Market Update - March 7, 2024
- BTC ATH breaks historical four-year halving cycle trend: Bitcoin (BTC) broke above the $69,000 mark this week, setting a new all time high of $69,324 on Tuesday morning. Despite common consensus of a post-halving bull run in the cards, like others that occurred in past four-year cycles, the market appears to be responding positively to the upcoming BTC halving and moving earlier than anticipated.
- ETH holds firm despite sell off and ETH ETF delays: A sell-off following the BTC price run, as well as the SEC’s announcement to delay the decision deadlines on the spot Ethereum (ETH) ETF applications from Blackrock and Fidelity, had little impact on the price of ETH, with the market focusing on the anticipated launch of the network's Dencun upgrade, which is set to go live in the coming days.
- Michael Saylor's MicroStrategy is looking to raise 600M to buy more BTC: MicroStrategy (MSTR) has announced plans to raise 600M by selling convertible debt in a private offering, for the alleged purpose of acquiring more bitcoin, taking advantage of the recent price run, and adding to its 193,000 BTC stack.
- Meme coin mania is back: Momentum gathered for the six meme coins currently populating the top 100 list of cryptos by market cap, with multiple triple-digit percentage gains across the board, made up of DOGE, SHIB, PEPE, BONK, WIF, and FLOKI. Coinmarketcap data currently show the aggregate market cap of all meme coins standing at approximately 60B, with 30B in trading volume over the past 24 hours. The flurry of activity particularly across meme coins may suggest retail investors are beginning to return to the market or new retail participants are entering the market..
- Soon, but not too soon for US interest rate cuts: Federal Reserve Chair Jerome Powell told House lawmakers on Wednesday that interest rate cuts are likely "at some point" in 2024, but not in the near future.
⏳ Topic of the Week: What is the Bitcoin halving?
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