Sophia Hashford
Jun 18, 2024Bitcoin Tops $70K, Worldcoin Spikes Despite Regulatory Woes, Binance Exits Nigeria
Bitcoin Reaches New Highs
Bitcoin has recently achieved a new all-time high, surpassing $70,000. This significant milestone reflects the ongoing bullish trend in the cryptocurrency market, driven by sustained spot BTC ETF inflows and increasing investor interest. On March 5, Bitcoin’s 24-hour trading volume hit $40 billion, marking the highest since May 2021. The digital asset clinched an ATH of $69,170 before experiencing some volatility, leading to a temporary dip below $60,000. However, Bitcoin quickly recovered, pushing past the $70,000 mark on March 8, setting a new record at $70,330.
Factors Behind Bitcoin’s Surge
Several factors have contributed to Bitcoin’s impressive performance. The continued inflows into spot Bitcoin ETFs have been a major driver. On the first day of the week, these ETFs attracted $562 million in inflows, despite Grayscale’s GBTC experiencing steady outflows. BlackRock’s iShares Bitcoin Trust led the charge, recording a daily inflow of $788 million on March 5. Additionally, favorable macroeconomic conditions, including potential monetary policy easing by the Federal Reserve, have bolstered Bitcoin’s appeal as a hedge against inflation and economic uncertainty.
Meme Coins and Altcoins Rally
The broader cryptocurrency market has also benefited from Bitcoin’s bullish momentum. Meme coins like Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB) have seen significant price increases. For instance, SHIB surged by 216% in seven days, while FLOKI gained 70% following a substantial burn of its circulating supply. Ethereum (ETH), the largest altcoin, reclaimed the $4,000 level for the first time since December 2021, highlighting the overall market uptrend.
Worldcoin’s Resilience Amid Regulatory Challenges
Worldcoin (WLD) has also experienced notable price movements, despite facing regulatory scrutiny. South Korean authorities launched an investigation into Worldcoin for potential privacy violations, and Spain temporarily banned its activities. Despite these setbacks, WLD surged by over 50% on March 9, reaching a new ATH above $11. This resilience is partly attributed to positive developments within the project, including the addition of new board members by OpenAI, the firm behind Worldcoin.
Binance Exits Nigeria
In other significant news, Binance has decided to exit the Nigerian market. The decision follows a series of confrontations with Nigerian authorities, including the detention of two Binance executives and accusations of complicity in the devaluation of the naira. Reports of a $10 billion fine further escalated the situation, leading Binance to delist all NGN pairs and effectively leave the country.
Do Kwon’s Extradition to South Korea
The legal troubles of Do Kwon, the founder of the collapsed Terra ecosystem, continued to unfold this week. An appeals court in Montenegro overturned a decision to extradite him to the U.S., opting instead for extradition to South Korea. The U.S. Department of Justice plans to appeal this decision, adding another layer of complexity to Kwon’s legal battle.
Conclusion
The past week has been eventful for the cryptocurrency market, with Bitcoin reaching new heights, meme coins and altcoins rallying, and significant developments impacting major players like Worldcoin and Binance. As the market continues to evolve, these events underscore the dynamic and often volatile nature of the cryptocurrency landscape. Investors and market participants will be closely watching how these developments unfold and impact the broader market in the coming weeks.
