🌙 Bitcoin Blasts Back Above $70,000

Bitcoin surges back above $70K, influencing a rise in crypto stocks and Coinbase stock

Author

Mike Gavela
March 25, 2024

Crypto Roundup - Mar 22


As Bitcoin soars above $70,000, Coinbase's stock price has surged, reflecting heightened investor enthusiasm in the crypto market. This bullish momentum is paralleled by a significant shift in crypto fund dynamics, with Grayscale's Bitcoin ETF leading a record week of net outflows for crypto funds, indicating investor caution amidst volatile market conditions. Furthermore, Coinbase's Base layer 2 network has seen a spike in fee revenue, driven by memecoin trading activity, although this uptick may not significantly impact Coinbase's overall financial performance due to the speculative nature of such transactions and ongoing market fluctuations.

Top Stories:

  • Coinbase Stock Climbs with Bitcoin's rise above $70,000, underscoring the vibrant investor sentiment in the cryptocurrency sector.

  • Grayscale Bitcoin ETF Outflows mark a record week of net withdrawals for crypto funds, highlighting investor caution amid market volatility.

  • Coinbase's Base Network Fee Revenue Spikes, fueled by memecoin trading, though its long-term impact on financial results remains uncertain.

TOP STORIES

Coinbase Stock Soars as Bitcoin Blasts Back Above $70,000 - Decrypt

Bitcoin isn't the only investment that's up: America's biggest crypto exchange Coinbase is at its highest level since November 2021.

decrypt.co/223289/coinbase-stock-279-bitcoin-above-70000

Grayscale Bitcoin ETF’s $2bn in outflows lead record bleed in crypto funds. Here’s what will lure investors back

The recent drop in crypto prices “led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US.”

www.dlnews.com/articles/snapshot/gbtc-exits-lead-to-worst-weekly-flows-for-crypto-funds

Coinbase’s fee revenue from its layer 2 network Base spikes to record high — but that’s unlikely to last

Despite a surge in memecoin trading spiking fees on Coinbase's Ethereum-based Base, its impact on firm's earnings is minimal.

www.dlnews.com/articles/markets/coinbases-fee-revenue-from-its-base-network-spikes

FUNDRAISES

OTHER HEADLINES

Memecoin Frenzy Arrives On Base As Tokens' Market Cap Crosses $1 Billion - The Defiant

Memecoins are taking hold of Base, the Ethereum Layer 2 network developed by crypto exchange Coinbase. The market capitalization of memecoins on Base grew by 477% to $1.02 billion in the past 24 hours, according to Coingecko.

thedefiant.io/memecoin-frenzy-arrives-on-base-as-tokens-market-cap-crosses-usd1-billion

London Stock Exchange Will Start Market for Bitcoin and Ether ETNs May 28

The stock exchange will accept applications for trading bitcoin and ether crypto exchange traded notes from April 8.

www.coindesk.com/business/2024/03/25/london-stock-exchange-will-start-market-for-bitcoin-and-ether-etns-may-28

FTX to sell $884M of Anthropic shares: Court filing

FTX purchased the Anthropic stake for $500 million in 2021 under the helm of former CEO Sam Bankman-Fried.

blockworks.co/news/ftx-to-sell-anthropic-shares

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