Bitcoin‘s value has surged past the $71,500 mark, indicating strong buyer support at lower price levels. This upward trend coincides with sustained net inflows into exchange-traded funds (ETFs) over the past day. With the Bitcoin block reward halving imminent, institutional investors are showing heightened interest.
Market Overview of Digital Currencies
The total market capitalization of cryptocurrencies is currently at $2.66 trillion, with a 24-hour trading volume of $103 billion, despite a 10% drop in volume. Bitcoin’s dominance in the market is robust at 52.3%. It has seen an 8% increase in the past week. Other cryptocurrencies like CORE, DOGE, and FLOKI have experienced a notable 15% jump in value.
Consequences for SBF’s Misconduct
Months after the FTX scandal, its former CEO Sam Bankman-Fried is now facing a 25-year prison sentence. Judge Lewis Kaplan highlighted the gravity of SBF’s multiple serious offenses, dismissing the defense’s claims and noting that his courtroom behavior was unlike anything the judge had witnessed in his career.
Additional Key Events
In other news, Bitwise has put forward an S-1 filing for an Ethereum ETF. Investigations are underway regarding a massive $20 billion cryptocurrency transaction to Russian exchange Garantex by the US and UK authorities. The US revealed its GDP numbers, exceeding expectations. Inquiries have also been initiated into QuadrigaCX co-founder Michael Patryn’s assets, while BlackRock’s IBIT reported significant daily inflows. Bitcoin itself hit a new high at $71,552.
Looking ahead, the market anticipates crucial macroeconomic data and further clarification on ETF inflows. As the weekend and end of March near, we may see increased market volatility.