AI tokens gain prominence on Thursday ahead of Nvidia conference
Artificial Intelligence tokens, such as Fetch.ai (COIN:FETUSD),
SingularityNET (COIN:AGIXUSD), Render (COIN:RNDRUSD), recorded
significant increases in the last 24 hours, driven by the proximity
of Nvidia’s (NASDAQ:NVDA) AI conference on March 18. Despite
Nvidia’s financial success, there are debates about the real
connection of these tokens with significant AI innovations, such as
those from OpenAI and Gemini.
Another cryptocurrency that gained significant momentum on
Thursday was Solana (COIN:SOLUSD). Solana is trading at $145.75, up
11.2% with a significant increase in trading volume, reminiscent of
the September 2021 peak driven by comedian Steve Harvey and the
frenzy of meme coins like BONK (COIN:BONKUST) and Dogwifhat.
Bitcoin fluctuates above $67K and signals market changes
Bitcoin (COIN:BTCUSD) is up 2.4% in the last 24 hours, trading
at $67,693, after a Wednesday of intense volatility, surpassing its
all-time high of $69,000, followed by a nearly 10% drop to $62,000.
However, investors quickly reversed the trend, pushing the value up
by 5% to $67,000. Bitget analyst Fernando Pereira indicates
fluctuations in Bitcoin dominance and potential increased interest
in altcoins. “After reaching 55%, Bitcoin dominance began to
decline, and it should continue like this in the coming weeks until
it reaches 50%. This means more money entering altcoins at this
time than Bitcoin. More days like yesterday should be common in the
market,” commented Pereira.
March brings key events that have the potential to impact market
sentiment:
1- Closing of the Federal Reserve’s Term Bank Financing
Program
2- Release of CPI Data
3- Ethereum’s Dencun Update
4- First Creditors Meeting of FTX
5- NVIDIA’s GPU Technology Conference
6- Federal Reserve Decision on Interest Rates
7 – SEC Fraud Charges Trial against Do Kwon
8 – Sentencing of Sam Bankman-Fried
Arkham Intelligence reveals Bitcoin addresses for Tesla and SpaceX
Arkham Intelligence uncovered the Bitcoin addresses
(COIN:BTCUSD) of Tesla (NASDAQ:TSLA) and SpaceX, Elon Musk’s
companies, showing that Tesla holds 11,510 BTC ($780 million)
across 68 addresses, while SpaceX holds 8,290 BTC ($560 million)
across 28 addresses. The movements of these funds coincide with the
companies’ finances, including Tesla’s $1.5 billion BTC acquisition
in 2021 and subsequent sales. Additionally, Tesla briefly accepted
Bitcoin for vehicle purchases. Arkham also tracked Bitcoin ETF
addresses and other significant entities in the crypto sector.
Currently, Tesla is the third-largest public holder of Bitcoin,
although its holdings have decreased since the initial purchase.
SpaceX’s situation is less transparent due to its non-public
nature, but reports indicate adjustments in its Bitcoin
holdings.
Robust growth in Bitcoin ETFs with a focus on BlackRock and
Fidelity
On March 6, BitMEX recorded $332 million in inflows to Bitcoin
ETFs, totaling 4,995 BTC. The BlackRock ETF (NASDAQ:IBIT) led,
adding $282 million, totaling $9.4 billion in inflows, equivalent
to approximately 188,000 BTC. Following closely, the Fidelity ETF
(AMEX:FBTC) saw an increase of $206 million, reaching $5.6 billion
in inflows, or about 113,000 BTC. Meanwhile, outflows from the
Grayscale ETF (AMEX:GBTC) decreased, and the Valkyrie ETF
(NASDAQ:BRRR) reached records with $40.7 million added. In total,
Bitcoin ETFs now accumulate about $8.9 billion in inflows,
reflecting considerable accumulation of 167,863 BTC.
Kamino, based on Solana, announces KMNO token launch for April
Kamino, a DeFi protocol on Solana, will launch the KMNO token in
April, post-user registration on March 31. Accumulated points will
influence token distribution, aiming to prevent abuse. KMNO will
act as a governance token, allowing holders to decide on key
aspects of the protocol. With a total of 10 billion tokens, 10%
will be available initially, and another 7% allocated for initial
community distribution.
