24 Crypto Update, 04 March: Is Crypto Balloon About to Burst

Crypto currency market grew by 5.70% to $2.64 trillion

• Bitcoin achieves all-time highs in euros and British pounds, with BTC/EUR surpassing €62,000 and BTC/GBP reaching £53,000.

• MicroStrategy announces plans for a $600 million investment in Bitcoin amidst soaring stock prices, reinforcing its position in the cryptocurrency market.

Major Events To Watch

Crypto Fear and Greed Index:

Although the 'Fear and Greed Index' currently sits at an exceptionally high level of 90 out of 100, indicating extreme optimism in the market.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $68,000 mark early Tuesday, nearing its all-time high of $69,000, indicating a potential for new record levels amidst the ongoing rally.

• #Ethereum ($ETH), Dogecoin (DOGE), #Solana (SOL), #Ripple ($XRP), and #Litecoin ($LTC) saw increases in their values.

• Memecoin #Shiba Inu ($SHIB) saw the most significant increase, with a 24-hour jump of over 97 percent.

• Conversely, #Fantom ($FTM) experienced the largest decrease, with a 24-hour dip of nearly 11 percent.

• Total crypto market volume over the last 24 hours: $179.35B, showing a 63.88% increase.

• DeFi volume stands at $11.33B, accounting for 6.31% of the total crypto market 24-hour volume.

• Stable coins have a total volume of $159.21B, representing 88.77% of the total crypto market 24-hour volume.

• Bitcoin dominance is at 52.88%, marking a 0.46% increase over the day.

Major Worldwide News Update:

• MicroStrategy plans to increase its Bitcoin reserves with a $600 million private offering of convertible senior notes, showcasing commitment to cryptocurrency investment. The announcement coincides with Bitcoin nearing $69,000, boosting MicroStrategy's stock by 23%. The company aims to reinforce its heavyweight status in the Bitcoin market with strategic acquisitions.

• #Bitcoin surges by 7.50%, nearing new all-time highs at $68,500, with a market cap of $1.340 trillion. Despite neutral sentiment, the rally is sustained, potentially surpassing $70K. Realized profits reach a three-year peak, while liquidations total over $134 million, with significant short liquidations. Holders initiate all-time high distribution, signaling market dynamics.

• Crypto markets await Fed's stance on rate cuts. Atlanta Fed hints at pausing rate cuts post-first cut to assess economic impact. Concerns about companies' response to cuts delaying further reductions. Uncertainty persists on rate cut timeline. Atlanta Fed also cautions on crypto transactions, advocating adherence to Federal Reserve guidelines.

• Ethereum surges past $3,700 amid a mega bull run. SEC delays BlackRock and Fidelity's Ethereum ETF decisions, seeking public feedback on concerns. Divided opinions on ETF approval. Ethereum price unaffected, focusing on upcoming EIP upgrade.

• Animal-themed memecoins, particularly dog, cat, and frog tokens, see explosive gains as crypto prices approach all-time highs. Dog tokens like DOGE and SHIB lead daily trading volumes, while WIF and POPCAT show significant gains, with Pepe emerging as a strong performer, despite previous declines.

• Donald Trump gains Supreme Court clearance for 2024 US elections, coinciding with Bitcoin's $65,000 milestone, boosting crypto markets. Biden's scrutiny of crypto mining energy consumption faces backlash, potentially alienating crypto voters. Forbes highlights 52 million American crypto owners, pivotal in elections, emphasizing the importance of digital asset understanding for presidential candidates in 2024.

• Coinbase faces glitches as Bitcoin soars. Users reported balance issues triggering concern amid a $100 billion market cap drop. Bitcoin price dipped on the platform during the outage. Despite assurances from Coinbase of asset safety, recurring zero balances and latency persist. Investigations ongoing. Market closely monitors Coinbase's performance amidst surging BTC dominance.

• Billionaire investor Mark Cuban backs Bitcoin's store of value, with a significant portion of his portfolio in BTC and Ethereum. He emphasizes Bitcoin's scarcity and demand dynamics. Cuban seeks an app to boost crypto adoption. Despite losses and legal entanglements in crypto, he remains bullish on Bitcoin over gold.

COIN GABBAR Views: Could Bitcoin (BTC) surge beyond $69K ATH, or is a correction looming? What are the prospects for Bitcoin's price hitting a new ATH in the coming hours? Will Bitcoin break through to $70K, or are there hurdles ahead? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto Daily Roundup, 04 March: Bitcoin Breaks $65K Barrier