{"id":579,"date":"2024-04-06T11:00:21","date_gmt":"2024-04-06T11:00:21","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=579"},"modified":"2024-04-06T18:31:41","modified_gmt":"2024-04-06T18:31:41","slug":"biweekly-headlines-2024-mar-w5-apr-w1","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2024\/04\/06\/biweekly-headlines-2024-mar-w5-apr-w1\/","title":{"rendered":"Biweekly Headlines 2024 Mar W5 \u2013 Apr W1"},"content":{"rendered":"\n

\u201cIf you can’t hold now, you have no chance of holding when the bear market comes. Think of now as practice.\u201d  <\/em><\/strong>– Jimmy Song<\/em><\/p>\n\n\n\n

\n\n\n\n
\"\"<\/figure>\n\n\n\n

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

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

\u25cf Overview of Bitcoin’s price movements, including record highs and retracements<\/strong><\/p>\n\n\n\n

– Bitcoin hit a record high above $73,500 about three weeks ago and then quicklyretreated to the $61,000 area and retraced to the current $67,600.<\/p>\n\n\n\n

– BTC rose 16.6% in March and over 68% in the first quarter.<\/p>\n\n\n\n

– Grayscale says multiple metrics make it clear that Bitcoin is in the \u201cmiddle of the bull run\u201d as BTC once again traded above its 2021 peak.<\/p>\n\n\n\n

\u25cf The increase in derivatives and spot trading volumes<\/strong><\/p>\n\n\n\n

– The CoinDesk 20 Index jumped over 50% in the first three months.<\/p>\n\n\n\n

– Derivatives trading volumes surged by 86.5% to a record high of $6.18T.<\/p>\n\n\n\n

– Spot trading volume jumped 108% to $2.94T, the highest monthly volume since May 2021.<\/p>\n\n\n\n

– The combined spot and derivatives trading volume increased 92.9% to a record $9.12T.<\/p>\n\n\n\n

\u25cf Bitcoin’s historical performance during U.S. election years<\/strong><\/p>\n\n\n\n

– BTC tends to perform well during U.S. election years, historically advancing 100%-200%.<\/p>\n\n\n\n

<\/p>\n\n\n\n

2. Ethereum’s Growth<\/strong><\/p>\n\n\n\n

\u25cf Ethereum’s earnings in Q1 2024 and its substantial growth in fees and revenues<\/strong><\/p>\n\n\n\n

– Ethereum tripled its earnings in Q1 2024 on a quarter-over-quarter basis, reaching $369M. The amount accounted for a 210% increase year-over-year from $119M in Q1 2023.<\/p>\n\n\n\n

– Ethereum Q1 2024 fees and revenues increased 79% and 85% quarter-over-quarter, respectively.<\/p>\n\n\n\n

\u25cf Ethereum’s revenue from transaction fees<\/strong><\/p>\n\n\n\n

– Ethereum racked up $1.2 billion in revenue from transaction fees in Q1 2024, which is 155% more than in the first quarter of last year.<\/p>\n\n\n\n

<\/p>\n\n\n\n

3. Altcoins and Memecoins<\/strong><\/p>\n\n\n\n

\u25cf The profitability of the memecoin sector and specific examples like Dogecoin<\/strong><\/p>\n\n\n\n

– CoinGecko dubbed the memecoin sector the \u201cmost profitable crypto narrative\u201d during the year\u2019s first quarter with 1,312.6% returns on average, the highest among the top tokens by market capitalization.<\/p>\n\n\n\n

– The dogecoin price surged to its highest level since December 2021 on Mar. 28, with trading volumes and futures open interest rising significantly.<\/p>\n\n\n\n

\u25cf CryptoPunks NFT sales as an indicator of the NFT market’s health<\/strong><\/p>\n\n\n\n

– CryptoPunks record another $16 million NFT sale in March.<\/p>\n\n\n\n

<\/p>\n\n\n\n

4. Decentralized Exchanges (DEX) and Uniswap<\/strong><\/p>\n\n\n\n

\u25cf Uniswap’s trading volume milestones and its position as the largest DEX<\/strong><\/p>\n\n\n\n

– Uniswap took 42 months to breach the $1T trading volume milestone \u2014 doubling to $2T just 24 months later, larger than Australia, Brazil and South Korea\u2019s GDP.<\/p>\n\n\n\n

– Uniswap remains by far the largest DEX by trading volume, having amassed $21.6B over the last week alone.<\/p>\n\n\n\n

