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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | March 2 - March 8, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | March 2 - March 8, 2024

Van Thanh Le

Mar 8 2024

3 months ago6 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

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Crypto Weekly Market Update

Table of Contents

Market Trends and ETF Updates

  • Crypto Weekly Recap

Banking and Regulatory News

  • SEC Delays Decision on Ethereum ETFs
  • Binance Faces Regulatory Challenges in Nigeria

Cryptocurrency Market Movements

  • Memecoins' Surprising Leap Forward
  • AI Cryptos Outshine Meme Coins
  • Pantera Capital's Bold Move on Solana

Crypto Exchanges and Platform News

  • BlockFi and FTX Reach Settlement
  • Coinbase Grapples with Technical Glitches
  • Wormhole Embraces Token Airdrop for Decentralization

Country-Specific Developments

  • Legal Quagmire Deepens for Do Kwon

NFT and Blockchain Innovations

  • Bitcoin NFTs Outperform Ethereum Collections
  • Record-Breaking CryptoPunk Sale
  • NFT Market Dynamics Shift with ETH Surge
  • Milady NFT Collection Sees Unprecedented Surge
  • Innovative NFT Integration in Gaming by Sony

Crypto Weekly Recap


  • Weekly change: +9.74%
  • Over the weekend, Bitcoin entered a consolidation phase and surpassed $63,000 on Monday.
  • CryptoQuant's "bull-bear" indicator marked Bitcoin as "overheated" at this time, yet the rally continued.
  • Tether's USDT reached a $100B market cap. The rally was partly fueled by ETF discussions and speculation of a Qatari billionaire's purchase post-Atlantis Conference.
  • CME Group identified three catalysts for Bitcoin's surge: the halving mechanism, economic concerns, and national debt fears, driving its value alongside gold.
  • Bitcoin hit a new all-time high (ATH) over $69,000 on Tuesday, already achieving this milestone against the EUR & GBP, with its market cap reaching $1.35 trillion, surpassing silver's market cap briefly. BlackRock's iShares Bitcoin Trust exceeded $10 billion in assets under management in seven weeks.
  • After reaching $69,000, Bitcoin dropped sharply to $59,000 within 30 minutes, leading to significant liquidations. Early miners selling and on-chain analysis viewed the correction as positive.
  • On Wednesday, Bitcoin fluctuated between $66,000 and $67,700. The DXY fell below 103 following the Fed chair's hint at rate cuts amid 3.1% inflation and economic growth.
  • On Thursday, Bitcoin's kimchi premium in South Korea reached a 27-month high of 10.32%, with MicroStrategy increasing its debt offering to $700 million for more Bitcoin.
  • BTC reached a new ATH on Friday at $69,600, with the price reaching $70,000 on some centralized exchanges, followed by a big sell-off to $67,000.
  • The SEC postponed its spot Bitcoin ETF decision until April 24. Tesla and SpaceX were revealed to hold over $1.3 billion in Bitcoin.
  • In February, U.S. job additions exceeded expectations, yet the unemployment rate rose to 3.9%, hinting at a delayed Fed rate cut.
  • Analysts see potential for Bitcoin to climb to $75,500, a 96.43% increase, with a 20% correction expected around April's halving. Another $1B in USDT was minted at Tether Treasury, signaling optimism for a rally.
  • JPMorgan speculated a delay in Fed rate cuts due to Bitcoin's surge above $60,000, with the Fed Chair remaining cautious on adjustments.
chart (2).webp


  • Weekly change: +16.34%
  • Ethereum's price exceeded $3,500 on Monday, fueled by anticipation for the Dencun upgrade set for March 13, 2024, aiming to boost scalability and cut transaction costs for networks like ArbitrumPolygonStarknet, and Base.
  • It retained the bullish sentiment to keep soaring as Bitcoin reached $69,000 on Tuesday, even as the SEC delayed BlackRock and Fidelity's spot Ethereum ETF proposals, inviting public input but expressing concerns over the proof of stake model.
  • Ethereum's price then fell to $3,393 from over $3,800 due to a market sell-off.
  • The value of staked Ethereum rose to $116 billion, with Eigenlayer's total value locked (TVL) outdoing Aave, indicating a surge in restaking protocols.
  • Ahead of the Dencun upgrade, more than 1.5 million ETH, valued at $5.6 billion, was burned, eclipsing the total issuance since EIP-1559 and reducing the supply by 412,706 ETH.
  • Ethereum swiftly rebounded to over $3,900 as whales accumulated significant ETH, driving the price above $4,000 for the first time since 2021, amidst upgrades and the prospect of an Ethereum ETF.
chart (3).webp


SEC Delays Decision on Ethereum ETFs

The US SEC delays decision on BlackRock and Fidelity's Ethereum ETF applications, sparking market anticipation. The postponement aligns with expert projections for a decision by May, amid public commentary and regulatory scrutiny. Ethereum's transition to proof of stake is a focal point, with concerns over manipulation risks. 

