March 20, 2024 1:48 PM
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newsletter@mail.coinbase.com
Solana is having a moment
The email provides a crypto market update including price changes, overall market sentiment, specific updates on Bitcoin ETFs, Ethereum and Solana, and other crypto-related topics.
Plus, what’s behind the crypto market pullback? View in browser 3/20/24 Solana revisited $200 for the first time in over two years. [BT Series via Getty Images] What’s up? It’s Coinbase Bytes There’s never a dull moment on the blockchain. Her
March 20, 2024 1:48 PM
-
newsletter@mail.coinbase.com
Solana is having a moment
The email provides a crypto market update including price changes, overall market sentiment, specific updates on Bitcoin ETFs, Ethereum and Solana, and other crypto-related topics.
Plus, what’s behind the crypto market pullback? View in browser 3/20/24 Solana revisited $200 for the first time in over two years. [BT Series via Getty Images] What’s up? It’s Coinbase Bytes There’s never a dull moment on the blockchain. Her
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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">Plus, what’s behind the crypto market pullback?</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=8713910b238849939f53f9bf9b98a468&_e=or_u_OXx8QzIKGJ97XM3eay3J7DOGFdW7nSe0mRv-envhmJdpGjOutguuZVoSOAE9rQ7rUzCNtvUpKlSyThpEjX3i-xACZCHC0QrJ8x5BwPBFWUYRDxPKqT3XAylyj5ll_zUsV4YId7O22yVKJgdNt62rpPAwODZtYvEdCIxlnQ%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">3/20/24</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/7N2vFDH0mxry2jkhcOEwgS/4c5ff0010cc6db4ee9837c772d5d66d6/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)">Solana revisited $200 for the first time in over two years. [BT Series 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>Crypto markets pulled back to start the week. </strong>Despite the correction, traders are still sending bullish signals.</li><li style="margin:0px; padding:6px 0px"><strong>Solana hit its highest price level since 2021. </strong>The Ethereum alternative has seen a flurry of onchain activity and newly popular tokens.</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>The average trade size for BlackRock’s BTC ETF, the amount of registered crypto investors in Indonesia, 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/down-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">$66,411.33 </p><p style="margin:0; font-size:12px">-9.33% </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/down-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">$3,432.36 </p><p style="margin:0; font-size:12px">-14.27% </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">$184.66 </p><p style="margin:0; font-size:12px">+15.04% </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/down-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">$0.61 </p><p style="margin:0; font-size:12px">-10.73% </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/down-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">$0.64 </p><p style="margin:0; font-size:12px">-15.23% </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/down-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">$0.15 </p><p style="margin:0; font-size:12px">-12.50% </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/down-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">$66,411.33 </p><p style="margin:0; font-size:12px">-9.33% </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/down-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">$3,432.36 </p><p style="margin:0; font-size:12px">-14.27% </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">$184.66 </p><p style="margin:0; font-size:12px">+15.04% </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/down-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">$0.61 </p><p style="margin:0; font-size:12px">-10.73% </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/down-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">$0.64 </p><p style="margin:0; font-size:12px">-15.23% </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/down-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">$0.15 </p><p style="margin:0; font-size:12px">-12.50% </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 20, 2024 at 08:23 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>Crypto markets start the week red, but traders are still optimistic </strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">After a three-week rally that saw <a href="#" target="_blank" rel="noopener noreferrer">bitcoin</a> hit fresh all-time highs and a variety of <a href="#" target="_blank" rel="noopener noreferrer">altcoins</a> run up sizable gains, crypto markets started this week by taking a breather.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Bitcoin was down as much as 18% from last week’s highs near $74,000. Ethereum tumbled approximately 25% in the same span, and altcoins including <a href="#" target="_blank" rel="noopener noreferrer">Dogecoin</a>, <a href="#" target="_blank" rel="noopener noreferrer">Algorand</a>, and <a href="#" target="_blank" rel="noopener noreferrer">Filecoin</a> all saw similar losses.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Despite this week’s correction, prices remain historically high, retail and institutional investors keep sending bullish signals, BTC ETF inflows continue to set records, and some analysts expect a wave of new crypto adopters to arrive in the coming months.</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>Why were prices down this week?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Declines of 15% or higher after new all-time highs <a href="#" target="_blank" rel="noopener noreferrer">are typical for BTC</a>, as markets adjust downward after traders sell for a profit. Similar pullbacks also took place after <a href="#" target="_blank" rel="noopener noreferrer">new highs</a> both in 2017 and 2021, before BTC ultimately continued its climb. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Inflation data released last week also has some <a href="#" target="_blank" rel="noopener noreferrer">market watchers worried</a> that the Federal Reserve might not be able to reduce interest rates as quickly as expected. (Lower rates are historically correlated with higher crypto prices.) </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Investors now bet that central bankers will cut rates three times by the end of the year, to about 4.6 percent,” <a href="#" target="_blank" rel="noopener noreferrer">reports</a> the New York Times. “Just a month ago, they expected four cuts, and saw a reasonable chance of five.” And some are even less optimistic. Vanguard’s global chief economist said there’s a “growing probability” that rate cuts won’t start until 2025. