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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 11, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 11, 2024

Van Thanh Le

Mar 11 2024

3 months ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Market Trends and Predictions

  • Bullish Bitcoin Forecasts Amidst New Highs
  • Ethereum's Price Surge and Institutional Interest
  • Gaming and Metaverse Coins Surge

Institutional Movements and Investments

  • MicroStrategy's Bold Bitcoin Investment
  • Record Crypto Fund Inflows Highlight Growing Interest

Blockchain and Platform Developments

  • Tether's Expansion to Celo Network
  • Arbitrum's Significant Token Release
  • Curve Finance's Fee Adjustment Strategy
  • MakerDAO's Profitable Executive Vote
  • HEX's Market Reaction to Criticism

Regulatory and Governmental Actions

  • UK's Regulatory Nod to Crypto ETNs
  • South Korea's Move Against Crypto Tax Evasion

Community and Governance

  • Uniswap's Governance Proposal Rejection
  • Dogwifhat Community's Las Vegas Sphere Fundraiser

Security and Fraud

  • The Rise of Crypto Phishing Scams
  • Unizen's Response to Security Breach

Global Crypto Accessibility

  • Mudrex Offers US ETFs to Indian Investors

Innovation and Funding

  • Eclipse Labs' Funding Ahead of Mainnet Launch
  • MapleStory Universe's Transition to Avalanche

Bullish Bitcoin Forecasts Amidst New Highs

Bitcoin's recent new all-time high of $72,800 has sparked bullish forecasts, with analysts like PlanB and Willy Woo predicting values of at least $100,000 post-halving. The U.K.'s nod for crypto-linked ETNs further fuels optimism. Comparisons of Bitcoin's current cycle suggest potential peaks at $337,000. 

Despite euphoria, warnings of potential corrections and a "huge bubble" loom. Bitcoin's market cap now eclipses the global silver market, with CME futures' open interest hitting a record $10 billion, indicating soaring institutional interest. However, signals of a near-term correction advise caution among investors, amidst anticipations of an unprecedented bull run.


Ethereum's Price Surge and Institutional Interest

Ethereum's price surged past $4,000, driven by institutional interest and the Dencun upgrade's anticipation. Ether locked in liquid staking platforms skyrocketed to $54.34B, with a $26.85B increase in 64 days, dominated by Lido Finance. Anti-crypto politicians, including Senator Elizabeth Warren, oppose the SEC's approval of Ethereum spot ETFs, while Hong Kong financial institutions are eyeing Ethereum ETFs to strengthen their global crypto market position. 

Analysts' skepticism grows over the Ethereum ETF's approval due to the SEC's lukewarm approach, while Vitalik Buterin unveils a quantum defense plan for Ethereum, incorporating quantum-resistant cryptography to protect against potential quantum threats.

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Gaming and Metaverse Coins Surge

This weekend witnessed a surge in gaming and metaverse coins, as GALA, PIXEL, RON, PRIME, BEAM, and IMX reached new peak prices. GALA rallied 77% over the week, while PIXEL increased 63% with 500,000 daily users. PRIME hit $19.78, and BEAM reached $0.044. Bitcoin surged past $72,000 early Monday, yet GameFi tokens outperformed it significantly.  


MicroStrategy's Bold Bitcoin Investment

MicroStrategy, led by Michael Saylor, acquired 12,000 Bitcoins at an average of $68,477 each, totaling 205,000 BTC at $6.91 billion. This surpasses BlackRock's Bitcoin holdings. The purchase coincided with Bitcoin's new peak at $72,226, affirming Bitcoin's legitimacy. MicroStrategy's move underscores its pioneering stance in corporate crypto adoption.  

Record Crypto Fund Inflows Highlight Growing Interest

Weekly crypto fund inflows hit a record high of $2.7 billion, totaling $10.3 billion year-to-date, led by bitcoin with $2.6 billion inflows. The forthcoming week is poised to surpass 2021's annual inflow record. Notable inflows included Solana's $24 million. These trends showcase sustained investor interest in digital assets and bitcoin's dominance.  

Tether's Expansion to Celo Network

Tether has announced the launch of USDT on Celo, a carbon-negative, EVM-compatible blockchain. The collaboration aims to facilitate efficient transactions for dApps focused on payments and lending. USDT's integration will offer low transaction fees, expanding its use cases. This initiative brings USDT's availability to 15 networks, enhancing accessibility and utility for crypto users.  

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Arbitrum's Significant Token Release

Arbitrum is set to unlock $2.32 billion worth of ARB tokens on March 16, releasing about 1.1 billion tokens, which is roughly 76% of the circulating supply. This massive release includes 673.5 million tokens for the team and advisers and 438.25 million tokens for investors, anticipated to significantly impact ARB token prices. Meanwhile, an Arbitrum DAO proposal to fund Tornado Cash developers' legal defense, seeking nearly $1.3 million in ARB tokens, was deleted at the author's request. This proposal aimed to support developers Roman Storm and Alexey Pertsev against allegations of laundering over $1 billion through the Tornado Cash platform.

chart (3).webp

Curve Finance's Fee Adjustment Strategy

Curve Finance plans to raise the AMM fee in LLAMMa to 1.9% to offset losses during Ethereum gas fee spikes, benefiting borrowers and mitigating soft liquidation. This proposal aims to buffer against high gas fees and reduce losses for arbitrage traders. Voting on the proposal is open until March 16, with DeFiLlama data showcasing Curve Finance's significant DeFi presence.  

