Bitcoin Cash (BCH) has registered massive gains in the last few days, carving a 58% green candle on March 2. Meanwhile, the network’s hashrate surged to an all-time high record, which can fuel a continuation.

Notably, Bitcoin Cash has a $9.40 billion market cap – 130 times lower than the $1.20 trillion Bitcoin (BTC). Both originated from the same chain, created by Satoshi Nakamoto, and followed different paths in 2017 during the blocksize wars.

As of writing, BCH trades at $479, while BTC is at $61,840. This evidences the huge gap between them despite having the same economic fundamentals. Interestingly, Bitcoin Cash is rallying 78.5% in the weekly candle, moving from $268.

The recent surge is a continuation of the 185% gains observed in the two final weeks of July 2023. In particular, BCH broke from the 50-week exponential moving average (EMA), ranging slightly above the EMA since then.

Now, Bitcoin Cash tests a multi-year resistance and previous support in 2021. Breaking out from this zone could drive BCH’s price to last cycle’s highs at $1,642.5, for 240% gains.

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A Nigerian lawmaker is accusing Binance of violating the law, according to a report by the Punch newspaper.

The Punch report quotes the chairman of Nigeria’s House of Representatives Committee on Financial Crimes, Ginger Onwusibe, saying that the country’s constitution empowers lawmakers to “protect Nigerians from financial crimes, especially by foreign companies.”

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The last 24 hours saw ethereum’s (ETH) price swing from $3,411 to $3,537, encapsulating the volatile nature of the crypto market. A hefty trade volume of $20.02 billion and a market capitalization of $421.26 billion underline ether’s significant market presence on Monday.

Oscillators present a mixed picture; while the relative strength index (RSI) and Stochastic indicate neutrality, the commodity channel index (CCI) signals a bearish outlook, and momentum and moving average convergence divergence (MACD) levels suggest a bullish opportunity. Such divergence calls for cautious interpretation.

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The pioneering digital currency continues to challenge the supremacy of traditional fiat currencies, with several already succumbing to new peaks in their exchange rates against Bitcoin.

Earlier this Monday, Bitcoin recorded a new all-time high (ATH) against the Euro.

In fact, data from the cryptocurrency analysis platform RIVER shows that out of the top 20 fiat currencies, 14 of them have seen Bitcoin climb to unprecedented levels.

Alongside the Euro, the Japanese Yen, British Pound Sterling, Australian Dollar, Canadian Dollar, Chinese Yuan, New Zealand Dollar, Swedish Krona, South Korean Won, Norwegian Krone, Indian Rupee, Brazilian Real, South African Rand, among others, have all seen Bitcoin reach the highest levels ever recorded against them.

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Bitcoin (BTC), the world’s largest digital currency, has witnessed a 23.5% surge in the past seven days and is now eyeing its all-time high at $69,000, last witnessed in November 2021.

According to CoinMarketCap data, the price of BTC as of 10:37  p.m. ET on Sunday stood at $63,500, and the trading volume of the digital asset surged by 51.87% in the past 24 hours. Furthermore, the market capitalization of Bitcoin stands at $1.2 trillion.

It is crucial to note that Bitcoin is just 7.37% shy of its all-time high, and in the past 30 days, it has gone up by 47.2%, followed by a 183.8% increase in the past year, as per CoinGecko.

Notably, the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has played a major role in driving the prices of the leading cryptocurrency. As reported earlier, the volume of the newly approved nine spot BTC ETFs reached an all-time high of $7.69 billion on February 28 as Bitcoin surpassed $56,000.

BlackRock’s iShares Bitcoin Trust (IBIT) has been leading the sector when it comes to inflows and has surpassed over $10 billion in assets under management (AUM). On a year-to-date scale, this marks a whopping 35.2% gain. At the second position, Fidelity’s WiseOrigin Bitcoin ETF recorded an AuM of $6.55 billion.

While commenting on this recent rally of Bitcoin, Ben Armstrong, a prominent influencer in the digital asset space, confidently predicted that the current bull run would come to a stop on April Fool’s Day of 2025. On the other hand, legendary trader Peter Brandt predicted that the end of the current bull run would come in August or September 2025.

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Crypto investors are delighted over Bitcoin’s immense gains this year, rising 50% less than two months after the approval of U.S. Bitcoin spot ETFs in January.
Yet those gains may also be a source of uncertainty – especially for traders. Until this week, Bitcoin had never broken the highs of a prior bull market top until several months after its one-in-four-year “halving” event.

