{"id":574,"date":"2024-03-23T11:00:41","date_gmt":"2024-03-23T11:00:41","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=574"},"modified":"2024-03-23T05:47:09","modified_gmt":"2024-03-23T05:47:09","slug":"biweekly-headlines-2024-mar-w3-w4","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2024\/03\/23\/biweekly-headlines-2024-mar-w3-w4\/","title":{"rendered":"Biweekly Headlines 2024 Mar W3 \u2013 W4"},"content":{"rendered":"\n

\u201cBitcoin Is Going to Eat Gold\u201d <\/em><\/strong>– Michael Saylor, MicroStrategy CEO<\/em><\/p>\n\n\n\n

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

1.<\/strong> Bitcoin’s Market Performance and Valuation<\/strong><\/p>\n\n\n\n

\u25cf Bitcoin surpassing silver in market cap: Bitcoin on March 11 became the world\u2019s eighth most valuable asset, surpassing silver as its market cap rose above $1.4T.<\/strong><\/p>\n\n\n\n

\u25cf Record high weekly inflows into crypto funds: Digital asset investment products saw record weekly inflows totaling US$2.9B, beating the prior week\u2019s all-time record of US$2.7B.<\/p>\n\n\n\n

\u25cf Bitcoin’s price movements and futures open interest: BTC retreated more than 15% from its record high of $73,798 on Mar. 14. On the same day, the open interest in BTC futures hit a record high in March, increasing from $22.2B on Feb. 25.<\/p>\n\n\n\n

\u25cf Historical growth in Bitcoin’s market cap compared to Nvidia: The correlation between BTC and Nvidia has hit its highest in over a year. Over five years, BTC’s market cap soared to $1.43T from $70B, while Nvidia’s market value rose to over $2T from about $100B.<\/p>\n\n\n\n

\u25cf Cathie Wood’s price target for Bitcoin: Cathie Wood calls Bitcoin a \u201cFinancial Super Highway\u201d and reiterates $1.5M price target.<\/p>\n\n\n\n

2. Investment in Bitcoin and Digital Assets<\/strong><\/p>\n\n\n\n

\u25cf Capital flows into Bitcoin ETFs and other investment products: A total of $13.2B in new capital has flowed into investment products such as spot Bitcoin ETFs year-to-date, with $74.61B worth of Bitcoin now under custody. Bitcoin products accounted for 97% of the total inflows. <\/strong><\/p>\n\n\n\n

\u25cf Galaxy Asset Management’s AUM milestone: Galaxy Asset Management reaches $10B AUM milestone, marking a substantial 24.8% increase compared to the previous month.<\/p>\n\n\n\n

\u25cf Growth in tokenized U.S. Treasury securities: In 2023, tokenized Treasurys went from $114M in January to $845M by the end of the year. This shows that blockchain-based digital tokens representing U.S. Treasury securities gained a 641% growth within a year.<\/p>\n\n\n\n

\u25cf BlackRock’s entry into asset tokenization: BlackRock officially unveiled its tokenized asset fund on the Ethereum network, entering asset tokenization race.<\/p>\n\n\n\n

3. Regulatory and Industry Developments<\/strong><\/p>\n\n\n\n

\u25cf Ethereum Foundation’s confidential inquiry and SEC’s examination: The Ethereum Foundation faces a confidential inquiry, and the SEC is examining whether ETH is a security. Ether-based spot ETFs likely won’t get approved by the SEC in May, Bloomberg said.<\/strong><\/p>\n\n\n\n

\u25cf Coinbase’s court action for digital asset regulation: Coinbase has been bolstered by Paradigm and other groups in its federal court action to get the Securities and Exchange Commission to work on tailored regulations for digital assets.<\/p>\n\n\n\n

\u25cf Predictions and expectations for Bitcoin’s price from various firms<\/p>\n\n\n\n

  –  Binance CEO Richard Teng expects BTC to blow past the $90K mark by the end of this year.<\/p>\n\n\n\n

  –  Standard Chartered increased its year-end bitcoin price forecast by 50% to $150K and predicted 2025 high of $250K.<\/p>\n\n\n\n

  –  Bernstein is now convinced that Bitcoin will hit $150K by mid-2025.<\/p>\n\n\n\n

4. Technological and Network Updates<\/strong><\/p>\n\n\n\n

\u25cf Transaction cost reductions after Ethereum’s upgrade: The average transaction costs on layer solutions slide after Ethereum\u2019s Dencun upgrade on March 13.<\/p>\n\n\n\n

   –  Arbitrum was around 5.8 cents down from about 40 cents just before the upgrade.<\/p>\n\n\n\n

   –  Optimism was seeing fees around 0.7 cents, down from about 50 cents.<\/p>\n\n\n\n

   –  Base dropped from about 30 cents to about 0.6 cents.<\/p>\n\n\n\n

\u25cf Predictions for Ethereum’s price: On-chain data suggests that Ethereum price could target $5.4K in 2024.<\/p>\n\n\n\n

\u25cf New blockchain technology updates and the potential for disruption: Elastos introduces BTC Oracle, signaling advancements in blockchain with new investments and deals. EY’s blockchain head notes a disruptive era beginning, powered by public blockchains and process tokenization, reshaping business economics.<\/p>\n\n\n\n

5. Public and Institutional Adoption<\/strong><\/p>\n\n\n\n

\u25cf Increasing transactions and users in Indonesia’s crypto market: Indonesia\u2019s crypto market booms as transactions hit $1.92B in February and registered crypto investors also surged to 19 million users.<\/strong><\/p>\n\n\n\n

\u25cf National strategies for Bitcoin adoption in El Salvador and Argentina’s Bitcoin transaction surge amid inflation: El Salvador plans to buy one bitcoin every day, pushing the nation’s bitcoin holdings to a substantial total of 5,690 BTC, valued at approximately $400M. In Argentina, as inflation skyrockets to 270%, a sharp rise in Bitcoin transactions nears a 20-month high.<\/p>\n\n\n\n

\u25cf Pension funds investing in Bitcoin and crypto-related assets: Pension funds, including Houston Firefighters and South Korea’s National Service, invest in Bitcoin and crypto assets. The world’s largest pension fund, Japan’s GPIF, with $1.5T in assets, cautiously diversifies into Bitcoin for long-term planning.<\/p>\n\n\n\n

6. Expert Opinions and Sentiment<\/strong><\/p>\n\n\n\n

\u25cf Comments from JPMorgan on Ether and Coinbase: JPMorgan said that Ether could be a driver of Coinbase earnings and raised its price target for Coinbase to $150 from $95.<\/strong><\/p>\n\n\n\n

\u25cf Ruchir Sharma’s statement on Bitcoin as a long-term investment: \u201cThe bitcoin bulls have been proved mostly right about its prospects as a long-term investment,\u201d Rockefeller International Chair Ruchir Sharma said.<\/p>\n\n\n\n

March 23, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cBitcoin Is Going to Eat Gold\u201d – Michael Saylor, MicroStrategy CEO Biweekly News Roundup 1. Bitcoin’s Market Performance and Valuation \u25cf Bitcoin surpassing silver in market cap: Bitcoin on March 11 became the world\u2019s eighth most valuable asset, surpassing silver as its market cap rose above $1.4T. \u25cf Record high weekly inflows into crypto funds: […]<\/p>\n","protected":false},"author":3,"featured_media":575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[192,8,17,191,43,28,19,169,179],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/574"}],"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=574"}],"version-history":[{"count":1,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/574\/revisions"}],"predecessor-version":[{"id":576,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/574\/revisions\/576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/575"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}