Market Overview (Mar 4–Mar 10): Bitcoin Breaks ATH and Tether’s Market Cap Peaks

Key Points

• BlackRock applies to purchase a Bitcoin ETF, while the SEC defers the decision on an Ethereum Spot ETF.
• Tether reaches a record market cap of 100 billion USD, signifying increased trust in stablecoins.
• Bitcoin Breaks ATH and AEVO are set to be listed on Binance.

Uncover the latest in crypto with Bitcoin Breaks ATH, BlackRock’s Bitcoin ETF, rising NFT trends, regulatory updates, and promising projects like AEVO.

Last week’s highlights big news (Mar 4–Mar 10)

In recent news, BlackRock, has applied to their ‘Income Opportunities Fund’ to be able to purchase a Bitcoin ETF that they issue. Meanwhile, the SEC has deferred a decision on BlackRock’s proposal for an Ethereum Spot ETF, requesting public feedback before making a decision.

In the NFT space, NodeMonkes, a Bitcoin NFT project, has set a record by selling an NFT for 1 million USD, highlighting the rising popularity of Bitcoin Ordinals. Tether has reached a new milestone with a record market cap of 100 billion USD. This achievement indicates the growing adoption and trust in stablecoins.

The Personal Information Protection Committee of Korea (PIPC) has initiated an investigation into the Worldcoin project due to concerns about collecting personal data through retina scans in exchange for WLD tokens.

In litigation news, the Fantom Foundation sued Multichain in July 2023, seeking 65 million USD in compensation following a loss of 210 million USD.

In government adoption news, the Arizona State Senate is considering investing a portion of the state’s pension fund into a Bitcoin Spot ETF, demonstrating the increasing acceptance of Bitcoin as an investment.

In regulatory news, Bitstamp has received approval from Singapore’s regulatory agency (MAS) to provide crypto services, expanding its reach in Asia. In a recent court-approved agreement, BlockFi will receive 874.5 million USD to reimburse their customers, including significant amounts from FTX and Alameda Research.

In international collaboration, Tether has signed an MOU with the agency responsible for managing and developing crypto in Uzbekistan. The collaboration aims to make Uzbekistan a P2P and blockchain hub, promoting the development and application of blockchain technology, stablecoins, and digital asset tokenization.

Lastly, Revolut has partnered with MetaMask to provide the Revolut Ramp feature. This allows UK and European Economic Area (EEA) users to buy crypto directly into their MetaMask wallet, enhancing the ease of transactions for crypto users.

Read more: Bitcoin Spot ETF Explained: All Things You Need To Know!

Macroeconomics (Mar 4–Mar 10)

In a recent hearing at the House of Representatives, FED Chairman Jerome Powell reiterated his expectations for a decrease in interest rates later this year. However, the timeline remains unspecified. The Chairman emphasized the delicate balance that the FED must maintain. Reducing interest rates too quickly could increase inflation risk while delaying could threaten economic growth.

Economic data has shown exciting trends. US nonfarm payrolls surpassed expectations, with a 275,000 increase against an estimated 198,000. The US unemployment rate also slightly exceeded predictions, reaching 3.9% compared to the anticipated 3.7%.

Major events this week

Tuesday: CPI Inflation Rate

• CPI: Estimated 3.1% | Last Month: 3.1%
• Core CPI: Estimated 3.7% | Last Month: 3.9%

This will be the final CPI index before the FED meeting on March 20th.

• Wednesday: Ethereum Dencun Upgrade on March 13th

Read more: Bitcoin Price Prediction For 2024, 2025, 2026, and 2030: Super Crypto Bull Run

Prediction Market Crypto (Mar 4–Mar 10)

Bitcoin (BTC) has recently made history by surpassing the previous cycle’s all-time high (ATH). This significant event occurred on the eve of halving, leading to a positive market response. The surge in FOMO from ETF funds further stoked the market’s enthusiasm.

The meme trend on the Ton platform has been noteworthy in the trend space. However, there haven’t been any standout trends this week. Instead, the focus has remained mainly on Ethereum (ETH)-centered projects.

A project to watch is AEVO, which is set to be listed on Binance soon. AEVO was founded by an impressive team, including former Coinbase and Goldman Sachs professionals. The project has already raised USD 16.6 million through three funding rounds and has attracted prestigious backers.

AEVO’s tokenomics are well-distributed, with the DAO Treasury, Team, and Private Sale accounting for most allocations. AEVO has been pre-trading on its platform and is predicted to reach 3-4$ upon its Binance listing. As Perp Dex moves to Tia, AEVO’s potential for a breakthrough pump is being closely watched.