Welcome to our weekly market roundup, where we provide insights into the notable trends and price movements that are shaping the world of digital assets.
(As of 11:00 AM Singapore Time, March 15, 2024)
This week in the crypto market has been a rollercoaster of highs and lows, marked by significant price movements and strategic shifts within the industry. Early in the week, the crypto space was buoyed by optimistic news from the London Stock Exchange, announcing the acceptance of Bitcoin and Ethereum Exchange Traded Notes (ETNs), a landmark decision that propelled Bitcoin over the $70,000 threshold for the first time. This bullish momentum was a continuation of the positive trend that has been building over recent months, setting the stage for what many investors hoped would be a week of gains and records.
Traders weren’t disappointed, as Bitcoin (BTC), the largest cryptocurrency by market capitalization, notably hit a new all-time high (ATH) of $73,000 earlier in the week. Ethereum also hit a milestone this week, breaking $4,000 on Tuesday for the first time in over a year. Both coins, however, faced significant recorrections as of this morning – Bitcoin is down almost 7% to $68,000, while Ethereum is down by a similar margin to $3,700.
Amidst these fluctuations, Solana (SOL) emerged as a standout performer, benefiting from a rotation of capital that saw investors looking beyond the two largest cryptocurrencies for opportunities. According to QCP Capital, Solana could be on the brink of a significant run, potentially reaching $250 after clearing a key resistance level. This optimism around Solana highlights the dynamic nature of the crypto market, where shifts in investor sentiment can rapidly alter the landscape.
For more comprehensive analyses and in-depth insights into the latest market movements, visit the BTSE blog for regular updates.
Web3 News
- Dogecoin’s Leap Towards Tesla: Elon Musk, during an interaction at Tesla’s Berlin Gigafactory, hinted at the possibility of using Dogecoin (DOGE) to buy Tesla cars in the future. This statement followed requests from Tesla employees and SpaceX visitors to consider DOGE as an official payment method. The suggestion caused a noticeable surge in Dogecoin’s market price. Musk reiterated his support for Dogecoin, which he has previously endorsed as a payment method for Tesla merchandise, emphasizing its role as the “people’s crypto”.
- Solana Hits New Heights: Solana’s market capitalization soared to an all-time high of $81.1 billion, with its price rising by 10% amid increased activity related to meme coins on its network. This surge is attributed to the popularity of Solana-based meme coins like Dogwifhat (WIF) and Bonk (BONK), which have seen significant market capitalization growth. The blockchain also achieved a record in daily new addresses, indicating a growing user base and interest. This milestone underscores Solana’s emerging relevance and the broadening appeal of non-Ethereum-based tokens.
- El Salvador Expands Bitcoin Holdings: El Salvador has significantly increased its Bitcoin holdings, moving over 5,000 BTC into a cold wallet, nearly doubling the country’s previously known stash. President Nayib Bukele announced this major move on social media, emphasizing the nation’s growing investment in the cryptocurrency. Stored within a physical vault on national territory, this move brings El Salvador’s holdings to a value far greater than public trackers had estimated, showcasing the country’s commitment to integrating Bitcoin into its financial strategy.
Stories You May Have Missed
- Hong Kong’s CBDC Pilot: The Hong Kong Monetary Authority has initiated phase two of its e-HKD pilot, exploring the potential for Hong Kong’s future central bank digital currency (CBDC). This phase will assess e-HKD’s value in programmability, atomic settlement, and tokenization, building on the insights from the initial phase. An enhanced sandbox environment will facilitate the prototyping, development, and testing of new use cases, as well as the study of interoperability and interbank settlements. The outcome will contribute to the broader understanding of CBDCs in the digital money landscape.
- The Verdict on Bitcoin’s Creator: In a definitive UK court ruling, Craig Wright was determined not to be the inventor of Bitcoin, nor the person behind the pseudonym Satoshi Nakamoto. This judgment came after years of Wright’s claims to the contrary, involving legal battles with the Crypto Open Patent Alliance (COPA) and Bitcoin Core developers over copyright issues. The case, highlighting Wright’s attempts to assert intellectual property rights over Bitcoin’s foundational technologies, concluded with the court dismissing his assertions, underscoring a significant moment in cryptocurrency’s ongoing narrative.
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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.
