The cryptocurrency market witnessed a surge in activity this week, marked by a new all-time high (ATH) for Bitcoin (BTC) surpassing $70,000 amid sustained spot BTC ETF inflows. Simultaneously, Worldcoin (WLD) defied global regulatory challenges with notable price upswings.
Bitcoin Sets New Records
The ongoing uptrend in the crypto market extended into the current week, attracting increased participation and driving a significant uptick in volume. On March 5, BTC’s 24-hour trading volume reached $40 billion for the first time since May 2021, as reported by crypto.news.
Bitcoin reached a new ATH at $69,170 on March 5, influencing a broader surge across the crypto ecosystem. DeFi Total Value Locked (TVL) soared to a two-year high of $101.3 billion. Subsequently, following the ATH, traders experienced increased volatility, leading to total liquidations across the market amounting to $1.05 billion within 24 hours.
BTC Surpasses $70,000
As Bitcoin recovered from the March 5 downturn, the broader market followed suit. Meme coins, including dogwifhat (WIF), experienced renewed momentum, with a 50% surge on March 6 following its listing on Binance. Floki (FLOKI) and Shiba Inu (SHIB) also capitalized on the meme coin trend, with SHIB achieving an impressive 216% surge in seven days.
On March 8, Floki saw a 70% surge, coinciding with a significant burn of 2% of the circulating supply by the project’s team. Ethereum (ETH), the leading altcoin, joined the market uptrend by reclaiming the crucial $4,000 psychological threshold on March 8 for the first time since December 2021.
Bitcoin’s recovery culminated in a push above $70,000 on March 8, breaching the recent ATH and entering a price discovery phase, reaching $70,330. The positive market developments reflected on Coinbase‘s stock, crossing its initial listing price for the first time in two years on March 8. Consequently, Goldman Sachs updated its outlook on Coinbase from Sell to Neutral, with a new target of $282.
Sustained Inflows into Spot BTC ETFs
The market’s upward momentum was fueled by sustained demand, particularly from institutions seeking exposure through spot BTC ETF products. Spot Bitcoin ETFs attracted significant inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading with a daily record of $788 million on March 5.
While spot Bitcoin ETFs in the U.S. demonstrated success, other countries, including South Korea, are exploring the possibility of approving such products. In contrast, the U.S. Securities and Exchange Commission (SEC) took a cautious stance on spot Ethereum ETFs, delaying decisions on filings from BlackRock and Fidelity.
Worldcoin Achieves New ATH Amid Regulatory Woes
Despite facing global regulatory challenges, Worldcoin (WLD) experienced a price uptick. Authorities in South Korea launched a probe into Worldcoin’s activities over potential privacy violations, and Spain temporarily banned its operations. However, WLD outperformed expectations, surging by over 50% on March 9 to achieve a new ATH above $11, following OpenAI’s announcement of new board members on March 8.
Binance Exits Nigeria Amid Regulatory Dispute
The ongoing battle between Binance and Nigerian authorities escalated this week, resulting in Binance’s departure from Nigeria. The exchange faced detention of two executives and a reported $10 billion fine, leading to the removal of NGN from its P2P platform and the delisting of all NGN pairs.
Do Kwon’s Extradition Drama in the Terra Case
The Terra ecosystem’s founder, Do Kwon, took center stage as Montenegro’s high court approved his extradition to South Korea, overturning the initial decision to send him to the U.S. The U.S. Department of Justice plans to appeal this decision. The unfolding events in the Terra case add another layer of complexity to the dynamic landscape of the crypto market.