Now that it’s done so ahead of schedule, could the asset’s long-standing four-year market cycle be thrown completely out of whack?

“So far, it seems that the four-year cycle remains intact,” Julio Moreno, Head of Research at CryptoQuant, told Decrypt. The analyst noted that Bitcoin’s price still moved in line with the cycle when it tapped its low of $15,500 in November 2022.

The on-chain analytics platform relies on Bitcoin’s MVRV ratio as an effective metric for gauging Bitcoin bull and bear markets. The ratio compares Bitcoin’s market cap to “realized cap”—the sum value of all coins at the time they were last sold.

The higher the ratio, the more profit Bitcoin investors are sitting on, and the more incentive they have to start selling their coins—possibly marking a bull market peak.

“MVRV ratio still hasn't passed the 3.7 thresholds that would indicate a cycle top,” said CryptoQuant.

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South Korean authorities are set to probe Sam Altman’s Worldcoin following complaints about the unorthodox methods the iris-scanning firm uses to collect its data.

According to South Korea’s Personal Information Protection Commission, its investigation, which began on February 29, will establish if Worldcoin has breached the Personal Information Protection Act. The authority said “if violations are confirmed,” it will “take action in accordance with relevant laws and regulations.”

The press release, translated via Google, said the South Korea Worldcoin investigation will look into “the overall collection and processing of sensitive information and overseas transfer of personal information.” It also noted that Worldcoin and ‘affiliates’ are reportedly collecting facial and iris data in 10 locations across South Korea.

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In a recent post on X, Moreno shared how Bitcoin inflows into accumulation addresses increased significantly during the recent Bitcoin rally. However, he also noted that BTC rose so quickly that some indicators began signaling an overheating phase. One such indicator is the Bitcoin bull-bear market cycle indicator, which indicated an overheating phase when BTC reached $60,000.

Moreno’s post further explained that the last time the Bitcoin bull-bear market indicator signaled an overheating phase was in December of last year. The signal followed an 83% rally by the flagship crypto, after which BTC entered into consolidation.

Moreover, Moreno considered the Bitcoin miners’ reward situation. According to him, given the current Bitcoin market conditions, the Bitcoin miners are overpaid, suggesting that Bitcoin has entered an overheating phase. Similarly, the miners’ reward spiked in December 2023, when BTC rallied significantly.

In addition to the signals from the previous three indicators identified by Moreno, the Cryptoquant Head of Research also observed extremely high levels of traders’ unrealized profit. At 45%, Moreno believes this is an indication that BTC traders could result in a profit-taking process by selling their Bitcoins.

At the time of writing, Bitcoin traded for $61,942, marking a fourth consecutive day of sideways movement after reaching a season-high of $64,000, according to data from TradingView. This sideways movement is a price consolidation, suggesting the actualization of Moreno’s observations. Nevertheless, the pioneer crypto’s upside momentum remains intact, and users anticipate higher levels as the current bull cycle evolves.

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Tron (TRX) founder Justin Sun, who has been frequently talked about recently with Ethereum (ETH) and altcoin purchases, made a new post.

Justin Sun announced from his account X that a TRON-based NFT marketplace is about to launch.

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On March 4, 2024, Bitcoin (BTC) climbed above $65,300, less than $4,000 away from its all-time-high.

When writing, BTC fell below this value, currently trading at $65,1050 and having only 6% left until reaching the all-time high (ATH), according to CoinMarketCap. Trading volumes continue to hit new levels, with an 80% increase to $40 billion.

The fear and greed index reached 82 points, according to Coinstats. Over the past 24 hours, the indicator has decreased by one unit. “Extreme greed” is indicated on a scale with a value from 76 to 100. Such index indicators may indicate that FOMO sentiment is prevalent in the market.

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In a recent interview, Tom Lee, a well-known Bitcoin advocate and co-founder of Fundstrat Global Advisors, shared his views on the future of Bitcoin. Known for his bullish stance on Bitcoin since its early days, Lee's predictions have generally been accurate.

Lee's defense of BTC dates back a decade, when BTC was in its infancy and used primarily by a small group of individuals. Despite the skepticism surrounding Bitcoin at the time, Lee saw potential in BTC and remained bullish even when it was only worth a few hundred dollars.

When asked what he sees in Bitcoin that others do not, Lee pointed out that Bitcoin solves many problems in the monetary system:

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Peter Brandt believes that Bitcoin might face correction where majority of retail traders can buy it

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The crypto market has entered March with its foot firmly on the accelerator despite showing signs of a slight slowdown from its recent rapid ascent.

