Bitcoin

Shiba Inu

Elon Musk

<p class="is-style-lead">Last week<strong> </strong>saw a major price uptick that led to Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) retesting $64,000 as spot BTC ETFs recorded all-time high volumes. Meanwhile, Nigeria fined Binance $10 billion over allegations of currency manipulation and Elon Musk sued OpenAI CEO Sam Altman.</p> 
<h2 class="wp-block-heading" id="spot-btc-etfs-see-record-volumes-amid-64k-retest">Spot BTC ETFs see record volumes amid $64k retest</h2> 
<ul> 
 <li>Bitcoin began the week on favorable grounds, eventually breaching the $56,000 threshold on Feb. 27 amid an uptick in buying pressure. This upsurge rekindled bullish optimism, with futures traders <a href="https://crypto.news/bitcoin-surpasses-56k-traders-betting-on-further-rise/">betting</a> on a more substantial price rally.</li> 
</ul> 
<ul> 
 <li>The asset rode on this bullish momentum to <a href="https://crypto.news/bitcoin-surpasses-the-59k-mark-whales-on-the-way/">reclaim</a> the $59,000 mark on Feb. 28, with whale transactions seeing an observable surge. Social volume also skyrocketed, as bullish discussions picked up.&nbsp;</li> 
</ul> 
<ul> 
 <li>Data from Santiment confirmed that spot BTC ETFs have continued to command increased interest among market participants, <a href="https://crypto.news/spot-bitcoin-etfs-record-new-trading-volume-aths-in-2-straight-days/">recording</a> two consecutive ATH volumes on Feb. 25 and 26.</li> 
</ul> 
<ul> 
 <li>BTC continued its bullish momentum, pushing above the pivotal psychological resistance levels from $61,000 through $63,000, as it <a href="https://crypto.news/bitcoin-64000-2024-bull-run/">retested</a> the $64,000 zone on Feb. 28.&nbsp;</li> 
</ul> 
<ul> 
 <li>Data suggested that the rally was driven by a confluence of reduced supply and increased demand, as spot BTC ETFs procured more BTC tokens than what was released by miners.&nbsp;</li> 
</ul> 
<ul> 
 <li>On March 1, Custodia Bank CEO Caitlin Long also confirmed that the Feb. 28 surge was primarily driven by dried-up supply. She <a href="https://twitter.com/CaitlinLong_/status/1763406812802613601?t=d7s8LlOJ-ral3xA8YYU_Ww&amp;s=19" target="_blank" rel="noopener">disclosed</a> that at the time OTC desks only had about 40 BTC tokens to sell amid a surge in demand.&nbsp;</li> 
</ul> 
<ul> 
 <li>Moreover, Bitwise CIO Matt Hogan, while speaking on a CNBC interview, <a href="https://crypto.news/institutional-investors-poised-to-fuel-major-surge-in-bitcoin-etf-adoption-bitwise-predicts/">suggested</a> that Bitcoin is seeing too much demand and not enough supply. According to him, spot BTC ETFs would witness an increase in institutional investments.</li> 
</ul> 
<ul> 
 <li>On Feb. 29, Bank of America and Wells Fargo <a href="https://crypto.news/bank-of-america-wells-fargo-bitcoin-etfs/">revealed</a> plans to support spot Bitcoin ETFs for their clients amid the increased demand and the Bitcoin upsurge.</li> 
</ul> 
<h2 class="wp-block-heading" id="coinbase-crashes-microstrategy-adds-to-its-stash">Coinbase crashes; MicroStrategy adds to its stash</h2> 
<ul> 
 <li>The massive price uptrend triggered a substantial increase in social interest, as market participants aimed to jump on the moving train. American exchange <a href="https://crypto.news/coinbase-crash-bitcoin-zeroes/">recorded</a> a surge in activity, leading to a momentary crash, seeing their balances reduced to $0 amid other issues.&nbsp;</li> 
</ul> 
<ul> 
 <li>Before the monumental price surge, MicroStrategy Chairman and Bitcoin bull Michael Saylor confirmed that the company had again augmented its BTC stash.&nbsp;</li> 
</ul> 
<ul> 
 <li>Saylor <a href="https://crypto.news/microstrategy-bitcoin-for-155m/">disclosed</a> on Feb. 26 that MicroStrategy purchased 3,000 BTC tokens for $155 million between Feb. 5 and 25. The latest purchase brought its total holdings to 193,000 BTC procured with a total of $6.09 billion.</li> 
