Bitcoin tops $70k, Binance exits Nigeria
The crypto market saw an uptrend this week, resulting in a new Bitcoin (BTC) ATH above $70,000 amid sustained spot BTC ETF inflows. Worldcoin (WLD) recorded similar price upswings despite global regulatory issues.
Meanwhile, Binance departed Nigeria, while Montenegro approved Do Kwon’s extradition to South Korea.
Bitcoin sees record highs
- The ongoing crypto market uptrend spilled into this week. As more market participants entered the scene, volume saw a marked uptick. crypto.news reported on March 5 that BTC’s 24-hour volume hit $40 billion for the first time since May 2021.
- Bitcoin eventually clinched a new all-time high at $69,170 on March 5. This growth reverberated across the broader crypto ecosystem, with DeFi TVL skyrocketing to a two-year high of $101.3 billion.
- Shortly after BTC clinched the $69,170 ATH, traders closed their positions amid the growing volatility. However, some who held onto their trades recorded $1.05 billion in total liquidations across the market within 24 hours.
- The ensuing volatility saw BTC collapse from the $69,170 high, as the asset slumped underneath $60,000 on March 5. Bitcoin eventually recovered from this dump, rejuvenating the broader crypto market along the way.
BTC tops $70k
- As Bitcoin embarked on a recovery path from the March 5 slump, the rest of the market followed. Interestingly, meme coins restarted their run, with dogwifhat (WIF) surging by 50% at some point on March 6 following Binance’s listing.
- Floki (FLOKI) and Shiba Inu (SHIB) also leveraged the meme coin mania to recover some of the losses of the previous day, with SHIB recording an impressive 216% surge in seven days.
- Floki’s resurgence gained steam on March 8, as the meme coin topped the gainers list with a 70% surge. The rise in Floki’s price coincided with the period leading to a monumental burn of 2% of the asset’s circulating supply by the project’s team.
- Meanwhile, Ethereum (ETH), the largest altcoin, was not left out in the market uptrend. On March 8, the asset eventually rallied to reclaim the crucial $4,000 psychological threshold for the first time since December 2021.
- With the prevalent bullish market sentiments, Bitcoin’s recovery of the March 5 losses culminated in a push above $70,000, as the asset breached the recent ATH. BTC surged to $70,330 on March 8, a new all-time high, as it entered its price discovery phase.
- Coinbase’s stock reacted positively to these bullish market developments, crossing its initial listing price on March 8 for the first time in two years. Subsequently, Goldman Sachs updated its outlook on Coinbase from Sell to Neutral, setting a new target of $282.
Sustained inflows into spot BTC ETF products
- The market’s uptrend has been bolstered by the sustained demand from investors, especially from institutions looking to gain exposure through spot BTC ETF products. These investment vehicles recorded more inflows this week.
- On the first day of the week, spot Bitcion ETFs attracted a massive $562 million as inflows despite Grayscale’s GBTC retaining its trend of steady outflows. Notably, as of March 5, GBTC’s Bitcoin holdings had dropped 33% with a total of $9.26 billion in outflows since Jan. 11.
- Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) continued to lead in inflows, hitting a daily record of $788 million on March 5. Amid the favorable results, reports suggested that BlackRock is looking to procure more Bitcoin ETFs.
- BlackRock is also looking to secure the inclusion of spot Bitcoin ETFs into MALOX, its global allocation fund. Moreover, the state of Arizona approved a bill to urge its retirement systems to look into including spot Bitcoin ETFs in their products.
- With the U.S. market recording success on its spot Bitcoin ETF bet, other countries have turned their sights to the product. This week, South Korea’s Financial Supervisory Service chief disclosed that they were discussing the possibility of approving the product.
SEC delays decision on spot ETH ETF options
- Despite the success of the spot Bitcoin ETF products, the U.S. SEC is still taking a cautionary approach toward spot Ethereum ETFs. This week, the agency pushed back a decision on filings from BlackRock and Fidelity.
- Interestingly, Nasdaq previously filed a request with the SEC to allow the trading of options on the IBIT Bitcoin ETF from BlackRock. The SEC also postponed a decision on this filing, setting a new deadline of April 24.
Worldcoin hits new ATH despite woes
- WLD also witnessed a price uptick this week, but not for the same reason as the broader market. The token largely underperformed at the start of the week amid global regulatory woes faced by the Worldcoin project.
- Reports from March 4 revealed that South Korean authorities had launched a probe into Worldcoin’s activities for possible privacy violations. In addition, Spain placed a temporary ban on Worldcoin’s activities over privacy concerns.
- Despite these setbacks, WLD ended the week with a better performance than the broader crypto market. Notably, OpenAI, the firm behind the project, announced new board members on March 8, including CEO Sam Altman.
- Shortly after reports of the event emerged, WLD spiked by over 50% on March 9. The asset breached the much-coveted $10 price, entering a price discovery phase, as it clinched a new ATH above $11.
Binance leaves Nigeria
- Meanwhile, the battle between Binance and Nigerian authorities spilled into this week. Recall that Nigeria detained two Binance executives last week amid complaints that the exchange was complicit in the devaluation of the naira, which is down 45% against the dollar this year.
- The faceoff heated up, with reports of a $10 billion fine placed on Binance. However, Binance denied any knowledge of such a fine. The exchange eventually took down NGN from its P2P platform, and ultimately delisted all NGN pairs this week, essentially leaving the country.
Do Kwon’s extradition to South Korea
- The Terra case also made headlines this week, with Do Kwon, the founder of the collapsed Terra ecosystem, taking center stage. An appeals court in Montenegro overturned the decision to extradite Do Kwon to the U.S.
- Instead, a high court in the Montenegrin city of Podgorica approved Do Kwon’s extradition to South Korea. However, the U.S. Department of Justice noted plans to appeal this decision.
