Correction in the cryptocurrency market and future prospects

The cryptocurrency market has experienced a significant correction last week, with bitcoin (COIN:BTCUSD) losing over 11% in the past 7 days, despite a slight recovery in value post-FOMC meeting. JPMorgan (NYSE:JPM) warns that the downtrend optimism among investors, especially concerning the expected price increase due to bitcoin’s halving. The slowdown in bitcoin ETF inflows and the potential continuation of profit-taking suggest caution as we approach the next halving.

Market dynamics of Bitcoin ETFs: Reduction of outflows and diversified growth

On March 21st, Bitcoin ETFs noted a slowdown in outflows, highlighted by a $93.9 million decrease in the Grayscale Bitcoin Trust (AMEX:GBTC), contrasting with an increase in inflows for BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and a significant milestone for Bitwise’s ETF (AMEX:BITB). This variation suggests an evolving market dynamic, with Fidelity’s ETF (AMEX:FBTC) recording its lowest entry, reflecting diversity in investor preferences within the Bitcoin ETF ecosystem.

AIOZ Network joins Alibaba Cloud’s initiative

The AIOZ Network (COIN:AIOZUSD), a decentralized infrastructure platform, has joined the Alibaba Cloud Innovation Accelerator initiative as a leading blockchain partner, boosting the AIOZ token which saw a 227% increase in value over the last month. The partnership aims to expand AIOZ’s ecosystem in Southeast Asia, utilizing Alibaba’s (NYSE:BABA) resources to advance in areas such as Web 3 AI and streaming infrastructure.

Floki moves towards digital finance with banking accounts and debit cards

The Floki project (COIN:FLOKIUST), initially a meme coin, is evolving into a complete financial ecosystem, planning to launch digital banking accounts and debit cards supported by FLOKI tokens. According to the lead developer, these accounts will be integrated with globally regulated fintech partners, allowing transactions in traditional currencies and access to the international banking systems SWIFT and SEPA.

Worldcoin strengthens privacy with personal custody of biometric data

Worldcoin (COIN:WLDUSD) is introducing “Personal Custody,” allowing users to store biometric data on their devices after scanning their eyeballs for World ID. The move aims to increase trust by giving users full control over their data, including the option to delete it.

FTM surges due to Sonic update

Fantom’s token (COIN:FTMUSD) recorded an impressive 196% increase in four weeks, reaching a peak of $1.15, its highest value since April 2022. This jump positioned FTM among the top 50 digital assets, with a market capitalization of $3.25 billion. Investor interest appears to be linked to the upcoming Sonic update, promising to significantly accelerate transaction processing on the network.

Frax Finance aims for a TVL of $100 billion with a new roadmap

Frax Finance (COIN:FXSUST) announced a comprehensive plan to scale the total value locked (TVL) of its layer 2 blockchain, Fraxtal, to an ambitious $100 billion by 2026. Currently, Fraxtal’s TVL is approximately $13.2 million. This expansive strategy involves introducing 23 innovative layer 3 solutions and new assets, including frxNEAR, frxTIA, and frxMETIS, along with the existing FRAX ecosystem. Founder Sam Kazemian’s proposal includes revitalizing revenue-sharing mechanisms for token holders and enhancing the FXS Liquidity Engine to increase liquidity and collateralization, especially for the FRAX stablecoin.

$145.7 million in Ether laundered after Heco Bridge hack via Tornado Cash

Over the past eight days, hackers responsible for last year’s Heco Bridge breach laundered over 40,000 Ether, equivalent to $145.7 million, using the cryptocurrency mixer Tornado Cash. The attack on Heco, which connects Ethereum and Heco Chain, and subsequent fund movements to Tornado Cash highlight security and privacy concerns in the cryptocurrency space.

Apple’s M chips have flaws in crypto security

Researchers discovered a critical flaw in Apple’s (NASDAQ:AAPL) M chips, threatening the security of crypto assets. The vulnerability, inherent to the microarchitecture of the M1 and M2 chips, exposes encryption secret keys due to the behavior of the data prefetcher. Mitigating this flaw challenges developers, requiring changes in cryptographic software that could affect performance.

Google expands wallet balance display to ENS domains

Google, owned by Alphabet (NASDAQ:GOOGL), is now integrating Ethereum wallet balances with Ethereum Name Service domains in search results, facilitating transactions between users. Launched in May 2023, this feature was initially limited to public Ethereum wallet addresses, allowing direct balance views in the results. Expanding to ENS domains, which link human-readable names to wallet addresses, improves the accessibility and transparency of cryptocurrency transactions.

Aptos GameStack revolutionizes gaming with Web3 integration

Aptos’s native currency (COIN:APTUSD) gained 9% in the last 24 hours, reaching a market value of $5.9 billion. Recently, Aptos Labs, responsible for the Aptos blockchain, unveiled the Aptos GameStack, a toolkit for creators to develop games with cryptocurrencies and NFTs. This initiative, in partnership with Google Cloud, aims to enhance live games with advanced cloud features. The GameStack includes Web3 gaming SDKs and APIs, making it easier to integrate and connect Web3 elements with ongoing support.

SEC expands team for crypto asset surveillance

Gary Gensler of the SEC has proposed adding 33 staff members to the enforcement division to deal with emerging challenges, focusing on the oversight of cryptocurrency companies like Coinbase and Binance. This request reflects a trend among US financial regulators to increase their budget to better monitor the growing cryptocurrency market, aiming for more effective monitoring and mitigation of risks associated with digital assets and decentralized finance. Other agencies, including the CFTC and the Treasury Department, are also seeking to strengthen their resources to address issues related to cryptography and illicit financing.

Estonia strengthens crypto sector regulation with new bill

Estonia passed new legislation on March 20th, setting stricter guidelines for digital asset service providers, aiming to enhance security and reliability in the crypto sector. This regulatory move, which significantly reduced the number of cryptocurrency companies in the country, will introduce financial supervision over these entities for the first time. Estonia aims to improve investor security and market stability for crypto assets by implementing penalties that can reach up to 5 million euros and establishing stringent criteria for licenses issued by the Financial Supervision Authority.

Grass uses Solana to support AI data

Grass, an app that rewards users for sharing their internet connection, is innovating by building a layer 2 blockchain on Solana to facilitate AI training. This strategy aims to circumvent restrictions imposed by websites on data centers, allowing for the collection of large volumes of data. Based in Toronto with over 1 million users, Grass, backed by Polychain Capital, aims for transparency and security in AI training, planning a decentralized network that respects privacy and the availability of public data, while paving the way for a new era of open and verifiable AI training.

Succinct Labs raises $55 million to advance ZK proofs

The startup focused on zero-knowledge proof technology, Succinct Labs, raised $55 million in funding rounds led by Paradigm, with notable investors such as Robot Ventures, Bankless Ventures, and co-founders of Polygon participating. Specializing in making blockchain technology more scalable, interoperable, and private, Succinct aims to simplify the complexity of ZK proofs for developers with innovations like zkVM and SP1.

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