Last week, Ethereum welcomed the Dencun upgrade, which resulted in a reduction in transaction fees for several Layer 2 protocols. Bitcoin (BTC) slipped below $65,000 as spot Bitcoin ETFs continued to hit new records and peak trading volume.
Ethereum welcomes Dencun
- The Dencun upgrade finally went live on the Ethereum network, marking the beginning of “The Spurge.” What is noteworthy is that the update went live on March 13, exactly as planned by the developers.
- Shortly after Ethereum witnessed the implementation of the upgrade, crypto.news reported a massive reduction in average transaction fees across multiple Ethereum Layer 2 protocols.
- Zora saw a 99% drop in average cost to $0.003 on March 14, while Optimism saw a 98.8% drop to $0.035 over the same period. Base also saw a similar drop in fees to $0.035 per transaction.
- Arbitrum's fees remained at the same level as the protocol decided not to implement blobs yet. Instead, they revealed plans to implement Blobs through the upcoming ArbOS update.
MicroStrategy expands the Bitcoin bag
- Reports from earlier in the week suggest that MicroStrategy has increased its Bitcoin holdings, acquiring $821 million worth of crypto assets in the price discovery phase.
- The broader crypto market has had a roller coaster ride this week. Bitcoin started the week strongly, eventually rising to a new all-time high of $73,750 on March 14, amid intense holdings from long-term holders and whales.
- The rest of the market followed the ongoing uptrend, resulting in a rapid increase in the global crypto market cap. Dogecoin (DOGE) was also in the spotlight as it gained 11% after Elon Musk said the asset could be used as a payment method for Tesla.
- DOGE and the rest of the market fell as BTC faced strong selling pressure above the $73,000 level. The leading crypto asset fell to a low of $67,000 on March 15, with ITB analysts warning of a deeper correction.
- Bitcoin's correction extended into the next day, with the asset breaking below $65,000 on March 16 and hitting a 10-day low of $64,780. However, BTC found a floor at this price and subsequently rallied above $67,000.
- Market observers remain optimistic. Kevin Svenson, an experienced trader, expects BTC to reach $83,000 after the halving scheduled for next month.
Solana and BOME buck the trend
- Solana (SOL) and its ecosystem meme tokens, including Book of Memes (BOME), continued to post massive gains despite the market-wide downtrend.
- Solana recorded an impressive 10% increase in 24 hours, with some of the related meme coins, such as Jupiter (JUP) and Dogwifhat (WIF), seeing rapid increases.
- Book of Memes, a new Solana-based meme coin launched on March 14, also followed the upward trend in the Solana ecosystem. The asset rose 345% in the 24 hours leading up to March 16 and 39,000% from March 14 to 16.
Spot Bitcoin ETFs continue to post record numbers
- The spot Bitcoin ETF market attracted a lot of attention this week as demand for investment products continued. The previous week was a success as reports on March 11 confirmed that the crypto market saw a record inflow of $2.7 billion last week.
- Spot Bitcoin ETFs continued to break records, recording the purchase of 14,261 Bitcoin tokens on March 12. This exceeded the 900 BTC produced by miners that day.
- Market specialists at Bitcoin mining company Luxor Technology announced that investors have switched from crypto mining stocks to these products. Despite the demand, Vanguard's outgoing CEO remained pessimistic about the products.
Craig Wright is not Satoshi, a British court rules
- In COPA vs. Craig Wright, the UK Supreme Court ruled that Wright is not Bitcoin founder Satoshi Nakamoto, despite his persistent claims.
- COPA's goal was to prevent Wright from filing further lawsuits against community figures for debunking his claims. This week, the British court ruled that evidence suggests Craig Wright is not Satoshi.
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