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Home > News
Published: 01/04/2024
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Author: Kane
Weekly Crypto (25/03 – 31/03): Bitcoin Rebounds, Sam Bankman-Fried Sentenced
The last week of March witnessed continued activity in the crypto market as usual. Bitcoin saw a recovery, while FTX founder Sam Bankman-Fried was sentenced.
Azcnews Breaking
Table of Contents
Crypto Market Recap for the Past Week
In the last week of March, Bitcoin showed signs of recovery after a dip from its peak of 73K to around 60K. Currently, Bitcoin is hovering around the 70K mark after closing both the weekly and monthly candles of March. With the rebound to 70K, Bitcoin’s potential to break its all-time high is highly likely as institutional funds and whales continue to accumulate Bitcoin.
Btc Crypto
BTC
Following Bitcoin is Ethereum, the brainchild of Vitalik, which has also seen a slight recovery from 3150 to 3600. Although returning to its peak at 4000 is still a distant target, positive signals from Bitcoin suggest that reaching the 4000 mark is entirely plausible.
Eth
ETH
This week also saw the emergence of several trends such as RWA, DePin, and BRC-20, alongside the growth of existing trends like Memecoin and AI.
Top 10 Coins with the Highest Gains This Week
Increase
Source: Coinmarketcap
Top 10 Coins with the Highest Losses This Week
Decrease
Source: Coinmarketcap
Key Highlights:
Sam Bankman-Fried Sentenced to 25 Years in Prison for 7 Charges
Escalation of Tensions Between Nigeria and Binance
SEC Seeks $2 Billion Fine from Ripple (XRP)
Kucoin Faces FUD, KCS Price Plummets Instantly
Tether Expands Investment Portfolio into AI Category
Vitalik Buterin Shares Views on Memecoins
Binance Announces Listing of Ethena (ENA) on Launchpool
OKX Announces Listing of Venom (VENOM)
Macro Events this Week
This week will witness several crucial economic events that could cause significant market fluctuations.
Firstly, on Wednesday (03/04/2024), investors will await the ADP Non-Farm Employment Change. A result higher than forecasted will be seen as a positive signal, further strengthening the US economy and potentially boosting the USD.
The biggest highlight of the day will be in the late evening with a significant speech by Fed Chairman Jerome Powell. Powell’s remarks are always anticipated to provide insights into future monetary policy, significantly impacting global financial markets.
Moving on to Thursday (04/04/2024), the Initial Jobless Claims figure will be released. A larger-than-expected increase would be viewed as a negative sign for the labor market, potentially putting pressure on the USD.
Finally, the Non-Farm Payrolls for March will be announced on Friday (05/04/2024). This is an important indicator reflecting changes in employment compared to the previous month. A more positive result than forecasted could drive up the USD, while a lower-than-expected figure could have the opposite effect.
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Home > News
Published: 01/04/2024
-
Author: Leexim
LMAX CEO Foresees Bitcoin Trading in Six Figures
The CEO of LMAX Group shared his hope that in the future, bitcoin will trade at six-digit prices. He argues that by relying solely on supply and demand, and as bitcoin allocations of 3% - 5% of global wealth become widespread, we will see a significant increase in the price of bitcoin.
Azcnews (1)
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Bitcoin “democratizes” property for everyone
In a recent interview with CNBC, LMAX Group CEO David Mercer discussed the future of bitcoin and the impact of increased demand for spot bitcoin exchange-traded funds (ETFs). LMAX Group is a global financial technology company and a leading independent operator of multiple institutional execution venues for forex and cryptocurrency trading.
Bitcoin Chart
Bitcoin Chart
Mercer explains that if bitcoin becomes a standard part of investment portfolios, with “3% to 5% of every portfolio or asset in the world allocated to bitcoin”, we will see see a significant price increase. “Relying entirely on supply and demand – something we’ve never seen before,” he said:
“The price of bitcoin will increase more rapidly than it is now… I believe that in the more distant future – within 5 years, 10 years – this price will reach six digits, instead of just five digits like Currently.”
Impact of Bitcoin Spot ETF
Commenting on the impact of spot bitcoin ETFs and the increased appetite for cryptocurrencies, he shared: “If you look at all the institutions we serve – within the group, we work with 35 of the world’s top 40 banks, all the world’s major proprietary trading firms, and over 200 brokers – a group we had not previously considered banks.”
He continued: “They can engage in futures trading but not the actual trading. What you see today is the basis for these ETFs is the substance.” The moderator further explained:
“I think overall, this will make this asset class more democratic for everyone. It opens up market access from individuals to institutions.”
“What that means is that even high net worth people, private wealth managers in banks, can now offer products that give you direct exposure to the asset class,” said the director. LMAX executives continued: “I believe that over time, as all institutions become more comfortable with this asset class, you will see people get closer to owning that core asset, which is bitcoin, ethereum or solana.”
Related: Institutional Buying of Bitcoin Resumes in the US
Meanwhile, some analysts are increasingly optimistic about bitcoin, predicting that its price will increase significantly after the halving. For example, Standard Chartered Bank increased their price prediction for BTC from $100k to $150k this year. Bitwise’s chief investment officer also said that, over the long term, his company believes bitcoin is in a “strong bull market.”
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LATEST
Azcnews Breaking
News | Blockchain | Editor Choice 01/04/2024
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Azcnews Breaking
News | Altcoin | Editor Choice 31/03/2024
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