President Nayib Bukele responded with humor to a social media post on March 7th, drawing attention to the legal issues of a prominent critic in Capitol Hill. Bukele shared a post on X with a laughing emoji. The post discussed the indictment of Senator Bob Menendez, adding a touch of irony to the situation. Senator Menendez, a vocal opponent of El Salvador deciding to openly adopt Bitcoin, is facing charges of bribery and obstruction of justice in the US.

The indictment emerged amidst bribery allegations. The charges claim that the senator and his spouse conspired to obstruct justice and conceal bribe payments that the senator had previously been accused of making.

A Touch Of Irony

Prosecutors accuse Menendez of receiving various gift items, including luxury watches and gold bars, in exchange for helping Uribe and the governments of Egypt and Qatar. The Senator has pleaded not guilty to the charges, and the trial is scheduled for May. In addition, the Senate Foreign Relations Committee revealed that Menendez had supported legislation to mitigate the risks of Bitcoin adoption in El Salvador.

After adopting Bitcoin as legal tender in June 2021, President Bukele has affirmed that it will maintain its Bitcoin portfolio regardless of price fluctuations. When Bitcoin hit a new all-time high this past Tuesday, El Salvador reported a 53% increase in profit via local Bitcoin holdings. Nayib Bukele has also criticized the mainstream media, accusing them of publishing negative articles about his any unrealized losses during the 2022 Bitcoin bear market.

Bukele Remains Unfazed

President Bukele continues to advocate for Bitcoin and for everyone to recognize it as a globally acceptable currency. He reacted to the recent decline in the New York Community Bancorp holdings, which saw an 85% decline over five years. The President, known for his pro-Bitcoin stance and efforts to reduce gang violence, first took office in 2019. He is admired locally for making Bitcoin a legal tender in Latin America.

El Salvador also plans to further integrate Bitcoin into the domestic financial market during his next term. To achieve this, the country intends to launch Volcano Bonds, a financial instrument for Bitcoin mining, and establish a tax-free enclave for Bitcoin enthusiasts called Bitcoin City. The Volcano Bond project recently received regulatory approval by the Digital Assets Commission (CNAD).

Pantera Capital, a firm specializing in crypto asset management, reportedly seeks funds to acquire Solana tokens held by the estate of the bankrupt FTX exchange. The Pantera Solana Fund aims to secure investments of up to $250 million in SOL tokens, as detailed in marketing materials provided to potential investors.

Buying SOL

Pantera intends to purchase a portion of the FTX SOL holdings at a rate of $59.95, which represents a 57% discount relative to its price of $142 per token at the time of writing. Investors considering this opportunity must commit to a vesting period of up to four years. The FTX estate reportedly holds approximately 41.1 million SOL tokens, valued at around $5.4 billion, equivalent to roughly 10% of the total supply of Solana tokens.

Over the 24 hours preceding 11:47 A.M. UTC, SOL experienced a 2.51% increase in value, trading at $142.51. On a weekly basis, the token saw a rise of over 10.5%, and on a monthly basis, it increased by 49.7%, according to data by CoinMarketCap. Pantera aimed to finalize the fund by the end of February, with a minimum investment requirement of $25 million by each investor, as outlined in the presentation. The fund management fee is set at 0.75%, with a 10% performance fee.

Nearing The End

The potential sale would enable FTX liquidators to commence repayments to investors of the defunct crypto exchange. FTX and Alameda reached a tentative settlement with BlockFi to resolve their disputes, involving FTX agreeing to pay up to $874.5 million to BlockFi and dropping its claims against the firm.

This settlement would resolve the claims made by BlockFi against FTX, amounting to approximately a billion dollars, and also involve FTX waiving millions of dollars of avoidance claims and other counterclaims against BlockFi.

FTX is in the final stages of its bankruptcy proceedings, with plans to fully reimburse billions of dollars to its customers. As part of its efforts to recover funds for creditors, the company received approval on Feb. 22 to divest more than $1 billion in shares in the artificial intelligence company Anthropic.

The Spanish government has directed the human identity-focused crypto project Worldcoin (WLD) to halt its data collection activities in the country following numerous complaints by customers. According to a recent announcement by the Spanish Data Collection Agency (AEPD), Worldcoin is mandated to cease the gathering of personal data due to complaints indicating that its data collection process violated user rights.

OpenAI In Hot Water

The AEPD has declared its intention to block the data already gathered by the eye-scanning digital identification project. As per the aforementioned announcement, the Spanish Data Protection Agency has issued a precautionary measure against Tools for Humanity Corporation, instructing it to halt the collection and processing of personal data conducted in Spain under the Worldcoin project, and to block the already collected data.

