Key Takeaways
- Bitcoin reached a new high but ended the week lower.
- Fees on Ethereum Layer 2 networks dropped significantly after the Dencun upgrade.
- Sam Bankman-Fried faces up to 50 years in prison, as recommended by prosecutors.
- Grayscale filed for a new bitcoin ETF with the ticker BTC.
- Inflows into bitcoin ETFs in March have surpassed those from January and February.
Market Recap
Bitcoin’s Roller-Coaster Ride
Last week saw Bitcoin investors on a roller-coaster ride as the cryptocurrency hit a new all-time high of $73,000 before dropping below $65,000 by the end of the week following a sell-off.
Ethereum’s Dencun Upgrade Impact
The Dencun upgrade on Ethereum’s mainnet led to a significant decrease in transaction fees on Layer 2 networks, with some protocols cutting fees by up to 99%.
Legal Troubles for Sam Bankman-Fried
Prosecutors are pushing for a hefty sentence of up to 50 years for Sam Bankman-Fried, the former FTX CEO, on charges related to fraud and money laundering.
Grayscale’s New Bitcoin ETF
Grayscale Investments has filed for a second bitcoin ETF, aiming to offer investors a more cost-effective option with the BTC ticker.
Bitcoin ETF Inflows Surge
Inflows into bitcoin ETFs in March have already surpassed the numbers from January and February, with BlackRock accumulating over 230,000 bitcoin through its IBIT offering.