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Crypto News Today, 12 March: Bullish Momentum Wanes Pre-CPI

12-Mar-2024 By: Lokesh Gupta
Crypto News Today, 1

Crypto currency values have plummeted during last 24 hours

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Crypto News Key Highlights:

  • Microstrategy, led by CEO Michael Saylor, recently purchased 12,000 more bitcoins, increasing their total to 205,000. Saylor predicts Bitcoin will surpass gold as a valuable asset due to its versatility and security. With the upcoming halving event, Bitcoin's scarcity will likely drive its price higher, making it an attractive long-term investment.

  • CoinShares International Limited has acquired Valkyrie Funds LLC, securing its position in the U.S. digital asset market. This strategic move adds approximately $530 million to CoinShares' assets under management, totaling $7.3 billion globally. Leveraging Valkyrie's licenses and products, CoinShares aims to dominate the U.S. digital asset landscape.

  • Backpack Exchange, led by former FTX and Alameda Research executives, expands into the UK after a successful funding round, marking a $120 million valuation. With a VASP license and diverse offerings like crypto trading, wallets, and NFTs, Backpack aims to redefine industry standards amid FTX's collapse and growing institutional interest.

  • Bitcoin's surge past $72,000 prompts Bitwise CIO's statement on institutional interest in Bitcoin ETFs. Hogan anticipates major players like Morgan Stanley entering the ETF arena. Recent data shows significant inflows into U.S. Spot Bitcoin ETFs, indicating growing institutional confidence, despite challenges faced by Grayscale's Bitcoin Trust.

  • The U.S. Spot Bitcoin ETF saw an unprecedented $505.6 million influx, reflecting institutional confidence in digital assets despite Grayscale’s challenges. BlackRock's IBIT and Fidelity's FBTC together accumulated over $775 million, underlining growing institutional support for Bitcoin. This trend signals cryptocurrency market maturation and potential mainstream adoption.

  • CryptoQuant CEO predicts Bitcoin may face sell-side liquidity crisis within 6 months due to institutional inflows, particularly from spot Bitcoin ETFs, which have amassed nearly $30 billion. Grayscale Bitcoin Trust (GBTC) continues daily outflows, potentially exacerbating the crisis, leading to unpredictable price impacts.

  • President Biden proposes a 30% tax on electricity used by crypto miners in the 2025 budget. The tax, phased over three years, targets mining operations regardless of power source. Critics argue it could stifle industry growth, while some suspect it aims to promote a central bank digital currency.

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 - Crypto News, 11 March:BTC Hits $72,600, ETH Surpasses $4,000

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