Several complaints have been lodged against the company, citing inadequate information provision, collection of data by minors, and the inability to withdraw consent, among other violations. Late last year, Worldcoin, co-founded by Sam Altman, CEO of OpenAI, faced operational suspensions in Brazil, India, and France, resulting in a 20% drop in its price at that time.

Elon Gets Involved

Earlier this month, Elon Musk also filed a lawsuit against Sam Altman and OpenAI, alleging a breach of the founding agreement. According to the lawsuit, Altman initially proposed OpenAI to Musk in 2015. Musk agreed and provided funding and assistance in recruiting for the firm. However, OpenAI was subsequently acquired by Microsoft, allegedly breaching the original agreement.

The lawsuit stated that contrary to the founding agreement, defendants have opted to utilize GPT-4 not for the betterment of humanity, but as proprietary technology to maximize profits. Moreover, Elon claims that the entire development of OpenAI is now shrouded in secrecy, with the public having only rumors and fragmentary communications to grasp what might be released next.

Earlier this week, Binance declared its decision to halt all services involving the Nigerian naira, citing an ongoing legal conflict between the U.S.-based cryptocurrency company and Nigeria, the most populous nation in Africa.

Binance announced that any remaining balances in user accounts denominated in naira will be automatically converted to Tether, a stablecoin cryptocurrency tied to the value of the U.S. dollar. The company specified that it will cease supporting deposits in naira after 02:00 P.M. UTC on March 5th and will discontinue withdrawals of the currency after 06:00 A.M. UTC on March 8th.

Binance Still Controversial

Binance has previously faced controversy due to various reasons. The exchange has encountered regulatory scrutiny in several countries over compliance issues related to operating without proper licenses or regulatory oversight. The platform has also experienced security breaches in the past, leading to the loss of user funds and raising questions about its security measures. Some critics have also accused Binance of lacking transparency in its operations, including its listing processes and trading activities.

Moreover, Binance has been involved in legal disputes with authorities in different countries over allegations ranging including money laundering and regulatory violations. Lastly, there have also been allegations of market manipulation against Binance, including accusations of wash trading and insider trading. These controversies have contributed to Binance facing numerous challenges in maintaining its reputation and regulatory compliance.

The Importance Of Nigeria

Nigeria is recognized as one of the largest cryptocurrency markets globally. However, reports indicate that the Nigerian government is seeking nearly $10 billion in damages by Binance. The government alleges that Binance engaged in manipulation of foreign exchange rates through currency speculation and rate fixing. Last week, Nigerian authorities reportedly arrested two senior executives of the firm.

The Nigerian naira has experienced a significant devaluation, with its value dropping by approximately 70% in recent months. This depreciation coincides with a currency crisis and steep inflation in the largest economy within Africa.

The BRICS nations are actively collaborating to strengthen emerging economies, aiming to counterbalance the political and financial dominance of developed Western powers. As part of their efforts to deepen ties and enhance economic cooperation, BRICS has revealed plans for a payment system based on blockchain technology, aiming to decrease reliance on the US dollar (USD).

BRICS Nations Elevate Blockchain Strategy

Perhaps most notably, BRICS nations are developing a blockchain-driven payment system to lessen the use of the dollar among member countries. Kremlin aide Yury Ushakov explained that the payment system will utilize digital blockchain technologies to facilitate cost-effective and politically neutral transactions for governments and individuals alike.

According to Ushakov, the blockchain-based payment network seeks to amplify the influence of BRICS nations in the global financial landscape by increasing settlements in national currencies and fortifying correspondent banking networks, thus diversifying international transactions.

Specifics regarding the payment system, such as whether BRICS will develop its blockchain or leverage an existing platform, were not disclosed by the Kremlin. The blockchain-based platform represents a natural progression of the BRICS Contingent Reserve Arrangement (CRA), which was established to provide liquidity and support for balancing payments among member countries.

The Contingent Reserve Arrangement

The CRA was instituted in 2014 during the sixth BRICS summit in Fortaleza, Brazil, with the aim of facilitating payments between member countries and mitigating global liquidity pressures. Member countries collectively committed $100 billion to the CRA, with contributions ranging to $5 billion by South Africa.

While bolstering the global financial safety net, the CRA aims to reduce reliance on US dollar-denominated assets and institutions such as the IMF, which are influenced by Western powers. Earlier on in the year, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS. Traditionally comprising emerging market countries, BRICS now includes the high-income developed country, the UAE.

