Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Fantom, rising 50.68%.
- Bitcoin miner Terawulf is up 24%, the most in two weeks. The stock was the best performer among its peers, with trading volume of 16.9 million shares (59% above the 20-day average of 10.7 million shares), writes Bloomberg. Although the company posted mixed Q4 results, it did emphasize its low-cost position and highlighted its progress in reducing debt.
- Gulf Energy, Thailand’s largest private power producer, expects a new virtual bank license to help accelerate its expansion into digital businesses such as cryptocurrency trading, writes Bloomberg.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Bonk, down 30.69%.
- Bitcoin sank to a two-week low before paring losses, reports Bloomberg, as demand for the U.S. spot ETFs dries up. The digital asset has declined almost every day since hitting a record high just shy of $73,798 on March 14. RSI levels are starting to show momentum is weaking on Bitcoin, the article continues.
- Cryptocurrency exchange OKX informed users in India that it is ceasing operations in the country. The decision was made in response to the recent introduction of new local regulations targeting offshore exchanges, writes Bloomberg.
Opportunities
- BlackRock is preparing to offer a fund through a partnership with digital asset Securitize, making it the latest Wall Street behemoth to experiment with putting money on blockchains. The minimum investment accepted from any outside investors is set at $100,000, according to the filing, writes Bloomberg.
- U.S. crypto companies offer significantly higher compensation packages than overseas rivals, according to a survey of startups by digital-asset investment firm Dragonfly Capital. The report shows U.S. crypto salaries exceeded wages abroad by 13% on average and that equity and token incentive packages are 30% higher, writes Bloomberg.
- Standard Chartered Bank has raised its bitcoin price prediction target to $150,000 from its previous estimate of $100,000. The new target comes from continuous strong inflows in recently launched spot bitcoin ETFs in the U.S., according to Bloomberg.
Threats
- The SEC is waging an energetic legal campaign to classify Ethereum, the second-most popular cryptocurrency, as a security, according to U.S. companies that have received subpoenas related to an investigation, writes Bloomberg.
- MicroStrategy made its second multi-million-dollar purchase of Bitcoin in a little more than a week, raising the company’s holdings to more than 1% of all the cryptocurrency that will ever be issued. The enterprise software maker, whose corporate strategy includes buying digital currency, purchased 9,245 Bitcoin for $623 million between March 11 and March 18, writes Bloomberg.
- A woman was found guilty by a London jury of laundering massive amounts of Bitcoin for a Chinese fugitive who is thought to have orchestrated a near $6 billion investment fraud. Jian Wen, a 42-year-old British citizen, helped a Chinese fugitive launder the money between 2017 and 2022, writes Bloomberg.
