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Bitcoin (BTC) exceeded the $65,000 threshold, nearing its all-time peak of $69,000 in November 2021, as the value of bullish positions reached a historic high. At the time of writing, BTC was priced at $65,113.30 at 7:04 am Monday, 4 March 2024, ET. The leading cryptocurrency witnessed a 6% increase over the past 24 hours, while the CD20, a comprehensive index encompassing various tokens, recorded a 5.6% rise. Bitcoin now stands a mere 5% away from its record in U.S. dollars, having already surpassed peak valuations against major and emerging-market currencies in the preceding week, achieving a new high in euro terms today. Indications from the futures market suggest the possibility of further gains. Open interest, representing unsettled futures bets, reached an unprecedented $27 billion, according to Coinglass data. This surge in interest signals the influx of new capital into the market. Concurrently, market capitalization reached a record $2.8 trillion, surpassing the November 2021 level of $2.7 trillion, as reported by multiple sources. Over the last 24 hours, more than $60 million in shorts, or bets against higher bitcoin prices, were liquidated, potentially contributing to the surge in prices as losing positions were covered. Coinglass data also highlights the unprecedented surge in Bitcoin open interest. A combination of euphoric sentiment, institutional buying demand, and historical gains related to Bitcoin's halving event positions the asset to surpass its all-time high of $69,000 in March. Dogecoin and Shiba Inu have also witnessed substantial gains, but the meme coin Pepe has outperformed other larger-cap altcoins with a significant daily surge. The recent surge in Bitcoin echoes a similar trend observed the previous Monday, starting from around $51,000 and reaching $64,000, marking its highest value since late 2021. Despite a brief retracement during the week, Bitcoin closed February with its most substantial monthly gain in history. The subsequent days, including the weekend, saw a relative stabilization of BTC around $62,000. Monday brought a renewed bullish sentiment, propelling Bitcoin to a new multi-year high of over $65,000, approaching its 2021 all-time high of $69,000. Presently, the asset hovers just above that threshold, with a market cap nearing $1.3 trillion and a dominance over altcoins exceeding 50% on CoinGecko. In recent days, meme coins have dominated the market, with Pepe leading the way with a remarkable 65% surge. BONK followed suit with a 50% increase, reaching a price of $0.000035. Notably, Dogecoin and Shiba Inu, the prominent representatives of this category, have gained 25% and 30%, respectively, bringing SHIB closer to potentially surpassing DOGE as the largest meme coin. Cardano and Polkadot have also recorded significant gains, ranging from 8-10% overnight. While the broader larger-cap altcoin market is green, the gains are more modest. The overall cryptocurrency market cap experienced an overnight increase of over $100 billion, reaching $2.550 trillion on CoinMarketCap.

The cryptocurrency market is experiencing a surge, with Bitcoin leading the charge. The leading digital asset surpassed $52,000 for the first time since late 2021, marking a 13% gain for the week and its best performance since October 2023. This bullish run has also pushed the total crypto market cap back above the coveted $2 trillion mark, reclaiming it for the first time in over two years. Experts are attributing this rally to several factors, with one of the key drivers being the recent launch of spot Bitcoin ETFs. Michael Saylor, the co-founder of MicroStrategy and a vocal Bitcoin advocate, believes the demand for Bitcoin from these products is significantly outpacing the supply available from miners, creating a 10x imbalance that is fueling the price increase. This positive sentiment is extending to other cryptocurrencies as well. Ethereum, XRP, Cardano, and other altcoins are all experiencing notable gains, with some seeing daily increases of around 3-4%. Even lower- and mid-cap altcoins are not being left behind, posting impressive gains that contribute to the overall market cap recovery. MicroStrategy itself is further solidifying its commitment to Bitcoin. The company announced plans to rebrand itself into a Bitcoin development firm, aligning with its strategy of accumulating BTC and supporting the growth of the Bitcoin network. They recently increased their Bitcoin holdings to a staggering 190,000, marking the largest quarterly addition in their history. While the current market trend is undoubtedly bullish, it's crucial to remember the inherent volatility of the cryptocurrency market. Past performance is not a guarantee of future results, and expert opinions like Saylor's should be carefully considered alongside other market factors before making any investment decisions. As always, thorough research and a clear understanding of the associated risks are paramount before venturing into the world of cryptocurrency investments.  

