Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
The bulls have been dominating the crypto market the entire week, yet the prices have started to drop recently. Bitcoin (BTC) saw an increase of +0.98%, and Ethereum (ETH) saw a decrease of -6.28% over the past seven days.
Most of the top 10 altcoins by market cap have shown a downtrend in their value over the last week.
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Top Crypto Market News
80 Whale Wallets Wake Up with a $163M Movement
Recently, a notable activity was observed in the crypto world when 80 wallets, inactive for more than eight years, suddenly moved a large amount of 2,352.62 BTC, worth over $163 million. This movement was spotted by the BTCparser service and occurred across blocks #834,016 to #834,072.
The bitcoins were transferred from older Legacy addresses to 17 newer SegWit addresses. The origins of these bitcoins date back to between August and December 2015, a period that followed a significant drop in Bitcoin’s value after its 2013 peak. Initially, the value of the bitcoins in these wallets was around $560,000, but at the time of the transfer, their value had increased by more than 29,000%. This substantial growth showcases the significant investment potential that cryptocurrencies can offer over time.
MicroStrategy Adds 12,000 BTC to Its Holdings
MicroStrategy recently bought an additional 12,000 BTC, a move announced by its CEO, Michael Saylor. This purchase, totaling around $821.7 million, took place from February 26 to March 10, with an average cost of $68,477 per bitcoin.
To fund this purchase, the company issued convertible notes that are due in 2030. This method blends traditional financing with an investment in digital currency. With this addition, MicroStrategy now holds 205,000 BTC, which is worth about $6.91 billion. This reinforces its significant presence in the corporate world of cryptocurrency.
Ethereum’s Dencun Update: Significant Improvements Ahead
On March 13, Ethereum introduced the Dencun (Deneb-Cancun) hard fork on its mainnet, a significant update for the network. This update includes EIP-4844, which brings in the Proto-Danksharding feature. This feature aims to improve the network by handling larger data sets in transactions, which could lead to lower transaction fees, especially for Layer 2 solutions that use Rollups technology.
Experts, including those from Grayscale, believe the Dencun update will make Ethereum more scalable and efficient. This update is seen as a step forward in Ethereum’s goal to build a more open and decentralized digital economy.
Stay tuned for more updates and insights into the world of cryptocurrency!