Monday, March 04, 2024 2:31:33 PM
March 04 2024 - 01:02PM
IH Market News
Rise of Bitcoin and impact on the crypto market
On Monday, Bitcoin (COIN:BTCUSD) approached its record value, with an increase of almost 6,8%, reaching $ 67.479. Ether (COIN:ETHUSD) also saw a modest increase of 1.6% to $3,581. After a weekend pause, both cryptocurrencies resumed their upward momentum, driven by the introduction of new bitcoin ETFs and increasing demand. This movement reinforces a trend where major price fluctuations occur during the week, rather than over the weekend. The long-term outlook remains optimistic, especially with the post-halving supply reduction and growing adoption of ETFs.
“Even in its historical maximum region, BTC has not yet shown signs of fatigue. The main way to identify a price reversal is by an increase in supply while the price rises, which is not happening. Even after several days of strong gains, demand continues to be much greater than supply. According to on-chain data, approximately 87% of bitcoins purchased at this time are not for sale! This is the same percentage we saw, for example, when BTC was at $20k. I believe we will reach $80k quite easily, and who knows, end the year at $100k,” commented analyst Fernando Pereira from Bitget.
Moreover, enthusiasm in the cryptocurrency market was amplified by significant gains in related stocks and a resurgence in interest in meme coins.
Meme coins steal the spotlight with impressive gains
Meme coins overshadowed other assets this week, with Pepecoin (COIN:PEPEUSD) soaring 37.2% on Monday alone, accumulating a weekly appreciation of more than 490%. This movement followed the wave of enthusiasm generated by Dogecoin (COIN:DOGEUSD) and Bonk (COIN:BONKUST), pushing the trading volumes of these thematic tokens to new records of $3.6 billion, with weekly gains of 109% and 275% respectively. In comparison, SHIB appreciated 252% in the last 7 days, even with new updates in its ecosystems.
DeFi at the forefront of crypto revitalization, according to Bernstein
Bernstein Research predicts a strong rebound in the cryptocurrency market, with decentralized finance (DeFi) leading this recovery. The report highlights that DeFi, considered the future of blockchain finance, will recover significantly. Six of the top ten revenue-generating protocols belong to the DeFi sector, such as Uniswap (COIN:UNIUSD) and Aave (COIN:AAVEUSD). Unlike the past, where the sector was marked by unsustainable yields, a real return and clearer regulation are now expected, which could attract major asset managers to consider DeFi ETFs and active funds, further promoting the growth and adoption of the sector.
Tether USDT approaches $100 billion in market value
The stablecoin Tether (COIN:USDTUSD) is nearly reaching $100 billion in market value for its USDT stablecoin, after a 9% increase this year. This growth was driven by the recent issuance of 1 billion USDT by Tether Treasury, intended to replenish the Ethereum network, according to Tether CEO Paolo Ardoino. This advance reflects the growing interest from investors and the use of USDT as a hedge against currency volatility in developing countries, in addition to the preference for USDT on the Tron network, due to lower transaction fees, contributing to its expansion in the market.
BitMEX reports significant flows in GBTC and Bitcoin ETFs
In early March, for the first time since February 21, BitMEX recorded net outflows, highlighted by a withdrawal of $140 million in one day, influenced by a $492 million reduction in the Grayscale Bitcoin Trust (AMEX:GBTC), one of the largest daily movements ever seen. Despite these considerable outflows, the reduction in Assets Under Management (AUM) of GBTC was relatively moderate, falling from $28.6 billion to $27 billion, thanks to the appreciation of Bitcoin since the ETF’s launch in January. Its annual fee revenues reach $398 million, surpassing the new ETFs. Meanwhile, the BlackRock ETF (NASDAQ:IBIT) had modest inflows of $203 million on March 1, raising its total to $8 billion, equivalent to about 165,000 Bitcoins.
Morgan Stanley seeks to include Bitcoin in institutional funds
Morgan Stanley (NYSE:MS), a banking giant and wealth manager, plans to incorporate Bitcoin into its institutional funds, as revealed in a document to the SEC. The strategy includes investing indirectly in Bitcoin through ETFs in 13 investment vehicles, with a maximum allocation of 25% in Bitcoin ETFs. The bank highlights risks similar to direct investments in cryptocurrencies, while expanding the adoption of recently launched spot Bitcoin ETFs.
