A new report by Deutsche Bank says that bitcoin is now “too important to ignore” given its $1 trillion market capitalization.

Bitcoin’s price rally has helped BTC miners rake in record-breaking revenues ahead of difficulty adjustments. Glassnode data shows that on March 14 miners’ daily earnings hit a new all-time high of $64.7 million.

The Chairman of the U.S. Federal Reserve, Jerome Powell, has indicated that central bank digital currencies (CBDCs), including a potential “digital dollar,” would not replace cash.

Top stories in the Crypto Roundup today:

• Bitcoin Is Now ‘Too Important to Ignore’ Says Deutsche Bank
• Bitcoin Miners’ Daily Earnings Hit $64 Million Record
• Digital Dollar Would Coexist with Cash, Fed Chairman Says
• Daily Movers – ONE, THETA, LUNA

Bitcoin Is Now ‘Too Important to Ignore’ Says Deutsche Bank

A new report by Deutsche Bank says that bitcoin is now “too important to ignore” given its $1 trillion market capitalization.

The report suggests bitcoin’s price could continue to rise as long as the cryptocurrency keeps attracting entry from asset managers and companies. Its volatility is expected to remain unchanged, given its limited tradability. Last year, 28 million BTC changed hands, equivalent to 150% of the total supply in circulation, while 40 billion Apple shares were traded, equivalent to 270% of the total.

Deutsche Bank’s report estimates less than 30% of the transaction activity on the Bitcoin network is related to payments. Bitcoin, it adds, must transform its potential into results, the same way electric car marker Tesla has done.

The report claims bitcoin’s current valuation reflects the shift toward cross-border digital currencies, and the cryptocurrency needs to demonstrate its value as a payment method to live up to its reputation.

Bitcoin Miners’ Daily Earnings Hit $64 Million Record

Bitcoin’s price rally has helped BTC miners rake in record-breaking revenues ahead of difficulty adjustments. Glassnode data shows that on March 14, miners’ daily earnings hit a new all-time high of $64.7 million.

On average, bitcoin miners are currently earning up to $52.3 million per day, even after last year’s halving. The halving event reduced the amount of BTC being mined per block, from 12.5 to 6.25 BTC. Transaction fees have meanwhile consistently sustained more than 75-100 BTC per day.

Block subsidies, after the halving, are around 900 coins per day, which means miners earn on average 1,000 BTC per day. As the cryptocurrency is trading close to $60,000 their revenues increased. Last year, BTC traded below $10,000 before surging.

Digital Dollar Would Coexist with Cash, Fed Chairman Says

The Chairman of the U.S. Federal Reserve, Jerome Powell, has indicated that central bank digital currencies (CBDCs), including a potential “digital dollar,” would not replace cash.

Through a pre-recorded video delivered to a payments conference in Basel, Switzerland, Powell said a recent report from the Bank for International Settlements and a group of seven central banks “assessed the feasibility of CBDCs in helping central banks deliver their public policy objectives.”

He added:

“Relevant to today’s topic, one of the three key principles highlighted in the report is that a CBDC needs to coexist with cash and other types of money in a flexible and innovative payment system.”

CBDCs are different than decentralized digital assets like bitcoin, as they are controlled by a central bank. These are, essentially, digital versions of fiat currencies like USD or EUR.

Daily Movers – ONE, THETA, LUNA

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Harmony (ONE) - Harmony provides a high-throughput, low-latency and low-fee consensus platform designed to power the decentralized economy of the future. It plans to address the issues faced in other blockchain ecosystems through the use of the best research and engineering practices in an optimally tuned system.

Theta Token (THETA) – Theta is a decentralized video delivery network similar to Twitch, but powered by its users. Its mainnet was launched in 2019 with a swap from ERC20 Theta tokens to native THETA on its own blockchain.

Terra (LUNA) - Terra aims to build a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native token, Luna

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