Weekly Crypto Digest for February 26-March 3, 2024
Sunday, March 03, 2024
In the latest issue of Weekly Crypto Digest, read more about how MicroStrategy buys more BTC, TVL in DeFi protocols grew to $91B, mem coins are rising, and more news.
In Grayscale, inflation and the high rate of the Fed were called barriers for Bitcoin
According to analysts at Grayscale, macroeconomic factors may pose significant challenges to the growth of the first cryptocurrency's quotes in the short term. The specialists have observed that macroeconomic factors, such as the Federal Reserve's monetary policy and the state of the economy, have a considerable impact on the cryptocurrency market, as evidenced by the previous crypto cycle. Grayscale believes that the upward trend of Bitcoin is primarily driven by a large influx of funds into spot ETFs based on the cryptocurrency and the anticipation of the upcoming halving.
The Hong Kong FSC received 24 applications for crypto exchange licenses
The Securities and Futures Commission of Hong Kong (FSC) has received applications from 24 companies to establish a regional cryptocurrency exchange. These include OKX, Bybit, Bullish, Crypto.com, Matrixport HK, and Gate. The deadline for submitting the necessary documents was on February 29. Firms that fail to meet this requirement must terminate their operations in Hong Kong by the end of March. Currently, the only licensed companies are HashKey and OSL. On February 27, the HTX division (formerly Huobi) withdrew its application.
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El Salvador's unrealized profit from Bitcoin investments reached $41 million
El Salvador's President, Nayib Bukele, announced that the country has earned a profit of 40% from its investments in Bitcoin, which amounts to around $41.6 million. As of now, the government holds 2,381 BTC, which is worth $149.1 million. The President clarified that the profit from the investment in the asset is calculated based on "market purchases" only and that the authorities have no plans to sell the coins yet. Bukele also mentioned that the citizenship program is the main source of digital gold in El Salvador.
TVL in DeFi protocols grew to $91.3 billion
Lido became the leader with an indicator of $33.9 billion. Aave ($10 billion) moved to second from third place. EigenLayer ($9.77 billion) was in third place, which pushed Maker ($9.2 billion) to fourth place.
TVL in Ethereum applications grew to $53.1 billion. Trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $89.7 billion.
Uniswap continues to dominate, accounting for 57.1% of the total turnover. The second DEX regarding trading volume is PancakeSwap (17.5%).
Meme-coins showed significant growth for the week
Over the past week, popular meme tokens have soared by tens and even hundreds of percent: DOGE (+69.6%), SHIB (+134.5%), PEPE (+276.1%), BONK (+117.8%) , WIF (+334.4%), FLOKI (+254.4%).
PEPE and WIF renewed historical highs at $0.000004864 and $1.33, respectively. Capitalization of projects exceeded $1.9 billion and $1.3 billion.
At the same time, DOGE and SHIB are trading significantly below their ATHs — $0.14 (-80.3%) and $0.00002234 (-74.2%), respectively.
At the beginning of February, the segment of meme-coins demonstrated positive dynamics against the background of the growth of bitcoin. However, there was an outflow of funds from the segment, the capitalization of which decreased to $22.6 billion. Analysts explained this by switching investors' attention to Bitcoin and Ethereum.
MicroStrategy purchased 3000 BTC
MicroStrategy has acquired an additional 3,000 Bitcoins for around $155 million at an average rate of $51,813 per unit. This brings the total amount of Bitcoins held by MicroStrategy to 193,000, purchased for about $6.09 billion at an average price of $31,544 per Bitcoin as of February 25, 2024. The unrealized profit and loss (PnL) stands at $3.8 billion.
Also read our latest article Market Making and the Role of Bots in Crypto Trading.
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