Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
The NFT ecosystem anticipates a price surge post-Bitcoin
BTC $66,237 halving event. Spot Bitcoin ETFs have notched a record $10 billion trading volume day. Meanwhile, Bitcoin rallied past $69,000 for the first time since 2021 to hit a new all-time high.
Bitcoin halving will spur ‘surge’ in NFT volume
Professionals working in the nonfungible token (NFT) space believe that the upcoming Bitcoin
BTC $66,237 halving will not only affect crypto tokens but may also positively impact the NFT ecosystem.
Bitcoin halving countdown timer. Source: CoinGecko
Oscar Franklin Tan, the chief financial officer of Atlas Development, a core contributor to the NFT platform Enjin, showed optimism about price surge in NFTs post Bitcoin halving.
“Prices and volumes should eventually surge after the halving as part of the known cycle. Because NFTs are established segments of ecosystems, interest from Bitcoin will spill over into NFTs together with altcoins.”
According to Tan, the halving will impact NFT adoption as new NFTs or marketplaces focusing on digital collectibles may emerge.
$10B trading volume day for spot Bitcoin ETFs
BTC $66,108 exchange-traded funds (ETFs) saw a record $10 billion trading volume day on March 5 amid Bitcoin’s new all-time high, which then dropped soon after.
The ETFs beat their previous $7.7 billion volume day set on Feb. 28 by $2.3 billion. Bloomberg ETF analyst Eric Balchunas, who reported the figures, wrote in a March 5 X post that “these are bananas numbers for ETFs under [two months] old.”
Daily volume chart of the ten spot BTC funds from their first trading day on Jan. 11. Source: Eric Balchunas/X
BlackRock’s ETF saw the most volume at $3.7 billion, while the Grayscale and the Fidelity’s respectively tallied $2.8 billion and $2 billion, per figures posted to X by Bitcoin analyst Alessandro Ottaviani.
Google Finance data showed BlackRock and Fidelity’s ETF falling around 8.6% over the trading day, with other spot Bitcoin ETFs recording similar price drops as Bitcoin hit a new price high of over $69,200, then fell over 14% to below $60,000 five hours later.
Bitcoin briefly hits all-time high
Bitcoin briefly traded above $69,200 on March 5, its highest-ever price and capping off a stellar two months of gains following the approval of spot exchange-traded funds.
The largest cryptocurrency reached an all-time high exactly 846 days from its previous peak in 2021. The BTC rally also marked a 348% gain from its bottom near $15,400. It was also the first time that Bitcoin set new highs before the quadrennial halving, which has been a major historical price catalyst for the digital asset.
Despite the euphoria, Bitcoin’s price quickly reversed course on March 5, tumbling all the way down to the sub-$64,000 level.
