Crypto Weekly (11/03 – 17/03): Bitcoin Undergoes Significant Correction

Last Week in Crypto Market

After surpassing the all-time high and reaching a historic peak at 73600, the price of Bitcoin underwent a significant correction last weekend. Bitcoin dropped to 64700 (equivalent to a correction of about 12% from the peak), although there weren’t many clear reasons for this price decline.

It could be seen as a corrective phase to prepare for further growth, as large funds continue to buy into Bitcoin. Currently, the price of Bitcoin is hovering around 67500.

Also, during the past week, Ethereum witnessed a major event as it successfully completed the “Dencun” upgrade on March 13th. This is considered a significant milestone for Ethereum, with layer-2 networks on this platform showing a significant decrease in transaction fees.

However, following this upgrade, Ethereum also experienced a sharp correction, dropping from 4100 to 3400 (equivalent to a 17% correction from the peak).

Once again, the cryptocurrency market had to acknowledge the allure of a new memecoin, which achieved a considerable market capitalization within just three days of its inception. Following Bonk and Wif, Boof of Meme (BOME) became the third memecoin on the Solana ecosystem to be listed on Binance.

Top 10 Coins with the Strongest Performance Last Week

Coinmarketcap

Top 10 Coins with the Biggest Declines Last Week

Coinmarketcap

Key Highlights of the Week

• Binance Announces Listing of Metis
• Eclipse Layer 2 Successfully Raises $50 Million
• Monad Seeks $200 Million Funding from Paradigm
• Starknet (STRK) Establishes GameFi Development Fund
• Successful Deployment of Dencun Upgrade
• Tuna Chain Facilitates Native Yield for Bitcoin
• Successful Fundraising of $69 Million USD by Berachain
• Avalanche Foundation Announces Holdings of 5 Memecoins
• Magic Eden Launches NFT Collection on Ethereum
• OKX Announces Listing of Polyhedra Network (ZK)
• Binance Announces Listing of Book of Meme (BOME)
• Binance Lists ether.fi on Binance Launchpool

Macro News for this Week

Important news for this week includes:

• Wednesday (20/03/2024), at 18:00 (UTC), the Fed will decide on the interest rate. Forecasts suggest the interest rate will be kept unchanged at 5.5%.
• Thursday (21/03/2024), at 12:30 (UTC), data on Initial Jobless Claims will be released. Higher-than-expected data is usually considered negative for the USD, and vice versa.
• Friday (22/03/2024), at 13:00, Fed Chair Jerome Powell will deliver a speech, providing important insights into future monetary policy.