Worldcoin attracts millions of users despite privacy concerns
Worldcoin (COIN:WLDUSD), co-founded by Sam Altman, is expanding rapidly, reaching almost 4 million users in less than a year, even facing questions about privacy. The project, which uses iris scanning to validate human identity, has integrated with platforms like Minecraft and Reddit. Despite scrutiny over data collection practices in various regions, including South Korea, the WLD token maintained its value, benefiting from advances by OpenAI, a sister company of the project.
Ether.Fi invests heavily in the security of the Omni Network
Ether.Fi announced an investment of $600 million in Ether to support the security of the Omni Network, a blockchain developed to facilitate communication between various Ethereum rollups, ensuring low latency and security. The commitment is part of the EigenLayer security model, with the Ether being reinvested in this platform. As part of the agreement, the Omni Network will include the Ether.Fi eETH token (COIN:EETHETH) in its list and select its node operators for the validated service. This Ether deposit will serve as a guarantee against potential security failures. This move follows a recent $23 million fundraising by Ether.Fi and highlights the growth of the liquid staking market, driven by EigenLayer, where the total value locked (TVL) jumped to $10 billion.
Bitdeer unveils new Bitcoin mining chip
Bitdeer Technologies (NASDAQ:BTDR), based in Singapore, announced the successful development of an innovative Bitcoin mining chip, SEAL01, with 4-nanometer technology, intended for its future Sealminer A1 platform. This chip, promising an energy efficiency of 18.1 J/TH, aims to improve performance and reduce energy consumption, benefiting the environment and lowering operational costs. The launch date of the platform remains undefined.
Ark Invest reduces stake in Coinbase
Last week, Ark Invest sold 217,305 shares of Coinbase (NASDAQ:COIN), valued at $44.7 million, from its ARK Innovation ETF (AMEX:ARKK), adjusting the composition of the fund in light of COIN’s appreciation. On Wednesday alone, 86,298 shares were traded, exceeding $17 million. This move comes in a context of strong performance by Coinbase, whose shares rose 31% in the week and 72% in the month, despite a recent technical issue on the platform.
Coinbase executive challenges judicial decision on crypto assets
Paul Grewal, legal chief of Coinbase (NASDAQ:COIN), questioned the relevance of a judicial decision that defined certain crypto assets as securities, related to an insider trading case involving former Coinbase employees. The decision stemmed from the actions of Ishan Wahi, accused by the SEC of leaking information about future listings. Grewal argued that decisions made in absentia have little precedential value and criticized the SEC’s approach of not directly confronting those who could refute its claims.
Binance under investigation in Nigeria for financial allegations
Binance CEO Richard Teng was summoned by a committee of the Nigerian House of Representatives to discuss allegations of money laundering and terrorism financing by March 4. The summons follows the detention of two Binance executives in the country, amid accusations by the Nigerian central bank of contributing to an economic crisis by facilitating the exit of $26 billion in untraceable funds. Authorities are considering a fine of up to $10 billion, while the committee threatens action if Binance fails to appear.
Fraud alert in Hong Kong against BitForex
The Hong Kong regulatory authority issued an alert about BitForex, suspected of fraudulent activities, after the cryptocurrency platform went offline on February 23, with allegations of withdrawing $57 million from its wallets. BitForex, previously warned in Japan for operating without registration, faces scrutiny in Hong Kong, a region seeking leadership in digital assets while combating fraud. The commission called for police action following reports of users being locked out of their accounts.
