Bitcoin surpasses $57K; BlackRock boosts ETF market
The price of Bitcoin (COIN:BTCUSD) surpassed $57,000, a
milestone not seen since the last market peak in November 2021,
accumulating an annual growth of over 30%. The price increase was
spurred by ETFs and Bitcoin acquisitions by MicroStrategy
(NASDAQ:MSTR), boosting confidence in the digital sector. Bitfinex
investors took the lead, acquiring $123 million in Bitcoin at the
start of the trading day in Asia. The liquidation of short
positions and significant purchases on Binance also helped
strengthen the upward trend, as usual, driving the broader
market.
This advance coincides with BlackRock’s iShares Bitcoin Trust
(NASDAQ:IBIT), which reached a record daily trading volume of over
$1 billion, positioning it as one of the most traded ETFs and
highlighting its leadership in the US Bitcoin ETF market since its
approval in January. The fund, now with $7.1 billion in assets,
dominated 41% of the daily volume among Bitcoin ETFs, signaling
growing institutional interest and renewing optimism around
cryptocurrency, especially with the approaching halving event that
promises to reduce the supply of new Bitcoins.
Rise of meme tokens in crypto markets
Prominent meme tokens on the Ethereum and Solana networks, like
Pepe (COIN:PEPEUSD) and Dogwifhat (WIF), saw a significant increase
of up to 52.4% in one day. This growth reflects a growing trend of
investing in meme coins to capitalize on blockchain development,
creating a cascading effect of appreciation in tokens from other
platforms, with an average advance of 13% in 24 hours.
AERO skyrockets with investment from Base Ecosystem Fund
The AERO token, from Aerodrome Finance, saw a leap of 161% in
the last 24 hours, after the Base Ecosystem Fund, backed by CB
Ventures, acquired a position in it. Aerodrome, a leader on the
Base blockchain, holds over 30% of the market with a TVL of $132
million. The initiative signals strong support for the development
of projects on Base, promising a bright future for the
platform.
Global expansion boosts Circle’s USDC
USDC (COIN:USDCUSD), the second-largest stablecoin by market
value, is experiencing notable expansion. Driven by increasing
global adoption and a rise in liquidity, USDC’s supply has grown by
over $3.5 billion since December 2023, resulting in a market value
of $28 billion, as reported by Coinbase. This growth, surpassing
that of its competitor USDT (COIN:USDTUSD), reflects growing
confidence and institutional and retail demand for USDC, especially
outside the United States.
Delay in Do Kwon’s extradition may prevent court appearance
Kwon Do-hyeong, co-founder of Terraform Labs, may not be present
at the SEC’s US trial on March 25 due to complications in his
extradition. According to Reuters, his lawyer reported that
judicial errors in Montenegro delayed the process. Despite this,
Kwon does not wish to postpone the trial date, where he faces fraud
charges related to the collapse of the Terra-Luna project, which
resulted in significant losses for investors.
Arweave launches public testnet of Arweave AO for advanced
scalability
On February 27, Arweave (COIN:ARUSD) unveiled the testnet of
Arweave AO, an advancement in its blockchain network promising
superior scalability. The initiative seeks to engage the community
and technology enthusiasts, building on Arweave’s data storage
platform to support various applications, such as social networks
and AI. The network, already operating on 220 machines, aims to
modularize the blockchain architecture for higher transaction and
processing capacity. With the integration of an operating system
and Lua programming support (COIN:LUAUSD), as well as compatibility
with Ethereum (COIN:ETHUSD) and other protocols via WebAssembly,
Arweave AO focuses on robust data storage, preparing for wide
applicability, including in AI.
Hut 8 expands mining in Texas with innovative strategy
Hut 8 (NASDAQ:HUT), a Bitcoin mining giant (COIN:BTCUSD), plans
to open a new facility in Texas, investing its accumulated
Bitcoins. The facility, scheduled for the second quarter, will
focus on reducing costs, with expenses 30% lower than usual.
According to CEO Asher Genoot, this strategic move seeks to
strengthen the company’s balance sheet and seize future growth
opportunities, aligning with Hut 8’s expansion vision.
OKX debuts cryptocurrency platform in Turkey
OKX, one of the global leaders in cryptocurrency trading volume,
announced the opening of its new exchange in Turkey, marking a
significant step in its international expansion. OKX TR will offer
Turkish users the convenience of making deposits and withdrawals in
Turkish liras, in addition to support in two languages: Turkish and
English.
HTX re-applies for license in Hong Kong
HTX, a cryptocurrency exchange associated with Justin Sun and
formerly known as Huobi, re-applied for a VATP license in Hong Kong
after withdrawing its initial application. The renewal of the
process, highlighted on the SFC website, occurs without explanation
for the withdrawal of the previous request made by Huobi HK. This
move comes amid a reinforced warning from the SFC for unregistered
platforms to comply by certain dates or cease operations.
Binance Labs expands support for startups with investment in
Babylon
Binance Labs, the venture capital division of Binance, invested
in Babylon, an innovator in the Bitcoin staking protocol
(COIN:BTCUSD), reinforcing its interest in staking and re-staking
startups. Although the invested amount was not disclosed, Babylon,
which has already raised millions in previous rounds, is preparing
to launch its testnet, promising to integrate Bitcoin into the
Proof-of-Stake economy and strengthen the security of PoS
blockchains.
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