Last week, Bitcoin (BTC) experienced a significant price increase, with spot BTC ETFs reaching all-time high volumes and Bitcoin retesting $64,000. Nigeria imposed a $10 billion fine on Binance, and Elon Musk filed a lawsuit against OpenAI CEO Sam Altman.

Spot BTC ETFs Record High Volumes as Bitcoin Retests $64k

Bitcoin started the week strong, surpassing the $56,000 mark on Feb. 27, leading to increased buying pressure and bullish sentiment among futures traders. The cryptocurrency continued to climb, reclaiming $59,000 on Feb. 28, with whale transactions and social volume both surging.

Market data confirmed that spot BTC ETFs attracted significant interest, setting new volume records on Feb. 25 and 26. Bitcoin’s bullish momentum pushed it above key resistance levels, reaching $64,000 on Feb. 28, driven by a combination of reduced supply and increased demand.

Custodia Bank CEO Caitlin Long and Bitwise CIO Matt Hogan highlighted the supply shortage in the market, attributing the price surge to a lack of available BTC tokens. Several financial institutions, including Bank of America and Wells Fargo, announced plans to support spot Bitcoin ETFs for their clients.

Coinbase Crash and MicroStrategy’s Bitcoin Purchase

The price surge led to a surge in social interest, causing temporary issues on the Coinbase exchange. MicroStrategy Chairman Michael Saylor revealed that the company acquired an additional 3,000 BTC, increasing its total holdings to 193,000 BTC valued at $6.09 billion.

Meme Coin Rally: SHIB, PEPE, WIF, DOGE, and FLOKI Surge

Meme coins experienced a resurgence, with SHIB, PEPE, WIF, DOGE, and FLOKI posting significant gains. Dogwifhat (WIF) led the pack with a 439% increase, followed by PEPE with a 314% surge. FLOKI, SHIB, and BONK also saw notable price gains.

Nigeria Fines Binance $10b

While the global crypto market flourished, the Nigerian naira struggled against the dollar, prompting emergency measures by the Central Bank of Nigeria. The CBN targeted local bureau de change operators and later focused on crypto P2P traders, leading to a $10 billion fine on Binance for its alleged role in the naira’s devaluation.

Elon Musk Sues OpenAI’s Sam Altman

Elon Musk filed a lawsuit against OpenAI CEO Sam Altman over the organization’s shift from a non-profit to a for-profit entity. The lawsuit impacted OpenAI’s Worldcoin token, which experienced a 5% decline in value.

For more cryptocurrency news and updates, visit Global Crypto News.

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