BTSE Weekly Digital Asset Report – March 15th

(As of 11:00 AM Singapore Time, March 15, 2024)

 

This week in the crypto market has been a rollercoaster of highs and lows, marked by significant price movements and strategic shifts within the industry. Early in the week, the crypto space was buoyed by optimistic news from the London Stock Exchange, announcing the acceptance of Bitcoin and Ethereum Exchange Traded Notes (ETNs), a landmark decision that propelled Bitcoin over the $70,000 threshold for the first time. On the heels of this news, Bitcoin (BTC) notably hit a new all-time high (ATH) of $73,000 earlier in the week. Ethereum also hit a milestone this week, breaking $4,000 on Tuesday for the first time in over a year. Both coins, however, faced significant recorrections as of this morning – Bitcoin is down almost 7% to $68,000, while Ethereum is down by a similar margin to $3,700. Solana (SOL) however emerged as a standout performer, benefiting from a rotation of capital that saw investors looking beyond the two largest cryptocurrencies for opportunities. According to QCP Capital, Solana could be on the brink of a significant run, potentially reaching $250 after clearing a key resistance level. 

 

• The London Stock Exchange (LSE) Opens Doors for Crypto ETNs: The LSE  is set to open its doors to the world of cryptocurrencies by accepting applications for bitcoin and ether exchange-traded notes (ETNs) starting in the second quarter of this year. These crypto ETNs, aimed at professional investors, will enable the trading of securities that follow the value of these digital assets directly on the LSE.

 

• El Salvador Expands Bitcoin Holdings: El Salvador has significantly increased its Bitcoin holdings, moving over 5,000 BTC into a cold wallet, nearly doubling the country’s previously known stash. President Nayib Bukele announced this major move on social media, emphasizing the nation’s growing investment in the cryptocurrency. 

 

• Dogecoin’s Leap Towards Tesla: Elon Musk, during an interaction at Tesla’s Berlin Gigafactory, hinted at the possibility of using Dogecoin (DOGE) to buy Tesla cars in the future. This statement followed requests from Tesla employees and SpaceX visitors to consider DOGE as an official payment method. 

 

• Solana Hits New Heights: Solana’s market capitalization soared to an all-time high of $81.1 billion, with its price rising by 10% amid increased activity related to meme coins on its network. This surge is attributed to the popularity of Solana-based meme coins like Dogwifhat (WIF) and Bonk (BONK). 

• Hong Kong’s CBDC Pilot: The Hong Kong Monetary Authority has initiated phase two of its e-HKD pilot, exploring the potential for Hong Kong’s future central bank digital currency (CBDC). This phase will assess e-HKD’s value in programmability, atomic settlement, and tokenization.

 

• zkBridge Creator Completes $20M Funding Round: Polyhedra Network, a Web 3 infrastructure provider known for its zkBridge zero-knowledge protocol, recently completed a $20 million funding round, reaching a valuation of $1 billion. This financing was led by Polychain Capital with contributions from Animoca Brands and others.