This Week In Crypto 08.03.2024
In the volatile world of cryptocurrency, this week has been a rollercoaster ride. Bitcoin surged to record highs before plummeting, triggering massive liquidations. Meanwhile, South Korea sees a resurgence in the arbitrage game, and BlackRock’s Bitcoin ETF makes record-breaking investments. At ETH Denver 2024, MXC was at the forefront of decentralized tech. Join us as we unravel the latest in crypto’s highs, lows, and innovations.
Key Takeaways:
1- Bitcoin Plummets 10% Following Record High; Sparks $1B Crypto Liquidations
2- Bitcoin Strategy Yielding Bankman-Fried’s Millions Reappears in South Korea
3- BlackRock’s Bitcoin ETF Acquires Record 12.6K BTC Amid Tuesday’s Turmoil
4- MXC at ETH Denver 2024
Bitcoin Plummets 10% Following Record High; Sparks $1B Crypto Liquidations
Bitcoin surged to a new all-time high of $69,200 on Tuesday before plunging to as low as $59,700 in a sudden sell-off. The correction triggered over $1 billion worth of leveraged derivatives liquidations across all digital assets, according to CoinGlass data. Intense selling pressure halted Bitcoin’s ascent past $69,000, especially noticeable on exchanges like Binance where significant sell orders accumulated. The rapid sell-off ensued shortly after reaching the all-time high, with Bitcoin shedding over $1,000 in a minute and dipping below $65,000. This sharp pullback sent BTC down 7% over 24 hours, underperforming other major cryptocurrencies like Ethereum and Solana. The liquidation frenzy marked a notable event reminiscent of previous market tops or bottoms, indicating significant volatility and potential market shifts.
Bitcoin Strategy Yielding Bankman-Fried’s Millions Reappears in South Korea
Bitcoin’s average 10% premium in South Korea has reignited a profitable yet operationally difficult arbitrage trade known as the “Kimchi premium.” This premium, named after the Korean dish, reflects the difference in Bitcoin prices on Korean exchanges compared to global platforms. Despite the potential for riskless profit, capital controls in South Korea make it challenging for traders to capitalize on this arbitrage opportunity fully. Sam Bankman-Fried, founder of Alameda Research and FTX exchange, famously exploited this premium during 2019 and 2020, making millions of dollars daily. Observers attribute the resurgence of the premium to increased retail participation and significant local demand for Bitcoin, highlighting the unique dynamics of South Korea’s cryptocurrency market.
BlackRock’s Bitcoin ETF Acquires Record 12.6K BTC Amid Tuesday’s Turmoil
The BlackRock iShares Bitcoin ETF (IBIT) acquired over $778 million worth of Bitcoin on Tuesday, breaking previous daily inflow records. As Bitcoin surged to a new all-time high above $69,000 before sharply reversing, IBIT investors seized the opportunity to “buy the dip.” With inflows exceeding $9 billion, IBIT remains the most popular Bitcoin ETF since its launch. Its assets under management now total approximately $12 billion, surpassing competitors like Fidelity’s FBTC. Overall ETF volumes crossed the $10 billion mark, indicating significant institutional interest despite the recent market turbulence. Bitcoin’s current price, just under $66,000, reflects a nearly 3% decline over the past 24 hours, contributing to broader market volatility.
MXC at ETH Denver 2024
At ETH Denver 2024, MXC was a prominent participant focusing on expanding our zkEVM mining community through engagement with new potential ISOs. During ETH Denver 2024, our team members at MXC committed to expanding our mining operations through new partners and exciting opportunities, particularly within the IoT and DePin sectors. We are anticipating significant advancements and partnerships following ETH Denver, and surely exciting times are ahead!
As the crypto world continues to evolve, opportunities arise across various fronts. Stay tuned to This Week in Crypto for the latest updates and insights into the ever-changing world of cryptocurrencies.
