• The Drop
  • Posts
  • Bitcoin Breaks All Time Highs

Bitcoin Breaks All Time Highs

Plus record breaking NFT sales this past week

Author

Gannon Breslin
March 06, 2024

Sponsor 🤝 Follow Us 🖤 Recent Articles 📰

All the NFT, web3, and crypto news you need in one Drop!

gm,

Here is the breakdown of today's newsletter:

📍 What’s Dropping in web3
🎯 Bitcoin Breaks ATH + Meme Coin Explosions
💰 Huge NFT Sales
📈 Crypto Update

Biggest Sales Of The Week

Reminder: If there is something you think we can do to make this newsletter better (content, format, etc.) please respond to this email with your feedback!

  • NodeMonkes: One wallet swept 30 NodeMonkes sending the floor up 10% to 0.7 BTC ($43,280). According to our calculations the BTC whale spent over 20.8 BTC on the sweep, or around $1,350,895 USD. (@Tyler_Did_It)

  • Alien CryptoPunks: There were some MASSIVE CryptoPunk offers over the weekend in the tens of millions. One alien punk got sent a $14.7 million bid. (See here → @cryptopunksbots)

  • Robinhood Wallet: Announced that users can participate in an NFT giveaway from Notable.art a fine-art-centric platform bridging digital and physical art. The renowned American artist Hunt Slonem is on display. (CR)

  • NFT Sales: Last week have boomed over 35% ($412 million) across various marketplaces. (B)

  • Ordinals: Bitcoin Ordinals has once again had a week flipping Ethereum NFTs in sales. The top three Ordinals in volume: Uncatorgarized Ordinals, NodeMonkes, and NATCATS. (CT)

All Markets On Full Blast 🚀

This is what we have been waiting for frens. All markets are pumping: BTC, ETH, NFTs, meme coins - you name it and it is probably up

As I type:

  • Bitcoin: broke $69,000 USD (just broke through all-time highs)

  • Ethereum: $3,731 USD, up 11.6% over 5 days

  • Solana: $131 USD, up 17.9% over 7 days

  • Global NFT Sales (7 day period): $463 million, up 36% since last week

💡 What’s Causing This?

Many are attributing this bull market to the institutional Bitcoin buying spree (which has been brought on by the recent Spot ETF approvals). At first, many thought the ETF approval was a “sell the news” event but that couldn’t be further from the truth. Already in just a matter of weeks, institutions are buying up as many Bitcoins as they possibly can. So far, it is reported that institutions own over 6% of the entire Bitcoin supply available.

💀 Here Come The Memes

Like bull runs in the past, a surge in Bitcoin price is usually quickly followed by meme/alt-coin explosions. For example, a coin named “dogwifhat” or simply $WIF has exploded in price and is up over 890% in the month. The coin was created around a viral photo of a dog with a knit hat.

The WIF doggo

Other meme coins such as Doge, MOG, SHIB, and PEPE are also up substantially in the past 7 days.

Get your name or project across 23,000+ readers by filling out the form below:

🚨 BIG SALE ALERT 🚨

This past week we’ve seen some of the biggest NFT sales in recent memory. Here’s a list below just to name a few (there are literally too many to mention).

  • Vanguard: CEO Tim Buckley steps down after controversial move to ban all BTC ETFs from their platform. (WG)

  • $3.24B: The total Bitcoin ETF volume reached in one day (@watcherguru)

  • 4%: The amount of total Bitcoin supply that Bitcoin ETFs now hold.

  • MicroStrategy: (Michael Saylor’s company) now holds $10B in BTC after another recent purchase and his own personal holdings are over $1B. (CD)

  • BlackRock Bitcoin ETF: Hits new record with $1.3B in trading volume in a single day. (@BitcoinMagazine)

  • Russia: Is currently testing digital asset payments with upcoming BRICS currency (WG)

  • IRS: Has brought on crypto experts for tax guidelines. (BiC)

  • Dormant ETH whale: Has a 238 ETH wallet, just came alive. (WG)

This thread is honestly hilarious 

To the full tweet outlining all the links:

Sponsored Content: There is no sponsored content in this newsletter.

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. Mem