Despite Ethereum's recent price surge, prospects for ETF approval remain uncertain. Market predictions suggest Ethereum ETFs may have a more subdued impact compared to Bitcoin counterparts, with advisors showing a strong preference for Bitcoin over Ethereum. The dominance of Bitcoin in the market poses a challenge for Ethereum ETF emergence.  

Binance Faces Regulatory Challenges in Nigeria

Binance suspended Nigerian Naira services amidst regulatory scrutiny, battling allegations from Nigerian lawmakers of financial crimes totaling $26 billion. The government's threats of a $10 billion fine raised tensions, with calls for CEO Richard Teng to testify before the House of Representatives. Amid allegations of currency manipulation and unauthorized operations, Binance faces a seven-day ultimatum from the Financial Crimes Committee. 

Despite the turmoil, Binance Coin (BNB) maintains stability. Binance's announcement of significant Bitcoin transfers for internal operations aims to ensure market stability amid the cryptocurrency's price surge towards an all-time high.  

chart (4).webp

Memecoins' Surprising Leap Forward

In a surprise market surge, memecoins, especially cat-themed tokens, have outperformed other sectors, with a remarkable 84% increase in the past week and a collective market valuation of $55 billion. Notable performers include Taylor Swift’s Cat, DOGE, SHIB, PEPEBONKWIFFLOKI, and POPCAT. Additionally, meme coins like Pepecoin (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE) surged up to 26%, alongside an increase in ether (ETH) nearing $4,000. 

Solana's blockchain has played a pivotal role, hosting quirky token launches and recording over $2 billion in trading volumes on some days, establishing itself as the third-largest blockchain by DEX volume.  


AI Cryptos Outshine Meme Coins

The recent surge in AI-linked cryptocurrency tokens, driven by market excitement and technological advancements, has led to a 150% rise in the sector's market cap to $25.1 billion within a month. Notable tokens like Fetch.AI and SingularityNET have seen significant gains, contrasting with meme coins' decline. 

Nvidia's upcoming conference on AI products has fueled investor interest, driving a shift towards AI projects over meme coins. Investor patterns are shifting towards technology-driven projects, symbolizing a strategic diversification among crypto investors. Santiment data suggests a growing enthusiasm for AI-focused coins, illustrating a bullish outlook for AI-centric digital currencies.  


Pantera Capital's Bold Move on Solana

Pantera Capital is raising funds to purchase up to $250 million worth of Solana (SOL) tokens from the bankrupt FTX exchange's estate, aiming to buy part of FTX's SOL holdings at a significant discount. This has contributed to a 13% rise in Solana's price, as the community reacts positively to the potential investment. Concurrently, Solana's decentralized exchange trading volume has surged, reaching a record $2.85 billion, marking over a 150% increase in the past week and positioning Solana as a major blockchain for DEX volume, behind Ethereum and Arbitrum. 

This surge in activity reflects Solana's growing prominence and ability to handle large-scale transactions. Meanwhile, meme coins inspired by political figures, specifically on the Solana blockchain, have seen substantial gains, led by a coin named "Jeo Boden," signaling a vibrant, albeit volatile, interest in cryptocurrency investments tied to pop culture and political events.

chart (5).webp

BlockFi and FTX Reach Settlement

BlockFi and bankrupt FTX settled for nearly $900 million, including $185.2 million for customer claims and a $689.3 million claim against Alameda Research. BlockFi secured a $250 million payout post-FTX's bankruptcy plan confirmation. In return, FTX waived its settlement claims, and BlockFi committed to supporting FTX's plan. BlockFi, satisfied with the outcome, emphasized that the agreement would benefit its customers. 

The settlement addresses financial setbacks resulting from the FTX and Alameda Research relationship, reflecting a significant step towards resolving the discord between the entities. Notably, BlockFi CEO testified against FTX founder Sam Bankman-Fried, highlighting substantial financial losses for BlockFi's customers.  

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Coinbase Grapples with Technical Glitches

Coinbase encountered two significant technical glitches within a week, leading to users experiencing zero balances in their accounts. This was attributed to surges in trading volume and market activity, with Coinbase reassuring users about the safety of their funds and stating that trading functionality remained unaffected. 

Despite these assurances, the issues highlighted the strain on Coinbase’s infrastructure caused by increased user activity and market momentum. Furthermore, algorithmic trading firms significantly contributed to the recent outages experienced by both Coinbase and other major exchanges like Binance, according to a dYdX executive. The firms' increased order placements and cancellations during periods of high retail interest and rapid price action were identified as primary causes of the technical issues. 

