Here we go again🩸👀
Bitcoin plunges from $73K to $67K, market cap follows suit. Ethereum slashes fees. Craig Wright's not Satoshi Nakamoto. Crypto loves Trump. El Salvador's Piggy Bank.
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After hitting $73K, Bitcoin took a dive.
7% down in 24 Hours landed us at $67K.
With that, the cryptocurrency market cap is also down 7%.
And so is Ethereum - almost 7% down. From $4K to $3,678.
What is happening? Two possible reasons
Inflation worries: Higher-than-expected inflation numbers fuelled fears of the Federal Reserve delaying interest rate cuts, leading to a sell-off across stocks and crypto.
A Fed meeting scheduled for March 20. And check this out
Grayscale's moves: The transfer of $400 million in Bitcoin to Coinbase added to the downward pressure. This follows Grayscale's earlier sales, which had previously impacted the market.
Bitcoin Liquidations? Bloodbath
$820.35 million liquidated in 24 hours.
Long - $663.41 million.
Short - $156.93 million.
This sudden sell-off left nearly 245,000 traders scrambling.
But, all's well and temporary.
Some predict that Bitcoin will have 1 billion users by 2025.
And some suggests that Bitcoin's price could reach $100,000.
Bitcoin Mining Difficulty Hits Record High
Up 5.8% to a record 83.95 trillion hashes, signifying increased competition among miners. Thanks to the upcoming halving event.
Read: What is Bitcoin Halving?🌛🌜
Meanwhile, Ethereum amidst all this price drops, slashed fees on its popular "sidechains."
Transaction fees on major Layer 2s like Optimism and Arbitrum have dropped by a whopping 95%.
Starknet experienced the largest reduction in cost, with transaction fees dropping from $1.35 to $0.0196.
So, what's the big deal?
Cheaper transactions on layer-2 solutions could be a game-changer for Ethereum's usability. This could attract more users and developers, potentially leading to long-term price growth.
Craig Wright Just Got Exposed
A UK judge ruled he's not the genius behind Bitcoin, despite his claims. So, the hunt for Satoshi Nakamoto - the real Bitcoin inventor - is back on.
He also claimed ownership of the Bitcoin white paper, a foundational document.
Judge James Mellor threw out these claims, stating Wright
Did not author the white paper
Did not operate under the Satoshi Nakamoto pseudonym
Did not create the Bitcoin system
Did not develop the initial software
Remember the speculation? We've had several contenders:
Hal Finney: Received the first Bitcoin transaction and was an early Bitcoin supporter.
Nick Szabo: A cryptography rockstar whose work highly resembles Bitcoin's.
Adam Back: Invented a system similar to Bitcoin's core tech and actively disputes Wright's claims.
Dorian Nakamoto: Mistakenly outed by media, but became an unlikely meme-lord in the crypto world.
Crypto Loves Trump?
Trump's catching more eyes in the crypto world.
Paradigm conducted a survey.
Nearly half the crypto gang (48%) is thinking Trump’s their guy this round.
Biden trailing at 39%.
13% are still mulling it over.
2020 Flashback: Turns out, more crypto owners remember ticking the box for Biden than Trump back in 2020. Some winds are changing, with a slice of Biden’s 2020 crowd now eyeing Trump.
Crypto ownership: 19% of US voters have bought crypto.
19% of crypto-owning voters identified as Democrats, 18% as Republicans, and 24% as independents.
Where’s ETF?🚨
Bitcoin spot ETFs March 14 recap. Total net inflow $132 million.
Grayscale ETF GBTC saw a net outflow of $257 million in a single day. BlackRock's ETF, IBIT, net inflow of $345 million.
Meanwhile don't underestimate Ethereum ETF (if and when they arrive)👇
US Senators against SEC Approving Crypto ETFs
US senators suggested the SEC pump the brakes on crypto ETF approvals beyond Bitcoin.
Two US senators wrote to the SEC, arguing that approving more crypto ETFs could open investors to massive risks due to market instability and manipulation.
And now Coinbase isn't holding back.
Coinbase's Chief Legal Officer, Paul Grewal, hits back, saying the evidence actually points to the opposite of the senators' claims, especially when it comes to Ether (ETH).
Market Strength: He notes that Ether's market metrics can stand toe-to-toe with the largest traded equities, with its spot market being exceptionally deep and liquid.
Spot-Futures Correlation: Grewal stresses that Ether's futures and spot markets show a correlation just as strong as Bitcoin's, undermining the argument against its ETF approval.
El Salvador's New Piggy Bank
El Salvador’s taken a chunk of its Bitcoin and tucked it away in a cold wallet.
We’re talking a physical vault within the country’s borders.
Security level: Epic.
The Numbers: Bukele’s snapshot revealed a balance of 5,689.69 BTC, which translates to $406 million.
Bitcoiners sent over $700 in "satoshi" donations.
67 Ordinals snuck in, including images, a 3D model, and a copy of the Cypherpunk Manifesto, a historic document advocating for digital privacy.
Multi-signature authorization ensures secure transfers, requiring approval from multiple parties.
Meanwhile, Qatar's massive sovereign wealth fund might be dipping its toes into Bitcoin.
A tweet by Bitcoin enthusiast Max Keiser sparked the frenzy, claiming $500 billion purchase - bigger than the fund itself.
The Surfer 🏄
Bitcoin Layer-2 Project BVM is gaining traction with the promise of "juicy" airdrops for its users.
The European Commission has issued formal requests for information to Big Tech companies regarding AI risks.
Hong Kong's financial regulator, the SFC, has listed Bybit as a "suspicious" crypto trading platform.
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