The inclusion of Sui highlights its growing role in the
DeFi ecosystem and the importance of interoperability in advancing
Web3 technology.
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