Bitcoin's Early Morning Spike to $59,500

The Breakdown First Five - Wednesday, February 28, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Another CBDC Ban Bill

Ted Cruz has joined four other GOP Senators to say no to a CBDC in the US. The bill is a companion to Tom Emmer’s House bill, basically clarifying that the Fed has no authority to issue a CBDC by itself. Cruz was heavy on the partisanship, claiming that the Biden admin “salivates at the thought of infringing on our freedom” and taking a peek at our spending habits. While the Fed agrees they can’t issue a CBDC, it would be nice to have that enshrined in legislation.

4. Warren’s Latest Tirade

Elizabeth Warren appeared at a Bloomberg conference to reiterate her views on crypto. She said she wants to “collaborate with the industry” but just doesn’t understand why they won’t agree to draconian new laws to protect against inflated claims of terrorist and North Korean nuclear program financing. The song remains the same, no one is buying it within the industry, but she continues to appeal to the electorate and mainstream media nonetheless. 

3. SBF Wants 6.5 Years

SBF has submitted his sentencing request, asking for 6.5 years in the Federal Penitentiary. His Pre-Sentence Investigation Report suggested 100 years is more appropriate, which SBF’s lawyers referred to as “barbaric”. They claimed that damage to customers, lenders and investors was zero due to full repayment from the FTX bankruptcy. Most creditors and especially investors who have written off the investment would probably beg to differ.

2. IBIT Continues to Put Up Numbers

Another day, another half a billion dollars shoveled into Blackrock’s Bitcoin ETF. That’s the second day in a row of record inflows, the second day in a row of $1.3B in volume and another day of 10,000 Bitcoin being sucked up by Wall Street. Blackrock did $80M in volume before the market even opened, placing it 5th among all ETFs. The unprecedented launch of Bitcoin ETFs continues to be without precedent. 

1. Bitcoin Pushes to New Highs

Bitcoin had another big push to begin the morning, pumping to $59,500. A 4% gain on the board before you’ve even had your coffee is an excellent way to start the day. Everywhere you look there’s a positive catalyst, from renewed ETF flows to Microstrategy hitting the bid. A pre-halving all time high seems well within range.