Crypto Scoop: Bitcoin Hits An All-Time High of $69,000 Amid Price Gains

This week, several cryptocurrencies surged to record prices amid positive market sentiments. In this edition of the Crypto Scoop, we review the following.

• Price moves of top cryptocurrencies
• Ethereum’s network fees and ETF 
• Binance’s Crypto Perfume

Ethereum Records Higher Network Fees

In the fast-paced world of Ethereum, recent developments are causing a stir among users and investors. The Ethereum network, a bustling hub for crypto and NFT transactions, is grappling with a surge in gas fees driven by the broader market's soaring prices. 

Etherscan reports that Ethereum's gas fees exceeded 174 Gwei on Monday, driven by a surge in network traffic. This surge has substantially increased the cost of transactions, with the average charge for a typical non-fungible token (NFT) transaction reaching a staggering $372.29. Customers are now facing exorbitant expenses even for seemingly routine activities like swapping profile pictures (PFPs) among friends.

For the second time, the Securities and Exchange Commission (SEC) has delayed the decision on BlackRock's proposed spot Ethereum ETF.BlackRock's application for the iShares Ethereum Trust, initially submitted in November, faced its first delay two months earlier, with the SEC citing the need for additional time. The recent delay extends the decision-making process beyond the March 10 deadline.

This delay is not an isolated incident, as the SEC has also pushed back decisions on spot Ethereum ETF applications from other major players, including Fidelity, Invesco, and Galaxy Digital. Analysts, notably Bloomberg's James Seyffart, predict ongoing delays until at least May 23, a crucial deadline for ETF applications from VanEck and Cathie Wood's investment firm Ark Invest.

Binance Launches Crypto Perfume In Celebration of International Women's Day

Binance, a crypto exchange, has taken an interesting approach to promote women's participation in the sector by unveiling a luxury fragrance named "Crypto." This aromatic initiative, launched on March 6 as part of the "Crypto is Yours" inclusivity campaign, aims to challenge the norms of the crypto space and appeal to a broader audience, particularly women.

Led by Binance's female marketing leaders, the fragrance campaign aligns with International Women's Day, celebrated on March 8. Rachel Conlan, Binance's Chief Marketing Officer, emphasised the campaign's inspiration from beauty advertising conventions while highlighting the invaluable contributions of women in the crypto space. Conlan urged women not to be bystanders, encouraging them to break glass ceilings and actively participate in the digital transformation reshaping global finance.

Despite the campaign's intentions, it faced an unexpected backlash within the crypto community. The perfume, humorously dubbed "Eau de Binance" or simply "CRYPTO," became the focal point of criticism. Initially designed to break down barriers and attract women to the crypto revolution, the campaign backfired as some labelled it clumsy and even sexist. The unconventional strategy sparked a debate within the community about the effectiveness of such marketing tactics in promoting inclusivity and bridging the gender gap in the crypto industry.