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MakerDAO's Profitable Executive Vote

MakerDAO's MKR surges 30% to $2,675.73 post "Executive Vote." Investor profits $5.21 million selling MKR at $2,702. MakerDAO adjusts fees to boost DAI, focusing on $1.1B RWA. Changes aim to strengthen Dai amid market shifts. Strategic adjustments address Dai supply reduction and propose fee increases to enhance protocol stability and responsiveness. 

chart (5).webp

HEX's Market Reaction to Criticism

Ethereum-based HEX's market cap dropped by $1 billion after Richard Heart criticized it, urging users to migrate to PulseChain due to high gas fees. The Ethereum version fell by 60% to $0.00419, reducing its market cap to $727 million, while PulseChain's HEX rose by 5% to $0.0199. Heart's sentiments aim to drive transition and influence price disparities.  

chart (6).webp

UK's Regulatory Nod to Crypto ETNs

The London Stock Exchange (LSE) is set to accept applications for Bitcoin and Ethereum Exchange Traded Notes (ETNs) in Q2 2024, following the UK Financial Conduct Authority's (FCA) guidelines. These ETNs, aimed at professional investors, must be physically backed, non-leveraged, and have publicly available market prices. 

The underlying crypto assets should primarily be held in cold storage, managed by AML-compliant custodians in specified jurisdictions. While fostering a regulated environment for investors to gain exposure to cryptocurrencies, the FCA maintains a ban on selling these products to retail consumers, emphasizing the high-risk nature of crypto assets. 

South Korea's Move Against Crypto Tax Evasion

South Korea is developing a 'Virtual Asset Integrated Management System' to combat crypto tax evasion amid surging interest in virtual assets. The system, led by the National Tax Service, aims to address anonymity and illegal transactions in the crypto sector by scrutinizing transaction records. Similar efforts globally reflect a growing focus on regulatory and tax reporting standards.  

Uniswap's Governance Proposal Rejection

Uniswap community rejects governance proposal to distribute revenue, with 59.9% opposition. GFX Labs' failed proposal sought revenue distribution, similar to a previous attempt. Concerns arise about tax liabilities and code modification risks. Uniswap launched browser extension with limit order feature. UNI price stable at $14.30, showing gains over a week and month.  

chart (7).webp

Dogwifhat Community's Las Vegas Sphere Fundraiser

The dogwifhat community is raising $650,000 to display a meme on the Las Vegas Sphere. The initiative has amassed nearly $300,000 in donations, with contributions ranging from $1 to $9,999. This move has sparked debates about its implications, with some viewing it as a potential indicator of a market peak.  

chart (8).webp

The Rise of Crypto Phishing Scams

Last month, crypto phishers stole $46.8M through impersonator accounts on social platform X. Over 57,000 victims were lured to phishing websites. Ethereum mainnet accounted for 78% of thefts, mainly ERC-20 tokens. Phishers used account abstraction wallets for theft. High-profile figures' X accounts were hacked, leading to significant losses. Millennials are the most vulnerable to investment fraud.  

Unizen's Response to Security Breach

Unizen faced a $2.1 million loss in a security breach, resulting from an external call vulnerability. The company pledged to reimburse affected users up to $750,000, offering a 20% bounty for cooperation. CEO Sean Noga extended personal loans for immediate 99% reimbursement, and the CTO emphasized increased security measures and a forthcoming incident report.  

Mudrex Offers US ETFs to Indian Investors

Indian platform Mudrex, backed by Y-Combinator, will offer U.S. spot Bitcoin ETFs to Indian investors. This move aims to provide institutional and retail clients access to ETFs from BlackRock, Fidelity, Franklin Templeton, and Vanguard. Mudrex's subsidiary, registered in India, will oversee ETF transactions, leveraging the Liberalised Remittance Scheme with investment limits between $5,000 to $250,000.  

Eclipse Labs' Funding Ahead of Mainnet Launch

Eclipse Labs raised $50M ahead of its mainnet debut, aiming to scale Ethereum using Solana and Celestia tech. The mainnet will welcome developers soon, prioritizing decentralized governance. Eclipse aims to combine speed from Solana with security from Ethereum, allowing Solana-based DeFi protocols to operate on its platform. The project hasn't confirmed a token launch.  

Top Altcoin Gainers and Losers


Litecoin LTC (+16.88%

Ripple XRP (+16.11%

NEAR Protocol NEAR (+14.16%


Gala GALA (-11.10%

Maker MKR (-6.28%

dogwifhat WIF (-6.00%

NFT Market Map


MapleStory Universe's Transition to Avalanche

MapleStory Universe's move to Avalanche follows a split with Polygon, opting for greater support and security. Utilizing a dedicated Avalanche subnet, the game embraces blockchain elements and NFTs. MapleStory N's anticipated release on PC in 2024 promises unique user experiences with limited item quantities and user-generated content. GALA token surges amid gaming and metaverse coins' uptrend.  

This article has been refined and enhanced by ChatGPT. 

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