Crypto News March 25: Bitcoin Soars, Breaks $70,000 Barrier

Crypto market jumped 4.60% to a $2.80 trillion valuation

• Ethereum and other altcoins, especially those associated with Real World Assets, saw gains following BlackRock's announcement of a $100M tokenization fund.

• The London Stock Exchange approved Bitcoin and Ethereum ETN trading, starting April 8 pending regulatory approval.

Major Event to be watch

Crypto Fear and Greed Index:

In the past day, the "Fear and Greed Index" jumped by 6 points to hit 81 out of 100, signaling extreme greed and increased buying activity. Overall, market sentiment remains largely optimistic.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $70,000 mark on Tuesday, indicating a confident rally due to increased buying pressure.

• Other altcoins such as Ethereum (ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Worldcoin ($WLD) also experienced gains as the market fear and greed index reached 83 out of 100, indicating 'Extreme Greed'.

• The #ICP token witnessed the highest gain, rising over 15% in the span of 24 hours.

• #Helium ($HNT) experienced the largest loss among the mentioned cryptocurrencies, with a 24-hour decrease of over 2%.

• Total crypto market volume in the last 24 hours is $112.73B, marking a 46.85% increase.

• DeFi's total volume stands at $10.95B, representing 9.71% of the total crypto market 24-hour volume.

• Stable coins contribute $100.01B to the total crypto market 24-hour volume, accounting for 88.71%.

• Bitcoin's dominance sits at 52.03%, up by 0.27% from the previous day.

Major Worldwide News Update:

• Despite recent outflows, Bitcoin ETFs saw renewed inflows, notably with Fidelity's FBTC outpacing BlackRock's IBIT. Analysts anticipate a slowdown in outflows from Grayscale's GBTC. Major banks report surging demand for BTC spot ETFs and structured products, indicating growing investor interest. Institutional investment managers' 13F filings next week will reveal ETF purchases.

• London Stock Exchange (LSE) will accept applications for listing Bitcoin and Ethereum ETN products, aiming to commence trading in the second quarter of 2024. The move follows SEC approval of 11 offerings in January, opening doors for similar products globally. LSE sets April 15 deadline for Bitcoin ETN listing interest.

• Nilam Resources, a South American investment holding company, plans to invest $1.7 billion into Bitcoin, aiming to acquire 24,800 BTC units through a special purpose firm named MindWave. This move marks the company's strategic pivot into the Bitcoin ecosystem, aligning with its focus on high-value innovations.

• The DeFi Education Fund and Beba apparel company file lawsuit against SEC in the Western District of Texas, challenging its digital asset regulation. They contest SEC's classification of $BEBA tokens as securities, arguing they don't meet Howey Test criteria. Plaintiffs claim SEC's enforcement strategy stifles innovation. SEC given 60 days to respond.

• The Philippine SEC has cracked down on Binance, citing worries about unlawful activities. Traders have a three-month window to cash out their holdings. The SEC is pushing tech giants to halt ads linked to Binance. Binance is under intense international scrutiny, with a whopping $2.7 billion penalty in the US. Exiting the Russian market, Binance has offloaded its operations to CommEX.

• SEC's civil trial against Terraform Labs portrays it as fraudulent, causing significant losses. Co-founder Do Kwon's absence due to legal issues complicates the trial. SEC alleges Terra misled investors about TerraUSD's robustness. Partial ruling favors SEC, highlighting legal complexities in crypto. Industry awaits outcomes of pivotal cases like FTX and Binance CEOs' trials.

• ESMA completes the last report on MiCA regulation, marking progress toward structured and safe crypto asset environment in the EU. It initiates the third consultation phase on draft technical standards and guidelines, covering market abuse, transfer services, and operational resilience to address challenges in the digital asset sector.

COIN GABBAR Views: Will Bitcoin hit a new high as it reclaims $70K? Amid a fresh increase, will the low BTC volume sustain pressure? How high can BTC go in 2024? With the London Stock Exchange starting a market for Bitcoin and Ether ETNs on May 28, what effect will it have on the crypto market? To get latest news Stay tuned us at coingabbar

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