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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 23, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 23, 2024

Van Thanh Le

Mar 23 2024

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

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Crypto Market Update

Table of Contents

Bitcoin Updates

  • Bitcoin's Rally Past Key Support

Ethereum Updates

  • Ethereum Faces Headwinds
  • Grayscale's ETF Ambitions Delayed

Banking and Regulatory Updates

  • Gensler's Call for Transparency
  • WisdomTree Expands Crypto Services

Country-Specific Developments

  • OKX's Regulatory Navigation

Crypto Exchanges and Platforms

  • BlackRock's Crypto Preferences
  • Solana's Meme Coin Controversy
  • FTX's Strategic Asset Sale
  • Polymesh's Token Surge
  • Airdrop Predictions by Polymarket
  • Frax Finance's Ambitious Goals
  • Floki's Banking Innovations

Market Trends and Insights

  • NFT Market Trends and Sales

Bitcoin's Rally Past Key Support

Bitcoin's resilience shines as it rebounds from a key support level at $60,600, with on-chain metrics like the Adjusted Spent Output Profit Ratio (aSOPR) signaling potential market bottoms and investor optimism. Concurrently, Bitcoin eyes a historic seventh consecutive month of gains, hinting at a sustained bullish trend bolstered by ETF inflows and approaching the halving cycle, with predictions of hitting $74,000. Meanwhile, Glassnode reveals that the LTH Market Inflation Rate has been increasing recently, indicating that we are in an early phase of a distribution cycle, with about 30% completed. 

Smaller Bitcoin holders start hoarding, potentially pushing the price towards $70,000 despite overheated market indicators. Bitcoin ETF netflows may rebound if the price hits $56,000, as suggested by on-chain cost basis trends among new whales. However, a bearish sentiment looms with traders bracing for a drop below $50,000, evidenced by the increase in put options amidst spot ETF outflows, challenging the recent optimistic narratives.


Ethereum Faces Headwinds

Ethereum's price struggles amidst SEC probes and market volatility, facing resistance at $4,100 and underperforming with a 9% decline. Despite regulatory scrutiny, Ethereum's protocol upgrades, such as the Dencun hard fork, promise enhanced scalability and lower fees, with significant activity spikes on layer-2 platforms like Arbitrum and Optimism

On-chain data reveal resilience and bullish sentiment among investors, with Ethereum achieving high transaction volumes and long-term holders remaining unfazed, even as SEC actions spark fears of ETH being classified as a security. Ethereum's ecosystem growth appears undeterred, supported by strong on-chain metrics and the unwavering conviction of long-term holders.

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Grayscale's ETF Ambitions Delayed

The SEC has extended the decision deadline to May 30 for Grayscale's Ethereum Futures Trust ETF. This follows previous postponements and increased scrutiny on crypto-based ETFs, with potential impacts on the approval of spot Ether ETFs. The SEC is taking additional time to consider public input and issues raised regarding the proposed ETF.  

Gensler's Call for Transparency

SEC Chair Gary Gensler criticized crypto industry participants for attempting to evade registration requirements, emphasizing the importance of mandatory disclosure. The SEC is pursuing enforcement actions against major crypto firms, as it seeks to establish clear regulatory rules. Gensler's remarks reflect a push for transparency and oversight in the crypto markets.  

WisdomTree Expands Crypto Services

WisdomTree has secured a charter from the New York State Department of Financial Services, enabling the provision of crypto services, including fiduciary custody of digital assets and stablecoin issuance. The company plans to launch the WisdomTree Prime app targeting New York retail customers, offering accessible exposure to digital assets. Additionally, its BTCW spot Bitcoin ETF holds $75.6 million in assets under management.  

OKX's Regulatory Navigation

Rumors of OKX Founder Star Xu's arrest in the United States were refuted by Xu himself, dismissing claims through social media posts. These rumors aimed to impact OKX's OKB token. Amidst regulatory challenges, OKX decided to cease operations in India, requesting Indian customers to close their accounts by April 30 due to non-compliance issues.  

