Binance top executives detained by Nigeria in financial dispute
Tigran Gambaryan and Nadeem Anjarwalla, senior officials of
Binance, were detained by Nigeria, according to the Wall Street
Journal and Wired, amid accusations against the cryptocurrency
exchange. The detention followed the country’s demand for $10
billion from the company for untracked transactions. Arriving in
Abuja on February 25 for negotiations, they were taken to a
national security facility. Binance, stating cooperation with
authorities, seeks a swift and secure resolution.
Grayscale proposes new mini version of its Bitcoin Trust
Grayscale has requested SEC registration for a downsized version
of its renowned Bitcoin Trust, dubbed the Grayscale Bitcoin Mini
Trust, with the symbol “BTC.” This new entity aims to operate
independently, sharing bitcoins with the original GBTC and listing
on the NYSE. Details of the share distribution for current GBTC
shareholders are yet to be outlined, but the separation will not
require any action on their part nor incur additional taxes.
Bitcoin ETFs see robust influx on March 11
On March 11, 2024, Bitcoin ETFs experienced a significant
influx, totaling a net gain of $505.5 million, primarily driven by
BlackRock’s iShares Bitcoin ETF (NASDAQ:IBIT), which alone raised
$562.9 million. Other notable contributions came from funds like
Fidelity’s ETF (AMEX:FBTC) and VanEck’s ETF (NASDAQ:BRRR), the
latter having its best day after the announcement of fee waivers
until 2025. Despite continued outflows from Grayscale (AMEX: GBTC),
with $494 million in outflows recorded on Monday, the volume of
inflows into Bitcoin ETFs highlights growing investor interest in
this digital asset.
Increase in US inflation drives slight rise in Bitcoin
Inflation in the US unexpectedly accelerated last month, with
the annual rate reaching 3.2%, slightly above the forecasted 3.1%,
while the core inflation hit 3.8%, surpassing the expectation of
3.7%. Monthly, the CPI advanced 0.4%, confirming estimates and
surpassing the January increase. Following the announcement,
Bitcoin (COIN:BTCUSD) recorded a slight uptick to $72,270.
Prospects of interest rate cuts were postponed due to persistent
inflation, affecting monetary policy and keeping inflation above
the Fed’s 2% target, reducing expectations of rate relief.
ChainGPT launches $1 million program for innovation in AI and
Blockchain
ChainGPT, a platform combining artificial intelligence with
blockchain technology, unveiled a $1 million grant fund to drive
innovation in this field. Selected startups will have access to
ChainGPT’s APIs and SDKs to develop and scale their solutions. The
initiative aims to overcome the challenge of merging AI
centralization with blockchain decentralization, aligning with the
vision to integrate these technologies for innovative advancements
in the Web3 space.
Tether announces USDT integration with Celo network
Tether (COIN:USDTUSD), a stablecoin issuer, announced the
imminent introduction of USDT on the Celo network, a platform
aligning with Ethereum Layer 2 and offering Ethereum Virtual
Machine compatibility. This expansion does not yet have a set date
but will occur soon, adding Celo to the list of blockchains already
supporting USDT, such as Ethereum, Solana, and Polygon. Celo,
focused on facilitating mobile payments with low fees, will see
USDT enrich its financial functionalities and perhaps even serve as
gas currency in dApps. This move comes as Tether’s circulating USDT
supply surpasses 102 billion.
Hop DAO plans partial sale of stake in Arbitrum for operational
funding
Hop DAO has approved a vote to sell 25% of its assets in
Arbitrum (COIN:ARBUSD), totaling over 200,000 ARB, aiming to cover
operational costs. The transaction, converted into nearly $440,000
in USD Coin, will be used to compensate moderators and support
protocol development and research. The date for the sale of ARB has
not yet been determined. The proposal garnered 85% of favorable
votes in the concluded vote, indicating significant community
support.
Solana sets new record for daily addresses, signaling sustained
growth
The Solana blockchain witnessed a historic peak in new daily
addresses, surpassing 691,000, indicating a significant increase in
network adoption. Tristan Frizza of Zeta Markets sees this growth
as evidence of genuine user engagement, distinguishing it from mere
speculation. With Solana processing more daily transactions than
several other blockchains combined, its position as one of the
leading crypto platforms by market value seems more likely.
