News Room

8 3 月, 2024

BTSE Weekly Digital Asset Report – March 8th

BTSE Weekly Digital Asset Industry Report Dec 1st

Welcome to this week’s market roundup, where we navigate through the labyrinth of the crypto market’s recent fluctuations. This week was nothing short of a rollercoaster for digital currency enthusiasts, with Bitcoin taking the spotlight for its large fluctuations. During these fluctuations, Bitcoin soared to an impressive high of almost $69,000, only to experience a sharp downturn, dropping to lows of $61K before making a swift recovery back to $67,000 by this Friday morning. This ‘V-shape’ correction has stirred a wave of optimism among analysts, who are now eyeing a potential surge to $76,000. Similarly, Ethereum demonstrated remarkable resilience; after plunging from its peak of $3.8K to $3.3K, it bounced back, achieving weekly highs post-recovery. While Bitcoin took the spotlight this week – as it often has done in recent months – sentiment around Ethereum is no less positive, as Bitwise analysts projecting a bullish run for Ethereum up to $10,000—a figure that may have seemed far-fetched just a year ago when the token was valued at $1.4K, but far less so now—there’s a palpable sense of anticipation for what the future holds. 



  • Tesla and SpaceX’s Bitcoin Holdings: Elon Musk’s companies, Tesla and SpaceX, have been discovered to collectively hold approximately $1.3 billion in Bitcoin, according to a report by Arkham Intelligence. The analysis reveals that Tesla’s and SpaceX’s Bitcoin assets are substantially more than previously estimated.


  • UK Treasury Moves Towards OECD Crypto Regulation: The UK Treasury has begun a consultation to adopt the OECD’s crypto asset reporting framework by 2026, targeting tax non-compliance in the crypto market. This move is expected to not only increase revenue but also set a benchmark for global crypto regulation, emphasizing transparency and compliance within the sector.


  • Nirvana Cloud for Blockchain Applications: Nirvana Labs introduces Nirvana Cloud, a cloud computing service tailored for blockchain applications, aiming to provide a more efficient alternative to traditional cloud services like AWS and Google Cloud. With $1.7 million in pre-seed funding, Nirvana Cloud boasts clients such as Chainlink and Avalanche. 

  • JPMorgan’s Analysis on Bitcoin vs. Gold: JPMorgan analysts have deemed it unrealistic for Bitcoin to match gold in notional amounts within investors’ portfolios. Despite Bitcoin surpassing gold in volatility-adjusted terms, the significant difference in risk levels—Bitcoin being about 3.7 times more volatile—means its notional portfolio allocation would be substantially lower compared to gold.


  • Philippine Central Bank Advances Project Agila: The Bangko Sentral ng Pilipinas (BSP) is advancing with Project Agila, a pilot project for a wholesale central bank digital currency (wCBDC) set to complete by year-end, aiming to democratize access to securities with lower fees and smaller issue sizes for everyday Filipinos. 
Share this Post

Share This Post

Related Posts