Weekly Crypto News Wrap-up for Feb 26-Mar 01, 2024

DailyCoin
3 min readMar 1, 2024

📉 This week, Bitcoin blasted through the $60k barrier all the way up to $64k; we close the week having turned $60 from resistance into support. This showcases the market’s current strength and investor confidence in sustaining this significant benchmark 🚀💪.

🌐 Ethereum’s ascent beyond the $3k mark has ignited a rally in the Layer 2 sector as the second-largest cryptocurrency by market cap takes the spotlight. This surge has propelled Layer 2 tokens to rally alongside Ethereum, sparking discussions on Ethereum’s potential to outperform Bitcoin in the coming year. The dynamic interplay between Ethereum’s gains and the Layer 2 market’s buoyancy highlights the evolving narrative of blockchain scalability and efficiency 📈🔗.

🔒 Europe’s introduction of a “kill switch” for smart contracts has stirred significant debate within the blockchain community, casting a shadow of uncertainty over the future of decentralized innovation. This regulatory measure, allowing authorities to terminate smart contracts, raises concerns about stifling creativity and limiting the blockchain’s inherent functionalities. The ambiguity of the regulations and their implications for developers and businesses emphasizes the ongoing tension between innovation and regulatory oversight 🚨📜.

💼 In less than two months, Bitcoin ETFs have remarkably accumulated 1.5% of BTC’s total supply, marking a significant milestone in assets under management. This record-setting accumulation coincides with Bitcoin’s rally to new yearly highs, reflecting the growing institutional and investor interest in Bitcoin as a legitimate asset class. The rapid growth of Bitcoin ETF holdings underscores the expanding footprint of cryptocurrency in traditional financial markets and the increasing mainstream acceptance of digital assets 💰🌍.

This week in crypto highlights Bitcoin’s resilience at maintaining key support levels, Ethereum’s significant impact on the Layer 2 market, regulatory challenges facing blockchain innovation in Europe, and the notable growth of Bitcoin ETFs, illustrating the vibrant and complex landscape of the cryptocurrency market 🌐🔥.

Let’s dive into this week’s heavy hitters:

📰 Bitcoin ETFs Top 300,000 BTC Holdings in Less Than Two Months

Bitcoin ETFs have amassed 1.5% of BTC’s total supply in under two months.

Read more: https://dailycoin.com/bitcoin-etfs-top-300000-btc-holdings-in-less-than-two-months/

📰 ETH’s $3K Success Breaths New Life into Ethereum L2 Market

Ethereum takes the reins as Bitcoin takes breather, sparking a Layer 2 rally.

Read more: https://dailycoin.com/eths-3k-success-breaths-new-life-into-ethereum-l2-market/

📰 USTC Rallies 25% Following Approval of 800M Burn Proposal

USTC makes a price leap following the approval of a proposal to burn 800 million tokens.

Read more: https://dailycoin.com/ustc-rallies-25-following-approval-of-800m-burn-proposal/

📰 Europe’s Blockchain “Kill Switch” and How It Affects You

Europe’s new “kill switch” for smart contracts throws blockchain innovation into uncertainty, raising concerns about the industry’s future.

Read more: https://dailycoin.com/europes-blockchain-kill-switch-and-how-it-affects-you/

📰 Here’s Why BitForex Is Stirring Exit Scam Fears Among Users

The exchange has halted user withdrawals, following significant withdrawal of funds from its hot wallets.

Read more: https://dailycoin.com/heres-why-bitforex-is-stirring-exit-scam-fears-among-users/

📰 MicroStrategy’s X Account Suffers Phishing Scam Cyberattack

MicroStrategy is the latest victim of a cyberattack on X (Twitter).

Read more: https://dailycoin.com/microstrategy-x-account-suffers-phishing-scam-cyberattack/

--

--

DailyCoin

Accurate and up-to-date news, opinions, and trends about cryptocurrencies, fintech, and blockchain technology. Learn more: https://dailycoin.com/