Russian Alfa-Bank advances in the use of digital assets
Alfa-Bank, a major Russian bank, is set to launch an innovative Digital Financial Asset (DFA), tracking four main assets in Russia. The new asset, issued on the bank’s “A-Token” platform, will cover stocks, bonds, gold, and money market instruments. Developed in collaboration with Alpha Capital Asset Management, the DFA “Evergreen Portfolio” aims to offer attractive returns and stable capital growth to investors. This initiative reflects Russia’s advancement in digital assets, balancing potential gains with market volatility mitigation.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93414441/crypto-meme-coins-dominate-crypto-market-bitcoin
Recent COIN News
- Bitcoin Hits 1 Billion Transactions, Vodafone Turns Smartphones into Digital Wallets, and More Crypto News • IH Market News • 05/06/2024 06:13:29 PM
- Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News • IH Market News • 05/03/2024 07:26:30 PM
- Coinbase Releases First Quarter 2024 Shareholder Letter • Business Wire • 05/02/2024 08:11:00 PM
- Block Innovates Bitcoin Mining, DOJ Proposes 3-Year Prison for Changpeng Zhao, and More Crypto News • IH Market News • 04/24/2024 05:50:55 PM
- AKT Token Skyrockets on Upbit Listing, IBIT Holds Strong in Top 10 ETFs, and More Crypto News • IH Market News • 04/23/2024 04:34:08 PM
- BTC Mining Activity Surges Post-Halving, GatlingX Unveils Revolutionary EVM and More Crypto News • IH Market News • 04/22/2024 06:33:32 PM
- Li Auto Stock Drops 7.3% Amid Tesla Price Cuts, Salesforce Retreats from Informatica Deal, and Other Market Updates • IH Market News • 04/22/2024 12:09:21 PM
- Expectations for Bitcoin Halving, Tether Expands Stablecoins on TON Blockchain, and More Crypto News • IH Market News • 04/19/2024 05:26:46 PM
- Coinbase Announces Date of First Quarter 2024 Financial Results • Business Wire • 04/18/2024 08:05:00 PM
- Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News • IH Market News • 04/15/2024 11:06:48 AM
- Coinbase to Launch PEPE Futures, Uniswap Grapples with SEC, and Latest Crypto News • IH Market News • 04/11/2024 07:14:34 PM
- Crypto: Cardano Implements Critical Updates, dYdX Faces Disruption, and More • IH Market News • 04/08/2024 06:05:22 PM
- Boeing Down in Pre-Market Due to CEO Developments and Denver Incident; MicroStrategy Surges 11% with BTC Spike, and More • IH Market News • 04/08/2024 11:17:49 AM
- Crypto: Morgan Stanley and UBS Compete for Leadership in Bitcoin ETFs, Risks in Ethena’s USDe Strategy, and More • IH Market News • 04/05/2024 06:15:55 PM
- Crypto: Bitcoin Cash Surges Post-Halving, PayPal Launches PYUSD International Transfers and More Updates • IH Market News • 04/04/2024 07:15:41 PM
- Coinbase obtains registration as a Restricted Dealer in Canada • GlobeNewswire Inc. • 04/04/2024 02:00:00 PM
- BTC and ETH Suffer Sharp Decline on Tuesday; Key Crypto Market Events in April, and More News • IH Market News • 04/02/2024 07:02:46 PM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- Crypto: AI Token Merger, Hashdex ‘DEFI’ ETF Launch, and Latest News • IH Market News • 03/27/2024 08:06:59 PM
- Super Micro Computer and Seagate Shares Surge on Analyst Optimism in Pre-Market Trading, and Latest News • IH Market News • 03/26/2024 11:20:49 AM
- Crypto: Bitcoin ETFs Experience 3 Consecutive Days of Outflows, CryptoPunk Fetches $16.42M in Sale, and More • IH Market News • 03/21/2024 07:17:25 PM
- JPMorgan boosts dividends, Chipotle unveils 50:1 stock split, and Latest News • IH Market News • 03/20/2024 11:15:48 AM
- Crypto: Bitcoin Plummets, Grayscale Promises Lower Fees, and Latest News • IH Market News • 03/19/2024 05:16:16 PM
- Crypto: Solana Surges to $200, Base Explodes Post-Dencun Update, and Latest News • IH Market News • 03/18/2024 03:53:15 PM
- Coinbase Announces Pricing of Upsized Offering of $1.1 Billion of 0.25% Convertible Senior Notes Due 2030 • Business Wire • 03/14/2024 12:03:00 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM