Mar 05, 2024

Bitcoin (BTC) will reach an all-time high before the week ends, according to Markus Thielen, head of research at 10x. “Price action during the weekend is always important to follow and while attempts have been made to [liquidate] leveraged long positions, there are no sellers,” said Thielen in a note titled, "Everybody Will Be Astonished by Bitcoin’s Price Action This Week." The cryptocurrency reached a record in euro terms on Monday and was trading at around $66,839 at press time on Tuesday, less than 3% shy of its all-time dollar peak of $69,000, touched in November 2021. The broader CoinDesk 20 Index (CD20) was higher by 4.7%. According to Laurent Kssis, a crypto ETP specialist at CEC Capital, another rally could be on the way. Buying pressure looks strong from retail investors, who consider the recent spot bitcoin exchange-traded fund (ETF) inflows to be a key momentum phase. “Inflows are still very supportive and not quite yet over, which may and could continue to push the price upwards in the crypto currency markets," he said.

David Mark/Pixabay)

Deutsche Boerse, the operator of Germany’s largest stock exchange, has started a crypto spot trading platform for institutional clients, the company said in a statement on Tuesday. DBDX offers a fully regulated ecosystem for trading, settlement and custody of crypto assets, the firm said. Initially, trading on DBDX will operate on a request-for-quote (RFQ) basis, followed by multilateral trading. Deutsche Boerse will operate the trading venue, and Crypto Finance will provide settlement and custody services.

Baanx, a cryptocurrency payments specialist authorized by the U.K.’s Financial Conduct Authority (FCA), has raised $20 million in Series A funding round, the company said on Tuesday. The investment, which included Ledger, Tezos Foundation, Chiron and British Business Bank, brings the crypto payment enabler’s total funding to over $30 million. London-based Baanx, which runs the Ledger card product, recently signed a three-year partnership with Mastercard for the U.K. and Europe. Large legacy payments companies such as Mastercard and Visa have been quietly exploring things like payments on Ethereum, stablecoins and the Web3 world of non-custodial wallets – areas where Baanx provides seamless connectivity.

Bitcoin's (BTC) bull run could add to inflation in the U.S. economy, making it harder for the Federal Reserve to cut interest rates this year.

The leading cryptocurrency by market value has gained over 50% in 2024 already, extending last year's 155% surge to trade within striking distance of record highs near $69,000. Ether (ETH) has also surged, and the CoinDesk 20 Index, a broader market gauge, has jumped 57% this year. The total crypto market capitalization has added 53% to $2.64 trillion.

The crypto market, which began as a niche segment for technology-savvy investors, has evolved into a mature asset class over the past three years, thanks to a decision by software developer MicroStrategy and other corporations to add bitcoin to their balance sheets as well as the successful launch of U.S.-listed futures and spot-based bitcoin exchange-traded funds.

- Omkar Godbole