</ul> 
<h2 class="wp-block-heading" id="meme-coin-rally-shib-pepe-wif-doge-and-floki-record-gains">Meme coin rally: SHIB, PEPE, WIF, DOGE and FLOKI record gains</h2> 
<ul> 
 <li>Amid the market resurgence, meme coins saw an impressive <a href="https://crypto.news/meme-coin-mania-shiba-inu-floki-dogwifhat-surge/">awakening</a> toward the end of the week, recording massive price surges.&nbsp;</li> 
</ul> 
<ul> 
 <li>As a result, the top 5 weekly gainers, as identified by CoinMarketCap, are all meme coins. Newcomer Dogwifhat (WIF) is atop the list with a 439% surge in the past week, while Pepe (<a href="https://crypto.news/price/pepe/">PEPE</a>) secures second, having rallied 314%.</li> 
</ul> 
<ul> 
 <li>Floki (<a href="https://crypto.news/price/floki/">FLOKI</a>) has also surged 310% amid the <a href="https://crypto.news/floki-token-burn-security/">decision</a> to burn 2% of its circulating supply. Also, Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>) and BONK (<a href="https://crypto.news/price/bonk/">BONK</a>) are up 126% and 112%, respectively.</li> 
</ul> 
<h2 class="wp-block-heading" id="nigeria-fines-binance-10b">Nigeria fines Binance $10b</h2> 
<ul> 
 <li>While the global crypto market recorded substantial price gains, the Nigerian naira continued to collapse against the dollar, with the dollar hitting a high of 1,900 naira last week, its highest point since July 2021.</li> 
</ul> 
<ul> 
 <li>Olayemi Cardoso, the new governor of the Central Bank of Nigeria, imposed several emergency policies to cushion the free fall, including a crackdown on local bureau de change (currency exchange) operators in the country’s capital city Abuja.</li> 
</ul> 
<ul> 
 <li>However, these measures proved futile, as the dollar held up quite well against the naira despite retracing from the 1,900 naira high. The CBN’s next target was crypto P2P traders, with a focus on Binance, which facilitates the largest P2P volume in the country.</li> 
</ul> 
<ul> 
 <li>Financial Times <a href="https://crypto.news/nigeria-arrests-binance-executives-amid-naira-speculation-crackdown/">reported</a> on Feb. 29 that the country’s National Security Adviser (NSA) office had arrested two Binance executives after inviting them to the country to discuss ways to address the devaluation of the naira.&nbsp;</li> 
</ul> 
<ul> 
 <li>Shortly after this, Nigeria’s special adviser Bayo Onanuga <a href="https://crypto.news/binance-nigeria-fine-manipulation/">confirmed</a> that the country had placed a fine of $10 billion on Binance, alleging a role in the naira’s collapse through its facilitation of P2P trades. Binance officials later <a href="https://gazettengr.com/nigerian-govt-lied-no-discussion-about-10-billion-fines-we-wont-pay-ransom-or-damages-if-asked-binance/" target="_blank" rel="noopener">denied</a> knowledge of any fines.</li> 
</ul> 
<h2 class="wp-block-heading" id="elon-musk-sues-openai-s-sam-altman">Elon Musk sues OpenAI’s Sam Altman</h2> 
<ul> 
 <li>Amid the drama this week, X owner and billionaire Elon Musk came for Sam Altman, the CEO of OpenAI. Recall that Musk and Altman served as OpenAI’s initial board members upon its launch in 2015.</li> 
 <li>The organization was originally intended to be a non-profit dedicated to AI research. However, it has since pivoted into a for-profit firm. This week, Musk <a href="https://crypto.news/elon-musk-sues-openai-worldcoin-sinks-by-5/">filed</a> a lawsuit against Altman and OpenAI for this switch. Following the lawsuit, OpenAI’s Worldcoin token slumped 5%.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/meme-coin-mania-shiba-inu-floki-dogwifhat-surge/"> Meme coin mania: Shiba Inu, Floki, Dogwifhat surge </a> </p>

Bitcoin retests $64k as spot BTC ETFs hit record volumes, Nigeria fines Binance $10b, Musk sues OpenAI’s Sam Altman | Weekly Recap

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