Bitcoin Eyes $48,000 Amid Historic Chinese New Year Gains, 10X Research Predicts Bullish Momentum The cryptocurrency market witnessed a dramatic overnight turn of events boosting Bitcoin to break past the $44,000 barrier. This surge injected $60 billion into the total crypto market cap, signaling a renewed bullish sentiment. After a period of prolonged sideways movement, Bitcoin, the market's flagship cryptocurrency, broke the $44,000 resistance level, a threshold it had struggled to overcome in the wake of ETF-induced declines in January. This upward momentum marks a notable shift for Bitcoin, which faced resistance at $43,000 for several days. Last week, BTC attempted to breach the $44,000 mark but faced setbacks, particularly after the US Federal Reserve declared its intention to maintain its existing monetary policy, leading to a temporary dip in Bitcoin's value. Despite these challenges, Bitcoin managed to recover ground, stabilizing around $43,000 in the following days. The recent surge saw Bitcoin reaching $44,700, charting a monthly high and boasting a market capitalization of $875 billion. Bitcoin's dominance over alternative cryptocurrencies on CoinMarketCap (CMC) currently stands at 51.3%. Altcoins, which had experienced a period of relative stagnation, followed Bitcoin's lead and turned green across the board. Ethereum (ETH) led the altcoin rally with a 2% increase, surpassing $2,400, while Binance Coin (BNB) recorded a 4% daily jump, reaching $315. Among the larger-cap altcoins, Solana (SOL) and Cardano (ADA) exhibited impressive performances. SOL surged by 6%, crossing the $100 mark, while ADA experienced a 9% increase, trading above $0.5. Other notable altcoins such as XRP, AVAX, DOGE, DOT, LINK, MATIC, and TON also posted gains. The collective positive momentum across lower- and mid-cap altcoins contributed to the overnight addition of $60 billion to the total crypto market cap, which now stands at $1.710 trillion on CMC. Meanwhile, Markus Thielen, Head of Research at Matrixport and founder of 10X Research has predicted that BTC is poised to reach $48,000 in the near term, propelled by a robust historical performance during the Chinese New Year. Thielen anticipates that BTC could even hit $52,000 by mid-March, with the overall bull run peaking in 2025. In a Thursday report, Thielen emphasized the statistical significance of the next few days, highlighting Bitcoin's consistent rally of approximately 11% around the Chinese New Year celebration, set to commence on February 10 (Saturday). Over the past nine years, Bitcoin has consistently seen positive returns when traders bought the cryptocurrency three days before the Chinese New Year and sold it ten days after the festivities began. The recent surge in Bitcoin's value, surpassing $45,000 on Thursday, marked a crucial breakthrough, according to Thielen. He described this breakout as particularly significant, signaling the end of a corrective period that saw BTC decline to $38,500 in late January. Thielen stated, "This opens the door to our shorter-term target of $48,000." The rally gained momentum after Bitcoin successfully cleared a key resistance level around $44,000, which had been a limiting factor in prices since the commencement of spot ETF trading in the U.S. about four weeks ago. Looking ahead, Thielen employed Elliott Wave theory, a technical analysis method based on repetitive wave patterns, to forecast further upside for Bitcoin. According to the theory, BTC has completed its fourth wave retracement by correcting to $38,500 and has now entered the fifth impulsive stage of the uptrend, aiming for $52,000 by mid-March. The positive outlook reflects a shift from a corrective phase to a more optimistic trajectory, with Thielen's analysis suggesting a potential continuation of bullish momentum for Bitcoin. As the market closely observes Bitcoin's performance, investors are assessing the implications of these predictions on the broader cryptocurrency landscape.      

