# Bitcoin's $70,000 Question *Author: Bankless* *Published: Mar 9, 2024* *Source: https://www.bankless.com/bitcoins-70-000-question-2* --- [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/coin_guy_2-51-3.png)](https://www.bankless.com/sponsor/kraken-1682978636?ref=bitcoins-70-000-question&email=true) Bitcoin's $70,000 Question Published on Mar 9, 2024 [ View in Browser ](https://bankless.com/read/briefs) --- [**Sponsor: Kraken**](https://www.bankless.com/sponsor/kraken-1682978636?ref=bitcoins-70-000-question&email=true) — Sign up for an account and see what crypto can be. [Sign up for Kraken](https://www.bankless.com/sponsor/kraken-1682978636?ref=bitcoins-70-000-question&email=true) .  .  . THIS WEEK IN MARKETS SOL Memecoins Pump **📊 SOL Memes.** Unlike BTC, many tokens are far off from their all-time highs, but that did not stop alts from pumping as the week progressed, with Ether trading above $4k for the first time since December 2021! *Which other crypto ecosystem found its footing against BTC this week?* [Get This Week's Full Market Analysis](https://www.bankless.com/will-solana-memecoin-keep-pumping) Prices as of 10am ET 24hr 7d ![](https://banklesspublic.b-cdn.net/cmc.png) **Crypto** $2.60T ↘ 0.1% ↗ 11.6% ![](https://banklesspublic.b-cdn.net/btc.png) **BTC** $68,397 ↘ 1.7% ↗ 10.4% ![](https://banklesspublic.b-cdn.net/eth.png) **ETH** $3,926 ↘ 1.7% ↗ 14.6% .  .  . WEEKLY RECAP Bitcoin's $70,000 Question [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/image---2024-03-09T100913.141.png)](https://www.bankless.com/bitcoins-70-000-question) ### 1️⃣ Bitcoin (Barely) Breaks All-Time Highs Can BTC keep the momentum going? Bitcoin continued its climb this week, breaking all-time highs on two occasions, both times experiencing rapid corrections. After its first ATH, the cryptocurrency dropped as low as ~$59k before recovering to break $70,000 on Friday. Interestingly enough, some have drawn [parallels to Bitcoin’s previous breaking](https://twitter.com/thedefivillain/status/1764759360666767438) of all-time highs in 2020, when it also experienced sharp corrections twice and then ranged for a few weeks before melting up. We shall see. Regardless, this rally, driven by speculations of easing inflation and potential interest rate cuts, marked a significant moment in crypto history, occurring uniquely before a halving event. On the topic of inflation, if adjusted for inflation, Bitcoin would need to break [$78,905.45](https://www.coindesk.com/consensus-magazine/2024/03/06/adjusted-for-inflation-bitcoin-hasnt-topped-its-all-time-high/) to truly reach a new all-time high. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/Xnapper-2024-03-09-10.02.15.png)](https://twitter.com/BanklessHQ/status/1766132454409064608) ### 2️⃣ Do Kwon Extradition To South Korea Another new development hit [Do Kwon’s never-ending international legal drama](https://www.coindesk.com/policy/2024/03/08/us-will-appeal-do-kwons-extradition-to-south-korea-report/). After previously having been set to be extradited to the U.S., a court in Montenegro pivoted, accepting Kwon’s latest appeal and deciding instead that the Terraform Labs co-founder be turned over to South Korea after March 23rd. While it does not seem Kwon will appeal this decision, the U.S. Justice Department vowed they would, continuing their quest to ensure that crypto's wild west offenders face the rule of law. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/Xnapper-2024-03-09-10.03.37.png)](https://twitter.com/Crypto_Crib_/status/1765742273336062040) ### 3️⃣ Derpy Memecoin Meta The meme coin market witnessed an unexpected surge, with a coin named after U.S. President Joe Biden, $BODEN, netting degens *insane* returns. While this derpy trend started with [jeo boden and doland tremp](https://finance.yahoo.com/news/joe-biden-donald-trump-both-003500528.html), it didn’t just stick to presidential candidates, expanding to include celebrities, historical, and non-historical figures too. Further, after breaking $1 last week, dogwifhat (WIF) rapidly ran to over $2 after [landing a spot on Binance](https://www.binance.com/en/feed/post/2910768324794). All these dizzying highs and lows took place on Solana, further underscoring Solana’s ability to ignite speculative fervor with low fees. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/Xnapper-2024-03-09-10.04.24.png)](https://twitter.com/phantom/status/1765799238015787158) ### 4️⃣ Spain Bans Worldcoin, Worldcoin Sues Worldcoin hit a speed bump recently as [Spain joined a growing list](https://techcrunch.com/2024/03/06/worldcoin-spain-ban/?guccounter=1) of eyeball coin skeptics. Citing data and privacy concerns, they decided to temporarily ban Worldcoin, reflecting the broader, global apprehension towards the handling of sensitive biometric data. In response to the ban, [Worldcoin filed a lawsuit](https://www.channelnewsasia.com/business/sam-altmans-worldcoin-files-lawsuit-after-spanish-ban-4182181), claiming the ban went around EU regulation and spread false claims.  [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/Xnapper-2024-03-09-10.05.40.png)](https://twitter.com/Blockworks_/status/1766137692943708246) ### 5️⃣ Shapeshift Settles with SEC [OG crypto exchange ShapeShift](https://www.coindesk.com/policy/2024/03/06/shapeshift-settles-sec-charges-it-sold-crypto-securities/?utm_campaign=coindesk_main&utm_medium=social&utm_content=editorial&utm_source=twitter&utm_term=organic) settled with the SEC this week over allegations of acting as an unregistered securities dealer. Started in 2014, the exchange shuttered in 2021 when the SEC issued a cease-and-desist order on these charges. To resolve these allegations, ShapeShift offered a settlement of $275,000 – which the SEC agreed to. This settlement marks a significant moment in the ongoing dialogue between the crypto industry and regulatory bodies, once again underscoring the complex terrain of compliance and governance in our industry. [![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/Xnapper-2024-03-09-10.08.01.png)](https://twitter.com/ErikVoorhees/status/1765501960029974782) --- --- *This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=bitcoins-70-000-question-2)*