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💰 Ripple leaders forecast SEC defeat in Ethereum security saga
Ripple CEO Brad Garlinghouse said the US Securities and Exchange Commission (SEC) would lose its war against Ethereum. In a March 22 post on social media platform X (formerly Twitter), Garlinghouse pointed out that the financial regulator lost its securities classification battle against his company’s XRP token and is on course to suffer a similar fate if it attempts to classify ETH as security. Ripple’s Chief legal officer Stuart Alderoty, sharing similar views with Garlinghouse, added that the US Congress should stop funding this “insanity.”
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⬜️ Crypto Exchange OKX to End Services in 🇮🇳 India
Crypto exchange OKX notified clients in India that they have until the end of April to wind up their positions because it is ending its service in the world's most populous country as a result of local regulations. The notice – seen by CoinDesk – told the customers they need to close all margin positions, as well as positions in perpetuals, futures and options and withdraw all funds by April 30.
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💰 With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Per the most recent data, we are a month away, or precisely 30 days, from the fourth Bitcoin halving event. This significant milestone will cut the mining rewards from 6.25 bitcoins per block to 3.125 bitcoins per block after the halving. The summary below outlines the essentials to grasp the changes occurring during the halving, including the reduction of the inflation rate from an annual 1.69% to 0.84% subsequent to the event.
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🟠 Binance co-founder Changpeng Zhao to launch Giggle Academy amid legal woes
Changpeng Zhao, the embattled co-founder of Binance, wants to launch a non-profit educational platform called Giggle Academy. According to the project’s concept paper, Giggle Academy aims to address educational disparity by focusing on underprivileged populations without access to formal schooling. The initiative aims to offer free basic education to all through an engaging and personalized experience. The platform will be accessible online and generate no revenue.
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💰 Spot bitcoin ETFs reach record highs for weekly inflows and trading volume
Weekly net inflows and trading volume for U.S. spot bitcoin exchange-traded funds hit record levels last week as bitcoin reached fresh all-time highs before retreating sharply. Net inflows for the ten spot bitcoin ETFs combined reached $2.57 billion last week — up 15 % from the $2.24 billion worth of inflows generated the week prior — according to data from BitMEX Research and Farside Investors.
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💰 $200B Financial Group Cetera Approves 4 Spot Bitcoin ETFs on Its Platform
Cetera Financial Group, a platform with $475 billion in assets under administration and $190 billion in assets under management, has approved four U.S. spot bitcoin exchange-traded funds (ETFs) for use in brokerage accounts on its platform. “We are prudently embracing bitcoin ETFs and we prioritized developing this important guidance to help our financial professionals implement these products in client portfolios,” said Cetera’s head of investment products.
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💰 Bitcoin Trader Sees Prices Slumping to $60K as Crypto Bulls See $650M in Liquidations
Crypto market capitalization dropped 7%, its sharpest fall this year, as bitcoin (BTC) plunged 8% in the past 24 hours to wipe weekly gains and kickstart a marketwide decline. Bitcoin slumped from Thursday’s high of $73,000 to as low as $65,800 early Friday before slightly recovering. Meanwhile, Coindesk 20, a broad-based index of most liquid cryptocurrencies, was down 8.25%.
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🟠 BNB Chain Launches Rollup-as-a-Service to Bolster L2 Blockchain Development
On Thursday, the team behind BNB Chain introduced a novel Rollup-as-a-Service (RaaS) offering for the development of layer two blockchains (L2s) atop the BNB Chain. The team detailed that the service equips sizable decentralized applications (dapps), enterprises, and the BNB Chain with the essential technological framework required for launching specific L2s on BNB Smart Chain (BSC).
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💰 Samson Mow says Bitcoin will hit $1 million this year amid unprecedented demand
Jan3 CEO Samson Mow said Bitcoin is on track to hit $1 million per coin this year or the next based on market conditions, the upcoming halving, and broader economic factors. Mow’s bullish stance on Bitcoin’s future comes at a time when the crypto market is witnessing an unprecedented level of interest from institutional investors, as seen with the involvement of entities like BlackRock and the emergence of spot Bitcoin ETFs.
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🇸🇻 El Salvador Has More Bitcoin Than Public Estimates With Multiple BTC Revenue Sources, President Bukele Indicates
President Nayib Bukele of El Salvador has indicated that his country’s bitcoin holdings may exceed public estimates. He revealed that El Salvador has been generating bitcoin-related revenue from various sources in addition to the capital gains from bitcoin purchased since its legalization as a legal tender in the country.