<\/p>\n\n\n\n

5. Tokenized Assets and Treasury Markets<\/strong><\/p>\n\n\n\n

\u25cf The growth in the tokenized Treasury market<\/strong><\/p>\n\n\n\n

– The tokenized Treasury market has mushroomed over the past year, growing nine-fold from $100M in early 2023.<\/p>\n\n\n\n

\u25cf Notable entries by BlackRock and Franklin Templeton<\/strong><\/p>\n\n\n\n

– BlackRock’s tokenized fund quickly rakes in $245M, right behind Franklin Templeton’s older offering.<\/p>\n\n\n\n

The market value of Treasury notes tokenized has crossed above $1B for the first time. The tally has risen nearly 10-fold since January 2023 amid elevated interest rates worldwide.<\/p>\n\n\n\n

\u25cf The potential for Ether to avoid being designated as a security<\/strong><\/p>\n\n\n\n

– JPMorgan says Ether could avoid designation as a security with centralization risk easing.<\/p>\n\n\n\n

6. Bitcoin ETFs and Cryptocurrency Funds<\/strong><\/p>\n\n\n\n

\u25cf Growth of IBIT and other related financial products<\/strong><\/p>\n\n\n\n

– IBIT, BlackRock\u2019s spot Bitcoin ETF, is the fastest-growing ETF in the history of ETFs, averages a little over $260M in inflows per trading day.<\/p>\n\n\n\n

– IBIT has nearly $18B in assets under management and took only two months to reach the $10B mark \u2014 a milestone that took the first gold ETF two years to reach.<\/p>\n\n\n\n

– BlackRock has added Goldman Sachs, Citigroup, UBS, Citadel Securities and ABN AMRO as authorized participants for the iShares Bitcoin Trust. This brings the total number of APs to nine.<\/p>\n\n\n\n

\u25cf Fidelity’s application for a spot Ether ETF<\/strong><\/p>\n\n\n\n

– Fidelity filed an S-1 application with the SEC on March 27 to create a spot Ether ETF.<\/p>\n\n\n\n

\u25cf The anticipation of an Australian Monochrome spot Bitcoin ETF<\/strong><\/p>\n\n\n\n

– Australian Monochrome spot Bitcoin ETF is expected to launch within 2 months.<\/p>\n\n\n\n

<\/p>\n\n\n\n

7. Regulation and Crypto Exchanges<\/strong><\/p>\n\n\n\n

\u25cf The London Stock Exchange’s plans for crypto ETNs<\/strong><\/p>\n\n\n\n

– The London Stock Exchange will accept applications for trading bitcoin and ether crypto exchange traded notes (ETN) from April 8 and will roll out a market for BTC and ETH ETN on May 28.<\/p>\n\n\n\n

\u25cf The UK’s regulatory adjustments aimed at becoming a crypto hub<\/strong><\/p>\n\n\n\n

–<\/a> Regulators have been moving to make the country more crypto-friendly following several announcements from the U.K. government to make the country a crypto hub. \u00a0<\/p>\n\n\n\n

\u25cf Coinbase’s acquisition of a Canadian license<\/strong><\/p>\n\n\n\n

– Coinbase achieved Canadian license that makes it Canada’s biggest registered crypto exchange.<\/p>\n\n\n\n

<\/p>\n\n\n\n

8. Legal and Institutional Moves<\/strong><\/p>\n\n\n\n

\u25cf Sam Bankman-Fried’s sentencing and FTX’s plans to sell its Solana holdings<\/strong><\/p>\n\n\n\n

– On March 28, Sam Bankman-Fried was sentenced to 25 years in prison and fined $11B on seven counts of fraud and conspiracy.<\/p>\n\n\n\n

– FTX will sell its balance of 41 million Solana, worth $7.65B at the time of publication, to institutional investors at around $60, or a 68% discount to its current market price.<\/p>\n\n\n\n

\u25cf BTIG’s revised Microstrategy price target<\/strong><\/p>\n\n\n\n

– BTIG raised its Microstrategy price target to $1,800 from $780 with the shares\u2019 outsized gains up 155% year-to-date.<\/p>\n\n\n\n

<\/p>\n\n\n\n

April 6, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cIf you can’t hold now, you have no chance of holding when the bear market comes. Think of now as practice.\u201d  – Jimmy Song Biweekly News Roundup 1. Bitcoin and Market Performance \u25cf Overview of Bitcoin’s price movements, including record highs and retracements – Bitcoin hit a record high above $73,500 about three weeks ago […]<\/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":[194,8,5,43,193,53,19,118,179],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/579"}],"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=579"}],"version-history":[{"count":5,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/579\/revisions"}],"predecessor-version":[{"id":585,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/579\/revisions\/585"}],"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=579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}