Mark this date - Jan 10, 2024. The crypto market has finally went mainstream! For many diehard crypto believers, the approval of a Bitcoin ETF by the United States SEC marks a crème de la creme of milestones. It is an anointing of a peripheral asset class that has been trying to grow out of its politically constrained growth.  Bitcoin is the godfather of crypto. Through an ETF vehicle, billions of dollars will soon find its way into crypto. And few, if any, would contend that Bitcoin is the gateway crypto. So, can we expect the altcoins market to experience a boom as an aftermath of a BTC ETF launch? You bet! In the previous SCN’s crypto market assessment back in early November 2023, we “luckily” predicted that the bull market has finally started. Whether luck has a place in our call or a largely intelligent deduction, we are glad where the crypto market is heading towards.  So, if I have a hundred dollars to invest in the altcoins market, which categories should I put the fund in? Let’s breakdown the altcoins market as best and as comprehensive as we can.  Layer 1 such as Solana, Sui, Cardano Defi DEX Games (all manners of games including gambling) Infrastructure (building blocks of an application ecosystem such as database) Oracles NFTs Algorithmic Stablecoins There are many great projects in each of the category above. We shall take a look in our next article on doing our "best" to identify multibaggars. Stay tuned in the next few days!

Bitcoin (BTC) experienced a resurgence, breaking through the $43,000 threshold on Wednesday, marking its highest point since the flash crash earlier in the week. As of now, it’s trading at $42,734.37 (12:05 am EST). This bullish move had a ripple effect on the entire cryptocurrency market, propelling digital asset-focused companies' stocks to new heights. The surge came as the Federal Reserve (Fed) hinted at potential interest rate cuts for the upcoming year, media reports said. During the December Federal Open Market Committee (FOMC) meeting, officials at the U.S. central bank decided to maintain the Fed funds rate at the current 5.25%-5.5%. However, they also unveiled projections that indicated a gradual reduction in the rate, reaching 4.6% by the end of 2024, signalling approximately three 25-basis point cuts in the pipeline. The market response to the Fed's dovish projection was swift and dramatic. Bond yields and the U.S. dollar index (DXY) plummeted, leading to a broad-market rally in risk assets, including both stocks and cryptocurrencies. Bitcoin (BTC), the most prominent cryptocurrency, surged beyond $43,000 during the late U.S. trading hours, marking an impressive 5% climb from its earlier position below $41,000. Among the top-performing cryptocurrencies, large-cap tokens like Avalanche (AVAX), Cardano (ADA), and Injective (INJ) experienced gains of nearly 10%. This propelled the CoinDesk Smart Contract Platform Index (SMT) to the top spot in CoinDesk's crypto sectors. In addition to the crypto market surge, stocks of crypto-related companies also witnessed substantial gains. Leading crypto exchange Coinbase (COIN) closed the trading session with an almost 8% increase, while MicroStrategy (MSTR), under the leadership of Michael Saylor, recorded a 5% gain. U.S.-listed Bitcoin mining companies, including Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), which are often considered leveraged bets on Bitcoin, enjoyed substantial gains ranging from 8% to 16% throughout the day. Analysts at Bitfinex noted, "Historically, a hold or reduction in interest rates tends to inject optimism among investors, as it implies more disposable income and potentially greater investment in various asset classes. This effect is not limited to traditional markets but extends to novel assets such as cryptocurrencies."

