Weekly Crypto Market Update: 4th March 2024
Weekly Crypto Market Report: 4th March 2024
The crypto market is abuzz with activity this week, as Bitcoin, the leading cryptocurrency, hits a two-year high, propelling the global market cap past a staggering $2 trillion mark. This milestone comes as BlackRock’s spot Bitcoin ETF achieves a groundbreaking feat, surpassing $1 billion in daily trading volume. The net inflows of Bitcoin ETFs have also surged, exceeding $7 billion, indicating a growing interest in digital assets among institutional investors.
In other news, the US government’s crypto wallets have seen significant movement, with nearly $1 billion of seized Bitcoin being transferred. Meanwhile, Grayscale’s Bitcoin ETF has recorded its lowest outflows since its conversion, suggesting a stabilizing trend in investor sentiment.
However, not all is smooth sailing in the crypto space. BitForex exchange has halted withdrawals and is no longer responding to users, raising concerns among traders. Additionally, UK law enforcement is set to gain more power in seizing crypto assets, signaling a potential crackdown on illicit activities in the digital currency realm.
On the economic front, the US economy appears to be on a firmer footing, with preliminary quarter GDP data indicating a positive trajectory into the first quarter.
What to Watch
- Bank of Japan Governor Ueda Speaks at FIN/SUM 2024: On Monday, the focus will be on Bank of Japan Governor Ueda’s remarks at the FIN/SUM 2024 event, where he is expected to provide insights into the country’s monetary policy.
- Australia’s Quarter GDP Report: Tuesday will see the release of Australia’s quarter GDP report, shedding light on the country’s economic performance.
- Jerome Powell Testifies: Wednesday will be a busy day, with Jerome Powell testifying on the Semi-Annual Monetary Policy Report. Additionally, Jolts Job Openings data and the Bank of Canada Press Conference will provide further insights into the economic landscape.
- ECB Press Conference: Thursday will feature the ECB press conference, along with the monetary policy statement and refinancing rate announcement, offering valuable information on the Eurozone’s economic outlook.
- US and Canada Employment Data: Friday will see the release of US and Canada employment data, providing a comprehensive view of the labor market in both countries.
Stay tuned for more updates on the dynamic crypto market and key economic events shaping the week ahead! 📈💼🌐 #CryptoMarket #Bitcoin #ETFs #EconomicIndicators #WeeklyUpdate
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