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El Salvador Moves 5,689 BTC Into Cold Storage, Avalanche Foundation Discloses Community Coin Investments

Mar 15, 2024
Author
Tom Couture
Tom Couture AC
Market Update The crypto market suffered from a sharp decline early this morning, which saw $BTC (-4.48%) fall over 8% to the mid $65,000s before paring losses to $68k. $ETH (-5.07%) and altcoins saw similar price action, fueling over $727 million in liquidations over the last 24 hours. Funding rates have been getting frothy, and the drop helped to bring rates to more neutral levels across the board (see below). $SOL (+3.18%) has still managed to make a new all-time high in market capitalization, exceeding the November 2021 mark of $80.97 billion. Equity indices are falling today, with the SPY and QQQ decreasing 0.60% and 1.10%, respectively, as investors are likely derisking ahead of next week’s FOMC meeting, given this week’s economic data signaling some stalling in disinflation. Interestingly, despite drops in Bitcoin and equity indices, COIN (+2.11%) and WGMI (3.85%) are showing relative strength. Bitcoin miners have struggled as of late, but it will be interesting to monitor if this marks a local bottom.Source: CoinGlassEl Salvador President Nayib Bukele announced via Twitter the movement of a large chunk of El Salvador’s Bitcoin holdings into cold storage. He attached an image of a wallet address showing 5,689 Bitcoin, equivalent to about $390 million at current pr

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