After reaching $44K, Bitcoin's price has fallen to $40,889 as of now (12:52 am EST), leaving traders and investors on edge. While Bitcoin experienced a dip, other cryptocurrencies such as Ether declined 1% below $2,200. On the flip side, altcoins like Polkadot (DOT), Cosmos (ATOM), and Injective (INJ) performed well, gaining between 10% and 20% in the last 24 hours. Avalanche (AVAX) also saw significant growth, overtaking dogecoin (DOGE) in market capitalization, media reports said. The U.S. interest rate decision plays a crucial role in influencing Bitcoin's price movement. Traders were cautious ahead of this year's last Federal Open Market Committee (FOMC) meeting as they awaited an announcement on Fed fund rates. Additionally, the recent leverage flush and largest daily drawdown since mid-August contributed to heightened volatility in the market. Crypto analyst Will Clemente views the current market correction as a necessary phase to shake out weak positions and alleviate highly leveraged markets. According to him, this volatility is part of the natural evolution of the market. Another prominent crypto trader known as Remen believes that this downturn might pave the way for an altcoin bull run after Bitcoin consolidates its position. Following Bitcoin's fall, many altcoins witnessed double-digit declines, reflecting their correlation with the leading cryptocurrency. However, Santiment's on-chain analytics flagged a surge in social media posts advocating for "buying the dip." This sentiment indicates collective confidence within the community regarding Fan impending uptick in altcoin prices. Bitcoin's momentum since October has been instrumental in propelling its value by nearly $10,000 in the past month. This breakout after a stagnant six-month period suggests a significant shift in the market trend. Analyst Hitesh.eth highlights the continuous accumulation of BTC by accounts holding over 1 BTC, further supporting the notion of a positive market outlook. With institutional inflows and increased interest from financial giants, altcoins such as Ether, XRP, Cardano, Solana, and Shiba Inu could potentially capitalize on Bitcoin's downturn and spearhead the next major rally in the cryptocurrency landscape. As Bitcoin experiences a temporary consolidation phase, it might be wise for investors to pay closer attention to altcoins such as Ether, XRP, Cardano, Solana, and Shiba Inu. These altcoins have shown resilience and are potential candidates for growth during this market correction. The recent fall in Bitcoin's price has created uncertainties in the cryptocurrency market. However, it also presents potential opportunities for altcoins to shine. Investors should consider diversifying their portfolios and evaluating long-term investment strategies.

In a heated exchange within the cryptocurrency community, Ripple's Chief Technology Officer, David Schwartz, has taken issue with comments made by Charles Hoskinson, the founder of Cardano. The dispute revolves around the ongoing debate regarding the U.S. Securities and Exchange Commission's (SEC) stance on Ethereum (ETH) and the alleged favoritism associated with it, known as the ETHgate theory, media reports said. Hoskinson addressed the ETHgate theory during an AMA session on October 8, asserting that the SEC's actions were driven by favoritism rather than corruption. The theory posits that Ethereum received preferential treatment from U.S. regulators, particularly the SEC, leading to its classification as not a security. Schwartz responded to Hoskinson's claims on October 12, contending that government actors showing favoritism aligned with personal interests could be considered a form of corruption. The Ripple CTO expressed his disagreement with the distinction between favoritism and corruption, stating on X (formerly Twitter), "I would argue that a government actor showing favoritism aligned with the personal interests of themselves and their friends is corruption." The dispute further deepened as community members joined the conversation, with some suggesting that Hoskinson's inquiries about ETHgate evidence might be linked to potential concerns about his early days in Ethereum. Hoskinson, a co-founder of Ethereum, left the project in 2014 to establish Cardano after a public fallout with other Ethereum co-founders. The clash underscores the ongoing regulatory uncertainties in the cryptocurrency space, particularly regarding the SEC's classification of various digital assets, including Ethereum and Ripple's XRP. The debate continues to resonate within the crypto community as different projects grapple with regulatory challenges and seek clarity on their legal status.

