Bitcoin is set to finish March on a positive note

BTC ending the month on a positive note

It doesn’t take much to notice that our industry has seen some interesting price fluctuations this week.

After reaching an all-time high of $73,797.68 on March 14, Bitcoin entered a correction period, declining to about $60,800 last Wednesday. However, we agree that these corrections are normal within the context of a bull market.

Analysts believe that the messaging from the Federal Reserve played a role in Bitcoin's recent performance. Bitcoin, which often functions as a barometer of liquidity conditions, responded positively to the indication of future monetary policy easing.

Despite the pullbacks, Bitcoin is set to finish March on a positive note. According to research firm 10x Research, Bitcoin could potentially reach $83,000 after breaking out from its consolidation pattern, suggesting further bullish sentiment in the market. Our research team has more on this below.

Thank you to everyone who stopped by to see us in London while at the Digital Asset Summit. Next, we’ll be at Paris Blockchain Week - drop me a message if you’ll be in town. 

Warm regards,
Marc Taverner, CEO

Market Moves & News of Note 

Bloomberg: Bitcoin ‘halving’ spurs exodus of old US mining computers abroad
Over 6,000 ageing Bitcoin mining machines in the US will be decommissioned and refurbished for resale overseas, primarily in regions like Africa and South America, where electricity costs are lower. The upcoming Bitcoin halving event spurs this mass migration of hardware, reducing mining rewards and prompting miners to upgrade to more efficient technology to maintain profitability.

CoinDesk: Cathie Wood calls Bitcoin a ‘financial super highway,’ reiterates $1.5M price target
Cathie Wood reiterates her bullish stance on Bitcoin, calling it a "financial super highway" with huge potential, particularly in emerging markets. Wood's remarks come as Ark Invest's spot Bitcoin ETF gains traction, highlighting the potential for major price appreciation. Wood previously speculated that Bitcoin will reach $1.5 million by 2030.

Financial Times: Crypto ETN providers head for UK but urge rethink on retail ban
London anticipates a wave of cryptoasset exchange-traded product listings after regulatory relaxation. Yet the UK's FCA faces criticism for restricting access to professional investors only and maintaining a ban on retail investor participation in cryptoasset ETPs. Regardless, industry players such as ETC Group and CoinShares are preparing for potential listings.

Views from Switzerland

Other reading, insights and resources from XEROF.

How to reduce on/off-ramp provider fees in web3
In order to accommodate the growing web3 user base, businesses are prioritising the setup of efficient on/off ramps for digital asset transactions. For web3 companies, it's essential to optimise on/off ramp provider fees by carefully assessing factors like exchange rates, transaction fees, payment method fees, and more.

How web3 companies can strengthen their operations with better payments
As tech layoffs persist, web3 companies are urged to prioritise cost-effective solutions to avoid cuts. XEROF recommends that web3 companies focus on marginal gains such as streamlining payment processes to sustain growth and efficiency.

Why more family offices use cryptoassets in 2024
Digital currency has become mainstream for many reasons, including Bitcoin's appeal as a store of value. In 2024, there is a growing interest among high-net-worth individuals and family offices in incorporating digital assets into their investment portfolios due to their potential for high returns and diversification benefits.