Wormhole to distribute 617 million tokens to users and developers
The Wormhole protocol announced an airdrop of over 617 million
tokens to active participants and developers of multichain
applications, as well as significant members of its community. The
airdrop, representing 6% of the total token supply, will recognize
contributions in the Wormhole ecosystem, distributing tokens to
nearly 400,000 wallets across more than 30 connected blockchains.
The distribution also includes tokens for active users in their
digital communities and staking platforms, reflecting a move
towards more decentralized governance, where token holders can
influence future protocol decisions.
Montenegro approves Do Kwon’s extradition to South Korea
A Montenegrin court has decided to extradite Do Kwon, co-founder
of Terraform Labs, to South Korea, overturning a previous decision
favoring his extradition to the US. This decision follows Kwon’s
appeal against American extradition, with his lawyers pointing out
flaws in the process. The South Korean National Police, with
Interpol’s support, requested the extradition, preceding the US
request. Kwon is accused of fraud following the collapse of
TerraUSD in 2022, resulting in significant financial losses.
Pantera Capital mobilizes fund for SOL acquisition from FTX
Pantera Capital, focused on crypto assets, is raising a fund to
acquire Solana tokens (COIN:SOLUSD) from the bankrupt FTX,
according to Bloomberg. The initiative, called the Pantera Solana
Fund, aims to gather up to $250 million in SOL at a 39% discount,
set around $59.95, based on the 30-day average price. Investors
must commit to a four-year holding period, facing management and
performance fees. The strategy aims to support FTX liquidators
while maintaining market price stability for SOL.
BlockFi and FTX reach $874.5 million agreement
BlockFi, a cryptocurrency lending company that filed for
bankruptcy, has agreed to receive $874.5 million from bankrupt FTX
and Alameda Research. Under the agreement, BlockFi will obtain
claims of $185.2 million against FTX and $689.3 million from
Alameda. Payment depends on FTX distribution targets, including
$250 million as secured credit, ensuring priority recovery for
BlockFi after FTX’s reorganization plan approval.
Gemini and Genesis merger discussion after financial crisis
In October 2022, Gemini and bankrupt Genesis discussed a
potential merger during a lunch between Barry Silbert, CEO of
Digital Currency Group (owner of Genesis), and Cameron Winklevoss,
co-founder of Gemini. The conversation came to light after the
collapse of the Three Arrows Capital fund, resulting in a $1
billion deficit for Genesis. Silbert expressed interest in a merger
that would make the combined company competitive with giants like
Coinbase and FTX, potentially raising up to $1 billion and aiming
for an IPO in two years. The proposal also included synergies
within the DCG portfolio, such as directing order flow and miners
to Gemini, as well as promoting the GUSD stablecoin. Despite
discussions, the merger did not materialize, and Genesis filed for
bankruptcy in January 2023.
Fireblocks strengthens leadership and prepares for cryptocurrency
market growth
Fireblocks, specializing in crypto asset custody, strengthens
its leadership by hiring Michal Ferguson, former Snyk, as Chief
Marketing Officer, aiming for expansion in the bull market. Along
with Ferguson, Michael Levine from Payoneer joins as CFO, and Madan
Gadde, former FIS, as Chief Customer Officer, preparing the company
for growth after raising $550 million in 2022. CEO Michael Shaulov
emphasizes the mission beyond the price of bitcoin (COIN:BTCUSD),
signaling a possible IPO in the future.
Injective launches inEVM Rollup solution to enhance
interoperability
Injective (COIN:INJUSD) is introducing the inEVM Layer 2 on the
mainnet after a successful test, marking the first Ethereum Rollup
that effectively integrates with Cosmos and Solana. This
innovation, aligned with Injective’s vision of creating an
expansive network of “Electro Chains,” aims to improve
interoperability and facilitate the implementation of Ethereum
DApps without code changes. Eric Chen, CEO, and co-founder of
Injective Labs, highlights the transformative potential of inEVM
for scaling on-chain financing, reflecting significant
collaboration in the blockchain community.
