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Top Performing Assets (24 Hours): $ETH -0.94% | $ADA -0.94% | $BTC -1.37%
READ
It's Frriiddaayyy and welcome to March Madness Folks! Bitcoin is trading down at $51,208 and $3B options expire today so expect some wild volatility. Let's get on with the news...
TIME MACHINE
A couple week ago, Bitcoin ETFs inflows were larger than the first 4 weeks; $2.2B and Bitcoin and Ethereum were 51% attack proof.(3) Last week, Coinbase begun fighting for the $ETH ETF saying it's not a security(3) and Reddit followed in the shoes of MicroStrategy and put their excess cash into $BTC and $ETH.(4)
CURRENT NEWS
Yesterday, Gemini will make their customers whole by returning 100% of the funds to those who participated in the Earn program.(7) Today, Matt Hougan, Bitwise CIO, believes an "even bigger wave" is coming for Bitcoin in the next few months as a result of Merrill Lynch and Wells Fargo giving the greenlight for their customers to get exposure to the Group of Nine Spot Bitcoin ETFs; 10x the supply is being bought up.(3) Unfortunately for Vanguard CEO who didn't want to allow his customers access is now retiring; I am sure it wasn't his choice.
Bitcoin had the biggest monthly close in the past 3 years and the US government now owns $12B worth of Bitcoin. $BTC supply available at OTC desk is dying up. Bitcoin ETF net inflows remain positive despite $600M leaving Grayscale. Mike McGlone believes $70K is approaching due to the ETFs and funds leaving Gold.
Eric Balchunas thanks Gary Gensler and thinks Bitcoin is experiencing a surge as a result of the Group of Nine which combined with the limited supply could create a short-term hype cycle; shall we say Super Cycle? Douglas Boneparth, President of Bone Fide Wealth, believes number continues to go up after the halving not down. Alex Thorn says this time is different because Bitcoin could reach a new record high before the halving. PlanB sees face melting FOMO coming soon, S2F just signaled red. Caleb Franzen, founder of Cubic Analytics, suggest that $BTC price returns could hit 260% from current levels this cycle.
Will $XRP reach $10? Some thinks so. $DOGE futures reach record-setting open interest at $1B.
US Lawmakers advanced a resolution to get banks in on Crypto custody; SAB 121 rescinded. SEC is in trouble with the Kraken case and might lose; again.
MID-DAY
Dan Held says that Bitcoin Layer 2's are helping to drive this bull cycle. Bitcoin ETFs now hold 4% of all Bitcoin and they are not slowing down. Add Kevin Svenson to the list of those who believe $BTC will hit all-time highs before the halving; the group is growing. Mike Novogratz says that price discovery is in progress and the price will end the year much higher. Bitcoin miners have halted the department of energy's survey but they have not issues public comment period.(3)
WATCH
LISTEN
Podcast of the Day: Crypto All Time Highs! w/ @RaoulGMI | Crypto Town Hall | TWOAS