Now, member countries are deliberating on the possibility of adopting a single common currency for BRICS. With increasing skepticism toward fiat currency, the rise of BRICS reflects a deliberate response to the collective desire for change.

Billions of dollars in leverage vanished within the crypto market as Bitcoin (BTC) took a sudden 14% nosedive within a few hours after briefly hitting a fresh all-time high. Traders using options and futures to get exposure to Bitcoin are facing a staggering $1 billion loss after the cryptocurrency lost its price peak on March 5th, 2024, where it also recorded a new all time high (ATH).

Declining OI

On March 6th, Santiment, an on-chain analytics provider, noted a significant decline in total open interest (OI) on exchanges for Bitcoin, Ethereum, and Solana following the recent all-time high experienced by BTC. The open interest of Bitcoin plunged by $1.46 billion (-12%), whereas Ethereum dropped by $967 million (-15%) and Solana tumbled by $424 million (-20%).

Santiment explained that most of the speculation on the price of Bitcoin revolved around traders opening long positions, expecting the flagship crypto to surpass its all-time high and maintain a price above $70,000. A smaller portion of the downturn came via liquidated short positions as Bitcoin touched its new high.

Part Of The Process

This decrease in open interest suggests a temporary removal of speculative excess within the markets, according to Santiment. Open interest refers to the total number of open positions traders have taken on a derivatives contract. It increases when traders open new positions and decreases when they close existing ones.

While the sudden downward movement of Bitcoin might have rattled the market, many experts view derivatives flush-outs as a normal part of price fluctuations. One notable crypto trader known as Daan Crypto Trades highlighted that about $3 billion in open interest was lost during this correction, with approximately 312,500 traders being liquidated, totaling $1.13 billion in liquidations over the past 24 hours.

MicroStrategy recently made an announcement regarding its intention to offer $600 million in aggregate principal convertible senior notes due 2030. This offering will be conducted privately to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended.

Going All In

MicroStrategy intends to utilize the proceeds generated by selling the notes for the acquisition of additional Bitcoin (BTC) and for general corporate purposes. Additionally, there is a provision allowing MicroStrategy, subject to specific conditions, to repurchase all or part of the notes in cash with a starting date of March 22nd, 2027.

Furthermore, bondholders will possess the right to demand MicroStrategy to repurchase all or part of their bonds for cash by September 15th, 2028. The convertible notes will offer the choice of conversion into cash, shares of class A common stock, or a blend of both, at the discretion of MicroStrategy itself.

The Thought Process

The significant investment in Bitcoin by MicroStrategy stems via its strategic belief in the long-term potential and value proposition of the cryptocurrency. Michael Saylor has been a vocal advocate for Bitcoin for several years now, viewing it as a reliable store of value and a hedge against inflation.

MicroStrategy choosing to allocate a substantial portion of its treasury reserves to Bitcoin is driven by several factors, namely the preservation of purchasing power, diversification of assets, long-term investment profitability, and an overall effective corporate treasury strategy.

Overall, the decision to buy substantial amounts of Bitcoin aligns with an overall strategic vision by both the company as well as Michael Saylor and reflects its confidence in the future utility and value of the flagship cryptocurrency.

Shiba Inu, the cryptocurrency popularly dubbed as the Dogecoin Killer, witnessed a remarkable surge in value over a 24 hour period, posting a staggering increase of over 90%. Recent developments have positioned the meme crypto ahead of its competitors, including Dogecoin, Pepe, and BONK. More surprisingly, it even managed to surpass both Bitcoin and Ethereum.

SHIB Explodes

Analysis by LunarCrush, a platform specializing in social media insights, reveals a significant uptick of 51% in discussions related to Shiba Inu across various social platforms within a single day. This surge has propelled Shiba Inu back into the top 10 cryptocurrencies by market capitalization, with its valuation reaching $25 billion, inching closer to the $27 billion market cap of Dogecoin.

This notable ascent in the crypto market saw the price of SHIB reach $0.00002 on March 2nd, 2024. Weekly charts depict a dramatic price surge, often referred to by traders as a God Candle, with SHIB seeing its value skyrocket by 120% since February 29th. Over the past week, Shiba Inu has recorded gains totaling 289%, marking a resurgence to price levels last observed in the early stages of May 2022.

Fears Of A Sell-Off

However, despite the excitement surrounding Shiba Inu, cautionary signs are emerging for investors. The Relative Strength Index (RSI), a key metric for assessing price movement, currently stands at an elevated 98.36949660, surpassing the typical overbought threshold of 70, which often indicates the potential for a subsequent decline or significant price correction.