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🇺🇸 Biden’s 2025 budget targets crypto tax loopholes, expands digital asset oversight
The Biden administration released its proposed budget for 2025 on March 11, which includes provisions to implement a series of regulatory measures targeting digital assets. The proposed rules are expected to generate nearly $10 billion in additional tax revenue by 2025.
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💰 Bitcoin transaction volume skyrockets as the halving approaches and miners cash in
Bitcoin finally broke above its former all-time high price this past week, breaching $69,000 before mildly retreating. The run-up in price has led transaction volume to skyrocket on the network, and miners are cashing in on the increased activity. According to data from The Block, the seven-day moving average of transaction volume on the Bitcoin network has reached its highest level since September 2022, 18 months ago.
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💰 Arizona Senate To Add Bitcoin ETFs to Retirement Portfolio
The Arizona State Senate has approved a resolution to explore the inclusion of Bitcoin ETFs in the Arizona State Pension. This resolution will prompt state pension fund managers and treasuries to assess the potential of incorporating Bitcoin ETFs. With state pension funds in the USA collectively managing over $5.5 trillion in assets, a significant portion of which are dealing with funding deficits, this action is perceived as a strategic move to bolster portfolio diversification and mitigate investment risks.
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💰 Spot bitcoin ETF holdings on track to surpass GBTC today
The nine recently approved spot bitcoin exchange-traded funds in the United States are on track to surpass the Grayscale Bitcoin Trust's holdings today. According to K33 Research senior analyst Vetle Lunde, GBTC held 400,186 bitcoins as of yesterday, while the "newborn nine" U.S. spot bitcoin ETFs held 397,847 coins. They also noted that yesterday's net inflow was 6,965 bitcoins. If this continues, they will outgrow GBTC.
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💰 Bitcoin miner revenue records second-best day in history
Bitcoin miner revenue recorded its second-best day in history on March 6, a day after the Bitcoin price hit a new all-time high above $69,200. Daily Bitcoin miner revenue reached $75.9 million on March 6, according to an X post by Julio Moreno, head of research at CryptoQuant. The revenue surge came the same day as Bitcoin miner Hut 8 announced the closure of its mining site in Drumheller, Alberta, Canada, with immediate effect due to power disruptions and surging energy costs.
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💰 Greenpeace's Anti-Bitcoin "Mining for Power" Report Receives Fierce Backlash on X
“Mining for Power,” an anti-Bitcoin report by Greenpeace USA that explains the links between the bitcoin mining industry and fossil fuel companies, has faced a backlash in social media due to its inaccurate portraits of the mining activity. Using community notes, social network users detailed the report contained “many factual errors,” including outdated information.
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🇲🇪 Montenegro court rejects Do Kwon’s appeal, clears way for extradition to South Korea
The Appellate Court of Montenegro has declined Do Kwon’s appeal to halt his extradition to South Korea, according to a March 20 notice. In its ruling, the Court affirmed the High Court’s decision to deport Kwon, the co-founder of now-defunct Terraform Labs, to face criminal charges in South Korea. These charges are linked to his alleged role in the collapse of Terra’s algorithmic UST stablecoin, which resulted in significant losses exceeding $40 billion for investors globally.
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💰 GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 Days
According to the latest statistics, Grayscale’s Bitcoin Trust (GBTC) experienced its most significant outflow on March 18, 2024, totaling $643 million. Onchain experts have closely observed GBTC’s activities as a considerable number of bitcoin have been moved out of the trust’s reserves.
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💰 Predicting Bitcoin's Bull Run Values: Plan B's S2F Model and Ledn CIO's $92,000 Target
As bitcoin hovers around the $67,000 mark on March 18, 2024, there’s still widespread speculation about the potential for its price to climb even higher. The analyst Plan B continues to shed light on his well-known stock-to-flow (S2F) model, which suggests that “exponential growth” is expected to “continue.”
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💰 Bitcoin Miners Near Final Month Before Reward Halving Slashes Revenues
There are 34 days left until the Bitcoin network’s halving event, expected on or around April 20, 2024, which will reduce miners’ rewards by half. Bitcoin’s price has remained above $60,000 throughout March, reaching close to $74,000 on March 14. Between onchain fees and the price increase, these factors could offset revenue losses from the halving for miners. However, the halving will make mining much less profitable, particularly for those with high operational costs, potentially leading some to cease operations.
