The crypto market experienced an uptrend this week, with Bitcoin (BTC) reaching a new all-time high above $70,000 amidst sustained spot BTC ETF inflows. Worldcoin (WLD) also saw price increases despite facing global regulatory challenges.

Bitcoin’s Record Highs

The ongoing uptrend in the crypto market led to increased trading volume, with BTC’s 24-hour volume hitting $40 billion for the first time since May 2021. Bitcoin reached a new all-time high of $69,170 on March 5, causing a ripple effect across the broader crypto ecosystem.

Following the ATH, traders closed positions, resulting in $1.05 billion in total liquidations within 24 hours. Bitcoin’s price briefly dropped below $60,000 on March 5 but later recovered, revitalizing the market.

BTC Surpasses $70k

Bitcoin’s recovery from the March 5 dip led to a market-wide upswing. Meme coins like dogwifhat (WIF), Floki (FLOKI), and Shiba Inu (SHIB) saw significant gains, with SHIB recording a 216% surge in seven days.

On March 8, Ethereum (ETH) reclaimed the $4,000 threshold for the first time since December 2021. Bitcoin surged to $70,330 on March 8, setting a new all-time high and entering a price discovery phase.

Sustained Inflows into Spot BTC ETFs

The market’s positive momentum was supported by continued demand for spot BTC ETF products, with significant inflows recorded. BlackRock’s iShares Bitcoin Trust (IBIT) saw daily inflows of $788 million on March 5, indicating growing institutional interest.

Although spot Ethereum ETFs are still under SEC scrutiny, the market remains optimistic about Bitcoin ETFs. South Korea is considering approving spot Bitcoin ETFs, following the success of U.S. ETF products.

Worldcoin’s Performance and Regulatory Issues

Despite facing regulatory challenges, Worldcoin (WLD) saw a price surge, reaching a new all-time high above $11. The project attracted attention with the appointment of new board members, including CEO Sam Altman.

Binance’s Exit from Nigeria

Binance’s conflict with Nigerian authorities escalated, leading to the exchange delisting all NGN pairs and leaving the country. Meanwhile, Do Kwon’s extradition to South Korea was approved, marking a significant development in the Terra case.

For more updates and insights on the crypto market, stay tuned to Global Crypto News.

Post Views: 4