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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 14, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 14, 2024

Van Thanh Le

Mar 14 2024

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

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Crypto Market Update

Table of Contents

Market Movements and Predictions

  • Bitcoin's Price Responds to US Inflation
  • Ethereum's Dencun Upgrade Lowers Fees
  • Meme Coins Show Remarkable Rally
  • MicroStrategy's Bold Bitcoin Buy

Innovations and Upgrades

  • BNB Chain Launches Rollup Service
  • Polkadot's New SDK for Unity

Eco-Conscious Investments

  • Eco-Conscious Bitcoin ETF Proposed

Adoption and Growth

  • Tesla's Dogecoin Payment Plan
  • Robinhood's AUC Hits New High
  • The Graph Expands Blockchain Indexing
  • Nexo's Award-Winning Holiday Spending
  • Polyhedra's $20M Funding Milestone

Legal and Regulatory Updates

  • Craig Wright Loses Satoshi Claim
  • Crypto.com Faces Dutch Fine
  • Yuga Labs vs. Ryder Ripps Saga
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Bitcoin's Price Responds to US Inflation

Bitcoin's price fluctuation is influenced by U.S. inflation data, investor behaviors, and market sentiment. Reports detail Bitcoin's slip by 3% amidst hot U.S. inflation data, challenging the Federal Reserve's approach to interest rates as market commentators, including Tedtalksmacro, predict that the Fed would maintain higher interest rates for a longer period. 

Before the drop, Bitcoin's rally to over $73,000 illustrated a shift to euphoria, marked by wealth rotation from long-term holders to new investors, indicating a bullish market phase. Yet, a warning emerges from a 'rising wedge' pattern in Bitcoin's chart, suggesting a potential pullback. Despite the bearish pattern, ongoing ETF inflows and purchases by significant players like MicroStrategy suggest any downturn may be temporary, maintaining a complex landscape for Bitcoin's future price action.

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Ethereum's Dencun Upgrade Lowers Fees

Ethereum's Dencun upgrade, described as a significant enhancement since the Merge, has led to a notable decrease in Layer 2 (L2) fees and improving transaction speeds. Post-Dencun, Starknet and other L2 platforms like Optimism and Base reported dramatic fee reductions, with some fees dropping to near-zero. This upgrade introduced 'blobs' for efficient data storage, boosting throughput for L2s and reducing operational costs, which are passed down as lower transaction fees to users. 

Despite initial concerns, the ETH price showed resilience under $4,000. The upgrade's broader implication lies in its contribution to Ethereum's scalability and potential for increased adoption, underscoring a shift towards a more stable fee environment rather than just fee reduction. This stabilization aims to accommodate the next wave of users, emphasizing Ethereum's trajectory towards servicing a broader audience.

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Meme Coins Show Remarkable Rally

The meme coin sector, led by tokens like PEPEDOGE, and BODEN, rallied 12% on average, outperforming the broader market. A $650,000 fundraiser by the Dogwifhat community for a Las Vegas Sphere ad contributed to a 48% price surge in WIF, leading to a new all-time high. The PoliFi sector has risen with tokens like BODEN and TREMP, and investment managers predict the meme coin mania will last longer due to low transaction fees on platforms like Solana.

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MicroStrategy's Bold Bitcoin Buy

MicroStrategy, led by Michael Saylor, plans to raise $500 million through convertible notes to buy more Bitcoin, following a recent $800 million offering. With $1.3 billion raised in two weeks, the firm holds 205,000 BTC worth $15 billion, up 117% on its investment. Its stock price, up 254% since February, has been bolstered by Bitcoin's rally.  


BNB Chain Launches Rollup Service

BNB Chain introduced rollup-as-a-service (RaaS) in the 2024 tech roadmap, facilitating layer-2 blockchain development on BNB Smart Chain. RaaS empowers customizable L2 creation, emphasizing collaboration with providers like AltLayer, NodeReal, and Movement Labs. OpBNB Connect interconnects L2s on BSC for a shared innovation ecosystem, aiming for mass adoption in Web3 building.  

