{"id":11449,"date":"2024-03-09T16:30:00","date_gmt":"2024-03-09T14:30:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-surges-past-69000-amid-meme-rally-and-binances-nigerian-troubles\/"},"modified":"2024-03-09T16:30:00","modified_gmt":"2024-03-09T14:30:00","slug":"bitcoin-surges-past-69000-amid-meme-rally-and-binances-nigerian-troubles","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-surges-past-69000-amid-meme-rally-and-binances-nigerian-troubles\/","title":{"rendered":"Bitcoin Surges Past $69,000 Amid Meme Rally and Binance’s Nigerian Troubles"},"content":{"rendered":"

“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.\u00a0<\/em><\/p>\n

Topics of the episode: Bitcoin’s new all-time high, the beginning of hodlers’ “unloading,” the impending altseason, and the soaring fear index.<\/em><\/p>\n

Participants: ForkLog authors <\/em>Lena Jess<\/em>, <\/em>Alex K.<\/em>, <\/em>Vasily Smirnov<\/em>.<\/em><\/p>\n

Special guest: ERGO founder Alexander Chepurnoy.<\/em><\/p>\n

Bitcoin Hits New ATH\u00a0<\/h2>\n

On March 5, the leading cryptocurrency surpassed $69,000 on Coinbase and several other exchanges. The last time such levels were seen was in November 2021.\u00a0<\/p>\n

A rapid correction to $59,000 followed, accompanied by mass liquidations of long positions.\u00a0<\/p>\n

However, shortly after, Bitcoin’s price nearly fully recovered its lost ground. Ethereum’s quotes even approached $4,000.\u00a0<\/p>\n

This price peak for Bitcoin occurred for the first time before the halving (within the market cycle).\u00a0<\/p>\n

On March 8, digital gold recorded a new ATH<\/span> near the $70,000 mark.\u00a0<\/p>\n

Kaiko noted trading volumes that “reached a multi-year high, exceeding $20 billion.”<\/p>\n

Fear Index Soars\u00a0<\/h2>\n

The cryptocurrency fear and greed index reached a level of 90, the highest since February 2021.<\/p>\n

For several years, the metric remained below 70. Market participants’ sentiment noticeably improved since last autumn amid market recovery and its transition to a bullish phase.<\/p>\n

The ongoing rally is also evidenced by the high “kimchi premium” on South Korean exchanges and technical glitches on Coinbase.\u00a0<\/p>\n

The Most Patient Bitcoin Whale<\/h2>\n

An unknown user sold 1,000 BTC mined in 2010, earning approximately $68 million.<\/p>\n

In early March, an early Bitcoin miner consolidated coins from several wallets.<\/p>\n

On March 5, amid the new price peak, they transferred the amount to Coinbase.<\/p>\n

When the user mined the cryptocurrency in 2010, Bitcoin’s rate was about $0.28.<\/p>\n

Some commentators suggested that the “dump” of such an amount was one of the reasons for the short-term correction of digital gold.<\/p>\n

Meme Madness as a Sign of Altseason<\/h2>\n

Experts at K33 Research concluded that meme coins like DOGE, SHIB, BONK, PEPE, and WIF are early indicators of altcoin season.<\/p>\n

CoinDesk noted that in the past, such episodes were harbingers of Bitcoin reaching a local peak.<\/p>\n

Shiba Inu surpassed<\/a> projects like Avalanche, Polkadot, and Tron in capitalization. The total market value of the coin exceeded $20 billion. Open interest in perpetual contracts on SHIB surpassed $100 million for the first time since August 2023.<\/p>\n

Meanwhile, Solana was flooded with meme tokens featuring spelling errors like Jeo Boden, Danold Tromp, and Olen Mosk. Martin Lee from Nansen Data explained FOMO<\/a> by the network’s low transaction fees.<\/p>\n

Subscribe to the podcast:<\/em><\/p>\n