Bitcoin Reaches New All Time High of $73.6K
Bitcoin has surpassed an all-time high and passed the $73,000 mark. Even though BTC briefly dipped back to $69,000, it quickly recovered, showcasing strong market sentiment. Fueled by institutional investments and the launch of spot Bitcoin ETFs, seen in the purchases of ETFs, particularly BlackRock's iShares Bitcoin Trust, has been substantial, with March 12 witnessing a record $1 billion net inflow, absorbing the portion of newly mined Bitcoins in 2024. With big institutions backing Bitcoin, the potential for a price increase in the upcoming weeks wouldn’t be surprising as mainstream adoption is promising. Not to mention, the halving event is near and the supply for miners to mine bitcoin will be reduced by 50%, making it more difficult for new bitcoins to be mined at the current pace.
Donald Trump Vows Support of Bitcoin and Crypto If Elected President
Former President Donald Trump has expressed his openness towards Bitcoin and indicated that under his administration will refrain from using regulatory powers to suppress Bitcoin and other crypto assets, signaling a potential regulatory shift under his leadership if he returns to office. In addition, Trump’s recent business dealings, involved cryptocurrency transactions for luxury sneakers that were bought using Bitcoin, further suggesting an accommodating approach to cryptocurrencies. Trump may side with Bitcoin, but don’t expect it to overtake the U.S. dollar if he wins the presidential election this year.
Bored Apes and Other Yuga Labs NFTs are Dropping Value In the Crypto Bull
Even though the resurgence of the bull market, Yuga Labs Bored Ape Yacht Club and their NFT projects on the Ethereum blockchain are witnessing a drop in value, raising questions about the future of NFTs. Bored Apes are priced currently at around 15 ETH which is a significant drop from an all time high of 153 ETH, similar to their counterparts Mutant Ape Yacht Club (MAYC), released by Yuga, the floor price has plummeted down to 2.4 ETH, lower than the initial mint price of 3ETH. Despite Ehereum’s soaring prices recently, Yuga Labs NFTs have failed to reverse the downward trend. Thus, the future of Yuga Labs NFT collections faces many challenges.
Ubisoft is Now Experimenting with XPLA Blockchain
Ubisoft, well known for their blockbuster gaming franchises like Assassin’s Creed, Rainbow Six, Far Cry and many more hit titles, has signed their move into blockchain gaming by announcing their role as a validator for XPLA blockchain. Ubisoft will contribute to XPLA beyond just validating, they will be actively participating in governance decisions. This partnership reflects Ubisoft’s interest in blockchain gaming where decentralizing game assets at a broader scale is beneficial for gamers and builds stronger ownership rights to gamers.
Ethereum’s Dencun Upgrade Could Mean Near Zero Fees for Layer 2 Blockchains
The Ethereum blockchain has released its Dencun upgrade, marking the initial phase of its roadmap. This upgrade will make Ethereum more efficient, benefiting layer-2 blockchains, promising near zero transaction fees. This could be seen in Optimism fees we’re reduced to less than $0.001 for transactions. While the upgrade won’t affect daily Ethereum users, it’s a good initial sign that layer 2 solutions like Arbitrum will have reduced fees, creating an opportunity to onboard more users without the high associated gas fee costs.
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