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Bitcoin Tumbles to Around $66,000 as Oil Prices Explode Nearly 20% Higher
Bitcoin remained under pressure on Sunday, extending last week's losses as global markets brace for another bout of volatility triggered by surging oil prices and ongoing tensions in the Middle East.
The world’s largest crypto is trading at roughly $66,456, down about 1.7% over the past 24 hours, according to CoinGecko data.
The token remains up about 1.4% over the past week, though it is down roughly 7.3% over the past month, reflecting choppy trading amid geopolitical tensions and macro uncertainty.
Saylor Signals Another Bitcoin Buy as BTC Hovers near $66K
Michael Saylor, the co-founder of Bitcoin treasury company Strategy, indicated on Sunday that the firm is buying more BTC, as the price hovers near the $66,000 level.
“The Second Century Begins,” Saylor said on X, as he shared the Strategy BTC accumulation chart that has become synonymous with impending BTC purchases.
Strategy’s most recent BTC purchase occurred during the last week of February, when the company bought 3,015 BTC for more than $204 million, bringing its total holdings to 720,737 BTC, valued at about $48.1 billion using market prices at the time of publication.
Coinbase Stores Over 12% of Global Crypto Assets, CEO Brian Armstrong Says
Coinbase stores more than 12% of all cryptocurrency assets in the world and provides services for thousands of financial institutions, Chief Executive Brian Armstrong said in a social media post.
Armstrong said the company has been serving institutions for over a decade. He added that this long-standing institutional focus is part of the reason Coinbase now stores more than 12% of global crypto assets and also serves the majority of U.S. spot crypto exchange-traded funds.
The CEO said Coinbase’s institutional platform, Coinbase Prime, has become “even more powerful now,” highlighting the company’s continued push to expand services for institutional clients.
Treasury Tells Congress Mixers Have Valid Privacy Uses, Recommends “Hold Law“ for Suspicious Crypto
The U.S. Treasury Department said in a new report to Congress that crypto mixers can serve valid financial privacy purposes, a notable shift from the agency that sanctioned Tornado Cash in 2022.
The 32-page report includes original Treasury data on stablecoin laundering flows, recommends Congress create a safe harbor “hold law” for freezing suspicious digital assets, and urges lawmakers to define which DeFi actors should face AML/CFT obligations.
Treasury disclosed that since May 2020, more than $1.6 billion in deposits from mixing services flowed into crypto bridges, with over $900 million going to a single bridge linked to North Korean laundering.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Friday was $348.83 million. The total net asset value of Bitcoin spot ETFs is $87.07 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.39%.
The Bitcoin spot ETF with the highest net outflow on March 6 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net outflow of $158.54 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Friday was $82.85 million. The total net asset value of Ethereum spot ETFs is $11.28 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.72%.
The Ethereum spot ETF with the highest net outflow on March 6 was Fidelity Ethereum Fund (FETH), with a net outflow of $67.57 million, according to SoSoValue.
Source: SoSoValue
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