This Week in Bitcoin

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By A D

The financial world had tumultuous start to the year with the banking industry crumbling to its vulnerabilities. SVB did not just collapse, it triggered a series of disastrous events in more banking failures, market crash and larger global implications. Despite regulators’ crackdown, crypto has held its own quite well. The reason for this might not only be owed to the recent turbulence in the banking sector- although, the way centralised financial systems have exhibited their fragilities makes a great point for the concept of decentralisation- but they way thr crypto market was expectd to react has been vastly different to how it has held steady. The cryptocurrency market is demonstrating signs of resilience despite connections to the crisis. In the third month of 2023, Bitcoin (BTC) outperformed nearly 100% of the 500 leading publicly traded companies in the United States.

Crypto has had a good season and the rally has extended into April. Market cap-leader cryptocurrency Bitcoin has extended its 2023 rally by more than 22%, bringing its total gain so far this year to more than 70%. This is also bitcoin’s best quarter since the first quarter of 2021, which marked the beginning of a big bull run.

Here’s taking a look at Bitcoin’s eventful week:

  1. BTC price movement
    For the first time in over nine months, the price of bitcoin increased back above $30,000. During Asian trading hours, the largest cryptocurrency by market value increased by as much as 2.7% to $29,171. It lately fluctuated little at about $28,612.
  2. Large volume transactions in 2023
    In 2023, BTC indicated five significant deals, all of which took place in March. The top 5 whale deals for bitcoin occurred in March. March sees a significant amount of currency movement. Whales shifted the largest transaction of 40,141 BTC on March 15. The most recent significant trade took place on March 30 and involved 20,000 BTC.
  3. BTC overtakes Visa and JPMorgan in market cap
    The market capitalization of bitcoin has surpassed $524.14 billion, ranking it as the eleventh-highest asset worldwide. The most recent capital inflow has also helped the first cryptocurrency surpass traditional financial behemoths like banking titan JPMorgan Chase, which is ranked 21st with a capitalization of $365.24 billion, and payment platform Visa, which is now ranked 15th with a market capitalization of $460.16 billion.
  4. German bank to offer BTC for retail customers
    In order to allow its more than 1,200 affiliated banks to offer Bitcoin (BTC) trading to their retail clients, Deutsche WertpapierService Bank AG (dwpbank), a German securities processing behemoth that oversees over 5.3 million securities accounts, has announced the debut of its new platform, wpNex. The customer’s internet banking experience can be easily integrated with cryptocurrency trading. Customers can view both their conventional securities and cryptocurrency holdings.
  5. Burger King now accepts payments in BTC
    At its sites in Paris, the fast food giant Burger King has installed Instpower power bank rental kiosks that take cryptocurrency payments. Alchemy Pay and Binance Pay, two crypto payment systems, are linked to the machines. Instpower takes cryptocurrency payments from its clients at more than 14,000 locations worldwide through services like Binance Pay and Alchemy Pay.
  6. Michael Saylor’s MicroStratergy buys more Bitcoin
    With a significant amount of bitcoin (BTC) in its possession, MicroStrategy paid back the principal on a $205 million loan from the defunct, crypto-focused Silvergate Bank. 34,619 bitcoins used as security were returned to MicroStrategy’s possession as part of the loan’s satisfaction. Furthermore, MicroStrategy claimed to have spent an additional $150 million on 6,455 additional cryptocurrencies.MicroStrategy now owns 138,955 bitcoins after purchasing an additional 6,455 of them.
  7. Global payments with BTC by Zebedee
    Thanks to successful partnerships with Pouch.ph and Bipa, users in the U.S., UK, and EU can now quickly send money using the ZEBEDEE platform to the Philippines and Brazil.Users of ZEBEDEE can transfer and receive money from any Lightning wallet or service thanks to the open Lightning Network. ZEBEDEE now offers functions that go beyond just earning bitcoin.
  8. Denmark taxes Bitcoin profits
    The Supreme Court of Denmark’s justices have ruled twice on the issue of whether the selling of Bitcoin falls under the definition of a taxable event in certain situations. The Danish Supreme Court stated in a March 30 notice that a party who sold Bitcoin for a profit after purchasing it multiple times and making donations was required to record the sale as a taxable event, adding that the purchase was “made for the purpose of speculation.” The court determined in a different case that a user who mined their own Bitcoin and subsequently sold the coins would be subject to the same tax consideration.
  9. BitGo’s tool to protect Bitcoin ordinals
    A security tool has been made available by custody supplier BitGo to prevent unintentional transfers of Bitcoin Ordinals Inscriptions. Users should be able to add Inscriptions monitoring using the tool to any BitGo hot wallet for bitcoin. When tracking is activated, every transaction that is deposited into the wallet is examined for inscriptions and frozen if any are found, providing much-needed security for the storing of inscriptions.
  10. US Space Force Major opine on bitcoin’s potential
    A recent MIT masters thesis from a US Space Force major argues that the Pentagon will use bitcoin as a weapon in contemporary combat. The proof-of-work consensus method used by bitcoin, according to Major Jason Lowery, represents a significant shift in the potential for global war. In his book “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” Lowery imagines a world in which nations compete for hashrate, waging a kind of Cold War for which bitcoin and bragging rights are the rewards.
  11. US Government sells BTC seized from Silk Road
    On March 14, the US government sold 9,861.17 BTC for nearly $216 million. The 50,000 BTC that were confiscated in November as a result of James Zhong’s arrest after he pleaded guilty to wire fraud for allegedly manipulating the Silk Road transaction system in 2012 are included in the bitcoin that was sold. The leftover 41,490 Bitcoins will be sold by the government this year in four installments.

The price of Bitcoin is $28,481.47 as of this writing, up 2.58% from the previous day. The market capitalization of the coins was $550,647,552,908.34 following the most recent movement in the price of bitcoin. Bitcoin has experienced a shift of 71.97% so far this year.

Related Article: Evolution of Money: From Barter to Bank Notes to Bitcoin

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