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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 9, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | March 9, 2024

Van Thanh Le

Mar 9 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 Trends and ETF Influence

  • Bitcoin and Ethereum Witness Major Gains Amid ETF Excitement
  • Ethereum Outshines Bitcoin with Network Upgrades and Speculation

Legislation and Regulatory Updates

  • Wyoming's DAO Legislation: A Step Towards Crypto Adoption
  • Worldcoin Challenges Spain on Crypto Regulation and Privacy

Institutional Investment and Market Analysis

  • Trillions Poised to Enter Bitcoin ETFs, Says Bitwise CIO
  • Crypto Scams Spike: FBI Flags Rising Investment Fraud

Exchange and Platform News

  • BNB Hits Two-Year High as Binance Dominates Market
  • Fantom's Whale Transactions Highlight Market Dynamics
  • Coinbase Pushes for Approval of Grayscale's Ether ETF

NFT and Community Engagement

  • Batman's Anniversary Celebrated with NFTs by DC and Candy Digital
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Bitcoin and Ethereum Witness Major Gains Amid ETF Excitement

Bitcoin's surge past $70,000 and Ethereum's climb to $4,000 have energized the crypto market, driven by spot Bitcoin ETFs and anticipation of the halving. Despite a brief pullback, the market's bullish momentum is supported by increasing Bitcoin ETF inflows, with BlackRock's ETF reaching new trading volumes and BTC recovering to above $68,600. 

Bitcoin whales are still holding, suggesting expectations for further price increases, with the number of addresses holding at least 1,000 BTC growing. Market volatility remains high, with significant price swings across major digital assets. This cycle's rally, fueled by ETFs and the upcoming halving, marks a notable departure from previous patterns, with Bitcoin achieving a new all-time high before a halving for the first time.

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Ethereum Outshines Bitcoin with Network Upgrades and Speculation

Ethereum benefits from the Dencun upgrade and potential spot ETF approval, with its price outperforming Bitcoin by nearly 10%. The Ethereum network saw a significant surge in activity, driving network fees to a near 2-year high due to a meme coin frenzy, with revenue from network fees reaching $193 million in a week. This speculation boosted trading volumes on decentralized exchanges by 40% to $20 billion. Ethereum's transition to proof-of-stake has led to a deflationary rate of 1.45% annually, shrinking ETH's supply by 33,400 tokens in a week. 

Bitwise analyst predicts ETH could hit $10,000 or higher, spurred by the Dencun upgrade and potential approval of spot Ethereum ETFs in the U.S. However, Bitwise CIO Matt Hougan warns against the high valuations of many crypto projects, indicating a wealth effect from Bitcoin's gains leading investors to speculative assets, amidst Bitcoin hitting new all-time highs and generating a $1 trillion increase in market cap since November 2022, cautioning about the proliferation of scams in the exuberant bull market.

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Wyoming's DAO Legislation: A Step Towards Crypto Adoption

Wyoming Gov. Mark Gordon signed the DUNA legislation recognizing DAOs, aimed at regulating them under existing financial laws to attract blockchain firms. This move reinforces Wyoming’s crypto-friendly stance, offering a legal framework for DAOs to function as unincorporated nonprofit associations. Challenges persist with regulatory oversight and compliance implications for DAOs.  


Worldcoin Challenges Spain on Crypto Regulation and Privacy

Worldcoin sues Spain over a crypto ban, citing compliance with EU laws, while Spanish authorities accuse Worldcoin of privacy breaches. The clash escalates due to tensions between the Spanish Data Collection Agency and Worldcoin. Legal action initiated by Worldcoin underscores regulatory challenges in balancing tech innovation, data privacy, and regulatory oversight.  

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Trillions Poised to Enter Bitcoin ETFs, Says Bitwise CIO

Bitwise CIO Matt Hougan revealed institutions with trillions in assets are set to invest in Bitcoin ETFs by Q2, indicating a significant influx of institutional interest. Meanwhile, JPMorgan expects the Bitcoin spot ETFs market to reach $62 billion over the next 2-3 years, a more conservative figure than bullish projections, attributing this to Bitcoin's volatility compared to gold. Despite the $9.3 billion net flow into Bitcoin ETFs since their launch and a subsequent increase in AUM from $30 billion to over $50 billion, JPMorgan advises caution due to the higher risk associated with Bitcoin.


Crypto Scams Spike: FBI Flags Rising Investment Fraud

In 2023, FBI reported a 53% increase in crypto-related investment fraud, accounting for 86% of all US investment losses. Victims are lured by promises of high returns, with romance scams and phishing as common methods. Chainalysis reported $374 million stolen in romance scams. Globally, Australia saw a 162.4% rise in crypto-related investment scam losses.  


BNB Hits Two-Year High as Binance Dominates Market

BNB price hits 2-year high amidst the market rally. Binance regains momentum despite recent challenges. Binance remains dominant with $437 billion spot trading volume in January. Derivatives trading sees 46.3% share. Despite setbacks in Nigeria and the U.S., Binance launches "CRYPTO" fragrance. BNB Chain's DeFi sector shows strong growth in total value locked.  

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Fantom's Whale Transactions Highlight Market Dynamics

In recent weeks, whale transactions of Fantom (FTM) have surged, with increased holdings and daily trading volumes reaching a two-year high. This activity correlates with FTM's price surge of over 115% in the last month, but has also led to increased market volatility, making the asset susceptible to significant price swings.  

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Coinbase Pushes for Approval of Grayscale's Ether ETF

Coinbase met with the SEC to discuss Grayscale's proposed ether ETF, asserting that ether ETFs would be considered commodity-based shares. Coinbase emphasized the resilience of ETH spot markets and its surveillance-sharing agreement with the CME. However, analysts view the lack of comments from the SEC as concerning, despite strong indicators for approval.  

Top Altcoin Gainers and Losers

Gainers:

Floki Inu FLOKI (+47.47%

Worldcoin WLD (+42.61%

The Graph GRT (+19.91%

Losers:

THORChain RUNE (-6.82%

Uniswap UNI (-4.77%

Quant QNT (-3.06%

NFT Market Map

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Batman's Anniversary Celebrated with NFTs by DC and Candy Digital

Candy Digital and DC Comics are launching the Legacy Cowls Collection, marking Batman's 85th anniversary with 11,544 NFTs on Ethereum's Palm network. Each $49.99 NFT includes 3D art by DC's Pablo M. Collar. Owners influence a Batman comic. Another collection of 200,000 NFTs, Bat Cowl, is set for April, offering metaverse perks and fan engagement opportunities.  

This article has been refined and enhanced by ChatGPT. 

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