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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 13, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 13, 2024

Van Thanh Le

Mar 13 2024

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

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Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin ETFs Spark Price Surge
  • Ethereum's Dencun Upgrade Goes Live
  • MakerDAO's Ambitious "Endgame" Plan
  • TON Token Soars Amid Telegram IPO News

Crypto Exchanges and Platforms

  • Binance Faces Regulatory Scrutiny in Nigeria
  • OKX Expands in Singapore with In-Principle Approval
  • Coinbase's $1 Billion Bond Offering
  • PancakeSwap V4 to Enhance On-Chain Trading
  • Stack Introduces Layer-3 Points Chain

Banking and Regulatory Updates

  • Thailand Encourages Investment Tokens with Tax Breaks

Legal and Intellectual Property

  • Bitcoin Fog Operator Convicted
  • U.S. Copyright Office Addresses NFT IP Laws

NFT Market and Community News

  • Bored Ape Yacht Club NFTs Hit Low

Bitcoin ETFs Spark Price Surge

Bitcoin ETFs witnessed a record $1 billion inflow, driving prices above $73,000 before slightly pulling back, with BlackRock's IBIT attracting $849 million. Spot ETFs are booming, outpacing supply and hinting at further price surges. Glassnode's insights into the "Euphoria Zone" suggest a pivotal moment in market dynamics, with increased activity among younger coins indicating a shift from long-term to short-term holders. 

Despite this bullish trend, significant whale sell-offs have occurred, hinting at profit-taking during this rally. Meanwhile, the $80,000 price target looms large, with indicators suggesting $83,000 as the next resistance level, as Bitcoin approaches its halving event with historical patterns suggesting more upside potential despite possible minor dips.


Ethereum's Dencun Upgrade Goes Live

The Ethereum network's Dencun upgrade, hailed as the most significant since the Merge, is live, targeting reductions in transaction fees and enhancing scalability, especially for layer-2 solutions. Despite these advancements, the upgrade won't directly benefit Ethereum mainnet users immediately, with high gas fees persisting. 

Meanwhile, the Blast Network faced a temporary halt due to Dencun upgrade issues but quickly resolved them. Significant cryptocurrency movements were observed around the upgrade's activation, including a 15,000 ETH transfer to exchanges, possibly indicating a sell-off amidst optimism for the upgrade's positive market impact.

Industry views on the upgrade are mixed, with some praising its potential to boost Ethereum's scalability and others skeptical about its immediate effect on the market. Despite challenges, Ethereum's price saw a positive trend, buoyed by speculation over an upcoming Ethereum ETF decision in the U.S. However, the rise in short-term holders signals mixed sentiment, suggesting potential volatility ahead.


MakerDAO's Ambitious "Endgame" Plan

MakerDAO's "Endgame" initiative aims to rebrand and introduce new tokens, scaling the Dai stablecoin to a $100 billion market cap to rival Tether. Phase 1 involves a marketing rebrand, the introduction of "NewStable" and "NewGovTokens", and yield farming of 600 million NewGovTokens for non-U.S. residents. Subsequent phases include the launch of SubDAOs, a dedicated blockchain ("NewChain"), and making the core governance immutable. 

Despite ambitious plans, DAI's ability to compete with USDT remains uncertain, with current development and market traction showing mixed signals. MakerDAO's TVL increased by 20.32% in the last 30 days, yet DAI's volume and market position lag behind major stablecoins. Development activity saw a brief spike but has since decreased, raising questions about the network's immediate growth and traction.


TON Token Soars Amid Telegram IPO News

The native token of TON Network, toncoin, surged by over 60% in two days, reaching a market cap of $15.5 billion amid news of Telegram's potential IPO. Telegram had endorsed TON as its blockchain of choice. The impressive surge, driven by the IPO announcement and a market-wide rally, positions TON close to its record high at $4.50.  


Binance Faces Regulatory Scrutiny in Nigeria

Nigeria has demanded Binance provide names and transaction histories of its top 100 users to address financial crimes and stabilize the naira. Binance's African executives remain detained without charges, raising diplomatic tensions. Meanwhile, former Binance CEO Changpeng Zhao surrendered his Canadian passport to US authorities as part of his bond modification ahead of sentencing, reflecting ongoing legal challenges and regulatory scrutiny faced by the platform globally.


OKX Expands in Singapore with In-Principle Approval

OKX, through OKX SG, secures in-principle approval for a Major Payment Institution license in Singapore, enabling digital payment token services and cross-border transfers. MAS approval expected soon. License allows exceeding SGD 3M limit per service and SGD 6M for multiple services. OKX aims to enhance spot product and local banking connections.  


Coinbase's $1 Billion Bond Offering

Coinbase plans a $1 billion bond offering with convertible notes maturing in 2030 amid a bullish crypto market. The strategy includes capped call transactions to protect shareholders. The funds will cover debt, acquisitions, and growth. Share price surged 48% this year following Bitcoin's record highs. Financial analysts turned more optimistic.  


PancakeSwap V4 to Enhance On-Chain Trading

PancakeSwap's version 4, set for release in the third quarter, will introduce four key features to enhance on-chain trading. It aims to lower gas consumption and deployment costs while offering improved pricing of listed assets. The DEX currently holds $2.4 billion in tokens locked and processed $1.7 billion in trading volumes in the past 24 hours.  


Stack Introduces Layer-3 Points Chain

Stack has launched a layer-3 points chain on Base, aiming to bring loyalty points to the blockchain. Backed by Archetype Ventures and other investors, the project intends to create an on-chain primitive for points systems. Although not suitable for DeFi, layer-3s offer low gas fees and efficient attestations later rolled up to Ethereum.  


Thailand Encourages Investment Tokens with Tax Breaks

Thailand approves tax breaks for investment tokenholders, aiming to promote fundraising and establish the country as an investment hub. Individuals can exclude 15% withholding tax from their personal income tax. Issuers also benefit from waived corporate income tax and value-added tax. The government expects investment tokens to generate $3.7 billion in capital over the next two years.  


Bitcoin Fog Operator Convicted

Roman Sterlingov, Bitcoin Fog's founder, was recently convicted in a Washington DC court for operating a crypto mixing service for money laundering. He moved 1.3 million bitcoin worth $400 million, linked to illegal activities, and faces charges of conspiracy and money laundering. His attorney plans to appeal the verdict.  

Top Altcoin Gainers and Losers

Gainers:

dogwifhat WIF (+33.29%)

Toncoin TON (+23.11%)

Quant QNT (+13.28%)

Losers:

SingularityNET AGIX (-3.12%)

Worldcoin WLD (-2.75%)

Mina MINA (-2.14%)

NFT Market Map

U.S. Copyright Office Addresses NFT IP Laws

The U.S. Copyright Office and USPTO report concluded existing IP laws cover NFT technology despite widespread infringement. Efforts are challenged due to decentralized marketplaces. No changes proposed; education and consumer protection measures are favored. The use of NFTs in patents and trademarks remains under exploration. Market performance shows Ether increases without NFT market recovery.  


Bored Ape Yacht Club NFTs Hit Low

Bored Ape Yacht Club's NFTs plummet, with BAYC at 91.3% off its all-time high of 153.7 ETH. MAYC and Otherdeeds hit all-time lows. Ordinals NFTs on Bitcoin surged, surpassing Ethereum with $168.5 million in 7-day sales. Amid Bitcoin reward halving, miners turn to Ordinals for revenue as it forms 20% of their income.  

This article has been refined and enhanced by ChatGPT. 

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