Welcome to the March 11, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realms of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
March 11, 2024 Genfinity News Recap
Bitcoin
CoinDesk reported that Bitcoin’s ascent in the hierarchy of top assets by market capitalization persists, surpassing silver to claim the eighth spot as the world’s most valuable property. With a 4% surge, Bitcoin reached an all-time high above $72,000 during U.S. trading hours, elevating its valuation to $1.42 trillion, exceeding silver’s $1.387 trillion valuation.
Currently, Bitcoin aims to surpass the market cap of Google parent Alphabet, the globe’s seventh most valuable asset with a valuation just below $1.7 trillion. Despite the ambitious target, some Bitcoin enthusiasts have their sights set on surpassing the world’s most valuable property, gold, with its $14.7 trillion market cap, which would require Bitcoin to rise over tenfold, surpassing $720,000 per token.
Ripple/XRP
Ripple (XRP), the native digital currency of the XRP Ledger payment network, surged more than 20% on Monday, breaking its downward trend compared to Bitcoin (BTC) as the broader crypto market rallied. According to CoinDesk data, XRP quickly rose to $0.74 within just over an hour on Monday afternoon UTC time, marking its highest price since a brief spike last November amid speculation surrounding a potential XRP ETF managed by BlackRock.
This 20% increase made XRP the top-performing asset in the CoinDesk 20 Index (CD20), which saw a 5% rise. Despite Bitcoin reaching record highs and certain sectors of the crypto market experiencing significant gains, XRP had been noticeably absent from the action until now, hitting a three-year low against Bitcoin prior to this move.
Even with this substantial jump, XRP’s year-to-date gain is only 17%, significantly lagging behind BTC’s 64% increase and the 54% gain of the broader CD20 Index. This rally in XRP could indicate traders shifting their focus and reallocating capital to tokens that have yet to experience significant movement as the rally in digital asset markets expands.
Regulation
The UK’s Financial Conduct Authority (FCA) has greenlit crypto-backed exchange-traded notes (ETNs) for professional investors, aligning with global trends while aiming to protect retail investors. These ETNs, exclusive to approved investment firms and credit institutions, track underlying asset performance and are part of the FCA’s strategy to shield retail investors from the perceived risks of crypto ETNs and derivatives.
Reported by Reuters, the firm noted that the London Stock Exchange has announced plans to accept applications for Bitcoin and ether ETNs from the second quarter of the year. Despite recent market surges, driven in part by SEC approval of spot Bitcoin exchange-traded funds, the FCA continues to urge caution due to the high-risk and largely unregulated nature of cryptocurrencies.
Trump + BTC
Reported first on CNBC’s Squawk Box, Trump made comments regarding his thoughts on Bitcoin and cryptocurrencies today. Although Trump denied any personal Bitcoin holdings, he hinted at the possibility of allowing U.S. citizens to transact with BTC, deeming it an “additional form of currency.”
He remarked that cryptocurrency has “taken its own life” and expressed his enjoyment in using it. While stressing his traditional stance on the US dollar, likening a departure from it by countries to a loss in a war, he asserted his determination to prevent such an outcome. However, he acknowledged the utility of cryptocurrency and bluntly remarked, “I’m not sure that I’d want to take it away at this point.”
We hope you enjoyed our March 11, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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