Key Points | March 5, 2024 | Bitcoin Approaches All-Time High

Welcome to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.

Crypto Price Update

Market News

• Bitcoin is approaching all-time high levels. The latest price should be reflected below:

• The recent price increase is attributed partly to a short squeeze, where traders who bet on Bitcoin’s price going down are forced to buy it back to cover their losses, further driving the price up.
• BTC balance in exchanges appear to tick higher again as per CoinGlass.

• The number of new investors are increasing in Bitcoin, as data from Cryptoquant suggests:
  • “The percentage of 1-day to 1-week investors has jumped to a whopping 10.62%, which is similar to October ’20 at the beginning of the last cycle’s bull rally or October-November ’21 at the peak.”

• While Bitcoin is grabbing the headlines, other major cryptocurrencies like Ethereum and Dogecoin are also experiencing significant price increases. The most updated price of Ether is below.

Memecoin Rally

• Memecoins have rallied 200% on avaerage in the past week, led by Dogecoin, Shiba Inu, and PEPE.
  • Dogecoin – 30%
  • Pepe – 500%
  • Shiba Inu and Bonk – 150%

Local Crypto Philippines News

• Coins.ph TradeDesk, its service for high volume traders reached ₱8 billion in trading volume in January 2024 alone.
• Philippines dominates web3 game Pixels airdrop.

Fintech landscape

• GCash gets approval for more overseas expansion.
• Atty. Hubert Dominic Guevara has been appointed as the newest commissioner of the Securities and Exchange Commission.

Noteworthy

• Gas fees surge on Ethereum ahead of the Dencun upgrade.
• U.S. SEC delays decision on Ether ETF.
• Cryptopunk NFT sold over $16 million.
• Tether’s USDT stablecoin reaches $100 billion in market capitalization.
• Hong Kong issues warning vs BitForex.
• Short sellers are losing $110K per minute.
• Former Binance executives launch new crypto exchange.

This article is published on BitPinas: Key Points | March 5, 2024 | Bitcoin Approaches All-Time High

Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
• BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.