NodeAI announces advancements with new L1 Blockchain
NodeAI, a pioneer in decentralized computing solutions, is about
to finalize its third version, introducing an innovative Layer 1
(L1) blockchain that promises to elevate standards of efficiency
and task management in its extensive network. This strategic
advancement aims to optimize task distribution and processing,
ensuring superior performance and the ability to meet growing user
demands. With the integration of the L1 blockchain, NodeAI hopes to
transform task execution on the network, improving speed and
reliability for users.
Binance integrates currency pairs with the Yen
Binance announced the inclusion of BNB, BTC, and ETH trading
pairs with the Japanese yen on its global platform and Japanese
subsidiary starting March 12, with a one-month zero fee promotion.
After returning to Japan in August, Binance expanded its presence,
including a collaboration with MUTB to explore stablecoins and
plans to list 100 tokens.
Bitcoin price rises in countries with devalued currencies
Bitcoin (COIN:BTCUSD) saw a price increase in several regions,
particularly in Turkey and South Korea, with significant currency
devaluations. In July, BTC in Turkey was 1.3% above global prices,
while inflation reached nearly 70% in January. In South Korea, the
increase was 10.23%. On March 6, the currencies of Egypt and Turkey
weakened, driving adoption of cryptocurrency amid central bank
measures against inflation. The depreciation of the Turkish lira,
which fell 40% against the dollar, and the imminent regulation of
cryptocurrencies in Turkey, illustrate the growing demand for
financial alternatives like Bitcoin in unstable economies.
Central Bank of Nigeria and Gluwa accelerate eNaira adoption with
blockchain technology
The Central Bank of Nigeria is collaborating with Gluwa Nigeria
to enhance efficiency and expand the use of eNaira (COIN:NIRXUST),
its digital currency, among the population of over 226 million.
Through the issuance of APIs, the partnership will facilitate the
integration of eNaira with Gluwa’s Credal blockchain technology,
aiming to promote financial inclusion and innovation. The project
aims to simplify operations such as credit origination and
tracking, in the context of eNaira’s growth and challenges in its
acceptance in a cash-dominated economy.
Project Ensemble and Consensus 2025 boost Hong Kong as a
cryptocurrency hub
The Hong Kong Monetary Authority launched Project Ensemble,
aiming to strengthen the tokenization sector with a new wholesale
central bank digital currency (wCBDC). The project, focused on
tokenized deposits, seeks to develop an infrastructure to
facilitate interbank transactions using wCBDC. With plans to
introduce a sandbox environment to experiment with tokenization of
tangible assets, Hong Kong aims to establish cooperation between
the public and private sectors. Additionally, the city is preparing
to host Consensus 2025, one of the leading cryptocurrency events,
at the Convention and Exhibition Center. This event, expected to
attract 10,000 participants, symbolizes Hong Kong’s commitment to
becoming a global hub for crypto assets, following its openness to
innovations in the sector since late 2022.
Argentina prepares cryptocurrency regulation focusing on anti-money
laundering
Argentina is developing an Urgency and Necessity Decree (DNU) to
regulate cryptocurrency exchanges, collaborating with the private
sector and aligning with the Financial Action Task Force (FATF)
guidelines against money laundering and terrorism financing. This
decree will require legal professionals and financial institutions
to report suspicious transactions, reflecting the effort of Javier
Milei’s government to oversee the crypto market. With the FATF
visit scheduled for two weeks, Argentina seeks to avoid inclusion
in the “gray list” of countries with regulatory deficiencies.
Additionally, the sector seeks favorable tax reforms to strengthen
regulation and promote security in the Argentine cryptocurrency
ecosystem.
Zama raises $73 million to advance in homomorphic encryption
Zama, specializing in open-source cryptography, raised $73
million in a Series A round to develop fully homomorphic encryption
(FHE) solutions, an innovation that allows processing of encrypted
data while maintaining privacy in blockchain and AI. Led by
Multicoin Capital and Protocol Labs, the fundraising involved
significant names in technology, aiming to enhance data security in
smart contracts and digital services.
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