Additionally, a recent surge in DEX transactions reinforces
expectations of SOL price (COIN:SOLUSD) advances, despite still
being below the 2021 peak.
ETF chances for Ethereum diminish despite price rise
The likelihood of an Ethereum ETF approval by the SEC has
dropped to 36%, tempering crypto community optimism following
Bitcoin ETF acceptances in January. Even with Ethereum
(COIN:ETHUSD) surpassing $4,000, driven by anticipation of its
upgrade and ETF possibility, reality sets in with Polymarket
indicating reduced odds. Political influences and SEC decision
delays add uncertainty, while the community closely watches the May
23 deadline.
Ether options traders’ sentiment is cautious. Ether options
traders are positioning for potential short-term depreciation. The
one-month Ether options skew, indicating market preference, has
turned negative, revealing higher demand for put options, used as
protection against downturns. Despite long-term positive outlooks,
the preference for put options in the short and medium term signals
a cautious market sentiment.
Joe Biden’s 2025 budget plan focuses on crypto-assets to enhance
tax fairness
The Biden administration’s 2025 budget proposal, presented on
March 11, aims to raise nearly $10 billion in additional revenue
through digital asset regulation. The measures seek to close
loopholes benefiting wealthy cryptocurrency investors, promoting
equity among all investors. They include stricter standards on
crypto asset transactions, enhanced transparency of financial
institutions, and expanded tax obligations on foreign digital
assets. These changes aim to adapt the US tax code to the new
realities of the market and technology.
Trump embraces Bitcoin in exclusive sneaker sale
Donald Trump, previously critical of Bitcoin (COIN:BTCUSD),
surprisingly accepted the cryptocurrency as payment for his limited
line of 1,000 sneakers during Sneaker Con in Philadelphia, selling
each pair for $399. Changing his stance, Trump now acknowledges
Bitcoin as a viable currency. Despite his previous reservations, he
has engaged in crypto projects, including an NFT one, indicating
growing interest in the technology. However, Trump emphasizes the
primacy of the dollar, signaling a balanced approach to
cryptocurrencies.
Coinbase challenges SEC over lack of clarity in crypto asset
regulation
Coinbase Global (NASDAQ:COIN) contests the SEC, claiming the
regulatory agency has inconsistently exercised authority over
crypto assets without establishing clear rules. The SEC rejected
Coinbase’s request for new guidelines without thoroughly explaining
its position. Coinbase’s legal challenge seeks a formal definition
of regulatory obligations in the crypto space, arguing that the
SEC’s current enforcement-based approach is inadequate and leaves
the industry in regulatory limbo.
Thailand paves the way for institutional investments in Bitcoin
ETFs
The Securities and Exchange Commission of Thailand updated its
guidelines, enabling asset management entities to offer funds
investing in US Bitcoin ETFs to qualified investors. This
development, reported by the Bangkok Post, follows the country’s
easing of tax regulations on cryptocurrencies, including the
elimination of a 7% tax on profits from crypto. The initiative
reflects a careful balance between meeting demand for crypto asset
investments and mitigating associated risks, in line with the
cautious approach expressed by Pornanong Budsaratragoon,
secretary-general of the Thai SEC. Meanwhile, Thailand continues to
be an attractive hub for major cryptocurrency exchanges like
Binance.
President Bukele details various sources of Bitcoin revenue for El
Salvador
Nayyib Bukele, the president of El Salvador, shared that besides
the country’s Bitcoin reserves, there are several other sources
generating income in BTC, including passport revenues, mining,
BTC-USD conversions for local businesses, and unspecified
government services. El Salvador, which adopted Bitcoin as legal
tender, is seeing positive returns on its investment, with the BTC
portfolio now valued at about $207 million, reflecting an
unrealized profit of $85 million. The country is committed to
keeping Bitcoin as a long-term reserve, reinforcing its position as
a pioneer in cryptocurrency adoption.
HKMA launches regulatory sandbox for stablecoin innovation
The Hong Kong Monetary Authority introduced a regulated
experimental space to enable potential issuers of stablecoins to
explore and test their operations safely and without risk of
penalties. This sandbox environment aims to facilitate the
development of fiat-backed stablecoins, following Hong Kong’s
efforts to establish a regulatory framework for these
cryptocurrencies. Sandbox participants will be required to have a
solid business plan and conduct operations within controllable
limits, aiming for future market performance in Hong Kong.
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