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Bitcoin Touches a Six-Week High as Investors Pour Into ETFs
Bitcoin advanced to nearly a six-week high as investors returned to riskier assets on optimism that market turmoil tied to the Middle East conflict may be starting to ease.
The largest cryptocurrency climbed about 2.77% to $75,296, the highest since Feb. 4 before paring some of the gains. Bitcoin is still down around 40% from a record high reached in October.
Other smaller, more volatile, digital assets saw even greater increases. Solana and XRP rose as much as 8% and 9%, respectively. Ether, the second-largest cryptocurrency, rose as much as 10%, more than twice Bitcoin’s advance. The increase by Ether is the largest since March 4, also taking it to the highest level since early February.
Saylor’s Strategy Ramps Up Sales of Preferred in Latest Bitcoin Purchase
Michael Saylor’s Strategy Inc. bought nearly $1.6 billion worth of Bitcoin - the company’s largest purchase since January – leaning more heavily on a security promising investors an 11.5% annual payout backed by the same cryptocurrency.
The company, formerly known as MicroStrategy, bought 22,337 Bitcoin between March 9 and March 15, according to a regulatory filing Monday. Roughly $400 million of the purchase was funded through sales of common stock. The remaining $1.2 billion came from at-the-market sales of its “Stretch” perpetual preferred shares. The dividend-paying securities — similar to bonds that never mature — promise investors a steady yield funded ultimately by Strategy’s Bitcoin holdings.
Crypto Leaders Push Back After Boris Johnson Calls Bitcoin a Ponzi
Johnson, who led the United Kingdom from 2019 to 2022, wrote in a Daily Mail article that he had “long suspected Bitcoin is a giant Ponzi scheme,” warning readers against putting money into digital assets.
The comments quickly drew responses from well-known voices across the crypto sector, including Strategy co-founder Michael Saylor, Tether CEO Paolo Ardoino and early Bitcoin developer Adam Back.
Saylor rejected Johnson’s characterization in a post on X, arguing that Bitcoin does not meet the definition of a Ponzi scheme.
“A Ponzi requires a central operator promising returns and paying early investors with funds from later ones,” Saylor wrote. “Bitcoin is not a Ponzi scheme.”
Ethereum USD Reclaims $2,300 as the Crypto Market Booms
Ethereum USD has reclaimed the $2,300 level, surging from oversold lows near $1,840 in late February as buyers successfully defended the critical $2,000 psychological threshold following a +6% overnight pump into the Monday morning trading session.
This move marks a significant +19% rebound from the capitulation wick of $1,840 seen just weeks ago, validating the bullish thesis for traders watching the $2,050 defense line.
Institutional narratives are also beginning to align with the technical recovery. While price action remains the primary focus, BlackRock recently launched its iShares Staked Ethereum Trust, adding a layer of fundamental support that suggests smart money interest persists despite recent volatility.
BitMine ImmersionTechnologies is seeing a massive boost on Monday as the price of Ethereum gets a long-awaited push.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $62.22 million. The total net asset value of Bitcoin spot ETFs is $93.35 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.44%.
Source: SoSoValue
The Bitcoin spot ETF with the highest net inflow on March 16 was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $64.53 million, according to SoSoValue.
Source: SoSoValue