The Crypto Roundup: 15 March 2024 | CryptoCompare.com

Bitcoin’s record-breaking streak came to an end, with the world’s leading cryptocurrency experiencing a pullback after reaching a new all-time high for the fifth time in just seven days.

Global investment firm VanEck, whose spot Bitcoin exchange-traded fund (ETF) has recently seen its trading volume surge, has revealed it sees a bright future for spot Ether ETFs.

El Salvador, the first country to adopt Bitcoin as legal tender, has taken a significant step in securing its cryptocurrency holdings by moving a large portion of them into a cold wallet, and in doing so revealed to have more Bitcoin than what was publicly known.

Top stories in the Crypto Roundup today:

• Bitcoin Price Retreats After Setting Fifth Record High in a Week
• Spot Ether ETFs Could Outshine Bitcoin ETFs: VanEck
• El Salvador Reveals Larger-Than-Expected Bitcoin Reserves
• Crypto Market Movers – PEPE, WIF, AIOZ

Bitcoin Price Retreats After Setting Fifth Record High in a Week

Bitcoin’s record-breaking streak came to an end, with the world’s leading cryptocurrency experiencing a pullback after reaching a new all-time high for the fifth time in just seven days.

The volatile digital asset fell as much as 9.2% to $66,578, shedding its earlier gains that saw it climb to a peak of $73,603. This decline mirrored a broader risk aversion across financial markets, with investors opting for safer havens.

Ether, the world’s second-largest cryptocurrency by market capitalization, followed suit, experiencing a dip alongside other prominent tokens like Avalanche and Litecoin in a wider cryptocurrency market pullback.

The market shift comes on the heels of a fresh inflation report that stoked concerns about the Federal Reserve’s monetary policy. The hotter-than-anticipated data reinforced expectations that the central bank will maintain interest rates at their current levels, or even raise them, to combat rising inflation.

Optimism over a potential easing of the Federal Reserve’s stringent monetary policies has fueled significant upswings across various asset classes, including equities, bonds, and cryptocurrencies, but now analysts are weighing whether markets are vulnerable to a pullback.

Spot Ether ETFs Could Outshine Bitcoin ETFs: VanEck

Global investment firm VanEck, whose spot Bitcoin exchange-traded fund (ETF) has recently seen its trading volume surge, has revealed it sees a bright future for spot Ether ETFs.

VanEck Portfolio Manager, Pranav Kanade, noted that he believes “the market size for a spot ETH ETF is potentially as big if not bigger than the spot bitcoin ETFs.” Spot Bitcoin ETFs have been extremely successful, generating over $10 billion of net inflows in about two months.

Kanade highlighted there’s vast interest among investors in assets that produce cash flow, and ETH stands out because it generates fees that benefit its holders. While an ETF might not include staking options, he said, ETH remains a revenue-generating asset, which could make ETH more appealing to a broader audience than Bitcoin.

Unlike Bitcoin, which utilizes a Proof of Work consensus mechanism, Ethereum relies on Proof of Stake, which allows ETH holders to earn by “staking” their tokens, essentially validating transactions on the blockchain. Platforms like Coinbase and Kraken facilitate on-chain staking for their users.

The odds of spot Ether ETFs being approved have recently been lowered, however, with Bloomberg analysts setting their chance of approval at 30%.

El Salvador Reveals Larger-Than-Expected Bitcoin Reserves

El Salvador, the first country to adopt Bitcoin as legal tender, has taken a significant step in securing its cryptocurrency holdings by moving a large portion of them into a cold wallet, and in doing so revealed to have more Bitcoin than what was publicly known.

President Nayib Bukele announced on X (formerly Twitter) the transfer of “a big chunk” of the country’s Bitcoin to a cold wallet that will be stored in a physical vault within El Salvador’s territory, framing the initiative as the nation’s “first Bitcoin piggy bank.”

The president accompanied his post with a screenshot revealing the cold wallet address, which had received 5,689.69 Bitcoin. At the time of the announcement, this amount equated to roughly $406 million, nearly double the previously estimated national Bitcoin holdings of $200 million according to public trackers.

While President Bukele previously announced Bitcoin purchases on social media, this is the first time a specific address associated with the national holdings has been revealed.

Crypto Market Movers – PEPE, WIF, AIOZ

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Pepe (PEPE) – Pepe (PEPE) is a digital currency positioned as the next step in the evolution of meme coins, leveraging the memetic power of Pepe, a recognizable internet meme. Launched without any presale or taxes, PEPE aims to be a coin for the people, with its liquidity provider tokens burned and contract renounced.

Dogwifhat (WIF) – Dogwifhat is a cryptocurrency that operates on the Solana platform. It is a meme cryptocurrency, drawing inspiration from the Dogwifhat meme and is categorised alongside other dog-themed tokens like BONK, FLOKI, and BONE, which have gained popularity recently. The token has seen a significant surge in value, indicating its growing attention in the cryptocurrency community​​.

AIOZ Network (AIOZ) – AIOZ Network is a distributed CDN built on its own Blockchain. On AIOZ Network, users share redundant memory, storage and bandwidth resources to create a vast CDN capable of powering streaming platforms anywhere in the world. It aims to change the way the world streams videos.

State of the Crypto by Top Tier Exchange Volume

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