News of cryptocurrencies of the 1st week of March 2024

New Bitcoin High: $70,000

Bitcoin continues its incredible rise, breaking new barriers and setting records. This week, the BTC rate reached $70,000, which is a new record for the cryptocurrency world. At the time of writing, the rate fluctuates around $68,421.

Since the beginning of this year, Bitcoin has experienced incredible growth in price, increasing by more than 55%. This impressive growth can be attributed to both growing interest from investors and concerns about future changes in interest rates. Cryptocurrency continues to be at the forefront of financial innovation, attracting attention and investment from all quarters.

Ethereum approaches $4000

Ethereum is keeping pace with Bitcoin in its impressive rally. At the same time that BTC sparkled to a new all-time high, the price of ETH also climbed to the top of a multi-year high, reaching the $4,000 level.

Ethereum began its run at $3,873 on March 8, up more than 4% in the last 24 hours and a whopping 74% year-to-date, rising to $4,003 in 27 months, according to data from CoinMarketCap.

These impressive numbers demonstrate that ETH continues its amazing upward trajectory, fueled not only by the overall increase in interest in cryptocurrencies, but also by anticipation of the upcoming Dencun update for Ethereum, as well as potential approval of an Ethereum ETF by the Securities and Exchange Commission USA.

Fight for Top 4: BNB vs SOL

The week turned out to be busy for many cryptocurrencies, among which BNB and Solana stand out with their impressive growth. These two currencies are actively competing for a place of honor in the Top 4.

BNB saw an impressive increase in its value, rising from $410 to $488. At the same time, Solana also did not lag behind, increasing from $128 to $148, which is a notable achievement.

This strong growth highlights not only the interest in cryptocurrencies in general, but also the specific focus on BNB and Solana, which continue to set new peaks in their prices as they battle for their place in the rankings.

Tether Announces Launch of USDT Recovery Tool

Tether, known for its stablecoin USDT, has introduced a new asset recovery tool that promises to simplify the process of transferring USDT between different blockchains in the event of a failure on one of its supported networks.

After verifying their wallet ownership on the dead blockchain, users will be able to easily access their USDT on another network using a standard signature in the web interface. In addition, support for Ledger or Trezor hardware wallets has been introduced.

Durango update and Teleporter tool on the Avalanche network

The Avalanche team has introduced a new tool called Teleporter, which aims to improve messaging processes across the project's subnet ecosystem. Teleporter is based on the innovative Avalanche Warp Messaging (AWM) communication protocol, which enables efficient and secure data transfer between different chains.

This new cross-chain tool became a reality thanks to the Durango update, which enabled AWM on the Avalanche C-Chain network using EVM. The main goal of Teleporter is to provide a seamless connection between any EVM-compatible chains in the ecosystem, thereby eliminating fragmentation and increasing the efficiency of data exchange.

It should be noted that as a result of the Durango upgrade, support for the Avalanche Wallet has been completely discontinued. Users are strongly encouraged to upgrade to Core Stake, which offers advanced functionality including staking and portfolio management.

Do Kwon gets his extradition to the US overturned

The legal drama surrounding Do Kwon's extradition to the United States has reached a new point. The Montenegrin Court of Appeal overturned approval of Do Kwon's extradition to the United States. This is the third time the Terraform Labs co-founder has successfully appealed the decision. Kwon previously succeeded with similar extradition requests to the United States and South Korea on December 19 and February 8.

The Court of Appeal cited a number of procedural irregularities, particularly the lack of clear reasoning and evidence in the High Court's decision. The case will now be sent back to the trial court for a new trial.

Do Kwon and former Terraform Labs CFO Han Chang-jun were detained on March 23, 2023 by Montenegro police at Podgorica airport while attempting to leave the country with fake passports. Korean authorities have charged Kwon with numerous charges, including violations of capital markets laws. In the United States, he also became a defendant in a fraud case conducted by the SEC and the Federal Prosecutor's Office of New York.

Stanford Blythe Fund Moves 7% of Its Portfolio to Bitcoin

Students at Blyth, a managed investment fund affiliated with Stanford University, made the strategic decision to add Bitcoin to their portfolio through BlackRock's IBIT. The share of BTC was 7%. This significant expansion of the fund's portfolio included its first cryptocurrency when it was valued at $45,000.

The proposal to invest in IBIT was proposed by Cole Lee, leader of the Stanford Blockchain Club in February, and was met with support from Blyth.

Founded in 1978 in honor of banker Charles Blythe, the fund manages up to $1 million of Stanford's endowment, with a variety of allocations across stocks, bonds and other assets.

Speaking to Cointelegraph, Cole Lee emphasized that Blyth creates separate funds where students have complete freedom to make investment decisions, providing a unique and independent approach to asset management.

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