The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Monday! Amid the ongoing market downturn, ether continues to be hit harder than bitcoin, with the ETH/BTC ratio reaching its lowest point in nearly five years over the weekend and the COVID-19 crash lows now firmly in sight.
In today's newsletter, Elon Musk says the U.S. government has "no plans" to use Dogecoin, BlackRock CEO Larry Fink warns the dollar could lose its world reserve currency status to bitcoin, the Trump family launch a bitcoin mining company with Hut 8 and more.
Meanwhile, altcoin investment products see inflows for the first time in five weeks as "positive but cautious" investors add $226 million to global crypto funds, CoinShares says.
Let's get started.
Elon Musk clarified the U.S. government does not intend to use Dogecoin, dismissing speculation linked to the naming of the federal efficiency unit that he leads.
In his annual letter to investors on Monday, BlackRock CEO Larry Fink warned that the U.S. dollar could lose its world reserve currency status to digital assets like bitcoin if the country doesn't get its debt under control and deficits keep ballooning.
Hut 8 has partnered with American Data Centers, whose investors include Eric Trump and Donald Trump Jr., to launch a new Bitcoin mining company called American Bitcoin.
Circle has enlisted the help of two of the largest U.S. investment banks, JPMorgan Chase and Citi, ahead of its planned IPO filing, Fortune reported, citing two people familiar with the matter.
Bitcoin treasury company Strategy (formerly MicroStrategy) acquired another 22,048 BTC for $1.92 billion, an average price of $86,969 per bitcoin between March 24 and March 30, according to an 8-K filing with the SEC on Monday.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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