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Top Performing Assets (24 Hours): $SOL 14.53% | $BNB 10.75% | $ETH 4.04%
READ
It's Frriiddaayyy and welcome to March Madness Folks! Bitcoin is trading down at $67,604 and options expire today so expect some wild volatility.
TIME MACHINE
A few weeks ago, Bitcoin ETFs inflows were larger than the first 4 weeks; $2.2B and Bitcoin and Ethereum were 51% attack proof.(3) A couple weeks ago, 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) Last week, Gemini will made their customers whole by returning 100% of the funds to those who participated in the Earn program.(7) Matt Hougan, Bitwise CIO, believed an "even bigger wave" was 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 was 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. Yesterday, Arizona lawmakers cited rapid growth of the Spot Bitcoin ETFs as a reason to add them to retirement portfolios(3) and Gary Gensler refused to answer if $ETH is a security.(3)
Top Performing Assets Last Week (24 Hours): $ETH -0.94% | $ADA -0.94% | $BTC -1.37%
CURRENT NEWS
Today, Bitcoin breaks another ATH and touches $70K.(2) Market watchers are on alert as a major expiry event looms for Bitcoin and Ethereum options, with over $3 billion in notional value set to expire on March 8; on-chain indicators are signaling that the market has not peaked. Josh Olszewicz’s analysis projects an ambitious goal of $73,000 to $76,000, aligned with the Fibonacci extension levels of 1.618 ($72,610.59) and 2 ($75,776.31) and rising Bitcoin ETF inflows and increasingly favorable technicals suggest that the BTC price might rise above $90,000 in the coming weeks. Deribit data show activity in the $200,000 strike bitcoin call, which is nearly three times the cryptocurrency’s going market rate. Meanwhile, the key support level for #Bitcoin stands at $66,112, marked by a substantial volume of over 306,676 $BTC transactions. Should #BTC break below this pivotal threshold, eyes will turn to $60,600 as the next crucial support zone, according to Ali Martinez.(2)
At around $70,000, Charles Edwards says, Bitcoin is “fairly priced” in terms of the amount of energy used by miners to participate in the network. If $BTC were to match gold’s allocation in investor portfolios, its market cap should rise to $3.3 trillion, implying a more than doubling of its price, but that probably won't happen because of the cryptocurrency's risk and heightened volatility according to JPMorgan. GBTC net outflows reach $10 billion two months after ETF conversion.
Ethereum doesn't have any resistance up to it's all-time high; possibly hitting $10K this year.(2)
WATCH
LISTEN
Podcasts of the Day: Inside Bitcoin’s Early Days | Pete Rizzo & Jason Yanowitz | TCSS
