New Milestone Reached: Bitcoin Hits $71,000

Bitcoin pushes past $71,000, reflecting investor confidence

The excitement in the digital asset world is visible as prices climb higher; with BTC marking another week of gains and projections suggesting ETH could soar to $10k or beyond this year, there's a real buzz of optimism permeating the industry.

At XEROF, we're also happy with the positive market sentiment, especially as we've recently introduced new offerings specifically for web3 companies. Now, we are able to facilitate payments on behalf of our clients, streamlining transactions between digital and fiat currencies to third-party accounts.

It's great to see more excitement around web3, but I believe in focusing on solving core challenges first. Amidst the enthusiasm, we should be prioritising solutions to fundamental issues like reducing friction over flashy innovations. I write more about it  in my recent op-ed for Blockworks. 

If you're attending the Digital Asset Summit in London next week (March 18-20), please reach out. I will be in town and I am always happy to connect.

Cheers,
Marc

Market Moves & News of Note 

Bloomberg: Bitcoin tops $71,000 for the first time as rally builds steam
Bitcoin surged past $71,000, marking a sixth consecutive day of gains and nearly a 70% yearly increase, driven by significant inflows into U.S. exchange-traded funds. This milestone reflects growing investor confidence in cryptoassets, fuelled by substantial investments in Bitcoin ETFs.

CoinDesk: Ether could run to $10,000 or higher this year on numerous catalysts
Ether could see significant price growth this year, potentially doubling from current levels, due to upcoming catalysts, including the Dencun upgrade and spot ETF applications, according to analyst Juan Leon. These developments could attract mainstream and institutional investors alike, boosting ETH's appeal and price trajectory.

Cointelegraph: Portugal elections: Is the country’s crypto-friendly status at stake?
Voting commenced for Portugal's general elections on March 10, 2024. With various parties vying for power, including the cryptoasset-friendly Chega, the outcome will likely impact Portugal's status as a global hub for digital assets and the country's economic future.

Views from Switzerland

Other reading, insights and resources from XEROF.

We need more ‘boring’ Web3 companies solving real problems
In a recent article by Blockworks, Marc Taverner (XEROF CEO) stresses the necessity of solving basic issues like reliable on- and off-ramps in the blockchain industry. He highlights their crucial role in reducing friction and promoting adoption and urges founders and investors to prioritise addressing these less glamorous but essential problems to ensure the industry's long-term success.

Asia's powerful web3 boom 2024: what you need to know
Asia, especially Southeast Asia, is embracing web3 technologies, with a major projected growth in cryptoasset adoption. Financial institutions like UBS and HSBC are integrating digital assets, while clear regulatory guidelines and major events like TOKEN2049 are pushing the region's advancement as a global hub for web3 innovation.

Institutions believe BTC is a strong inflation hedge
Institutions are increasingly turning to digital assets like Bitcoin, with many allocating a portion of their portfolios to these assets, signalling a maturing market. Factors such as increased liquidity and approval of spot Bitcoin and Ether ETFs are driving institutional interest and show Bitcoin's potential as a hedge against inflation.