Crypto News, 08 March: Bitcoin Reaches $70K, ETH Hits $4K

Crypto currency market increased by 1.80% to $2.73 trillion

• The Bureau of Labor Statistics' Friday report revealed a robust addition of 275,000 nonfarm payroll jobs in February, exceeding economists' expectations of 200,000.

• As Bitcoin reached a new all-time high, Ethereum (ETH) surged to a multiyear peak of $4,000.

Crypto Fear and Greed Index:

Despite the 'Fear and Greed Index' skyrocketing to an exceptionally high level of 84 out of 100, indicating widespread market optimism over the past day.

Latest Market Update: 

• #Bitcoin ($BTC) surged past the $70,000 mark on March 8, 2024, reaching a new all-time high.

• #Ethereum's price exceeded $4,000, marking its first time hitting this level since December 2021.

• Several altcoins, including #Pepe ($PEPE), #Render ($RNDR), #Fetch.Ai ($FET), and #WorldCoin ($WLD), saw gains ranging from 10% to 30%.

• Memecoin #FLOKI experienced a notable increase for the second consecutive day, with a 24-hour surge of over 48.14%.

• Conversely, #Bitget Token faced the largest decline, dropping by over 8.14% within the same 24-hour timeframe.

• Total cryptocurrency market volume over the past 24 hours stands at $150.75 billion, reflecting a 13.68% increase.

• DeFi (Decentralized Finance) contributes $10.57 billion to this volume, comprising 7.01% of the total crypto market's 24-hour volume.

• The volume of stablecoins now amounts to $136.02 billion, constituting 90.23% of the total crypto market's 24-hour volume.

• Bitcoin's dominance currently sits at 51.69%, showing a marginal increase of 0.01% throughout the day.

Major Worldwide News Update:

• Bitcoin surged past $70,000, hitting a new high, driven by inflows into spot ETFs. Analyst Ali Martinez predicts the next market peak between November 2024 and February 2025, following historical patterns. Despite retracing from the peak, Bitcoin still trades at $68,423, with investors debating fresh investments before the upcoming halving.

• On March 6, 2024, the SEC met with Coinbase and Grayscale Ethereum Trust representatives to discuss the potential approval of an Ethereum ETF. Analysts Eric Balchunas and Nate Geraci provided insights, highlighting concerns over the SEC's silence and emphasizing the correlation between Ethereum futures and spot markets.

• Ethereum surged past $4,000, reflecting optimism amid BTC's rally. The climb signifies a strong rebound from 2022 lows, with a 68% increase in a month. Anticipation for the March 13 upgrade, improving scalability, and potential ETF approval fuel Ethereum's rise, backed by institutional interest and speculation.

• BlackRock's Bitcoin holdings surged to $12.3 billion, driven by the BlackRock iShares Bitcoin ETF's historic inflows. A one-day on-chain inflow of 12,600 BTC worth $842 million set a record, reflecting strong investor confidence. The ETF's success underscores Bitcoin's growing acceptance among institutions, with 10 approved funds attracting $8.9 billion in inflows.

• Shiba Inu, a meme coin, surged with notable ecosystem upgrades and the SHEboshi NFT initiative, led by developer Shytoshi Kusama. The coin saw green trading, reflecting optimism. With potential top 10 entry, recent launches, and operational insights shared, Shiba Inu gained substantial attention and momentum.

• BNB surged 62% in 30 days, hitting a 2-year high at $489.50, solidifying its position as the third-largest crypto by market cap. Despite doubts stemming from Binance's legal issues, BNB's future looks brighter post-CFTC settlement. Coinbase's outages draw criticism, contrasting Binance's robustness, fueling BNB's rally.

• In 2023, the FBI reported a 53% increase in cryptocurrency-related investment fraud, totaling $3.94 billion, comprising 86% of all investment fraud losses in the US. Victims, enticed by promises of high returns, often fall prey to romance scams, phishing, and other fraudulent schemes globally.

COIN GABBAR Views: What happens next after Bitcoin (BTC) crosses $70,000 for the first time in history? Is an explosion above $70K incoming, or will there be a new correction first? As Bitcoin hits an all-time high, could Ethereum be next? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto News, 8 March: Traders Eyes on Non-Farm Payrolls Data