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Crypto Daily Roundup, 04 March: Bitcoin Breaks $65K Barrier

04-Mar-2024 By: Lokesh Gupta
Crypto Daily Roundup

Crypto currency prices have risen in the previous 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)

Crypto News Key Highlights:

  • Shiba Inu (SHIB) has taken the lead in the recent surge of meme coins, reaching levels not seen since April 28, 2022. Justin Sun, a notable figure in the crypto community, caused a stir by transferring a significant amount of SHIB, totaling 20 trillion tokens valued at over $544.4K. Although there has been a retracement, most SHIB holders maintain a bullish sentiment, indicating confidence in the coin's future.

  • Bitcoin is rapidly leaving exchanges, signaling potential all-time highs. On March 1 alone, withdrawals totaled $2 billion, a record in over 5 years. Notably, U.S. spot Bitcoin ETFs and Binance withdrawals contributed significantly. Despite dwindling exchange reserves, new investors are entering the market, reflected in changing UTXO ages.

  • Tether's market capitalization reaches $100 billion, outpacing USD Coin (USDC) by $71 billion. Despite discrepancies in data sources, Tether plays a vital role in crypto trading, pegged to the USD across multiple blockchains. Backed by audited reserves, including U.S. Treasury Bills, Tether aims to mitigate concerns over asset quality. 

  • The iShares Bitcoin Trust (IBIT) by BlackRock has swiftly soared to $10 billion in assets under management (AUM) in a mere seven weeks, a feat that took the inaugural U.S. gold-backed ETF over two years to accomplish. Inflows into Bitcoin ETFs have notably outstripped those of gold, with unprecedented daily increases and swift accumulation, indicating a potential pivot in preferences for store of value towards Bitcoin.

  • Vitalik Buterin praised Reddit's decision to incorporate contributor ownership in its IPO but expressed disappointment over U.S. regulations limiting participation. Buterin emphasized the global opportunities in crypto, suggesting a more inclusive model. Reddit's IPO filing indicates investments in Bitcoin and Ethereum, signaling a move towards blockchain technology.

  • Binance announces transition from USDP to FDUSD on Binance Futures, effective March 8th, to enhance trading experience. USDP support ends on March 14th. Operational changes implemented, including zero transfer-in limits for USDP and automatic conversion to USDT. Proactive risk management advised during transition. FDUSD brings operational adjustments and fair transfer-in limits based on VIP levels.

  • Bitcoin Ordinals and Bitcoin-based NFTs witness surges in trading volume and demand. Magic Eden dominates Bitcoin Ordinals trading, reaching $39.29 million in volume. NodeMonkes NFT spikes by 25% to 0.89 BTC, valuing at $56,500, elevating its market capitalization to $565 million, ranking third among NFTs.

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. #Cryptocurrency and #NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also read - 24 Crypto Update, 03 March: Memecoin Rally Breaks Records

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