Wormhole Embraces Token Airdrop for Decentralization

Wormhole, a platform enhancing blockchain interoperability, plans an airdrop of its W token, aiming for progressive decentralization and rewarding the Wormhole ecosystem's users and developers. The airdrop will distribute 1.8 billion of the total 10 billion W tokens, supported by significant entities like Jump Trading and Coinbase Ventures. The tokens, available in ERC20 and SPL formats, will utilize Wormhole’s Native Token Transfers architecture for multichain capabilities, emphasizing easy transfers across Wormhole-linked networks. 

Over 617 million tokens will be airdropped, following a security and decentralization audit, to foster community engagement and decentralize governance, with eligibility based on ecosystem interaction. The token-based governance system will allow W holders to participate in decision-making, marking a pivotal moment as Wormhole balances technology with a community-driven governance model.

Legal Quagmire Deepens for Do Kwon

Terraform Labs co-founder, Do Kwon, faces extradition from Montenegro to South Korea after a failed attempt to extradite him to the United States. The case has generated controversy, with Terrence Yang, a crypto lawyer, criticizing the decision. 

The South Korean Justice Ministry awaits official notification from Montenegro, but scheduling conflicts have complicated the process. A new trial date has been proposed. The Department of Justice expresses appreciation for Montenegrin cooperation and remains committed to pursuing Kwon's extradition. The situation remains unresolved, with Kwon potentially facing legal battles in South Korea.  

chart (7).webp

Top Weekly Altcoin Gainers and Losers


Floki Inu FLOKI (+235.86%

Shiba Inu SHIB (+140.72%

dogwifhat WIF (+123.90%

Pepe PEPE (+120.02%

eCash XEC (+70.99%


Kaspa KAS (-12.50%

Flare FLR (-12.43%

Sui SUI (-10.88%

Bitget Token BGB (-8.35%

Synthetix SNX (-6.23%

NFT Market Map


Bitcoin NFTs Outperform Ethereum Collections

Bitcoin NFT collections, especially NodeMonkes, experienced a surge in demand on March 4 as Bitcoin price crossed $65,000, trading a total volume of $35 million, surpassing Ethereum collections. An artwork imprinted on Bitcoin in February 2023, NodeMonkes set an all-time high with sales crossing $11 million, and a single "monke" was sold for over $1 million worth of bitcoin. 

The floor price for these artworks is at least $52,000, with rarer pieces listed for as high as $65 million. This activity is expected to continue in March, with a focus on Ordinal inscriptions and the Runes protocol.  

Record-Breaking CryptoPunk Sale

On March 4, an anonymous individual bought CryptoPunk #3100 for 4,500 ETH, valued at $16.03 million. This marks the second-largest on-chain purchase for a CryptoPunk and one of the most expensive NFT sales to date. CryptoPunk #3100, an Alien Punk, is among the rarest in the 10,000-piece collection. 

The purchase follows a recent Bitcoin rally and Ethereum's climb beyond $3,500. While it's the second-most expensive PFP NFT ever sold, CryptoPunk #5822 holds the record. The most expensive NFT, "Everydays: The First 5,000 Days," sold for $69.3 million. CryptoPunks, created in 2017, has generated over $2.75 billion in trading volume, with prices starting above $200,000.  

NFT Market Dynamics Shift with ETH Surge

In the last 30 days, the ETH floor prices of major NFT collections dropped, with Bored Ape Yacht Club experiencing a 26.6% pullback. Despite this, the dollar-denominated price for these collections increased. The surge in ETH by 62.6% and expectations for a spot ETH ETF approval contributed to these dynamics. 

The upcoming Dencun upgrade on March 13th, promising lower gas fees for Ethereum layer-2 blockchains, also impacted the ETH price jump. Additionally, the increased traded volume for Ethereum-based NFT collections, reaching $660 million, further characterizes the market's recent behavior. This reflects a speculative phase in NFTs, with attention shifting to low-value Solana-based NFTs.  

Milady NFT Collection Sees Unprecedented Surge

The Milady NFT collection has experienced a significant bull run, with each NFT doubling in floor price to $19,000. Over 3,339 Ether worth of Milady NFTs were traded recently, driven in part by promotion from Zhu Su, co-founder of 3AC, on March 6. 

This surge is consistent with the NFT series' history of volatility, often influenced by endorsements from blockchain personalities and celebrities. Notably, the series saw a 5,250% surge in memecoin value within 24 hours after Elon Musk shared a Milady NFT meme on May 11, 2023.  

Innovative NFT Integration in Gaming by Sony

Sony recently filed a patent for a "Super-Fungible Token," combining NFT assets for in-game mechanics. This system would allow players to merge gaming assets into a single NFT, stored on a blockchain, enabling the selection of one item at a time. These NFTs can be personalized and traded in secondary markets, promoting true ownership of in-game items. 

Additionally, the patent proposes the use of NFTs to track item history and achievements, potentially allowing the transfer of the same group of assets across different games. This innovation aligns with the growing trend of integrating NFTs into the gaming industry.  

This article has been refined and enhanced by ChatGPT.

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