News Digest 03.13.24

Hey, everyone tuning in! Today, we’re diving into the latest and most talked-about events in the world of cryptocurrencies. It is spinning in a whirlwind of news nonstop, with each piece having the potential to flip the market on its head. So, get ready because we’re about to delve into the details of the latest events that have everyone related to digital assets on the edge of their seats. I hope you’re prepared to immerse yourself in a world where cryptocurrencies are not just a trend but a serious part of the financial system. Let’s go!

  1. Trump and his views on crypto assets. Let’s start with Donald Trump’s statement, which has grabbed the attention of the entire crypto community. The former U.S. President expressed his support for cryptocurrencies, emphasizing that if he were to return to power, his administration would not hinder the sector’s development with new sanctions or regulations. Interestingly, Trump also mentioned using Bitcoin to buy goods, though he himself has not yet invested in the leading cryptocurrency. Trump comments on CNBC

  1. A Bitcoin Whale Makes a Splash. Now, let’s turn our attention to a major player in the crypto world. One of the Bitcoin whales, who had accumulated assets during the early days of Satoshi Nakamoto, has made a significant move. They sold off 1000 BTC, a stash that was mined back in 2010 when the price was a mere $ 0.28 per coin, for a staggering $68 million. This decision was made as Bitcoin was soaring to new all-time highs. Such a massive sale by a long-time holder is a clear sign of the evolving dynamics in the crypto market. 

  1. Bitcoin ETF Trading Volume Breaks Records. On March 5th, 2024, the trading volume for Bitcoin spot ETFs reached a historic high of $10 billion, shattering the previous record set on February 28th, 2024, which was around $6 billion. This surge in trading volume, attributed to the market’s increasing volatility, is a clear sign of the growing interest and activity in the crypto space. The excitement is palpable as the market continues to make history. 

  1. Bitcoin’s Share in Spot ETFs Increases. The share of bitcoins in spot ETFs has significantly grown, nearing 4% of the total supply of 21 million BTC. This event highlights the growing interest in investing in Bitcoin through ETFs. Source

  1. SEC Puts the Brakes on Ethereum Spot ETF Applications. The SEC, known for its cautious approach to new financial products, has once again delayed the review of applications for Ethereum spot ETFs. Giants like BlackRock and Fidelity are waiting in line. The agency is conducting a public opinion survey about these funds and their compliance with regulatory requirements, particularly focusing on the Proof-of-Stake mechanism. The SEC’s statement underscores the gravity of the situation.

  1. MicroStrategy on a Buying Spree. MicroStrategy is back at the forefront of crypto news, having acquired 12,000 BTC for $821.7 million between February 26th and March 10th, 2024, with an average purchase price of $68,477 per coin. Following this purchase, the BTC price confidently surged, reaching a new all-time high of $72,000. Source: Michael Saylor

  1. Michael Saylor and “Gold Rush” for Bitcoin. Now, let’s move on to the words of a man who sees Bitcoin as more than just a cryptocurrency. Michael Saylor, the founder of MicroStrategy, recently declared that Bitcoin has entered a “gold rush” phase. In his view, this is a time of high growth and institutional recognition for the first cryptocurrency. Saylor predicts a decade of active development for the Bitcoin industry, and his enthusiasm certainly fuels interest in continuing to follow this digital currency. Source: Neil Jacobs

  1. Bitcoin Growth Forecast: Scaling New Heights. Now, let’s look into the crystal ball and see what the future holds for Bitcoin. Analysts from Bitfinex and K33 Research are painting a promising picture. They are confident that by the end of 2024, Bitcoin will break through the psychological barrier of $100,000. This is attributed to anticipating spot bitcoin ETFs and their potential to attract more investors. Vetle Lunde, a senior analyst at K33 Research, goes even further, forecasting a 150% rally post the next halving, potentially elevating Bitcoin’s value to between $125,000 and $150,000 by 2025. These predictions are not just numbers; they represent the potential for significant investment returns. 

That’s all the news for today! As you can see, the world of cryptocurrencies is bustling with events, each capable of significantly impacting the market. Stay up-to-date with the latest news to always be one step ahead. Thank you for your attention, and see you next time!