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

Crypto currency prices have risen in the previous 24 hours

TOP 5 Gainers Coins

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.

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