Bitcoin is Flying High

Welcome to the daily CoinSauce Newsletter, its good to be back, lets get straight into it!

📈 Markets

📅 Today

Bitcoin Sky Rockets to over $57,000

The Crypto Market Cap Has Increased by $140 Billion as Bitcoin Pumps

What a crazy 24 hours it's been after several days of trading sideways around $51,000 and $52,000. Bitcoin’s price exploded yesterday and earlier today to a new 26-month peak of just over $57,000.

Altcoins are also pumping, with SOL soaring past $110 and BCH exploding to $300.

Exchange BitForex Halts Withdrawals & Stops Responding to Users

Another one!

Hong Kong-based crypto exchange BitForex has halted withdrawals for at least three days without giving a reason. On the day before the halt, around $56 million in crypto had been withdrawn from the exchange’s wallets.

This is why we urge you to get a hardware wallet. We ran a poll today on our Instagram page, and the results were staggering: 63% of our audience said they're not using a hardware wallet. This is not a good move if you want to add extra security to your funds. We recommend getting a Trezor wallet.

MicroStrategy bought another 3,000 Bitcoin for $155 million

MicroStrategy bought 3,000 Bitcoins from February 15 to 25, with an average purchase price of $51,813.

As of February 25, 2024, MicroStrategy held a total of 193,000 Bitcoins, acquired for a total of approximately $6.09 billion, with an average price of $31,544.

US senators oppose Joe Biden’s CBDC plans

Five United States senators have joined hands to fight the Biden administration’s plans to issue a “digital dollar” by co-signing legislation demanding a ban on central bank digital currencies (CBDCs).

On Feb. 26, U.S. Senator Ted Cruz, along with Senators Bill Hagerty, Rick Scott, Ted Budd and Mike Braun, introduced the CBDC Anti-Surveillance State Act, challenging the Federal Reserve’s authority to implement a CBDC. The senators fear that the Biden administration’s CBDC will be programmed to surveil citizens and infringe on freedom.

Total spot Bitcoin ETF trading volume reaches a milestone of over $3.24 billion today

Bitcoin ETF trading volume hit a record $3.24 billion, accompanied by record low outflows of $22 million from GBTC. Before BlackRock's report, net inflows reached $404 million, highlighting significant investor interest and market movement in the cryptocurrency space.

📊 Stats

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!