We compile the top news stories weekly from the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC and ETH updates to recent investments, developments of exciting new projects, and other relevant topics.
Here is everything you need to know for the week of March 4th to 8th.
📈 Weekly BTC and ETH Overview
Bitcoin has marked a significant achievement by reaching an all-time high of $69K after 847 days, indicating a considerable surge in confidence in the cryptocurrency market. However, analysts expect a heightened mid-term volatility, potentially liquidating various futures market positions. Ethereum broke $3.6K on March 4 but faced resistance on March 5. The bullish market defended the 20-day EMA, with a price above $3.8K for a potential rally to $4K.
At the time of writing, BTC is trading at $68.3K, up 1.14% in the last 24 hours. Similarly, ETH is trading at $3.9K, up 3.73% in the previous 24 hours.
🗞️ Top Market News
- The Dencun upgrade in Ethereum has the potential to bring about minimal fees for layer-2 blockchains. Fidelity Digital Assets reported that Ethereum's Dencun upgrade on March 13 is the first step toward its rollup-centric roadmap. It aims to transform the network into an efficient and cost-effective database for layer-2 blockchains. Read more here.
🚀 New Project Developments
- Injective (INJ) has introduced its EVM Layer 2 rollup on the Mainnet. Through inEVM, Injective aims to create a network of "Electro Chains" to extend its Layer 2 ecosystem, fostering improved interoperability with other blockchains, particularly seeking collaborations with Ethereum, Cosmos, and Solana. Read more here.
- Beoble's strategic round has garnered participation from Animoca Brands. In a joint effort, Animoca Brands and beoble aim to expand beoble's chat features to relevant entities within Animoca Brands' portfolio. This initiative seeks to enhance community engagement and interactivity across the Web3 ecosystem. Read more here.
- On March 11th, Chainflip revealed the full protocol release. Chainflip is a cross-chain decentralized exchange (DEX) utilizing its dedicated application-specific blockchain. Thorswap, Swapkit, Thorwallet, Eldorado, and Houdini have already incorporated the Chainflip SDK. Read more here.
🔍 More Featured Stories
- El Salvador's Bitcoin holdings have reached a peak of $164 million, with profits exceeding $50 million. Legalized in 2022, El Salvador's Bitcoin adoption soared as President Bukele initiated daily purchases, amassing 2,380 BTC ($158.5 million). Read more here.
Related Market Updates
Market Updates: May 13 - May 17
The market is slowly gaining momentum again after the downward trends shortly following the halving. Given the positive spot Bitcoin ETF results of the last week, and movement across multiple projects within the space, Bitcoin broke through the $60K support level, reaching $66K at the end of this week. On the other hand, Ethereum is trading around the $3K level, which is located near the $2.8K support zone.