It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- Binance Faces New Regulatory Hurdles
- Metaplex Core: A New Solana NFT Standard
- Polygon’s zkEVM Experiences Downtime
- Project of the Day
- Crypto Corner
- Regulatory Scrutiny and Dispute Resolution
- Business and Political Insights
Market Watch
Top Gainers
- Internet Computer ($ICP): +15.1%
- Arweave ($AR) : +14.1%
- Fetch.ai ($FET): +8.9%
Top Losers
- dogwifhat ($WIF): -4.0%
- eCash ($XEC): -1.8%
- Stacks ($STX): -1.3%
Trending Crypto Sectors/Categories
- Real World Assets (RWA)
- Gaming Platform
- DaoMaker Ecosystem
Total Crypto Market Cap – 2.788 Trillion
Fear and Greed Index – 81
Top NFT Sale
- CryptoPunks #8689 Sold for 50 ETH
Highlights of the Day
Binance Faces New Regulatory Hurdles
In the latest regulatory scrutiny against Binance, the cryptocurrency exchange has been facing some new challenges.
Discontinuing Tron-based USDC
Binance will cease supporting Tron-based USD Coin (USDC) stablecoins by April 5, following Circle’s decision to discontinue USDC on the Tron blockchain.
Issues in Philippines
The Philippine SEC is restricting access to Binance due to licensing concerns, collaborating with the National Telecommunication Commission (NTC) to safeguard investors and enforce compliance.
Issues in Nigeria
Binance faces tax evasion charges in Nigeria after an executive escaped custody, complicating ongoing investigations. Nigeria has filed criminal charges against Binance, adding to the exchange’s global regulatory challenges.
Metaplex Core: A New Solana NFT Standard
The Solana blockchain ecosystem is on the brink of a groundbreaking change with the arrival of Metaplex Core. This next-gen NFT standard is set to reshape digital asset creation and management, promising to launch in early April. Metaplex Core aims to tackle major challenges, providing developers and creators with a streamlined, cost-effective solution.
Features and Offerings
The Metaplex Core token standard enhances flexibility with a suite of features, including:
- Cost-effectiveness – Slashes minting costs by almost 6x.
- Developer-friendly – Simplifies NFT storage on Solana for better performance.
- Easy management – Streamlines collection settings, saving costs and fees.
- Flexible plugins – Offers diverse functions for innovative asset features.
Polygon’s zkEVM Experiences Downtime
Polygon, a significant contributor to Ethereum’s scaling solutions, encountered an issue with its zkEVM. The problem arose from the blockchain sequencer, a vital component responsible for sequencing transactions before batching and processing. This glitch resulted in a temporary halt in zkEVM’s operations, prompting users and developers to anticipate a prompt resolution.
What’s the Reaction Like?
The crypto community was quick to notice the downtime, as numerous voices on social media raised questions about the lack of communication surrounding the issue. Prominent figures within the industry took to X to voice their concerns and curiosity regarding the extended downtime and the absence of immediate widespread discussion.
Project of the Day
Arweave
Arweave ($AR) functions as a decentralized storage network aiming to provide a platform for the perpetual retention of data. Essentially, it links individuals with surplus computer disk space to those requiring additional storage capacity. Engineered to deliver scalable, economical, and enduring data storage solutions, Arweave operates on a blockweave, a blockchain-like data framework.
In terms of price movement, $AR has undergone a rollercoaster ride since its launch. Currently, it holds a market cap exceeding 2.79 billion and a price of over $42. Over the past year, the project has shown significant growth, indicating strong belief in its long-term viability. However, potential regulatory reforms in the cryptocurrency sector, accompanied by global government actions, could lead to a considerable downturn in $AR’s price.
Crazy Day in Crypto
- The entire cryptocurrency market experienced a surge today as Bitcoin made a notable move, reclaiming a position above the $71,000 mark.
- Solana’s weekly stablecoin transfer volume of $365 billion, surpassing Ethereum, reflects its momentum fueled by memecoin trading, yield farming, and airdrops, fostering network effects and contributing to $SOL’s rally.
- Yuga Labs announces a special Dookey Dash Tech Test slated for March 26, designed exclusively for players in the Philippines, inviting them to partake in the forthcoming gaming event.
Regulatory Scrutiny and Dispute Resolution
- The ongoing legal dispute between Ripple Labs and the SEC escalates, with the SEC seeking $2 billion in fines from the blockchain firm.
- The Securities and Futures Commission (SFC) of Hong Kong has issued a warning to investors regarding the trading platform ‘HKCEXP‘, which is falsely claiming regulatory approval.
- FTX plans to sell two-thirds of its Anthropic stake for $884 million to support clients impacted by its collapse, with buyers such as quant trading firm Jane Street, and Fidelity funds.
Business Talks & Political Insights
- Following its successful IPO, Reddit’s shares surged 30%, raising $750 million, with Redditors and major investors like Sam Altman reaping significant rewards, indicating a positive outlook for tech IPOs despite valuation gaps.
- Since debuting in January, BlackRock and Fidelity’s Bitcoin ETFs have surged in popularity, drawing considerable investments and outperforming broader ETF markets, collectively holding 379,151 Bitcoins valued at $26.3 billion.
- MicroStrategy’s (MSTR) stock surged 23% with Bitcoin’s rise, driven by its $6 billion Bitcoin holdings, but vulnerable to price fluctuations.
Coinbase stock (COIN) has surged 44% in the past month, tracking Bitcoin’s rise, with shares trading at $279.65, their highest since November 2021 during the previous crypto bull run.
