Author: Faith Yakubu

On Thursday, the price of Dogecoin (DOGE) soared to its peak since December 2021, hitting 22 cents. This surge was fueled by heightened trading volumes and speculation regarding its potential integration into the social media platform X, owned by Elon Musk. Various posts from prominent members of the Dogecoin community on X speculated about the token’s potential adoption on the platform, especially considering a new payment branch acquiring additional licenses in the United States. This speculation contributed to bullish sentiment and trading interest in DOGE.

The token’s price tends to react to developments related to payments at companies owned by Elon Musk, such as X or Tesla. Elon Musk’s previous endorsements of Dogecoin have also influenced its price movements.

Trading volume for DOGE surged to $7 billion in the past 24 hours, up from an average of $3 billion earlier in the week. Futures tracking the token also saw open interest rise to nearly $2 billion across crypto exchanges, indicating increased bets on price volatility.

While speculation about DOGE’s usage on X has been ongoing since Musk acquired the company in 2021, there has been no official confirmation regarding whether DOGE will be accepted as a payment option on the platform. However, Musk’s previous statements and endorsements have fueled speculation about the potential integration of DOGE into X’s payment services.

Overall, the surge in DOGE’s price and trading activity reflects the continued influence of social media speculation and Elon Musk’s involvement in the token’s market dynamics.

Featured Image: Freepik

Please See Disclaimer

Google has introduced new functionality allowing users to search blockchain data on various networks, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom. This expansion enables users to search for wallet addresses and view their balances directly within Google search results.

When users type in wallet addresses, Google displays the remaining token balance in the wallet for each supported network, along with the timestamp indicating the last time the balance was updated. It’s important to note that balances only show the native token for each network, and the displayed balance reflects the state of the wallet as of the last external transaction. Updates to balances are not instantaneous.

This recent update builds upon Google’s previous support for Ethereum wallet balance searches, which began last May. Initially, Google enabled users to search for specific public addresses on the Ethereum network and view the wallet balance directly in the search results. Additionally, earlier this month, Google started showing search results for wallet balances when users searched for Ethereum Name Service (ENS) domains. ENS provides readable domain names for Ethereum wallet addresses, facilitating easier identification and navigation within the Ethereum ecosystem.

Google’s expansion of wallet address search functionality reflects the growing interest in blockchain technology and cryptocurrencies. By providing users with easy access to blockchain data directly through its search engine, Google is helping to enhance accessibility and transparency within the crypto space.

Featured Image: Freepik

Please See Disclaimer

Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced net inflows for the fourth consecutive day, concluding the month with robust activity.

As of March 28, the daily total net inflow for spot Bitcoin ETFs in the U.S. amounted to $183 million, contributing to a cumulative total net inflow of approximately $12.13 billion. Data from SoSo Value indicates these positive trends.

Among the spot bitcoin ETFs, BlackRock’s iShares Bitcoin ETF recorded the largest net inflow of $95.12 million, followed by Fidelity’s Wise Origin Bitcoin Fund with a net inflow of $69.09 million.

Conversely, the Grayscale Bitcoin Trust observed net outflows, with nearly $105 million exiting the product during this period.

Spot bitcoin ETFs have garnered significant attention and adoption since their approval earlier this year. Despite a decline in volumes from their peak in early March, cumulative volumes are steadily progressing towards $200 billion, reaching $177.9 billion as of March 27, according to data from The Block.

Assets under management and on-chain holdings for spot bitcoin ETFs have also stabilized since their previous highs earlier in the month.

The current price of Bitcoin sits at $69,841, exhibiting a slight decrease of less than 1% for the day, according to The Block’s Price Page.

Featured Image: Freepik

Please See Disclaimer

Bitcoin futures open interest on centralized exchanges has surged to a new peak, reaching $38 billion. This uptick in open interest correlates with Bitcoin’s price spike to $70,000, marking a 66% increase year-to-date.

The heightened open interest for Bitcoin futures suggests increased trading activity surrounding the leading cryptocurrency by market capitalization. CoinGlass reports that aggregated open interest for Bitcoin futures soared to its all-time high on Friday.

Since the beginning of 2024, the daily open interest in Bitcoin futures has surged, more than doubling from approximately $17.2 billion on January 1st. This rise parallels Bitcoin’s price surge, indicating a strong market sentiment and heightened interest among traders.

Open interest serves as a metric for the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges. It reflects the level of market activity and trader sentiment towards a specific asset.

The current open interest figure coincides with a monthly volume exceeding $2.3 trillion in Bitcoin futures during March across various exchanges, marking the highest level since May 2021, according to data from The Block’s data dashboard.

Additionally, Ether futures’ total open interest stands at $13.8 billion, showing an almost 90% increase since the beginning of 2024. Ether’s trading price has surged to $3,500, reflecting a gain of over 53% year-to-date.

In recent months, the introduction of Bitcoin spot exchange-traded funds (ETFs) by firms like BlackRock has influenced market sentiment, leading to cumulative net inflows of over $12 billion into Bitcoin spot ETFs to date.

Featured Image: Freepik

Please See Disclaimer

Bitwise has submitted a filing for a spot Ethereum ETF with the Securities and Exchange Commission (SEC) amid growing uncertainty surrounding the approval timeline for such financial products.

Earlier this month, Bitwise’s CIO, Matt Hougan, suggested that the approval for spot ether ETFs would be better deferred beyond May.

Despite ongoing speculation, Bitwise has proceeded with its S-1 filing for the Bitwise Ethereum ETF, submitted to the SEC on Thursday. This decision aligns with comments from Hougan, emphasizing a possible approval delay, especially considering the SEC’s upcoming assessment of pending applications for spot ether ETFs.

While optimism initially surrounded the prospect of a spot ether ETF approval, drawing parallels with the successful launch of spot bitcoin ETFs in January, recent estimations by Bloomberg ETF analysts suggest a lower likelihood of approval in May, estimated at approximately 30%.

The emergence of spot bitcoin ETFs has seen substantial trading volume, exceeding $150 billion, and has generally been regarded as successful. However, uncertainties persist regarding the SEC’s stance on spot Ethereum ETFs, adding to the complexity of the approval process.

Featured Image: Freepik

Please See Disclaimer