March 13, 2024 2:52 PM
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newsletter@mail.coinbase.com
Bitcoin’s latest all-time high
The email provides a market update on Bitcoin and Ethereum, including recent all-time highs, ETF inflows, and discusses Ethereum's Dencun upgrade.
And Ethereum gets an upgrade. View in browser 3/13/24 Bitcoin’s latest all-time high above $73K coincided with new price projections from several analysts. [Westend61 via Getty Images] What’s up? It’s Coinbase Bytes There’s never a dull momen
March 13, 2024 2:52 PM
-
newsletter@mail.coinbase.com
Bitcoin’s latest all-time high
The email provides a market update on Bitcoin and Ethereum, including recent all-time highs, ETF inflows, and discusses Ethereum's Dencun upgrade.
And Ethereum gets an upgrade. View in browser 3/13/24 Bitcoin’s latest all-time high above $73K coincided with new price projections from several analysts. [Westend61 via Getty Images] What’s up? It’s Coinbase Bytes There’s never a dull momen
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</style></head><body style="margin:0; padding:0; background-color:#FFFFFF; font-family:Helvetica Neue,Helvetica,Arial,sans-serif; font-size:16px; color:#0A0B0D"><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">And Ethereum gets an upgrade.</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=1963d0d332e043c1beda2dfaf6b967c6&_e=0ELXvUkqJK_LmQU8F_veibRZyc6gmFcp0ftsJrw9-HFScqIS_eYG0tOh3mLryK1gMCeX68X1pMHEKbg-1u1O_Bl7FGHxR8h6BEnV0rQRTuGZ2pQcDbfAvNpKNOuQ5V8haZcx4lRtBSbm8itVij-3P_Ee8TtBMgVcnWe0csOwTs4%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"><div id="root" style="min-width:320px; background-color:#FFFFFF; width:100%"><div class="block-grid" style="min-width:320px; max-width:570px; word-break:break-word; margin:0px auto"><div style="padding:0px 10px 10px"><div style="text-align:right; margin-bottom:24px"><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(91,97,110); text-decoration:none; line-height:1.5; font-size:12px">View in browser</a></div><div style="margin-bottom:20px"><table style="width:100%"><tbody><tr><td style="text-align:left; vertical-align:middle"><a href="#" title="Coinbase Bytes" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/cbytes-4x.png" height="36" style="display:block; height:36px"></a></td><td style="text-align:right"><p style="font-size:20px; color:rgb(10,11,1); margin:10px 0px 0px">3/13/24</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/7L4r9HYZjZoasIRxPIjNpz/02b7fdf99b5e76251b932d99b50c371c/image1.jpg" width="100%" style="display:block; width:100%"></a><p style="margin:16px 0px 0px; line-height:1.5; word-break:break-word; font-size:12px; color:rgb(91,97,110)">Bitcoin’s latest all-time high above $73K coincided with new price projections from several analysts. [Westend61 via Getty Images]</p><p style="margin:48px 0px 16px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What’s up? It’s Coinbase Bytes </strong></p><p style="margin:0px; line-height:1.6; word-break:break-word">There’s never a dull moment on the blockchain. Here’s what you need to know this week:</p><ul style="margin:10px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>Bitcoin notched another all-time high north of $73K. </strong>Meanwhile, BTC ETF inflows kept on setting records.</li><li style="margin:0px; padding:6px 0px"><strong>Ethereum’s Dencun upgrade, explained. </strong>ETH’s blockchain got a key update this week. </li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>The amount of BTC held by public mining firms, the number of daily dapp users, and more stats to know.</li></ul><p style="margin:0px; padding:0px"></p><div class="desktop_hide" style="display:none; max-height:0; overflow:hidden"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$73,065.10 </p><p style="margin:0; font-size:12px">+9.78% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$3,981.66 </p><p style="margin:0; font-size:12px">+3.43% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$163.52 </p><p style="margin:0; font-size:12px">+24.23% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.68 </p><p style="margin:0; font-size:12px">+11.16% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.75 </p><p style="margin:0; font-size:12px">+2.39% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.17 </p><p style="margin:0; font-size:12px">+7.36% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><div class="mobile_hide"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$73,065.10 </p><p style="margin:0; font-size:12px">+9.78% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$3,981.66 </p><p style="margin:0; font-size:12px">+3.43% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$163.52 </p><p style="margin:0; font-size:12px">+24.23% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.68 </p><p style="margin:0; font-size:12px">+11.16% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.75 </p><p style="margin:0; font-size:12px">+2.39% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.17 </p><p style="margin:0; font-size:12px">+7.36% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><p style="margin:20px 0px 0px; line-height:1.5; word-break:break-word; color:rgb(91,97,110); font-size:12px">Price changes are for the past week, ending on Mar 13, 2024 at 09:34 PM UTC</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>See the latest prices</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>MARKET UPDATE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Bitcoin hit a new all-time high as markets continue to surge </strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">If you bought one bitcoin exactly a year ago, you would have paid less than $24,000. As of Wednesday morning, that same <a href="#" target="_blank" rel="noopener noreferrer">bitcoin</a> would have increased in value by a staggering 200% as prices climbed back above $73,000 for the second day in a row, reaching a new all-time high around $73,700.