Bitcoin Nears $60,000 Amid Weekend Trading Dip; Terraform Co-founder's Extradition Delayed
Summary:
Bitcoin's value showed a significant upswing, inching near the $60,000 mark due to a 3.79% increase in 24 hours, amidst MicroStrategy's acquisition of an additional 3,000 BTC. However, the cryptocurrency's trading volume saw a decline over weekends, likely impacted by institutional adoption of Bitcoin. Simultaneously, Terraform Labs co-founder, Do Kwon, facing criminal charges in the US, is predicted to be extradited from Montenegro only by the end of March as per his legal team.
Coming tantalizingly close to breaking through the $60,000 mark, Bitcoin's worth surged almost 4% on the day. However, weekend trading has seen a dip, as per insights gleaned from Kaiko. Concurrently, an anticipated delay in the extradition of Terraform's co-founder, Do Kwon, to the US is expected.
Bitcoin hiked up 3.79% in the 24 hours to 8:20 am UTC, almost touching $60,000, a level not seen in over two years according to CoinMarketCap data. This rush towards the coveted mark transpires following MicroStrategy’s recent addition of 3,000s BTC into their possession for a smashing total of 193,000 BTC, the largest Bitcoin holding among publicly traded businesses, all accumulated at an average price of $31,544.
Weekend trade of the BTC, however, has been on a decline this year, and traditional financial institutions' participation in Bitcoin has only exacerbated the liquidity issues over weekends. Five years ago, weekend trading constituted a fourth of Bitcoin's trading volume, but in 2024, this percentage has been cut by half.
This trend of reduced weekend trading is notable both within US borders and abroad, with offshore trading maintaining a slightly elevated share of 15%.
Interestingly, the launch of spot Bitcoin exchange-traded funds (ETFs) in the US served well in bouncing back Bitcoin's liquidity. Yet, not many transactions have taken place between Bitcoin ETF issuers and exchanges during the weekends.
In other significant news, Terraform Labs co-founder, Do Kwon, is slated for extradition to the US on pending criminal charges. However, his legal team anticipates this procedure will not occur until the conclusion of March. Kwon, detained in Montenegro since March 2023, is unlikely to be present at the initial stages of his trial on March 25, 2024, according to court filings. However, his lawyer stated that they would not seek to delay the trial date despite the ambiguity around Kwon's extradition timeline.
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Published At
2/28/2024 3:34:53 PM
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