Bitcoin Flips Silver 🪙
Bitcoin Flips Silver 🪙
Bitcoin is the 8th largest asset in the world @ 72k. Ethereum up at @ $4k. Vitalik Buterin has a plan for quantum attack. Crypto trading volumes exceed the stock market in South Korea.
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Bitcoin has shattered its previous record.
Soaring past the $72,000 mark.
Comes just days after it first breached the $70,000 milestone on March 8th.
BTC also officially dethrones silver's market cap, solidifying Bitcoin's position as the eighth-largest asset in the world.
Now, what are the factors fuelling this hike?
London Calling
The London Stock Exchange (LSE) is opening its doors to Bitcoin and Ether in the form of exchange-traded notes (ETNs) starting this Q2.
Here's the exciting breakdown
Bitcoin & Ether ETNs: These nifty notes will track the price of Bitcoin and Ether, allowing you to trade them on the LSE during regular hours.
For Pros Only: Initially, these ETNs will be exclusive to professional investors.
This move comes after the success of spot Bitcoin ETFs in the US.
Bill Ackman Now Likes BTC?
Bill Ackman, the billionaire investor known for his bold moves, has something to say about Bitcoin.
Ackman painted a futuristic scenario where rising Bitcoin prices fuel a cycle of ever-increasing energy consumption, inflation, and...Bitcoin demand.
He jokingly concluded, "Maybe I should buy some Bitcoin," hinting at a potential investment shift.
His tweet ignited a debate, with Bitcoin bull Michael Saylor offering to chat and downplay Ackman's energy concerns.
MicroStrategy Won't Stop Buying
Cathie Wood Ups The Ante
Forget 2030. Wood predicts Bitcoin will reach $1 million much faster, thanks to a surge in institutional interest.
Big Money Incoming
According to Bitwise, major institutions with trillions of dollars are gearing up to jump into spot Bitcoin ETFs by June.
Large corporations, financial powerhouses, and institutional consultants are all eyeing Bitcoin ETFs.
Ether (ETH) has also joined the party
Breaching $4,000
2.3% - 24H high
15% - 7d high
Crypto Purge Looming in Europe
Europe's crypto industry is bracing for a major shakeup as the new MiCA regulations loom large, DLnews report.
Countries are scrambling to implement MiCA, the new law that'll change the game for crypto businesses.
Who's leading the pack?
Czech Republic: Registries with a whopping 9,372 businesses (but details are murky).
Poland: Fast-tracking MiCA compliance (but get ready for stricter rules and higher fees).
Lithuania: Taking a tougher stance - tightening national laws and ditching the MiCA grace period.
What's the deal with MiCA?
Tougher standards: Crypto firms have got to work harder to play.
Passport to the EU: One license, access to the entire market.
But is everyone on board?
France: Ahead of the curve with a MiCA-like regime, but only one business has gotten the green light so far.
Italy: Consulting and close to finalising their MiCA plan.
Block That Quote
Ethereum man, Vitalik Buterin
“A ‘simple recovery fork' could overthrow a quantum attack ”
Buterin is ready to throw up a shield against a surprise quantum attack.
In a recent post, he outlined a plan for a "simple" hard fork that could protect user funds if powerful quantum computers emerge sooner than expected.
What's the Big Deal?
Quantum computers could potentially crack the encryption that secures blockchains like Ethereum, making a massive heist a real possibility. Buterin's plan would involve:
Rewinding the Ethereum clock: The network would roll back to a point before any "large-scale theft" could occur.
New Transaction Type: A special transaction type (EIP 7560) would be introduced to allow secure transfers from smart contract wallets.
Upgrade Your Wallet: Users would need new software to interact with the upgraded network. (Don't worry, you likely wouldn't lose funds!)
Quantum-proof Keys: Winternitz signatures and "STARKs" technology would be used to create uncrackable transaction signatures.
Where’s ETF?🚨
Digital asset investment products saw record weekly inflows totalling US$2.7bn. Total inflow year-to-date to US$10.3bn.
Weekly trading turnover reached US$43bn for the week.
Last week’s record US$30bn.
BlackRock Bitcoin ETF’s weekly and monthly inflows have surpassed Grayscale’s weekly and monthly outflows.
Coinshares - Digital Assets Weekly report👇
South Korea's crypto love is heating up
The local exchange volumes surpassing the stock market for the first time.
Crypto Volume: A record-breaking 12 trillion won ($9 billion) on Sunday, March 10th.
Stock Market Volume: Lagging behind at 11.47 trillion won ($8.7 billion) on Friday, March 8th.
Top Crypto Exchanges: Upbit (8.8 trillion won), Bithumb (2.7 trillion won), Coinone (various)
Hottest Cryptos: Bitcoin (BTC), Space ID (ID), IQ Protocol (IQ), 0x (ZRX), Shiba Inu (SHIB)
Cracks Down on Crypto Tax Evaders
A new report reveals South Korea is building a special asset management system to track crypto transactions and prevent tax evasion.
This comes just ahead of their planned crypto gains tax going into effect in January 2025.
Why the System?
South Korea wants to ensure everyone pays their fair share on crypto gains. The new system will collect data from crypto trading platforms, making it easier to track user transactions.
The Surfer 🏄
Indian Crypto Investment Platform Mudrex plans to offer US Bitcoin ETFs (BlackRock, Fidelity, Franklin Templeton) to investors in India.
Binance will list Metis (METIS) with a Seed Tag applied.
Bitget Wallet's official Twitter suggests launching token BWB for vampire attacks on Web3 wallets like MetaMask
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