HODL The Dip? 🙇♀️
HODL The Dip? 🙇♀️
Crypto dips. Solana and Avalanche hold fort. 1 billion Bitcoin users by 2025? Who is Mr. 100? Crypto gains reached $37.6B in 2023. Prosecutors want 50 years of prison for SBF.
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It's been a rollercoaster week for crypto.
Bitcoin fell from highs of $73k down to $67k.
Ethereum from highs of $4k to $3.6k.
Can it fall further? Of course … this is crypto.
Are we still bullish? Of course … crypto works like that.
Before we bleed about this week's dip, just look at the the year-to-date returns.
What do we know?
As per CoinGlass data, the 8% drop triggered more than $800 million in liquidations in the past 24 hours, Bitcoin accounted for about $283 million of those liquidations.
Coinalyze data, washout wiped $2 billion from open interest in both futures and perpetual contracts over the last 24 hours.
Signs that institutions are also exiting the market?
Bitcoin price could dip further to $60k or $45k … analysts reckon.
Why did it happen? Hotter-than-expected US inflation data
Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, told DL News.
“Macro will rule out here. If the US economy really hits the skids, then I think we’ll get a more protracted downside. On balance, I still think we are bullish.”
Ryan McMillin, chief investment officer at Australian crypto fund manager Merkle Tree Capital.
“This is leveraged longs having their stops hunted … a fair whack. This could be a new market dynamic we have to get used to, but ultimately a positive to reset leverage before the next move up.”
JPMorgan managing director Nikolaos Panigirtzoglou, says that Bitcoin’s allocation in investor portfolios has reached 3.7 times that of gold when adjusted for volatility, according to a JPMorgan analyst.
Report from JPM Securities predicts that the spot Bitcoin ETFs market could grow as large as $220 billion in the next two to three years.
Is of all crypto down?
You know Solana … it's riding the meme coins high.
The price of Solana is rapidly approaching $200 for the first time since December 2021 and the token is now about 20% off it's all-time high.
Any other shining star? Avalanche, another Layer 1 blockchain, token has jumped to $60 and is now back to a price range last seen in May 2022.
What? The Avalanche Foundation launched a $100M fund called “Culture Catalyst” … for the new asset "Community Coins".
1 Billion Bitcoin Users by 2025
As per analyst Willy Woo, Bitcoin is could make that number, to match the Internet’s growth trajectory from 1997 to 2005.
What About The Bitcoin Price?
Cryptographer Adam Back reckons that the market is eyeing a bigger goal, $100,000 is just a number that is “way overdue.”
Who is Mr. 100?
The Bitcoin wallet has added 100 BTC tranches regularly since at least November 2022, when FTX collapsed.
Mysterious Bitcoin whale becomes 14th-biggest BTC holder. With over 52,996 Bitcoin, worth over $3.5 billion, on chain data.
Speculation suggests that the Bitcoin whale, named "Mr. 100," could be …
A Hong Kong financial institution preparing for Exchange Traded Funds (ETFs).
The Qatar Investment Authority or other Middle Eastern Sovereign Wealth Funds.
A cold wallet connected to the South Korean Upbit exchange.
An undisclosed address belonging to a tech billionaire.
Despite nearing record-breaking highs, Mr. 100 carries on acquiring more Bitcoin, having added 400 BTC on March 12th, when each coin exceeded $72,000 in value.
Where’s ETF?🚨
Bitcoin spot ETFs March 15 recap. Total net inflow $198 million.
Grayscale ETF GBTC saw a net outflow of $139 million in a single day.
Highest net inflow for the day was Fidelity's ETF, approximately $155 million.
FBTC's total historical net inflow has reached $6.87 billion.
Meanwhile new wealth management firm ropes in Bitcoin ETFs👇
Crypto Gains Reached $37.6B in 2023
Crypto investors returned to gains in 2023, new report from blockchain analytics firm Chainalysis.
Recovery from 2022 Downturn: Crypto investors saw a return to profits in 2023 after a year of losses in 2022.
Significant Increase in Realized Gains: Represent profits from selling crypto assets, reached $37.6 billion in 2023. This is a substantial improvement from the $127.1 billion in realised losses recorded in 2022.
Modest Recovery Compared to 2021: While positive, the 2023 gains are modest compared to the peak of $159.7 billion in realised gains observed in 2021.
50 Years of Prison For SBF
US prosecutors have asked a court to imprison former FTX CEO Sam Bankman-Fried for 40 to 50 years and have also recommended imposing a fine of over $11 billion.
Charges incl. wire fraud, securities fraud, money laundering, campaign finance violations.
Arrested Dec. '22, in Bahamas; pled not guilty; currently under house arrest.
Defense counters requesting leniency citing youth, cooperative behavior during probes, and positive societal contributions possible.
Sentencing hearing is scheduled for March 28, when Judge Lewis A Kaplan will decide his fate upon review of testimonials and statements provided during sentencing hearing.
The Surfer 🏄
Starbucks is ending its NFT program. Starbucks Odyssey Beta will close on March 31.
Mercedes-Benz has partnered with Austin-based AI developer Apptronik to infuse its factory robots with artificial intelligence.
Paris Hilton's virtual fashion show on Roblox generates $60M in media ad value, boost for growing influence of celebs and brands in the metaverse.
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