Last week saw significant developments across the cryptocurrency market, from Ethereum’s Dencun upgrade to fluctuations in Bitcoin’s price and the soaring popularity of spot Bitcoin ETFs.
Ethereum’s Dencun Upgrade
The much-anticipated Dencun upgrade was successfully implemented on the Ethereum network as scheduled. This upgrade, dubbed “The Spurge,” resulted in a substantial reduction in transaction fees across various layer-2 protocols. Notable reductions were observed on platforms like Zora, Optimism, and Base, with fees plummeting by as much as 99%.
Bitcoin’s Price Movement
Bitcoin experienced a volatile week, starting strong but eventually slipping below the $65,000 mark. Despite reaching a new all-time high of $73,750, Bitcoin faced intense selling pressure, leading to a correction. The asset dipped to a 10-day low of $64,780 before finding support and recovering above $67,000. Market analysts remain cautiously optimistic, with some predicting a potential rally to $83,000 following the upcoming halving.
Solana and Meme Tokens
In contrast to Bitcoin’s downturn, Solana (SOL) and associated meme tokens like Book of Memes (BOME) continued to surge. Solana witnessed a remarkable 10% gain within 24 hours, while BOME spiked an astonishing 345% in a single day and a staggering 39,000% from March 14 to 16. These impressive gains highlight the resilience and growing popularity of the Solana ecosystem.
Record-Breaking Spot Bitcoin ETFs
Spot Bitcoin ETFs remained in the spotlight, attracting significant investor interest and breaking records. Reports indicated a record $2.7 billion inflow into the crypto market, with spot Bitcoin ETFs purchasing 14,261 Bitcoin tokens on March 12 alone, surpassing the daily production of miners. Despite the surge in demand, outgoing Vanguard CEO expressed bearish sentiments towards these products.
Craig Wright’s Court Ruling
In a landmark ruling, the U.K. High Court declared that Craig Wright is not the elusive Bitcoin founder, Satoshi Nakamoto. This ruling came as a result of the COPA vs. Craig Wright case, aiming to prevent further lawsuits against community members debunking Wright’s claims. The court concluded that the evidence does not support Wright’s assertion of being Satoshi Nakamoto.
Overall, last week showcased the dynamic nature of the cryptocurrency market, with notable developments impacting Ethereum, Bitcoin, Solana, and the broader crypto landscape.
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