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💰 Vanguard’s outgoing CEO sticks to anti-Bitcoin ETF stance, despite inquiries
The Vanguard Group CEO, Tim Buckley, has maintained his strong opposition to Bitcoin exchange-traded funds (ETF) despite facing criticism from customers and ongoing inquiries about the firm’s plans to offer them. In a recent video published by Vanguard, Buckley cautioned against including Bitcoin ETFs in retirement investment plans due to the asset’s volatile nature. “When stocks got hammered in the recent crisis, Bitcoin went right with them. And so it is speculative.
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🟠 Binance quietly spun off $10 billion venture arm Binance Labs
Binance, the world’s leading crypto exchange by trading volume, has seemingly spun off its venture capital and incubation arm Binance Labs, according to its website. “Binance Labs is an independent venture and not part of the Binance Group nor is it involved in any of the businesses operated by the Binance Group (including but not limited to the Binance cryptocurrency exchange),” a disclaimer on the site now reads.
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🇭🇰 Hong Kong regulators issue warning against Bybit exchange
Hong Kong's Securities & Futures Commission (SFC) has placed cryptocurrency exchange Bybit on its warning list as of March 14. "The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) known as Bybit," the regulator wrote, "which offers trading services in crypto-related products in a number of jurisdictions."
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💰 BlackRock’s spot bitcoin ETF crosses $15 billion in AUM amid record inflow and volume
BlackRock’s IBIT spot bitcoin exchange-traded fund reached $15 billion in assets under management on March 12 after securing its largest daily inflows since it launched exactly two months earlier. In bitcoin terms, BlackRock’s IBIT fund has reached more than 212,000 ($15.4 billion) under management, while Fidelity’s FBTC has surpassed 126,000 bitcoin ($9.2 billion) in assets, according to data from BitMEX Research. Ark Invest 21 Shares’ ARKB is in third with over 38,000 bitcoin ($2.8 billion) in assets.
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💰 JP Morgan CEO says he'll defend people's right to buy bitcoin
JPMorgan Chase CEO Jamie Dimon said that despite his reservations towards bitcoin, he would still defend people’s right to purchase the asset if they wish. At this week's Australian Financial Review business summit in Sydney, Dimon discussed bitcoin's recent rally and offered his thoughts on the timing of this year's possible rate cut by the U.S. Federal Reserve.
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💰 Bitcoin holders rejoice as value breaks unprecedented $71,000 milestone marking new ATH
Bitcoin’s price is trading above $71,000 for the first time in its history after increasing by more than 2% during the past day. Over the weekend, Bitcoin largely hovered around the $68,000 mark. However, during the early Asian trading hours today, it surpassed the $70,000 threshold and quickly surged to above $71,500. This rapid ascent places all Bitcoin holders in profit, according to IntoTheBlock data. BTC was trading at $71,551 as of press time, according to CryptoSlate’s data.
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💰 Nasdaq-Listed Bitcoin Mining Companies Bounce Back From Recent Downturn
Following a dynamic period of activity in the crypto market on Friday, stocks of publicly traded mining companies have recovered from their recent decline. In the last five days, Marathon Digital Holdings’ stock fell over 15%, yet on Friday, it experienced a 7.71% increase in value against the U.S. dollar. Several other leading mining corporations also observed their stocks bounce back, mirroring the positive momentum seen in spot crypto markets.
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💰 Bitcoin sees violent volatility after hitting new ATH second time in a week
Bitcoin hit a new all-time high for the second time this week and once again experienced a violent sell-off that erased its gains and stirred memories of past volatilities in the crypto space. However, the jubilation was short-lived as a wave of sell pressure engulfed the market, driving the price down by more than 3% to a low of $66,500 in less than an hour. The wider crypto market experienced similar volatility.
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💰 Bitcoin call options cluster at $70,000 shows bullish skew, analyst says
Bitcoin options are signaling bullish sentiment, evidenced by the strike positioning and put-call ratio for March's end-of-month expiry, according to one analyst. "Since the recent ascent of bitcoin to a new all-time high, the highest instruments traded by volume are monthly and mid-month expiry call options with a strike price of $70,000," Bitfinex Head of Derivatives Jag Kooner told The Block.
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🇪🇸 Spain bans Worldcoin for up to three months amid broader investigation
Worldcoin has been banned in Spain for up to three months as the country’s data protection watchdog continues its investigation into the cryptocurrency project co-founded by Sam Altman. In a statement on Wednesday, Spanish data protection agency AEPD announced that it has ordered a precautionary measure against Tools for Humanity Corporation. The company, the core developer behind Worldcoin, has a business model that involves scanning people’s irises in exchange for cryptocurrency.
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