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Bitcoin ETFs attracted a record-breaking $2.5 billion last week.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The latest inflows — which marked the second straight week of $2 billion-plus in inflows — eclipsed the previous high-water mark of $2.3 billion from mid-February. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Out of thousands of ETFs that trade in the U.S., BlackRock’s and Fidelity’s spot BTC products both rank <a href="#" target="_blank" rel="noopener noreferrer">in the top five</a> for year-to-date inflows. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As a group, the ten spot BTC ETFs notched more than $28 billion in trading volume last week. <a href="#" target="_blank" rel="noopener noreferrer">According to Matteo Greco</a>, analyst for Fineqia International, these stats “underscore the sustained momentum of investments from traditional finance into the digital assets space.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Investment advisors could lead the next wave of demand for bitcoin.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Professional investment advisers have long wanted an easy way for their clients to access bitcoin, <a href="#" target="_blank" rel="noopener noreferrer">according to polls</a> — which they now have in the form of the spot BTC ETFs. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Typically, investment advisory firms wait three months before recommending new ETFs to their clients, but some major firms are already offering the new funds. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The Carson Group, which manages $30 billion in assets, is allowing advisers to <a href="#" target="_blank" rel="noopener noreferrer">start offering</a> the spot ETFs to clients — with some advisers expected to recommend a <a href="#" target="_blank" rel="noopener noreferrer">3.5% average portfolio allocation</a>. Cetera Financial Group, which has $190 billion under management, has reportedly <a href="#" target="_blank" rel="noopener noreferrer">approved four</a> of the BTC ETFs for advisors to implement in client portfolios. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">In the coming months, a wave of other firms is expected to follow suit, according to CoinShares Head of Research James Butterfill. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Given that the [registered investor advisory, or RIA] market represents about $50 trillion in assets, the potential inflows could be significant,” <a href="#" target="_blank" rel="noopener noreferrer">Butterfill told the Block</a>. “For instance, if 10% of RIAs chose to invest 1% of their portfolios, this could result in approximately $50 billion in additional inflows.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Could spot ether ETFs help ETH reach new highs?</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">In a note to investors this week, British banking giant Standard Chartered <a href="#" target="_blank" rel="noopener noreferrer">predicted</a> that ether could hit $8,000 by the end of 2024 and rise as high as $14,000 by 2025, boosted by the arrival of spot ETFs like the ones that have powered the BTC market this year. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">While Bloomberg analysts <a href="#" target="_blank" rel="noopener noreferrer">have assigned</a> a 30% chance that spot ETH ETFs will gain SEC approval in the near term, Standard Chartered <a href="#" target="_blank" rel="noopener noreferrer">predicts</a> that the ETFs will be approved by the May 23 deadline, helped by the London Stock Exchange’s announcement that it will accept applications for BTC and ETH investment products in Q2 of this year.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Ahead of potential Ethereum spot ETFs, institutional giants also <a href="#" target="_blank" rel="noopener noreferrer">appear more willing</a> to deploy capital onto the blockchain, with BlackRock seeding a tokenized private equity fund with $100 million of USDC, according to recent SEC filings. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Ethereum’s momentum also got a boost from last week’s “Dencun” network upgrade, which significantly cut transaction costs for Layer 2 blockchains that run on top of the main Ethereum blockchain. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Post-upgrade, Layer 2 blockchains like Base (which was incubated by Coinbase) have seen a <a href="#" target="_blank" rel="noopener noreferrer">significant rise in transaction volume</a>. Crucially, fees on Ethereum Layer 2 chains are now at times lower than fees on competing Layer 1 chains like Solana.</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">It’s natural for traders to take profits when prices reach never-before-seen highs. But what might happen in the longer term? In another note, Standard Chartered offered a deeply <a href="#" target="_blank" rel="noopener noreferrer">bullish take:</a> BTC could hit $150,000 by the end of 2024 and $250,000 next year as traders continue to pile into ETFs. </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 ETFs</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/q5ulk4bp65r7/11ethN8SqaxfTpSQp5dFNK/2a692d99adc4eceabaa8a5da01590f6e/650x488px_mobile__1_.png" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/2EIy1P2xeUhtobZGk8Vi8V/f8427ab27cd5eb64dfcd50efe733d669/1060x408px_desktop__1_.png" 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>SOL CYCLE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>Solana’s price climbed back above $200 as trade volumes surged</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">At this time last year, the future didn’t look especially bright for <a href="#" target="_blank" rel="noopener noreferrer">Solana</a>, one of several low-fee, smart-contract-compatible blockchains designed to compete with Ethereum. Prices were a tiny fraction of 2021 peaks, and a huge amount of SOL’s market cap was tied up in FTX’s bankruptcy. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">But now that the broader crypto market has come roaring back, Solana is one of the breakout stories of this cycle. Prices are up more than 700% for the last 12 months, with SOL climbing back above $200 on Monday for the first time in more than two years. (Alongside the broader market, SOL dipped on Tuesday, falling below $180.) </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">One major factor boosting prices? Around <a href="#" target="_blank" rel="noopener noreferrer">$11 billion in transactions</a> on the Solana blockchain in just 24 hours on Monday, powered by a slew of smaller and newly popular tokens. Let’s dig in.