Furthermore, other technical indicators such as the Commodity Channel Index (CCI), and Williams Percent Range echo the indiciation of the RSI, suggesting that Shiba Inu may be primed for a sell-off, paving the way for a market correction. As of the time of writing, SHIB is trading at just under $0.00004, reflecting a notable increase of 90.15% over the past 24 hours, according to data by CoinGecko.

Investment mogul and SkyBridge founder, Anthony Scaramucci, has once again championed the transformative potential of Bitcoin (BTC). In a recent statement, he compared Bitcoin not to gold but to Berkshire Hathaway, portraying it as a wealth-generating engine for investors.

Not only has his steadfast endorsement of Bitcoin aligned with his consistent advocacy for its adoption, but the persistent support for Bitcoin by Anthony underscores its transformative potential, while its exceptional performance against gold solidifies its position as a lucrative investment avenue.

Renewed Interest In Crypto

Bitcoin, often likened to Berkshire Hathaway, symbolizes a compounding tool for wealth creation. The analogy by Anthony drew attention to the sheer transformative capability of Bitcoin akin to the renowned American conglomerate, led by Warren Buffett. With a market capitalization surpassing $700 billion, Berkshire Hathaway exemplifies enduring success in the investment realm.

The enthusiasm for Bitcoin by both Anthony and the crypto community in general remains unwavering, supported by its remarkable performance metrics. Over the last decade, while gold saw a modest 30% gain adjusted for inflation, Bitcoin soared by an impressive 3,700% since its inception. This translates to annual returns averaging 45%, showcasing the unparalleled potential of Bitcoin and its ability to outshine traditional assets like gold.

Qatar Looking To Get Involved

Recent speculation surrounding Qatar potentially incorporating Bitcoin into its reserves has fueled excitement in the crypto market. While unconfirmed, this prospect highlights the overall growing recognition of crypto as a legitimate asset class. The interest shown by Qatar in Bitcoin began circulating in 2023, further reinforcing its status in the global investment landscape.

In the current market scenario, Bitcoin trades at $63,459, marking a substantial 21% increase over the past week. However, it faces resistance near its previous all-time high of $69,000, with $62,000 serving as its immediate support level. The Relative Strength Index (RSI) on the weekly timeframe signals strong momentum and potential for further appreciation.

ETFs (Exchange Traded Funds) tied to Bitcoin (BTC) are swiftly climbing the ranks among commodity ETFs, surpassing the largest silver trusts and aiming to overtake the leading gold trusts next. Recent data by HODL15Capital highlights a noteworthy achievement for the crypto sector, indicating that Bitcoin spot ETFs have exceeded Silver ETFs in terms of asset management size.

BlackRock And Fidelity On The Rise

Specifically, the BlackRock iShares BTC ETF has reached an AUM (Asset Under Management) milestone of $10.03 billion, marking a significant 35.2% gain year-to-date. In contrast, iShares Silver Trust (SLV) lags behind with an AUM of $9.626 billion, experiencing a 4.8% decline on a YTD basis. Essentially, the BlackRock Bitcoin ETF has surpassed the largest Silver Trust, with gold trusts remaining the next contenders.

Following closely is Fidelity WiseOrigin Bitcoin ETF, boasting an AUM of $6.55 billion and a comparable 35.2% annual gain like the BlackRock ETF. Consequently, both BlackRock and Fidelity saw their respective Bitcoin spot ETFs rank higher than SPDR Gold MiniShares Trust and Invesco Diversified Commodity Strategy, which have AUM of $6.325 billion and $4.465 billion, respectively.

Oil Market Making A Comeback

Both BlackRock and Fidelity outperformed the Physical Gold Shares ETF, which has a AUM of $2.685 billion. Positioned at ninth in the commodity ETF leaderboard is ARK 21Shares Bitcoin ETF, with an AUM of $2.175 billion, surpassing Invesco DB Commodity Index Tracking with a 35.2% gain since January.

Similarly, Bitwise Bitcoin ETF secures the 11th position, outperforming the United States Oil Fund and U.S. Natural Gas Fund. On an annual scale, the United States Oil Fund is the only commodity showing a positive gain like the Bitcoin ETFs, while the U.S. Natural Gas Fund records the most significant decline, with an 18.4% negative growth since January.

Exciting news in the world of venture capital funding and Web3! 🚀 🚀Here's a roundup of recent investments between 27th February to 4th March, 2024, courtesy of CryptoWeekly:


CredShields in Singapore secured $1M in funding in a Series Unknown round led by Draper Associates on 03/01/2024. CredShields provides next-gen security tools for next-gen applications. Users can get overall coverage of their security requirements across all verticals in a single place.


