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<p>Welcome to our weekly news recap, where we bring you the latest updates from the world of crypto finance. This week, the spotlight shines brightly on Bitcoin as its price hits the remarkable milestone of $70,000. But what's more intriguing is the analysis that suggests this price is "fairly priced" considering the energy expended in its mining process.</p>
<p>Notably, the government of El Salvador has not ceased to hold Bitcoin (BTC) as part of its national reserves. With the value of El Salvador's Bitcoin holdings now surpassing $150 million, it's evident that the country's bold decision to embrace BTC as legal tender in 2022 has yielded substantial returns.</p>
<p>In fact, the latest data from BitcoinTreasuries indicates that El Salvador's BTC holdings have seen a staggering $50 million increase against their initial cost basis.</p>
<p>Follow along as we unravel the latest insights shaping the future of the digital currency space.</p>
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<h2 id="header-0">TOP CRYPTO NEWS RECAP (March 03–09, 2024)</h2>
<p>● Bitcoin (BTC) Hits Record Highs, Surpassing $70,000 Amidst ETF Inflows</p>
<p>● BlackRock Plans Spot Bitcoin ETF Investments for Global Allocation Fund</p>
<p>● Coinbase Challenges SEC's Classification of Secondary Crypto Sales</p>
<p>● SEC Postpones Decision on Bitcoin ETF Options Trading, Potentially Opening Doors for Institutional Investment</p>
<p>● FTX and BlockFi Reach $874M Settlement, Potentially Averting Full Recovery for BlockFi’s Customers</p>
<p>● Court Overrules Extradition of Terraform Labs Co-founder, Do Kwon</p>
<h3 id="bitcoin-btc-hits-record-highs-surpassing-70-000-amidst-etf-inflows">Bitcoin (BTC) Hits Record Highs, Surpassing $70,000 Amidst ETF Inflows</h3>
<p><a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin </a>soared to record highs above $70,000 on March 8, supported by inflows from new US Bitcoin ETFs, marking a 10% rally for the week. The boost was further propelled by better-than-expected US unemployment figures, signaling potential interest rate cuts.</p>
<p>The surge in Bitcoin led to a risk-assets revival, with the dollar weakening. Concurrently, the DeFi market surpassed $100 billion in total value locked, reflecting renewed positive sentiment. Bitcoin's momentum also ignited a surge in Ethereum (also hitting $4,000), memecoin, and AI-related prices. This surge placed Dogecoin and SHIB among the top tokens by market cap, highlighting the broader crypto market's exuberance.</p>
<h3 id="ftx-and-blockfi-reach-874m-settlement-potentially-averting-full-recovery-for-blockfi-s-customers">FTX and BlockFi Reach $874M Settlement, Potentially Averting Full Recovery for BlockFi’s Customers</h3>
<p>In an <a href="https://storage.courtlistener.com/recap/gov.uscourts.njb.1094078/gov.uscourts.njb.1094078.2172.0.pdf" rel="noopener noreferrer nofollow">"in principle" agreement,</a> FTX will pay $874.5 million to resolve disputes with bankrupt crypto firm BlockFi. The settlement includes dropping claims against BlockFi and waiving counterclaims.</p>
<p>$250 million is prioritized as a secured claim, with the rest subject to FTX's creditor repayments. BlockFi's bankruptcy administrators lauded the outcome, foreseeing enhanced customer distributions. The agreement follows BlockFi's Chapter 11 filing amid fallout from FTX's collapse.</p>
<h3 id="blackrock-plans-spot-bitcoin-etf-investments-for-global-allocation-fund">BlackRock Plans Spot Bitcoin ETF Investments for Global Allocation Fund</h3>
<p>BlackRock, a major asset manager, intends to purchase spot Bitcoin ETFs for its Global Allocation Fund (MALOX), as per a <a href="https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0000834237/000119312524062281/d806037d497.htm" rel="noopener noreferrer nofollow">recent SEC filing</a> update. MALOX may invest in BlackRock's iShares Bitcoin Trust (IBIT) and other spot Bitcoin ETFs listed on national securities exchanges.</p>
<p>This move follows BlackRock's interest in spot Ethereum ETFs, with a filing for an Ethereum Trust submitted in 2023. Analysts debate the likelihood of SEC approval for spot ETH ETFs in 2024, reminiscent of Bitcoin's lengthy regulatory process.</p>
<h3 id="coinbase-challenges-sec-s-classification-of-secondary-crypto-sales">Coinbase Challenges SEC's Classification of Secondary Crypto Sales</h3>
<p>Coinbase's lawyers petitioned U.S. District Judge Katherine Failla to disregard a previous judgment that classified secondary crypto sales as "securities transactions." They argue the issue wasn't properly examined.</p>
<p>The dispute stems from the SEC's lawsuit against Ishan Wahi and others for insider trading. Despite a settlement, Coinbase contests the SEC's stance. The move is part of Coinbase's broader challenge to the SEC's jurisdiction over crypto exchanges.</p>
<h3 id="sec-postpones-decision-on-bitcoin-etf-options-trading-potentially-opening-doors-for-institutional-investment">SEC Postpones Decision on Bitcoin ETF Options Trading, Potentially Opening Doors for Institutional Investment</h3>
<p>The SEC has <a href="https://www.sec.gov/files/rules/sro/ise/2024/34-99681.pdf" rel="noopener noreferrer nofollow">delayed </a>its decision on allowing options trading for Bitcoin ETFs, extending the deadline to April 24. This move could pave the way for increased institutional capital in Bitcoin (BTC). Options offer traders leverage, enabling directional bets on the market.</p>
<p>Analysts anticipate hedge fund participation once Bitcoin ETF options markets are live, potentially influencing the cryptocurrency ecosystem's dynamics. The SEC is also reviewing seven spot Ether ETFs, with expectations for a decision by May 23.</p>
<h3 id="court-overrules-extradition-of-terraform-labs-co-founder-do-kwon">Court Overrules Extradition of Terraform Labs Co-founder, DO Kwon</h3>
<p>Montenegro's Appellate Court has <a href="https://sudovi.me/ascg/sadrzaj/VdR7" rel="noopener noreferrer nofollow">nullified </a>the decision to extradite Do Kwon, co-founder of Terraform Labs, to the U.S. The court cited "significant violations" in the extradition process.</p>
<p>Kwon faces charges related to an alleged $40 billion fraud scheme linked to Terraform Labs. This marks another turn in the prolonged extradition saga, with Kwon's fate oscillating between the U.S. and South Korea, sparking debates over his native country preference.</p>
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<h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3>
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Crypto Weekly Recap: Bitcoin Hits ATH; Coinbase Challenges SEC; FTX and BlockFi Settle; Court Halts Do Kwon Extradition; and More (March 03–09, 2024)

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