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Polkadot's New SDK for Unity

Polkadot introduces a Verified Polkadot SDK for Unity to enhance dApp creation, specifically for Web3 games. Polkadot Play offers tools, data, and tech support for developers, aiming at streamlining game integration on the network. The collaboration with Blockchain Game Alliance includes a planned Game Jam in 2024 to promote innovation and development on the Polkadot SDK for Unity. 

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Eco-Conscious Bitcoin ETF Proposed

The NYSE has proposed listing 7RCC's eco-conscious spot Bitcoin ETF, with 80% Bitcoin and carbon credits futures. The initiative, filed with the SEC in December 2023, aims at blending digital asset exposure with environmental responsibility. CEO Rali Perduhova predicts a $200,000 Bitcoin price, emphasizing the imminent supply shortage due to the halving event. Gemini will custody the unique ETF.     


Tesla's Dogecoin Payment Plan

Elon Musk reaffirms Tesla's intention to accept Dogecoin payments, emphasizing its grassroots community support. Musk's backing is rooted in direct requests from everyday individuals at Tesla and SpaceX. This move could significantly boost Dogecoin's mainstream adoption and value, pending regulatory evaluations by Tesla to implement the new payment option.  

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Robinhood's AUC Hits New High

Robinhood's Assets Under Custody (AUC) exceeded $100 billion for the second successive month, rising by 16% to reach $118.7 billion in February. Bernstein's "outperform" rating forecasts a nine-fold growth in crypto revenue by 2025. Despite challenges, Robinhood's revenue per customer increased, propelling its shares to a 2-year high, reflecting its adaptability.  


The Graph Expands Blockchain Indexing

The Graph Network has expanded its indexing layer to include more than 40 blockchains, such as ArbitrumAvalanche, Base, and Celo. This move enables developers to access blockchain data at lower costs and with competitive syncing times. The network is decentralized and governed by core developer teams, with the native token, GRT, experiencing significant growth.  

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Nexo's Award-Winning Holiday Spending

Nexo's Nexo Card Holiday Spending Report 2023/2024 secured the "Consumer Payments Innovation Award" at the FinTech Breakthrough Awards. In Q4 2023, the Nexo Card recorded over $50 million in transactions, with a 4.5x surge in user adoption. Nexo's innovative financial solutions emphasize the rise of cryptocurrency adoption for daily transactions and mainstream finance.  

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Polyhedra's $20M Funding Milestone

Polyhedra Network, a Web 3 infrastructure provider, closed a $20 million round, valuing the company at $1 billion. The round, led by Polychain Capital and involving Animoca Brands, will fuel global expansion and hiring. The company's zero-knowledge protocol zkBridge has facilitated 20 million cross-chain transactions and is crucial for blockchain's potential.  


Craig Wright Loses Satoshi Claim

Judge James Mellor's ruling on March 14 in the UK concluded that Craig Wright is not Satoshi Nakamoto, the pseudonymous founder of Bitcoin. The lawsuit by the Crypto Open Patent Alliance accused Wright of extensive document forgery to assert his claim. COPA, committed to fostering cryptocurrency advancement, sought injunctive relief against Wright's false assertions. 


Crypto.com Faces Dutch Fine

Crypto.com fined €2.85 million by Dutch Central Bank for unregistered operations in the Netherlands, breaching AML laws over two years. DNB cited severe noncompliance, penalizing for unfair competition advantages. Previous fines on Binance and Coinbase show strict enforcement. Crypto.com appealed and registered post-fine, conforming with Dutch regulatory standards. 

Top Altcoin Gainers and Losers

Gainers:

0x Protocol ZRX (+34.83%)

dogwifhat WIF (+29.47%)

Pepe PEPE (+11.41%)

Losers:

Akash Network AKT (-10.42%)

Bitcoin SV BSV (-8.94%)

Toncoin TON (-8.93%)

NFT Market Map

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Yuga Labs vs. Ryder Ripps Saga

Yuga Labs accuses artist Ryder Ripps of contempt for allegedly destroying NFT keys to evade a court order in a copyright dispute over Bored Ape Yacht Club tokens. Yuga Labs seeks sanctions against Ripps for misleading the court, despite his claims of compliance challenges. The ongoing legal battle reflects conflicting narratives and compliance concerns.  

This article has been refined and enhanced by ChatGPT. 

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