Kalam Crypto #104: Crypto reclaimed $2 trillion market capitalization

“If you don't believe me or don't get it, I don't have time to try to convince you, sorry.” Satoshi Nakamoto

Ahlan wa sahlan, and welcome to the 104th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, the crypto market cap climbs over $2 trillion dollars, more spot ETH ETF filings, and bitcoin hits an all-time high in 3 major currencies. All that and more on this week’s Kalam Crypto.

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Global News 🌍

Crypto market cap reclaims $2 trillion dollars, bitcoin over $1 trillion: Bitcoin experienced a significant surge of nearly 10% this week, reaching almost $53,000. This rise was attributed to increased ETF inflows and reduced Grayscale outflows As a result, Bitcoin's market cap surpassed $1 trillion for the first time since December 2021, placing it among the world's top ten assets by market cap, surpassing companies like Walmart, Tesla, and Berkshire Hathaway. MicroStrategy, the largest corporate holder of Bitcoin, reported profits exceeding $4 billion, with BTC holdings valued at over $10 billion. Notably, this rally occurred despite higher-than-expected inflation data, highlighting Bitcoin's resilience and momentum. The interesting part is that according to Google search trends, bitcoin has still not captured the attention of the majority of the public, despite the positive price action.

New Spot ETH ETFs: This week, Franklin Templeton filed for an Ethereum (ETH) ETF. Similar to Ark and 21Shares, Franklin's filing indicates a potential strategy of staking Ether for income. Notably, Franklin joins the ranks of BlackRock, Fidelity, and Grayscale in proposing spot ETH ETFs. Despite Franklin's Bitcoin (BTC) ETF attracting only $70 million in inflows compared to BlackRock's $3.5 billion and Fidelity's $3 billion, the company is moving forward with the ETH ETF filing. 

Keep an eye on 👀

Bitcoin reached a new all-time high against three of the top 20 fiat currencies in the world: the Japanese Yen, Turkish Lira, and South African Rand

Blog of The Week ✍️

Check out our latest report from our partnership with Onramp Bitcoin titled “Why Bitcoin Only?”. You can download the full PDF here or from our blog website.

Tweet Of The Week 🐥

CoinMENA News 🗞️

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Quiz Corner ✅ 

Last week’s question: What is the term used to describe the process of locking up ETH on the Ethereum blockchain?

Correct Answer: c) Staking

This week’s question, Which programming language was used to develop the original Bitcoin network?

A) Python

B) C++

C) Java

D) JavaScript

See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/