FameEX Morning Crypto News Recap | March 7, 2024

MicroStrategy's Founder Foresees Bitcoin ETF Challenging S&P 500 Index, Poised to Eclipse Gold ETF

In an interview, MicroStrategy's founder highlighted that Bitcoin ETFs, particularly from BlackRock and Fidelity, have exceeded initial expectations, transcending their anticipated role as mere rivals to gold. These ETFs have now made significant strides, positioning themselves as competitors to the S&P 500 ETF, signifying Bitcoin's growing prominence and attractiveness in the investment world.

El Salvador's Bitcoin Investments Near $160 Million Mark, Yielding Profits of $53.69 Million

On March 6th, given a Bitcoin price of $66,845, the value of El Salvador's Bitcoin investments reached $159 million, with profits totaling $53.69 million. The country's average cost per Bitcoin was $44,292, leading to a treasury that now includes 2,381 Bitcoins, highlighting significant financial gains.

BlackRock's Bitcoin ETF Boosts Its Portfolio with 12,600 BTC, Approaching MicroStrategy's Total Holdings

BlackRock's iShares Bitcoin ETF (IBIT) achieved a milestone yesterday by purchasing 12,600 bitcoins, amounting to more than $778 million, the largest acquisition in a single day for the ETF. This purchase brings IBIT's total holdings to over 183,000 bitcoins, nearing MicroStrategy's 193,000, showcasing a strategic move in the competitive arena of cryptocurrency investments.

Worldcoin by Sam Altman Directed to Halt Data Gathering in Spain

After achieving 1 million daily users via WorldApp, Worldcoin encountered regulatory hurdles in Spain. The Spanish Agency for the Protection of Data (AEPD) ordered the cessation of Worldcoin's data collection and processing on March 6, instituting a three-month temporary suspension of its activities within the nation.

No Bitcoin ETF Available in Europe, However, EU Remains at the Forefront of Diverse Crypto Investment Options

While the SEC has green-lit spot Bitcoin ETFs, the European Union's tight regulations bar their entry into the EU market. However, Europe compensates by presenting alternative crypto investment methods, notably Bitcoin exchange-traded notes (ETNs). These ETNs, akin to ETFs, offer a secure pathway for investors aiming to delve into the cryptocurrency realm.

'Kimchi Premium' Sparks Bitcoin Surge to $72K in South Korea

In South Korea, Bitcoin's price soared past $72,000 due to the expanding "Kimchi premium," reflecting a surge in retail interest amidst discussions on spot Bitcoin ETF approvals by the government. The phenomenon, known as the Kimchi Premium or Korea Premium Index, has been on a rising trajectory with Bitcoin's price from early February, highlighting a notable price difference.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​