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><a href="#" target="_blank" rel="noopener noreferrer">ETH</a> hasn’t quite reached new peaks — though on Monday it crossed the $4,000 mark for the first time in two years. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">But the combination of a new network upgrade (see second story below) and the potential arrival of exchange-traded funds from Wall Street firms including BlackRock has some market watchers feeling bullish. (That said, the odds of near-term SEC approval for ETH ETFs fell from 70% to 30% this week, at least <a href="#" target="_blank" rel="noopener noreferrer">according to Bloomberg analysts</a>.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">What’s driving the rally, and what might happen next? Here’s what you need to know. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>BlackRock’s BTC ETF reached $10 billion in record time.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Less than two months after spot BTC ETFs launched in the U.S. on January 11, BlackRock’s IBIT product — the biggest ETF after Grayscale’s GBTC — has crossed the $10 billion mark <a href="#" target="_blank" rel="noopener noreferrer">faster than any ETF in history</a>. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">How did it accomplish this feat? Impressive inflows across the spot BTC ETF category have helped drive BTC prices up, and the combination of some $7 billion in capital flowing into IBIT and BTC’s rising values resulted in BlackRock’s fund breaking the record previously held by <a href="#" target="_blank" rel="noopener noreferrer">Invesco’s QQQ fund</a>, which took over a year to hit the $10 billion milestone.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>2024 inflows into crypto investment products are on track to break records.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The new ETFs have transformed crypto markets by making BTC more accessible to a wide range of traders — from hedge and pension funds to individuals saving for retirement.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s just one <a href="#" target="_blank" rel="noopener noreferrer">notable example</a>: Across all of 2021 (when crypto markets last peaked), inflows to crypto investment products totalled $10.6 billion, according to CoinShares. In a little over two months this year, inflows have already totaled $10.3 billion. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“I had high expectations, and [the new ETFs] vastly surpassed them,” Bloomberg Intelligence analyst James Seyffart <a href="#" target="_blank" rel="noopener noreferrer">told</a> the Financial Times. “Demand is being pulled forward much quicker.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>U.K. regulator opens the door to crypto exchange-traded products. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As covered in a <a href="#" target="_blank" rel="noopener noreferrer">recent edition</a> of Bytes, regulators in other regions have been watching the U.S. BTC ETF rollout with interest.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">On Monday, the U.K.’s Financial Conduct Authority said it would allow cryptocurrency products to be traded on exchanges. As <a href="#" target="_blank" rel="noopener noreferrer">CNBC reports</a>, “Specifically, the FCA said it would not object to requests from recognized investment exchanges to create a U.K.-listed market segment for crypto-backed exchange-traded notes, or ETNs.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The London Stock Exchange will start accepting applications for both BTC and ETH ETNs in the coming months.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>South Korea saw crypto trading volumes race past stock trading volumes.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As crypto prices have spiked, crypto exchanges in South Korea have begun to see trade volumes <a href="#" target="_blank" rel="noopener noreferrer">surge past</a> those of stock exchanges. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">In one example, Sunday’s crypto volumes (across the five busiest exchanges) totaled around $9 billion, while stock exchange volumes on Friday totalled $8.7 billion. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Koreans favor high-risk, high-return investments because they experienced a rapidly growing economy,” Ki Young-Ju, founder of onchain provider CryptoQuant, <a href="#" target="_blank" rel="noopener noreferrer">told</a> CoinDesk. “More people are turning to such investments, with altcoins being the preferred choice over major assets like BTC or ETH.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>What do analysts think will happen next?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">On Monday, Bernstein analysts <a href="#" target="_blank" rel="noopener noreferrer">doubled down</a> on their report from last October predicting that BTC is headed to $150,000. Specifically, the firm’s latest prediction calls for bitcoin to hit $150,000 by mid-2025, with prices breaking out following <a href="#" target="_blank" rel="noopener noreferrer">next month’s halving event</a>. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Cathie Wood, whose ARK Invest launched its ARK 21Shares BTC ETF in January, has <a href="#" target="_blank" rel="noopener noreferrer">long argued</a> that institutional capital will drive bitcoin’s price to $1 million by 2030. In an interview with the New Zealand Herald, Wood declined to specify the firm’s new target, but <a href="#" target="_blank" rel="noopener noreferrer">said</a> that it’s “well above that.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">A week or two after the new ETFs began trading, crypto prices <a href="#" target="_blank" rel="noopener noreferrer">took a brief dip</a>, with many assuming that the launch had been a “buy the rumor, sell the news” moment. