{"id":569,"date":"2024-03-09T11:00:39","date_gmt":"2024-03-09T11:00:39","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=569"},"modified":"2024-03-09T17:53:51","modified_gmt":"2024-03-09T17:53:51","slug":"biweekly-headlines-2024-mar-w1-w2","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2024\/03\/09\/biweekly-headlines-2024-mar-w1-w2\/","title":{"rendered":"Biweekly Headlines 2024 Mar W1 \u2013 W2"},"content":{"rendered":"\n

\u201cThe biggest mistake I\u2019ve ever made was not buying Bitcoin when it was nothing; that\u2019s the biggest mistake I\u2019ve made. [\u2026] It cost nothing at some point.\u201d  <\/em><\/strong>– Trevor Noah, comedian and entertainer<\/em><\/p>\n\n\n\n

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Biweekly News Roundup<\/strong><\/p>\n\n\n\n

1. Market Movements and Records<\/strong><\/p>\n\n\n\n

\u25cf Bitcoin and Ether’s price movements, including new all-time highs: Bitcoin has risen about 60% in just two months and even surged to a record high of $69,325 on Mar. 5, nearing silver’s $1.4T market cap. On Mar. 8, BTC took out the Tuesday record and rose to $70,136. On the same day, Ether hit $4,000 for the first time in more than two years. Ether has outperformed bitcoin over the past 30 days, climbing 67%, while bitcoin rallied 57% and the CoinDesk 20 Index added 53%. The Ethereum network’s revenue surged to nearly two-year highs this week as the speculative frenzy with meme coins boosted blockchain activity. Ethereum mainnet’s revenue from network fees reached $193M this week, the highest figure since May 2022 and a 78% increase from last week.<\/p>\n\n\n\n

\u25cf Bitcoin ETFs’ impact on market dynamics and record inflows: Overall, ETF volumes broke the $10 billion mark on Mar. 5, topping last week\u2019s record. BlackRock\u2019s Bitcoin ETF IBIT\u2019s total inflows surpassed the $9B mark.<\/p>\n\n\n\n

\u25cf Ether’s potential run and the influence of upgrades and ETF applications: Bitwise said that Ether could run to $10,000 or higher this year This month’s Dencun upgrade will make transactions cheaper on layer 2 networks. Another catalyst is the spot ether ETF applications, with a regulatory decision deadline approaching in May.<\/p>\n\n\n\n

\u25cf Solana’s performance and DEX volume: SOL has gained 37% this year, with the dollar value locked in active futures contracts tied to SOL hitting a new record high of over $2B. Solana recorded about $15B in DEX volume in the past seven days, translating to a +153% weekly change.<\/p>\n\n\n\n

\u25cf SHIB and AI cryptocurrencies’ dramatic increase in value: SHIB’s 106% move higher led CoinDesk 20 gainers last week and open interest in SHIB futures has crossed above $100M. AI cryptocurrencies double in value, skyrocketing from around $10B to $25B market cap in just 20 days.<\/strong><\/p>\n\n\n\n

2. Investment and Asset Management<\/strong><\/p>\n\n\n\n

\u25cf BlackRock, Fidelity, and MicroStrategy’s investments in Bitcoin: BlackRock\u2019s Bitcoin ETF IBIT\u2019s total inflows surpassed the $9B mark and added a record 12.6K BTC. The BlackRock ETF now holds more than 183,000 Bitcoin, closing in on MSTR\u2019s 193,000 stack. Its assets under management are now about $12B, the most among its counterparts, followed by Fidelity\u2019s FBTC at $7.2B. MicroStrategy upsized its convertible debt offering to $700M from $600M to buy even more Bitcoin.<\/p>\n\n\n\n

\u25cf Bitcoin miner revenue and retail investor participation: Bitcoin miner revenue reached $75.9M on March 6. The number of addresses with at least $10 worth of Bitcoin has reached a new all-time high of over 35M.<\/p>\n\n\n\n

\u25cf Total AUM for Bitcoin compared to other digital assets: Of the $7.6B pushed to crypto assets in 2024, over $7.3B has flowed to Bitcoin specifically. The total AUM for Bitcoin dwarfs other digital assets, with $62.71B currently deployed. Peter Brandt raised his Bitcoin bull market target for Aug\/Sep 2025 from $120K to $200K.<\/p>\n\n\n\n