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FTX's Strategic Asset Sale

FTX is selling its 8% stake in Anthropic, an AI startup, valued at $1 billion — twice its 2021 purchase price. The proceeds will reimburse FTX investors. Buyers, including sovereign wealth funds, are showing interest. The sale, anticipated to close soon, follows court approval. Anthropic excludes Saudi Arabia's investment but welcomes other sovereign funds.  

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BlackRock's Crypto Preferences

During the Bitcoin Investor Day conference, BlackRock's Head of Digital Assets, Robert Mitchnick, revealed a notable lack of interest in an Ethereum exchange-traded fund (ETF) among the firm's clients, contrasting sharply with the high demand for Bitcoin. The iShares Bitcoin ETF (IBIT) has swiftly become a major asset, amassing $15 billion, while interest in an Ethereum ETF remains minimal. Furthermore, BlackRock's foray into the crypto market has posed operational and regulatory challenges, exemplified by the unforeseen issues with its Ethereum money market fund.  

Solana's Meme Coin Controversy

The proliferation of racist tokens on the Solana blockchain has led DEX Screener to reassess its token profile moderation policy, aiming not to be a gatekeeper but to avoid spreading hate. Racist memecoins have sparked widespread condemnation, including from Solana's CEO, Anatoly Yakovenko, who expressed disdain for their creators. DEX Screener's real-time platform, lacking human moderation, makes immediate action challenging. 

The crypto community's memecoin frenzy, significantly fueled by tokens like BONK and WIF, has seen Solana become a key platform for memecoin activity due to its low fees and high transaction speeds, with over 20,000 new tokens created daily. 

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Polymesh's Token Surge

Polymesh's native token, POLYX, surged 69% in a week, trading at $0.415 from $0.245, primarily due to the launch of Polymesh Private, a private blockchain catering to real-world asset tokenization. This move aims to facilitate seamless migration to the public network, boosting Polymesh's utility for staking, governance, and transactions.  

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Airdrop Predictions by Polymarket

Polymarket traders predict significant airdrops from Blast, Parcl, Swell Network, Tensor, and Ethena before June 30. Among these, Blast leads with 97% odds, while Parcl, Swell, Tensor, and Ethena have odds of 96%, 93%, 92%, and 92% respectively. Several other projects also exhibit notable airdrop odds.  

Frax Finance's Ambitious Goals

Frax Finance's Singularity Roadmap aims to boost the TVL of its Fraxtal blockchain to $100 billion by 2026, signaling a significant leap from $13 million. Achieving 100% Collateralization Ratio, introducing Layer 3s, and revenue redistribution plans will enhance the ecosystem's growth, promote liquidity, and engage stakeholders for future prosperity and adoption. 

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Floki's Banking Innovations

Floki, the popular meme coin, unveiled a roadmap featuring regulated digital banking accounts and debit cards. The project aims to allow users to fund accounts with FLOKI tokens and transact in USD, EUR, and GBP. This entails SWIFT payments and SEPA IBANs, while also involving partnerships with regulated entities in multiple countries and the introduction of a staking program.  

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Top Altcoin Gainers and Losers


Toncoin TON (+10.89%

Bitcoin Cash BCH (+9.97%

Conflux CFX (+8.88%


Kaspa KAS (-7.78%

Fantom FTM (-7.34%

Celestia TIA (-5.83%

NFT Market Map


NFT Market Trends and Sales

Bored Ape Yacht Club (BAYC) led NFT sales with $1.45 million despite a 19% drop, while CryptoPunks faced a significant 95.75% decline to $720,652.58. NodeMonkes and Froganas followed closely in sales, with increases in transactions noted. Ethereum remains dominant in NFT sales despite a market dip, maintaining resilience and importance. 

Significant sales included CryptoPunk #7804 at $16.38 million, contributing to Ethereum's position. Axie Infinity tops lifetime sales with $4.26 billion, followed by BAYC and CryptoPunks. Pudgy Penguins saw a dramatic sales drop, highlighting the volatile NFT market landscape across various blockchains.

This article has been refined and enhanced by ChatGPT. 

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