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">But as capital flooded into the new investment products, crypto prices began to ramp up again by early February, ultimately sending BTC to a series of new all-time highs and pushing a wide variety of other tokens to levels not seen since the last bull cycle. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Will <a href="#" target="_blank" rel="noopener noreferrer">next month’s halving</a> drive similarly durable gains? We’ll know soon enough. </p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn BTC history</strong></a></div><a href="#" target="_blank" rel="noopener noreferrer"><div class="desktop_hide" style="display:none; max-height:0px; overflow:hidden"><img src="https://images.ctfassets.net/q5ulk4bp65r7/1GxliVAgGMseHxmm7N3ot1/f526c65caf08d6f72f47c5d600ba1aa5/FINAL_-_650x488help.jpg" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/1a8shmU5kaWDqJSLFLnmlz/ac19e411a82cd170b43aeced30ea91e2/FINAL_-_1060x408pxhelp.jpg" width="100%" style="display:block; width:100%; margin:64px 0px"></div></a><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>FORK IT OVER </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Ethereum’s Dencun upgrade has arrived</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">It’s a big week for ETH! Just as prices have risen to two-year highs, a major new upgrade arrived this week.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The “Dencun” upgrade, which <a href="#" target="_blank" rel="noopener noreferrer">went live</a> Wednesday, is the latest step in Ethereum’s years-long <a href="#" target="_blank" rel="noopener noreferrer">product roadmap</a>, and is primarily focused on improving the network’s scalability, with the eventual goal of lower fees, faster transactions, and greater security.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s what you need to know.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>What is the Dencun upgrade?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As a “<a href="#" target="_blank" rel="noopener noreferrer">hard fork</a>” — a permanent change to the rules of the network — Dencun represents the <a href="#" target="_blank" rel="noopener noreferrer">most anticipated upgrade </a>to ETH since last April’s “<a href="#" target="_blank" rel="noopener noreferrer">Shapella</a>” upgrades, which added unstaking functionality to the blockchain, and is perhaps the biggest change to the network since 2022’s “<a href="#" target="_blank" rel="noopener noreferrer">Merge</a>,” which saw Ethereum transition to an energy-efficient proof-of-stake blockchain.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Dencun’s headline feature is an innovation called “<a href="#" target="_blank" rel="noopener noreferrer">proto-danksharding</a>,” which aims to improve Ethereum’s scaling issues by helping layer-2 blockchains like Optimism, Polygon, and Arbitrum move and store data more quickly while reducing fees. (Base, the Coinbase-incubated Ethereum L2, will <a href="#" target="_blank" rel="noopener noreferrer">support</a> Dencun right as it rolls out on Wednesday.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Layer-2 blockchains work kind of like HOV lanes on the highway, allowing some traffic to move off of the main Ethereum blockchain and onto a faster and typically lower-fee parallel chain. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“They've become the primary venues for transacting on top of Ethereum,” according to <a href="#" target="_blank" rel="noopener noreferrer">CoinDesk</a>, “amassing billions of dollars in deposits and consistently boasting higher transaction volumes than the main Ethereum chain.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>How much cheaper could fees get?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Developers estimate that the Dencun upgrade <a href="#" target="_blank" rel="noopener noreferrer">could reduce transaction</a> costs on layer-2 networks by as much as 90%. But that doesn’t mean that fees on the main Ethereum blockchain will go down by similar amounts in the near-term. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Instead, proto-danksharding represents an intermediate step towards the ultimate goal of “<a href="#" target="_blank" rel="noopener noreferrer">full danksharding</a>,” which developers say will allow Ethereum to process around 100,000 transactions per second, compared to about 30 transactions per second today. Full danksharding is still expected to be years away.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>What does Dencun mean for ETH’s future?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">According to a new report from Fidelity Digital Investments, Dencun could usher in a <a href="#" target="_blank" rel="noopener noreferrer">major shift</a> in Ethereum’s core functionality.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Instead of operating as a general-purpose blockchain that developers can build applications on top of, Dencun solidifies a new paradigm where the main Ethereum blockchain functions primarily as a database and security layer for layer-2 networks, which will eventually handle the bulk of transactions. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Each user added to the network exponentially adds to its value (due to network effects),” the Fidelity <a href="#" target="_blank" rel="noopener noreferrer">report</a> notes. “The ability of L2 platforms to design for specific applications will improve the user experience and probably attract new and more consistent users and developers.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong> </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">High transaction costs at busy times might be the most common complaint Ethereum users have. While Dencun won’t necessarily result in lower fees right away, it’s a key step towards making Ethereum faster, cheaper, and easier to use.