Bitcoin (BTC) has surged past the $28,000 threshold, marking its highest prices in over a month. In the last 24 hours, Ethereum (ETH) surpassed $1,700, while Binance Coin (BNB) and Cardano (ADA) registered 3.3% gains. Polygon (MATIC) witnessed a 5.5% rise, but Solana's SOL tokens led the major gains with an impressive 14.5% increase, fueled by renewed optimism for the network among traders, media reports said. The surge in bitcoin and ether prices may be attributed to short liquidations on crypto-tracked futures, impacting approximately $94 million in bets against rising prices. This resulted in a "short squeeze," characterized by a lack of supply and excess demand, as short sellers rushed to cover their positions. Notably, around 30,000 bearish bets were liquidated, with most occurring on the OKX crypto exchange. Analysts attribute the gains to optimism surrounding ETF developments and seasonal trends. Traders at the Japanese exchange Bitbank had been eyeing the $28,000 level for bitcoin, with $28,500 serving as a crucial support level from the previous bull market, potentially transforming into a key resistance level in the coming weeks. Analysts also highlighted historical seasonality as a contributing factor to Sunday's gains. October has traditionally been bullish for cryptocurrencies, with Bitcoin recording losses only twice since 2013 during this month. This positive trend is often referred to as "Uptober" within the cryptocurrency community. Furthermore, last week's market optimism was fueled by expectations of increased demand, anticipating the approval of a formal Ether (ETH) futures exchange-traded fund (ETF) proposed by financial giant VanEck. Some analysts estimated a 90% chance of the ETF receiving approval in the first week of October.

BingX, a leading global cryptocurrency exchange, has announced its platinum sponsorship of the upcoming Token2049 Singapore event. It was part of the Token2049 London event as a sponsor.  

Bitcoin (BTC) has rallied by approximately 5%, surpassing the $27,000, following a federal appeals court's verdict that mandates the U.S. Securities and Exchange Commission (SEC) to review its rejection of Grayscale Investments' endeavor to transform its Grayscale Bitcoin Trust (GBTC) into an ETF, news reports said. GBTC has surged by 17%, significantly reducing its discount to net asset value (NAV) from 25% to 17%, as traders bet on the potential for an ETF conversion that could entirely eliminate this discount. The court ruling has potentially unlocked the gateway for a spot bitcoin ETF in the U.S., a development that proponents have long advocated for as it could broaden public access to bitcoin investment without the complexities of direct purchases or concerns over custodial providers collapsing. Circuit Judge Neomi Rao, delivering the opinion of the D.C. Circuit Court of Appeals, emphasized the requirement for federal agencies to treat similar cases uniformly. Among publicly traded crypto entities, Coinbase (COIN) has surged by 13%, and MicroStrategy (MSTR) has advanced by 9%. Mining companies, which have faced significant downturns, have witnessed even greater gains, with Marathon Digital (MARA) up by 24%, while Riot Platforms (RIOT) and Hut 8 Mining (HUT) each recorded gains of 16%. Altcoins are also registering substantial increases, with ether (ETH), cardano (ADA), dogecoin (DOGE), and solana (SOL) all progressing by around 5%.  

World Mobile app, which provides blockchain-based mobile internet, is now available on Google Play Store for download in the United States, the United Kingdom, Canada, and Australia. The project has completed the community beta phase. The World Mobile app boasts a Cardano wallet, Scan for Points functionality, and fiat on-ramp. The company aims to provide universal connectivity.   “This is an important milestone for us, as we move towards our global vision of democratising connectivity and access to our services,” Micky Watkins, CEO of World Mobile, said in a statement. In beta, the World Mobile app was introduced in Zanzibar, Tanzania. It aimed at connectivity infrastructure upgrades and seamless purchase of data bundles. The app provided each customer with a decentralized identifier (DID).   “After months of rigorous development, the groundwork was laid for a global userbase,” the statement said. The first World Mobile global app was launched in a closed beta in Australia in March 2023, which proved to be a significant step toward its public launch.  Among its key features is the Word Mobile Wallet, a single address, non-custodial, light wallet on the Cardano blockchain. Users can manage their digital assets, such as NFTs and Cardano Native Tokens (CNT).  Another feature that the World Mobile app offers is a fiat-on-ramp that simplifies the transition from fiat currencies to cryptocurrencies. Users can seamlessly exchange fiat currencies such as US dollars and Euros for World Mobile Tokens (WMT).