Bitcoin (BTC) has continued to hover around the $62,000 mark, showcasing a resilient stance amid varying market sentiments after its remarkable rally past the $60,000 threshold to a high of $64,000 at the end of February.

BTC was trading at $62,130 as of press time, with a market cap of $1.22 trillion, based on CryptoSlate data.

The bullish momentum raised expectations for March, hinting at the possibility of an even more remarkable rally. However, the market has momentarily slowed down as it consolidates gains before potentially moving higher.

On-chain data shows the stability is a result of strong investor confidence, evidenced by over 1 million addresses accumulating over 671,000 BTC within the $60,000 to $62,000 price range. This “accumulation zone” suggests potential future support for the flagship crypto.

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In his statement, Ki Young Ju, the founder and CEO of CryptoQuant, one of the most popular analysis companies in the cryptocurrency market, touched upon a claim that has recently spread especially in the crypto community on X.

Allegedly, due to the demand created by Bitcoin Spot ETFs, there was only 0.4 BTC left to be sold in the OTC (over-the-counter) Bitcoin market. This claim, which took place among the cryptocurrency community with the impact of the rise, was also shared by many influencers.

However, Ki Young Ju said in his statement that the claim that OTC companies have no BTC left is nonsense.

Stating that it is difficult to follow these transactions without sharing the cryptocurrency addresses of OTC companies themselves, CryptoQuant CEO said that when the addresses to which these companies send assets are examined, it is seen that they still have sufficient liquidity.

As an example, he cited Coinbase Prime's $7 billion OTC transaction last Friday.

Recent analysis has shown that the demand for BTC has increased 10 times the supply due to the influence of Bitcoin Spot ETFs.

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Bitcoin
BTC

tickers down
$65,183

starts a new week with bulls gunning for all-time highs as February’s BTC price transformation continues.

After a solid monthly close, the first weekly candle of March completed comfortably above $60,000.

As anticipation mounts of what might come next, sellers tacitly accept that there may be nothing in the way of Bitcoin heading into price discovery.

The scenario marks one of the most optimistic outcomes for 2024 and is considerably better than what many traders and analysts expected.

That said, plenty of volatility hurdles remain in place between now and the end of the month — and April’s block subsidy halving remains a pivotal moment in itself.

The action gets underway almost immediately with the United States Federal Reserve due to provide guidance on the state of the economy.

Should this offer no surprises for risk-asset traders, crypto already has enough to contend with — the exchange-traded funds (ETFs) may continue buying BTC. Still, the average investor is now acting out of “extreme greed.”

Can the market trajectory sustain its recent trend, or is a more substantial correction and consolidation period possible?

Cointelegraph looks at the current state of Bitcoin markets at what could become a watershed moment for the current BTC price cycle.

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As the general crypto market ecosystem is profitable for many, with the Bitcoin (BTC) price soaring above $65,500 earlier today, it has marked somewhat of a doomsday for over 90,000 traders. Data from CoinGlass places the current market liquidations at $248.52 million over the past 24 hours, a trend that "rekt" short traders.

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According to an X post, Marathon’s new Slipstream service has broken the record for the largest-ever Bitcoin block size. The block size, which was measured in raw bytes, clocked in at 3,990.36 kB or 3.9 MB.

Notably, this figure came from the largest single transaction that was embedded in the network at that size. This transaction featured a large image inscription related to the Runestone airdrop.

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The Daily Hodl

Grayscale CEO Michael Sonnenshein Says Pent-Up Demand for Bitcoin Driving BTC Price Following ETF Launch
Daily Hodl Staff March 3, 2024

The chief executive of crypto investment firm Grayscale says that repressed demand for Bitcoin (BTC) is driving up its price after BTC exchange-traded funds (ETFs) were approved in January.

In a new interview with CNBC Television, Grayscale CEO Michael Sonnenshein says demand that had been kept in check before the approval of the BTC ETFs is now serving as fuel for Bitcoin rallies.

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Prominent economist and gold advocate Peter Schiff has issued a stark warning to investors of Bitcoin exchange-traded funds (ETFs), predicting a potentially grim future for those betting on the cryptocurrency's ETF-driven rally.

According to Schiff, the surge in Bitcoin's price, which recently saw the digital currency reclaim the $67,000 level amid growing hype around Bitcoin ETFs, could be setting up for a dramatic reversal.

Schiff argues that the ETFs are "the tail that wags the Bitcoin dog." The ETFs have fueled Bitcoin's ascent, but they could also lead to its downfall due to a potential mismatch in supply and demand when investors decide to sell.

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