BetterX Recap: Updates this weeks Crypto News – 06 Mar 2024

BetterX Recap: Updates this weeks Crypto News – 06 Mar 2024

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The BetterX Trading Desk is pleased to share this week's crypto market update.

Major Crypto Highlights

·         Bitcoin price briefly tops AUD $105,024 (USD $69,200) for new all-time high and shrugging off high interest rates.

·         Bitcoin ETF, record volumes lead to second-best weekly inflows. $1.7 billion of net inflows last week — second only to the week spanning Feb. 12 to Feb. 16, during which that number eclipsed $2.2 billion.

·         The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.

·         21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency.

·         A recent report found that over half of fin-savvy Singaporeans own crypto, with staking emerging as one of the top use cases among all.

·         In the UK the secondary legislation approved during the week follows the passing of the Economic Crime and Corporate Transparency Act 2023.

·         The UAE is leading the world in pushing widespread adoption of crypto beyond the financial sector.

Trading Desk Insights:

·         Dogecoin (DOGE) rallied 95% in a week, but analysts signal that the bull run is only starting. Doge open interest tops $1.4B. Can Dogecoin repeat the 10x gains from previous cycles?

·         Bitcoin sellers put brakes on price discovery. The reaction followed new all-time highs for Bitcoin, with bulls waiting since November 2021 for BTC price discovery.

·         Asset manager BlackRock has filed an application with the SEC to acquire shares of Bitcoin ETFs for its own funds. The firm plans to do this through its Strategic Income Opportunities Fund.

Technical Analysis:

·         The S&P 500 has pulled back a bit since it gapped higher on Monday, and now it looks like we're getting close to a pullback. This is a market that we think will continue to rise, regardless of what happens, and of course, most indices around the world right now are being driven by a handful of stocks that nearly everyone owns. As a result, the same companies are driving everything higher as they always have.

Click here to download the full report: BetterX Recap: Updates this weeks Crypto News – 06 Mar 2024

Sources: https://www.coingecko.com/, https://coinpedia.org, https://www.coindesk.com/ and https://www.techinasia.com/

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