From $3,600 to $73,000 ⤴️
Bitcoin is up 1,800% in 4 years after the 2020 COVID-19 crash. Ethereum Dencun upgrade is live. Bitcoin acts as a shield against inflation? Drake FOMOing? ETF inflow $1.05 billion, a new record.
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What's up in crypto today?
Bitcoin settled above $72k.
Ethereum hovering around $4k.
The Ethereum Dencun upgrade is live on the Ethereum mainnet. The main change after the Dencun upgrade is to significantly reduce the gas fee of Ethereum L2.
Remember the COVID-19 crash?
Bitcoin took a nosedive, dropping over 50% in a single day.
Four years later, Bitcoin is up 1800%.
That's right, from $3,600 to $73,000.
And for those who held their nerve (or went bargain-hunting), it's turned into a legendary comeback.
Here's the breakdown
March 2020: The world panics, markets crash, Bitcoin plummets.
Bitcoin experiences a massive drop from $7,960 to a low of $3,860.
Swift Recovery: A mere one-and-a-half months later, Bitcoin returns, breaking the $10,000 mark again.
Savvy investors: See an opportunity, buy the dip.
Fast forward: Bitcoin rebounds in a stunning display of resilience.
Today: Holders celebrate as Bitcoin basks in the sunshine of a near 2000% gain.
US citizens who invested their first $1,200 stimulus check in Bitcoin in April 2020 now hold assets worth over $12,930.
Bitcoin: America's Hail Mary Pass Against Crushing Debt?
The US debt is soaring like a runaway rocket - adding a trillion dollars every few months.
Coinbase CEO Brian Armstrong suggests Bitcoin could be a potential lifeline for the nation's finances.
The anti-inflation hero? With a capped supply, Bitcoin acts like a shield against inflation, unlike the ever-expanding dollar.
Armstrong sees Bitcoin as a way for people to vote with their wallets.
“You can buy Bitcoin though as a way to vote with your dollars, send a clear message, and potentially even save the US long term. A return to the gold standard,” Armstrong said.
Let's take a moment to thank Bitcoin ETFs for this huge success story.
Just two months in, Spot Bitcoin ETFs are shattering expectations.
Inflows surpassed $10 billion.
Captured 802,000 Bitcoins.
Bitcoin price skyrocketed from $25k to $70k, largely fueled by ETF demand.
BlackRock and Fidelity's Bitcoin ETFs rank among the top in year-to-date flows.
Drake FOMOing?
Sharing a clip of Michael Saylor, co-founder of MicroStrategy, Music megastar Drake seems to be jumping on the Bitcoin bandwagon.
Will Grayscale Bitcoin Mini Trust save exodus?
Facing a mass exodus, Grayscale unveils a novel solution: the Grayscale Bitcoin Mini Trust (BTC).
What is it? A "spin-off" of the existing GBTC fund, containing a portion of GBTC's Bitcoin holdings.
Existing GBTC investors receive shares in the new "Mini Trust" in proportion to their holdings.
Crucially, it's (supposedly) tax-free: The transfer won't trigger capital gains taxes for GBTC shareholders.
Why the move? GBTC's High fees (1.5%) are driving investors towards cheaper competitors like BlackRock (0.20%) and Fidelity (0.30%).
Grayscale hopes the "Mini Trust" attracts new investors with potentially lower fees (exact details yet to be revealed).
Grayscale's market share has dropped below 50% for the first time, with new spot Bitcoin ETFs stealing the show.
Used to be the only player, but now holds just 48.9% of the total Bitcoin ETF market.
Block That Quote 🎙️
The mind behind the World Wide Web, Tim Berners-Lee, has a wild vision for the internet's next act:
AI personal assistants: Imagine an AI that acts like your personal doctor, offering support and guidance tailored just for you.
VR takes over: Think ditching the keyboard and mouse altogether. Berners-Lee believes virtual reality (VR) and spatial computing (think "metaverse") will become how we interact with the digital world.
Big Tech shakeup: The tech giants might not be untouchable forever. Berners-Lee predicts some could face forced breakups to ensure a fairer playing field.
"You can go do things with a VR headset, and then when you take the VR headset off, you could do it with a huge screen. And whenever you move, you can grab your phone and the experience will be as one. It should very smoothly go between different devices."
Where’s ETF?🚨
Bitcoin spot ETFs March 12 recap. Total net inflow reached $1.05 billion.
New record for the highest single-day net inflow since the first trading day.
Meanwhile there's new acquisition in the ETF game👇
Crypto Mixer Founder Convicted
Crypto crime lord Roman Sterlingov got slammed by a jury convicted of running a massive money laundering service.
Crypto mixer Bitcoin Fog, his baby, funnelled $400 million for criminals over a decade.
Roman Sterlingov, 35, was found guilty by a jury after a two-day deliberation in a Washington, D.C., court.
Millions laundered from darknet markets: His lawyer says he was just a user, but the feds say evidence tells a different story. Over 1.2 million Bitcoin - that's a mountain of dirty crypto - flowed through his mixer, with at least $78 million linked to illegal drug sales on darknet markets.
Facing up to 20 years: Sterlingov, who maintains his innocence, could face significant prison time.
Coinbase to offer $1B in Convertible Notes
Coinbase is cashing in on the recent crypto surge.
They announced a plan to raise $1 billion by offering convertible notes to institutional investors.
The $1 billion in note can be converted into cash or shares later (by 2030).
Money will be used for general business needs and to pay off existing debt.
Similar move to MicroStrategy's recent $700 million raise for bitcoin purchases.
Why now?
Record-breaking prices and successful Bitcoin ETFs are fueling investor confidence.
And stock price has soared 308% in the past year, capitalizing on the crypto market's growth.
The Surfer 🏄
Goldman Sachs, BNY Mellon, and other financial giants have tested an enterprise blockchain called Canton Network.
Coinbase Wallet integrated Blockaid security tool to protect users from bad actors.
$1.4 million in stolen funds was recovered by US DOJ and FBI with the help of Tether.
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