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The network keeps breaking records. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">In the last week, Solana’s <a href="#" target="_blank" rel="noopener noreferrer">market cap</a> hit a new all-time high, boosted by the combination of rising prices and an increased number of tokens circulating now compared to the last bull cycle.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">And as onchain volumes have soared, the amount of fees the network has collected has risen to new heights. As Coindesk <a href="#" target="_blank" rel="noopener noreferrer">reports</a>, “The network amassed $3.2 million in fees over a [recent] 24-hour period, beating a $300,000 record from 2021. Onchain volumes climbed over $3 billion, flipping a November 2022 record of $300 million.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Solana’s user activity surpassed Ethereum’s. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Much of Solana’s recent activity has taken place on <a href="#" target="_blank" rel="noopener noreferrer">decentralized exchanges</a> (DEXs) like Jupiter and Raydium — with traders accumulating cheap, buzzy “<a href="#" target="_blank" rel="noopener noreferrer">memecoins</a>” like <a href="#" target="_blank" rel="noopener noreferrer">Bonk</a>.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">DEXs are applications that run on the blockchain and allow traders to make transactions that are powered entirely by code, with no human intermediary involved. According to the Block, Solana-based DEXs have been rapidly <a href="#" target="_blank" rel="noopener noreferrer">capturing market share</a> from Ethereum DEXs like Uniswap for almost four months.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">(You can access Solana-based DEXs via a compatible crypto wallet like <a href="#" target="_blank" rel="noopener noreferrer">Coinbase Wallet</a>.) </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Traders seeking to use a decentralized exchange on Solana need to buy some SOL to pay network fees, which has helped boost prices, as has all the attention Solana has been receiving: Search volume for “Solana” <a href="#" target="_blank" rel="noopener noreferrer">hit all-time highs</a> this week. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">"Solana has once again exploded as the trendiest crypto asset amongst traders with new meme tokens popping nearly every minute," Nick Ruck, COO of ContentFi Labs, <a href="#" target="_blank" rel="noopener noreferrer">told CoinDesk</a>.</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">This isn’t the first time traders have flocked to memecoins seeking major gains. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Some of the biggest meme-powered successes of the last cycle, like <a href="#" target="_blank" rel="noopener noreferrer">DOGE</a> and <a href="#" target="_blank" rel="noopener noreferrer">SHIB</a>, have become durable components of the cryptoeconomy. (Always remember that rapid gains tend to be paired with equally rapid losses, so be cautious if you decide to give the new wave of buzzy tokens a try.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“There’s no way to know how sustainable this memecoin activity is,” Cosmo Jiang, a portfolio manager at crypto fund Pantera Capital, told <a href="#" target="_blank" rel="noopener noreferrer">Bloomberg</a>. “But because people have to deposit money on Solana to trade those memecoins, as these users discover other use cases they are more likely to stay around. A lot of this volume could become other activity on Solana.”</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>View SOL</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>$1.4 trillion</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Approximate value of the Government Pension Investment Fund of Japan. The fund is <a href="#" target="_blank" rel="noopener noreferrer">exploring adding BTC</a> to its portfolio as a diversification tool, but hasn’t yet confirmed plans to make any purchases. </p><h1><strong>19 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Number of registered crypto investors in Indonesia as of February — <a href="#" target="_blank" rel="noopener noreferrer">an increase</a> of 170,000 users from the month before. February crypto transactions in the country totaled 30 trillion Indonesian Rupiah ($1.92 billion), according to the country's Commodity Futures Trading Supervisory Agency. </p><h1><strong>$13,000 </strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Average trade size for BlackRock's iShares Bitcoin Fund, which <a href="#" target="_blank" rel="noopener noreferrer">analysts say</a> indicates that most purchases have been from retail investors. “There's probably some advisers in there, but, largely speaking, based on the size of the trades, it looks like retail is definitely a big factor,” said Bloomberg Intelligence senior ETF analyst Eric Balchunas.</p><h1><strong>1%</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><a href="#" target="_blank" rel="noopener noreferrer">Rough share</a> of bitcoin’s total supply held by MicroStrategy. The company, which is the largest corporate holder of BTC, owns 214,246 BTC, valued at about $7.53 billion. </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>Which consensus mechanisms does Solana use?</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>Proof of work & proof of stake</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">Proof of copy & proof of time</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">Proof of history & proof of stake</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">Proof of time & proof of space</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 up on SOL</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>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>AKT</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/6d08cfbf193b659d530563e609d29b5d79fd400e3631b1b3c815212a9178456d.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">Akash is a blockchain network that supports a decentralized compute marketplace. </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>Proof of history & proof of stake</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.coinbase.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/CI0/0100018e5d9f59f2-5b3eb2c1-8c2e-4575-a3da-c0c6bde18390-000000/WHKcLHvEhyjxAIjWs3w4opJOaERQRxpaf3ENEFRtVMA=344" style="display:none; width:1px; height:1px"> </body></html>
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