Crypto Market Update – March 2024

April 15, 2024

 

Exciting developments continue to unfold in the realm of cryptocurrency in the month of March, shaping the landscape for investors and enthusiasts alike:

  • Bitcoin, the pioneering cryptocurrency, has reached unprecedented heights, propelled by significant milestones and regulatory approvals. Following the UK’s green light for crypto assets, Bitcoin surged to a record high, underlining its growing acceptance in mainstream finance.
  • Amidst the fervent market activity, Bitcoin’s trajectory remains a focal point for analysts and investors. The recent surge to an all-time high underscores the resilience of the digital asset, especially in the wake of challenges like the FTX scandal, which had a profound impact on the crypto market less than two years ago. 
  • The resurgence of Bitcoin is not merely a testament to its inherent strength but also indicative of broader market trends. As institutional interest continues to surge, driven by prominent names like Fidelity, Schwab, and Citadel, the cryptocurrency ecosystem is witnessing a wave of endorsements and integrations.

These developments underscore the dynamic nature of the crypto landscape and reinforce the importance of strategic investments in dedicated crypto hedge funds. At Altfund Management, we remain committed to navigating this evolving terrain, partnering with top-performing digital asset managers to capitalize on emerging opportunities and deliver optimal returns for our investors.

ACROSS THE HEADLINES

Bitcoin soars to record high following UK approval of crypto asset

“Bitcoin Soared to a record high of more than $72,000 on Monday after a financial regulator in the United Kingdom gave the green light to a cryptocurrency-backed investment vehicle.”

Volatile bitcoin falls from record high as crypto frenzy hits pause

“Bitcoin eased to a one-week low in volatile trade on Friday, as investors took profit from its run to a record high and as another upside surprise on U.S. inflation dimmed prospects of early rate cuts there and dented demand for riskier assets.”

 

Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison

“Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud on hundreds of thousands of customers that unraveled with the collapse of FTX…”

 

Cryptocurrency Market News: SEC Wants To Define Ether as a Security, Bitcoin Rebounds

“The Securities and Exchange Commission (SEC) is reportedly building a case to classify ether as a security.”

 

Cryptocurrency fraud is now the riskiest scam for consumers, according to BBB

“Scammers have found creative ways to cheat investors out of their money, the BBB said in its annual report about the biggest scams of 2023, which is based on 67,000 reports of scams.”

 

Bitcoin Trader Sees Prices Slumping to $60K as Crypto Bulls See $650M in Liquidations

“Crypto market capitalization dropped 7%, with major tokens like bitcoin, ether, and others falling sharply in the past 24 hours.”

 

Binance: Nigeria orders cryptocurrency firm to pay $10bn

“[Nigeria] says Binance manipulated foreign exchange rates through currency speculation and rate-fixing, which have seen the naira lose nearly 70% of its value in recent months.”

 

Bitcoin briefly hits an all-time high, less than two years after FTX scandal clobbered crypto.

“Bitcoin has hit an all-time high less than two years after the collapse of the crypto exchange FTX severely damaged faith in digital currencies and sent prices plunging.”

 

Bitcoin hits record high. Here’s what’s driving up the price.

“The price of bitcoin has reached a record high, continuing its rapid resurgence that began in late 2023.”

 

Meme Coins Going Legit Is the Worst Thing for Meme Coins

“When Elon Musk semi-ironically endorsed dogecoin during the last bull run, most people saw it as a joke: a high-profile business guy playing with the funny money. Nobody is laughing anymore. These days, there are real institutions — from the Avalanche Foundation to Franklin Templeton — willing to say that meme coins are a legitimate use of blockchain tech.”

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