The cryptocurrency market witnessed significant developments this week, marked by Bitcoin soaring to a new all-time high above $70,000 and Worldcoin’s remarkable surge despite global regulatory challenges. Additionally, Binance’s departure from Nigeria and Montenegro’s decision on Do Kwon’s extradition added to the week’s headlines. Here’s a detailed recap:
Bitcoin Achieves New Heights: Bitcoin’s price surged to a record-breaking high of $69,170 on March 5, followed by a temporary slump below $60,000 due to increased volatility. However, the market quickly rebounded, with Bitcoin reclaiming its losses and surpassing $70,000 on March 8, entering a phase of price discovery.
Market Uptrend and Altcoin Momentum: The broader crypto market experienced an uptrend, with meme coins like dogwifhat (WIF), Floki (FLOKI), and Shiba Inu (SHIB) making significant gains. Ethereum (ETH) also rallied to surpass the $4,000 threshold for the first time since December 2021.
Coinbase’s Stock Reacts Positively: Coinbase’s stock crossed its initial listing price for the first time in two years on March 8, buoyed by bullish market developments. This prompted Goldman Sachs to upgrade Coinbase’s outlook from Sell to Neutral, setting a new target price.
Sustained Inflows into Spot BTC ETFs: Investors continued to show interest in spot Bitcoin ETF products, with significant inflows recorded. BlackRock’s iShares Bitcoin Trust (IBIT) led in inflows, reaching a daily record of $788 million. Other countries, including South Korea, expressed interest in approving spot Bitcoin ETFs.
SEC Delays Decision on Spot ETH ETF Options: Despite the success of spot Bitcoin ETFs, the U.S. SEC postponed a decision on spot Ethereum ETF filings from BlackRock and Fidelity. Nasdaq also requested permission to trade options on the IBIT Bitcoin ETF, with a new decision deadline set for April 24.
Worldcoin’s Performance Amid Regulatory Woes: Despite facing regulatory scrutiny in South Korea and Spain, Worldcoin (WLD) witnessed a surge in price following the announcement of new board members by OpenAI. WLD spiked by over 50% and achieved a new all-time high above $11.
Binance’s Exit from Nigeria: Following regulatory challenges in Nigeria, Binance decided to delist all NGN pairs and leave the country. The exchange faced allegations of complicity in the devaluation of the naira and was reportedly fined $10 billion, although Binance denied knowledge of such a fine.
Do Kwon’s Extradition Decision: Montenegro approved the extradition of Terra founder Do Kwon to South Korea, overturning a previous decision to extradite him to the U.S. The U.S. Department of Justice plans to appeal this decision.
Overall, the week was characterized by significant price movements, regulatory developments, and geopolitical tensions, shaping the trajectory of the cryptocurrency market.
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