LacolaCrypto

Market Update - Wednesday, March 11
Oil prices remain at $80, gold returns to $5,200, and Bitcoin surged to $71,000 before correcting to $70,000.
Hormuz Strait Update & Oil Price Movements:
- The U.S. has reportedly eliminated 16 Iranian minesweepers near the Hormuz Strait. Iran asserts it will not allow any oil tankers to pass.
- The U.S. Energy Secretary announced the successful escort of an oil tanker through Hormuz but later deleted the post, causing a ~17% fluctuation in U.S. oil prices.
- The International Energy Agency (IEA) has proposed releasing over 182 million barrels of oil from re

The U.S. Department of the Treasury has submitted a 32-page report to Congress as required by the GENIUS Act, highlighting two key points:
1. Acknowledgment of crypto mixers for privacy protection
- Users can utilize these tools to safeguard personal asset information, commercial payments, or sensitive data such as charitable donations.
- This marks a significant shift from the agency's previous stance, which sanctioned Tornado Cash in 2022 and labeled crypto mixing platforms as money laundering centers in 2023.
- However, the negative aspect remains serious, as North Korean hackers have used

Bitcoin has reached a one-month high, briefly surpassing $74,000, the highest level since February 5. It is currently trading around $72,800. The total cryptocurrency market capitalization has rebounded by 5.5%, exceeding $2.53 trillion.
In ongoing conflict developments (Day 5):
Iran:
- Denied reports of secretly sending negotiation messages to the U.S. without a response.
- Warned it would target Israel's Dimona nuclear facility if the U.S. and Israel pursue regime change in Tehran.
- Casualties in Iran: 1,045 dead and hundreds injured.
U.S. and Israel:
- A U.S. submarine sank an Iranian wars

JPMorgan: Bitcoin More Attractive Than Gold in the Long Term
In a recent report, JPMorgan noted that gold has outperformed Bitcoin since October, with gold also experiencing greater price volatility. As negative sentiment shifts, JPMorgan believes Bitcoin has the potential to be reevaluated as a hedge comparable to gold in risk scenarios.
Two reasons JPMorgan remains bullish amid a declining market:
1. Bitcoin has fallen below the breakeven point for miners, with the estimated cost to mine one BTC around $77,000. Many weaker miners are forced to shut down, but this is seen as a natural cleansi

JPMorgan: Bitcoin More Attractive Than Gold in the Long Term
In a recent report, JPMorgan noted that gold has outperformed Bitcoin since October, with gold also experiencing greater price volatility. As negative sentiment shifts, JPMorgan believes Bitcoin has the potential to be reevaluated as a hedge comparable to gold in risk scenarios.
Two reasons JPMorgan remains bullish amid a declining market:
1. Bitcoin has fallen below the breakeven point for miners, with the estimated cost to mine one BTC around $77,000. Many weaker miners are forced to shut down, but this is seen as a natural cleansi

U.S. stocks showed mixed results, with the Dow Jones reaching a new high, while the S&P 500 and Nasdaq both declined. Bitcoin remains range-bound below $70,000, and most altcoins are in the red.
In economic data, December retail sales disappointed, showing no growth at 0.0% compared to November, falling short of the expected 0.4% increase. This weak data slightly raised expectations for a Federal Reserve rate cut in March from 17.2% to around 20%.
Regarding tensions in Iran, former President Trump is considering deploying a second aircraft carrier if Iran does not cooperate in upcoming negotia

Bitcoin dropped to $72,900, its lowest point since November 2024, when Trump was elected, before rebounding over 5% to $76,800. Ethereum fell to $2,110 and then recovered to $2,340.
This sharp V-shaped decline resulted in over $740 million in liquidations within the last 24 hours, primarily affecting long positions.
US-Iran Tensions Escalate
- The US military confirmed it shot down an Iranian Shahed-139 drone for aggressively approaching the USS Abraham Lincoln aircraft carrier in the Arabian Sea. This incident occurred while both sides were attempting to arrange nuclear negotiations.
- Accord