Quantex in the United States raised $150K in a Seed round on 02/29/2024. After transitioning to a Systems/DevOps Engineer in 2017, Andrew Elkhoury leveraged his experience to spearhead Quantex's development. In October 2020, he initiated Cryptiswap, a non-custodial swap platform, which launched in April 2021.


Bakkt in the United States announced a significant $50M Post-IPO Equity investment on 02/29/2024. Bakkt focuses on building viable solutions that enable their clients to grow with the crypto economy through a regulated approach.


Arkis, also in the United States, successfully raised $2.2M in Pre-Seed funding from gumi Cryptos Capital (gCC) on 02/27/2024. Arkis offers multichain, undercollateralized leverage powered by portfolio margin while also ccelerating the maturity of decentralized finance.


Eightco Holdings, Inc. Holdings in the United States received $810K in Post-IPO Equity funding on 02/27/2024. Eightco Holdings is a dynamic technology-focused company committed to driving growth and innovation through strategic acquisitions and management.


Coinweb.io in the United Kingdom secured $650K in a Seed round with GDA Capital on 02/27/2024. Coinweb is designed for mass adoption, focusing on revolutionising scalability and interoperability via an open- source, consensus-free, and decentralised platform.


Sphere Labs in the United States announced a $2.8M Seed round led by Jump Trading on 02/27/2024. Sphere focuses on improving money movement, from wire, bank transfer, cards, and more, to provide support for every major network. Sphere also concentrates on tracking users' subscriptions, invoices, and payment links both efficiently and seamlessly.


BuildBear Labs in Singapore closed a $1.9M Seed round with 1kx on 02/27/2024. BuildBear is a revolutionary DevTool designed from the ground up to ensure your creation is production-ready from the get-go. Their robust platform empowers users with continuous, automated testing powered by the lightning-fast Phoenix Engine.


Congratulations to these companies and exciting times ahead! Be sure to follow CryptoWeekly for all the latest updates regarding crypto, fundraising, and Web3.

Bitcoin has stabilized around the $62,000 mark following a significant surge in its price by over $10,000 during the past week. Meanwhile, alternative coins have resumed their upward trajectory, experiencing substantial gains via tokens such as DOGE, SHIB, BCH, UNI, ADA, among others.

There has been speculation in recent weeks about the possibility of an upcoming surge in altcoin prices, potentially signaling the onset of a new phase of heightened altcoin activity. This speculation seems to be materializing, at least to some extent.

In parallel, Bitcoin experienced a notable week, starting with a surge on Monday to surpassing $60,000 by Tuesday and Wednesday, reaching a 26-month high of $64,000. However, it faced resistance at this level and saw a significant pullback, though it quickly recovered most of its losses.

Altcoin Frenzy

Various altcoins including Cardano, Polkadot, Chainlink, Polygon, Litecoin, and Ripple have demonstrated impressive gains, ranging between 6-10% on a daily basis. The meme coins, in particular, have seen remarkable price increases, with DOGE rising by 20% and hovering near $0.15, while SHIB has surged by almost 70%, trading above $0.000021.

Bitcoin Cash has also seen significant gains, increasing by more than 25% in value and approaching the $400 mark. Other major altcoins like UNI and ETC have also experienced double-digit growth. Consequently, the dominance of Bitcoin over alternative coins has diminished, with its dominance metric dropping to below 50% on platforms like CoinGecko. The total market capitalization of the cryptocurrency market remains close to $2.5 trillion.

US Stocks Experience Resurgence

While the resurgence of Bitcoin dominates headlines, the enthusiasm extends beyond cryptocurrencies, with increased demand for bullish stock options and the resurgence of speculative trading reminiscent of the 2021 investment landscape. Three years after speculative fervor swept through the US investment scene, the appetite for thrill-seeking is resurfacing, even ahead of any easing by Jerome Powell & Co. on monetary policies.

Alongside renewed enthusiasm for meme coins, there has been a surge in demand for bullish stock options, reminiscent of the investing trends of 2021. Companies that thrived during the pandemic, such as Carvana Co. and Beyond Meat Inc., have seen significant boosts, catching skeptics off guard.

Although risky debt issued by Corporate America is not the playground for small traders, it is on the rise amid the ongoing credit supercycle. Coupled with impressive earnings by Big Tech giants, major stock indices have recently hit new highs.

Despite growing concerns among traders about the economy and the timing of potential interest rate adjustments by the Federal Reserve, this earnings season has provided investors with ample reasons to continue pouring money into stocks.