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

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March, 8 2024

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Crypto Scoop

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Price gains, price predictions, market review, and more in this edition of the crypto scoop.

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
Bitcoin's Price Chart

Bitcoin's price chart

Price Moves of Top Cryptocurrencies

In a historic moment on March 5, 2024, Bitcoin smashed through its previous all-time high, surpassing the $69,000 mark against the U.S. dollar after 846 days. This achievement coincided with a record-breaking day for new Bitcoin exchange-traded funds (ETFs), with ten ETFs collectively achieving a staggering $10 billion in trading volume. Bloomberg's ETF analyst, Eric Balchunas, described the numbers as "bananas" for funds under two months old.
Simultaneously, Tether, the largest stablecoin by market capitalisation, achieved an unprecedented milestone, crossing the $100 billion market cap. The surge in Tether's value reflects the growing prominence of stablecoins in the cryptocurrency market. Amidst the excitement of Bitcoin, Ethereum experienced a surge, reaching $3,800 for the first time since December 2021, driven by anticipation for its upcoming Dencun upgrade. Solana also regained its 2-year high amidst the bull run. 

Tether co-founder William Quigley expressed optimism, suggesting that Bitcoin could surge to $300,000 during the peak of the current bull market. Quigley based his analysis on historical patterns and current market conditions, emphasising that it's a possibility rather than a definite prediction. Renowned author of the award-winning book, "Rich Dad, Poor Dad, Robert Kiyosaki echoed these bullish sentiments, predicting a Bitcoin price of $300,000 by the end of 2024.

Bitwise's Chief Investment Officer also emphasised the potential for Bitcoin to exceed $200,000 this year, attributing it to a "massive supply-demand dynamic." The CIO highlighted the transformative impact of spot Bitcoin ETFs, suggesting that Bitcoin is entering a new era of price discovery.
MicroStrategy, the world's largest corporate Bitcoin holder, announced a significant increase in its convertible debt offering to $700 million. The company intends to use the proceeds to acquire more Bitcoin and for general corporate purposes. As bitcoin's price soared during the week, MicroStrategy stock, MSTR, surged 24%, a milestone not seen for the company since 2000. MicroStrategy CEO Michael Saylor emphasised the remarkable success of new Bitcoin ETFs. According to Saylor, Bitcoin ETFs are now challenging gold ETFs and are poised to surpass S&P 500 Index ETFs. This unexpected growth positions Bitcoin as a major player in the traditional financial market.

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.