Bitcoin (BTC) surpassed $65,000 in the European morning hours on Monday, moving closer to a high of $69,000 set in November 2021, as the value of bullish bets rose to record levels. The largest cryptocurrency has gained over 6% in the last 24 hours, while the CD20, a broad liquid index of various tokens, has gained 5.6%. Bitcoin is now just 5% away from its record value in US dollar terms. In the past week, it has already surpassed highs against several major and emerging market currencies. Signs from the futures market suggest further gains could be on the horizon. Data from Coinglass shows that open interest, the number of unsettled futures bets, has risen to an all-time high of $27 billion. Rising interest rates are a sign that new money is coming onto the market. Market capitalization also hit a record $2.8 trillion, surpassing the $2.7 trillion mark set in November 2021, data from multiple sources show.
While Bitcoin posted significant gains earlier in the week, meme coins outperformed all assets, with some gaining as much as 30% in the last 24 hours. Pepecoin (PEPE) rose 30% on Monday, extending its weekly gains to over 370%, amid a rally sparked by assets like Dogecoin (DOGE) and Bonk (BONK). Trading volumes for frog-themed tokens surged to a record high of $3.6 billion, data from CoinGecko shows, as a risk-on environment likely led to outsized bets on riskier assets. Pepecoin's gains were significantly higher than those of Shiba Inu (SHIB) and Dogecoin – even as the developers of some of these tokens introduced ecosystem upgrades. DOGE gained 170% in the past week while SHIB gained 200%.
In an insider trading case involving former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and their friend Sameer Ramani, a US court ruled that trading certain crypto assets on a secondary market of which Coinbase is a part securities transactions. “The court’s analysis remains the same even if Ramani Token traded on the secondary market,” the March 1 ruling said. “…Each issuer continued to make such representations regarding the profitability of its tokens, even when the tokens were traded on secondary markets. Therefore, under Howey, all crypto assets that Ramani purchased and traded were investment contracts.” The court took this critical position in a default judgment against Ramani. A default judgment occurs when the defendant fails to respond to a court summons or fails to appear in court.
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