\u25cf Predictions by market experts on Bitcoin’s future value: Physicist Giovanni Santostasi predicted that Bitcoin could potentially reach an astonishing $10M per coin by 2045.<\/p>\n\n\n\n

\u25cf VanEck Europe’s projection on assets under management in crypto: VanEck Europe, the European division of the global asset manager, expects half of its assets under management to come from crypto in the future.<\/p>\n\n\n\n

3. Stablecoins and Market Capitalization<\/strong><\/p>\n\n\n\n

\u25cf Tether (USDT) and USD Coin (USDC) market cap growth and liquidity: B<\/a>enefiting from the crypto trading frenzy, Tether’s USDT touched the $100B market cap threshold for the first time in its history. Meanwhile, the supply of USDC has increased by 14.3% or over $3.5B since December 1, 2023, taking its total market cap to $28B compared to a smaller 8.7% growth for USDT over the same period.<\/p>\n\n\n\n

4. Decentralized Finance (DeFi) and Exchanges<\/strong><\/p>\n\n\n\n

\u25cf DeFi’s leading role in the crypto market recovery: Bernstein expects the crypto market recovery is expected to be broad-based with DeFi leading the charge.<\/p>\n\n\n\n

\u25cf Uniswap’s potential annualized revenues: Uniswap is the largest decentralized spot exchange. \u201cAt today\u2019s run rate, Uniswap on an annualized basis could have revenues crossing $1B,\u201d the report added, noting that the UNI already has a floating market cap of $9.3B.<\/p>\n\n\n\n

5. Non-Fungible Tokens (NFTs) and the Metaverse<\/strong><\/p>\n\n\n\n

\u25cf Bitcoin NFT collections’ trading volumes: Bitcoin NFT collections traded the most volumes in 24 hours at $35M. Called NodeMonkes, the collection crossed over $11M in sales volumes, setting an all-time high.<\/p>\n\n\n\n

\u25cf The growth of Ethereum and Bitcoin NFT sales: The sales of Bitcoin NFTs recorded $169.5M in volume, going up by 80% week-over-week, surpassing Ethereum NFTs in weekly sales of $162M.<\/p>\n\n\n\n

\u25cf Projections for the metaverse in healthcare: Metaverse for healthcare market is expected to reach almost $500B by 2033.<\/p>\n\n\n\n

6. Institutional Adoption<\/strong><\/p>\n\n\n\n

\u25cf Spot bitcoin ETF additions by major brokerage platforms: Bank of America\u2019s Merrill Lynch and Wells Fargo are adding spot bitcoin exchange-traded funds to their brokerage platforms.<\/p>\n\n\n\n

\u25cf El Salvador’s Bitcoin holdings and profits: El Salvador’s Bitcoin holdings hit the record of $164M as BTC profits pass $50M.<\/p>\n\n\n\n

\u25cf Arizona’s plan to integrate Bitcoin ETFs into state pension funds<\/p>\n\n\n\n

\u25cf Wyoming’s legal framework for DAOs<\/strong><\/p>\n\n\n\n

7. Regulatory and Legal Developments<\/strong><\/p>\n\n\n\n

\u25cf Binance’s withdrawal from Nigeria due to regulatory scrutiny<\/p>\n\n\n\n

\u25cf FBI report on losses from crypto investment scams: Losses from crypto investment scams in the U.S. totaled $3.94B in 2023, an increase of 53% compared to $2.57B in 2022.<\/p>\n\n\n\n

8. Operational Challenges in the Crypto Industry<\/strong><\/p>\n\n\n\n

\u25cf Hut 8’s closure of its mining site in Canada due to power disruptions and surging energy costs.<\/p>\n\n\n\n

March 9, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe biggest mistake I\u2019ve ever made was not buying Bitcoin when it was nothing; that\u2019s the biggest mistake I\u2019ve made. [\u2026] It cost nothing at some point.\u201d  – Trevor Noah, comedian and entertainer Biweekly News Roundup 1. Market Movements and Records \u25cf Bitcoin and Ether’s price movements, including new all-time highs: Bitcoin has risen about […]<\/p>\n","protected":false},"author":3,"featured_media":570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[40,5,191,30,115,74,190,158],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/569"}],"collection":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/comments?post=569"}],"version-history":[{"count":2,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/569\/revisions"}],"predecessor-version":[{"id":572,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/569\/revisions\/572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/570"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}