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“The Merge was super critical and super important, but users didn’t notice much,” Roberto Bayardo, a Base engineer at Coinbase, <a href="#" target="_blank" rel="noopener noreferrer">told</a> Bloomberg. “From the perspective of the end user, this change is going to be much more dramatic and spur much more innovation on the application side.”</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Learn about L2s</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><h1><strong>6.7 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The number of unique daily active users who used decentralized apps in February, a new all-time high, according to <a href="#" target="_blank" rel="noopener noreferrer">DappRadar</a>. The dapp categories that saw the most growth in the past month were NFTs (24%), gaming (20%), and <a href="#" target="_blank" rel="noopener noreferrer">social</a> (12%).</p><h1><strong>1.82 million BTC</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Approximate <a href="#" target="_blank" rel="noopener noreferrer">number of bitcoins</a> held by publicly-traded bitcoin mining companies, worth around $131 billion (as of Tuesday) — an all-time high. Surprisingly, mining stocks as a category <a href="#" target="_blank" rel="noopener noreferrer">fell to start the week</a>, potentially due to investors’ concerns about how they’ll be impacted by April’s halving.</p><h1><strong>$84 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The approximate <a href="#" target="_blank" rel="noopener noreferrer">amount</a>, in profit, that El Salvador is sitting on from its bitcoin holdings. The country, which first bought the cryptocurrency in 2021, is up about 70% on its initial investment and holds 2,681 BTC at an average cost of roughly $42,600. </p><h1><strong>.01 ETH</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The cost of a starter pack for the sci-fi themed NFT card game <a href="#" target="_blank" rel="noopener noreferrer">Parallel</a>, equivalent to roughly $40. The packs, which can be minted on Base, reveal NFT collectibles that can be used to assemble decks and battle other players. </p><h1><strong>$0</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Cost of <a href="#" target="_blank" rel="noopener noreferrer">fees</a> that VanEck will charge holders of its spot bitcoin ETF until March 31, 2025. VanEck’s ETF is lagging behind some competitors in attracting investors, and the fee reduction is seen as a way to encourage inflows. </p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>TOKEN TRIVIA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What will Bitcoin’s block reward be after this year’s halving?</strong></p></div><div style="margin-top:16px"><table style="line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>12.5 BTC</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">6.25 BTC</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">3.125 BTC</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">1.563 BTC</td></tr></tbody></table></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Find the answer at the end of the email.</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Read about the halving</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NOW TRADING ON COINBASE </strong></p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>RENDER</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/232d219562c169f1d1023d248261e34febf28259b450ac3c5331d50348a466b2.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">The Render Network is a decentralized GPU rendering platform that enables distributed graphics processing. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>STRK</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/d4f8694e03eaa36b863aa1833881cbc5821f8762bb9a51f5d3c80f8bcc6b8491.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Starknet is a zk-rollup Ethereum scaling solution. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>MOBILE</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/af8afa0f8a99e3786611ad47f460c750dd78467d67784905bcfbb2d2ad0274c7.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Helium Mobile provides cellular service through its decentralized wireless infrastructure. </p></a><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><p style="margin:0px; line-height:1.6; word-break:break-word"><strong>Trivia answer</strong></p><table style="margin:12px 0px 0px; line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>C</strong></td><td>3.125 BTC</td></tr></tbody></table><table style="margin:48px 0px 0px"><tbody><tr><td style="text-align:left"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt="Coinbase" height="26" style="display:block; height:26px; margin-bottom:24px"></td></tr><tr><td><a href="#" title="coinbase ios app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt="Download on iOS App store" height="46" style="display:block; height:46px; margin-right:8px"></a></td><td><a href="#" title="coinbase android app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_google.png" alt="Download on Google Play" height="46" style="display:block; height:46px"></a></td></tr></tbody></table><div style="margin-top:24px"><p style="font-size:12px; line-height:1.8; word-break:break-word; color:rgb(91,97,110)">Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. <br><br>Coinbase is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. <br><br>© Coinbase 2024 | Coinbase Inc. <br>248 3rd St #434 <br>Oakland | CA 94607 | US <br><a href="#">www[dot]coinbase[dot]com</a> <br><a href="#">Get in touch</a> <br><br><br><a href="#" style="text-decoration:none">Unsubscribe</a> from future editions of Coinbase Bytes.</p></div></div></div></div><img alt="" src="http://comm.coinbase.com/CI0/0100018e39cd3fd2-54786187-f060-4260-8e95-04f92e6b3486-000000/GTgDD8CQeM7vABXKtMl_lC7V978ncxRvlgwsj2zEf9A=344" style="display:none; width:1px; height:1px"> </body></html>
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