Good Morning Crypto Enthusiasts!

Happy to have you back for another edition of the UseTheBitcoin.com newsletter. It’s been an amazing weekend for BTC here’s what’s going on in crypto.

1. BlackRock Bitcoin ETF Surpasses MicroStrategy Holdings: BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has surpassed MicroStrategy's cryptocurrency holdings, holding 197,943 Bitcoin valued at over $13.5 billion.

2. Bitcoin Whales Hold Steady Amid $70K Rally: Despite Bitcoin's surge above $70,000, large holders, or "whales," are refraining from selling, with the number of unique addresses holding at least 1,000 Bitcoin rising to 2,104.

3. MIT and Harvard Alumni Launch Web3 Startup Accelerator: Massachusetts Institute of Technology (MIT) and Harvard alumni have established the MIT x Harvard Blockchain Accelerator, aimed at supporting early-stage web3 founders associated with both institutions.

4. Bitcoin Advocated Amid Rising U.S. Debt: Influential voices urge investors to consider Bitcoin, gold, and silver as hedges against mounting national debt in the United States.

5. 💡Feature of the Day - Arbitrum DAO Withdraws Proposal to Fund Tornado Cash Legal Defense: The Arbitrum DAO removes a proposal seeking to allocate funds for the legal defense of Tornado Cash's developers, Roman Storm and Alexey Pertsev.

6. 🫨 What’s Buzzing? - Bitcoin just hit $70,000 ATH and Altcoins are already in the move. UseTheBitcoin lists Top 3 Altcoins You Need To Have On Your Watchlist!

   
   All this and more in today’s headlines!

📰 News Highlights:

📈BlackRock Bitcoin ETF Surpasses MicroStrategy Holdings [Source][Source]

BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has eclipsed MicroStrategy's cryptocurrency holdings, according to data from BitMEX Research. IBIT currently holds 197,943 Bitcoin, valued at over $13.5 billion as of March 8, outpacing MicroStrategy's accumulation.

This milestone underscores the surging institutional demand for Bitcoin, fueled by the approval of nine new funds by the Securities and Exchange Commission in January. Excluding Grayscale's GBTC, the collective assets of newly launched Bitcoin ETFs now stand at $28 billion.

While MicroStrategy, known for its Bitcoin-centric treasury strategy, boasts a portfolio of 193,000 BTC, the company recently announced plans to raise over $600 million through a debt offering to bolster its reserves.

🐳Bitcoin Whales Hold Steady Amid $70K Rally [Source][Source]

Despite Bitcoin's ascent above $70,000 for the first time, on-chain data suggests that large holders, or "whales," are refraining from selling. The number of unique addresses holding at least 1,000 Bitcoin has risen to 2,104, indicating growing confidence in further price appreciation.

The sustained influx of new investors into Bitcoin is evidenced by the record-high trading volume of U.S. spot Bitcoin ETFs, surpassing $52.5 billion. Notably, whales are withdrawing Bitcoin from exchanges at a rapid pace, signaling a reluctance to part with their holdings.

Julio Moreno of CryptoQuant notes that the growth in whales' Bitcoin holdings is "going parabolic," suggesting strong conviction among large investors. Despite technical indicators pointing towards a potential target of $92,500 for Bitcoin, whales' reluctance to sell indicates optimism for even higher prices.

🚀Harvard Alumni and MIT’s Web3 Startup Accelerator [Source][Source]

Massachusetts Institute of Technology (MIT) and Harvard alumni have joined forces to establish the MIT x Harvard Blockchain Accelerator, aimed at supporting early-stage web3 founders associated with both institutions.

The non-dilutive program offers mentorship and guidance to selected startups, with the first cohort set to commence in the coming months.

Led by core contributors from MIT and Harvard, along with prominent industry mentors, the accelerator aims to foster innovation in the blockchain space. Startups with at least one member affiliated with either institution are eligible to participate, reflecting the program's commitment to empowering the academic community.

💡Bitcoin Advocated Amid Rising U.S. Debt [Source][Source][Source][Source]

Influential voices on X are urging investors to consider Bitcoin, gold, and silver as hedges against mounting national debt in the United States.

Entrepreneur Balaji Srinivasan and "Rich Dad Poor Dad" author Robert Kiyosaki advocate for Bitcoin as a means to protect against inflation and government overreach.

Srinivasan highlights Bitcoin's resilience in the face of escalating debt levels, emphasizing its role as a decentralized store of value.

With U.S. national debt soaring to record highs, investors are turning to Bitcoin as a hedge against economic uncertainty and potential asset seizures.

As the Federal Reserve prepares to release key economic data, including inflation figures, the demand for inflation-resistant assets like Bitcoin is expected to surge further.

💡 Feature of the Day: 

🔒Arbitrum DAO Withdraws Proposal to Fund Tornado Cash Legal Defense [Source][Source]

The Arbitrum DAO has removed a proposal seeking to allocate funds for the legal defense of Tornado Cash's developers, Roman Storm and Alexey Pertsev. The proposal, submitted by delegate DK, aimed to support the developers facing charges of money laundering and sanctions violations.

Despite the withdrawal of the proposal, the fate of Tornado Cash remains uncertain amid ongoing legal challenges.

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🫨 What’s Buzzing?:

🔍 Exploring top altcoins in the wake of Bitcoin's rollercoaster ride? Here are three gems to keep on your radar:

1. Starknet (STRK): With a soaring 25% surge, STRK's Ethereum layer-2 scaling protocol is turning heads. Boasting a modest market cap of $1.6 billion, this altcoin offers potential for further growth. Analysts anticipate STRK could yield 5x gains, making it a compelling option for ambitious investors.

2. Theta Network (THETA): Riding an 18% price surge, THETA's innovative "dual network" concept is gaining momentum. Eyeing resistance at $4.50, THETA's upward trajectory could continue.

3. Optimism (OP): Scaling Ethereum with a bang, OP's 15% gain and new all-time highs make it a standout. With a low fully diluted market cap of under $20 million, experts predict 3-4x gains may be in the cards for this altcoin.

Read the whole shebang in UseTheBitcoin’s latest article talking about the Top 3 Altcoins You Need To Have On Your Watchlist!

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com