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Crypto market faces biggest drop of the year 

The cryptocurrency market recorded its largest annual drop of 7%, led by an 8% decline in Bitcoin (COIN:BTCUSD), which triggered a widespread downturn. Bitcoin fell from a peak of $73,000 to a minimum price of $65,879.74, being quoted down -4.9% at the time of writing at $67,918.65. Volatility particularly hit meme coins, with Dogecoin (COIN:DOGEUSD) and Shiba Inu (COIN:SHIBUSD) losing over 9% in the last 24 hours. The drop was attributed to the unexpected increase in the Producer Price Index in the US, sparking concerns that a rate cut may not occur in May, leading to a massive sell-off of leveraged positions in the market. “The low made by Bitcoin on March 14 becomes the most important support to watch over the weekend. If the price loses this support, it is quite likely to initiate a new downward wave that could go from $65,000 to $63,000,” warned analyst Fernando Pereira from Bitget.

Fox and Polygon initiate Verify protocol for content authentication

Fox Corp. (NASDAQ:FOX) joined forces with Polygon Labs (COIN:MATICUSD) two months ago to develop Verify, a protocol aimed at authenticating content and protecting intellectual property. The initiative, supported by regulators and publishers, aims to provide a reliable way to verify content authenticity in the era of misinformation. The blockchain-backed technology is seen as an essential tool for creators and consumers to navigate the growing universe of AI-generated content.

Slowdown in Bitcoin ETF inflows despite strong interest

On March 14, Bitcoin ETFs recorded inflows of $132 million, according to Bitmex Research, indicating a cooling compared to previous days. BlackRock’s ETF (NASDAQ:IBIT) led with $345.4 million in new investments, while Grayscale’s Bitcoin Trust (AMEX:GBTC) saw outflows of $257.1 million. The net inflow in Bitcoin terms was 1,874 BTC, with BlackRock adding 4,886 BTC. Despite the GBTC outflows, other funds still managed to attract $389 million, showing continued interest but with a more cautious investment dynamics.

Stifel recommends Galaxy Digital as a strategic investment in digital assets

Stifel Financial (NYSE:SF) highlighted Galaxy Digital (TSX:GLXY) as an essential investment for those looking to engage in the crypto asset market in a recent research report. Resuming coverage of the cryptographic financial services firm led by Michael Novogratz, Stifel rated it as a Buy with a price target of C$20, despite a recent drop to C$13.11. According to Stifel, Galaxy Digital stands out for its high return potential, diversity of operations in trading, investment banking, and asset management, and its investment in fundamental technologies for decentralized networks, promising significant long-term growth.

El Salvador increases Bitcoin reserves

El Salvador, led by President Nayib Bukele, recently transferred $400 million in Bitcoin (COIN:BTCUSD) to a cold wallet, as announced on X. Bukele called the initiative the country’s “first #Bitcoin piggy bank,” highlighting the secure storage of digital treasury on national territory, evidenced by a photo showing 5,689.68 BTC. This move reveals that El Salvador holds more Bitcoin than estimated, challenging previous figures of less than 3,000 BTC. In addition to direct purchases, the country has also accumulated Bitcoin through passport sales, currency conversions for businesses, mining, and government service fees.

Avalanche Foundation acquires meme coins to strengthen Web3 culture

Avalanche Foundation (COIN:AVAXUSD) integrated five meme coins from its blockchain into its portfolio, as part of an effort to support Web3 creators and foster innovation. This action, revealed in a blog post, aims to value creative diversity and engagement in cryptographic communities. The coins, Coq Inu, Gecko, Kimbo, NoChill, and Tech, were selected based on their alignment with Avalanche’s values and ecosystem.

SFC warns that MEXC exchange operates without license in Hong Kong

The Securities and Futures Commission of Hong Kong (SFC) issued a warning on Friday, emphasizing that the cryptocurrency exchange MEXC is operating without proper authorization in the territory. The regulatory body expressed its willingness to take action against illegal operations. This incident marks another chapter in MEXC’s repeated infractions with global regulators, including previous reprimands in Japan and Germany. The case arises at a time when Hong Kong is enhancing its regulatory framework for crypto assets, evidenced by the recent attention also to Bybit, and the implementation of mandatory licensing initiated in June last year.

Senators urge SEC to curb cryptocurrency ETPs

Two Democratic senators are pressuring the SEC to halt the approval of new exchange-traded crypto products (ETPs) due to concerns about investor protection. They point to a FINRA survey that found significant violations in brokers’ communications about cryptocurrencies, with 70% of them disregarding transparency standards. The senators warn of the confusion generated by the similarity between bitcoin ETPs and traditional funds, highlighting the lack of regulatory protections and the elevated risks of fraud and market manipulation in cryptocurrencies. In response, Coinbase Global’s Paul Grewal defends the potential and liquidity of the crypto sector, especially Ether (COIN:ETHUSD), comparing its trading volume to that of S&P 500 stocks (SPI:SP500).

Crypto voters lean towards Trump in 2024

A Public Opinion Strategies survey, commissioned by Paradigm, reveals that cryptocurrency holders in the US tend to support Donald Trump for the 2024 presidential elections. About 48% of crypto enthusiasts favor Trump, compared to 39% supporting Joe Biden, with 13% still undecided. This support for Trump is slightly higher among crypto holders than in the general population, where 45% prefer Trump and 42% Biden. The survey indicates a shift in attitude since 2020, when more crypto holders leaned towards Biden.

Binance Labs becomes independent entity under new leadership

Earlier this year, under the management of new CEO Richard Teng, Binance restructured its venture capital segment, Binance Labs, making it an autonomous entity. According to Bloomberg, this strategic change highlights Teng’s initiative to promote regulatory compliance within the company. Binance Labs, now operating independently of the Binance Group, retains only the right to use the brand, without other connections. The restructuring follows Teng’s appointment, after co-founder Changpeng Zhao admitted regulatory violations in the US.

Arbitrum launches $400 million initiative for blockchain games

The Arbitrum Foundation (COIN:ARBUSD) plans to invest $400 million over the next two years to attract game developers to its blockchain. Its “Game Catalyst Program” aims to allocate 200 million ARB to foster game creation on the Arbitrum platform, strengthening its position in the Web3 gaming sector. Most of the resources will be allocated to game publishers, with additional funds supporting the development of necessary infrastructure for games on the network.

Blockpass and Animoca Brands join forces for Web3 security

Blockpass and Animoca Brands, prominent in the world of Web3 and digital rights, announced a partnership focused on strengthening security and compliance in the Web3 universe. The collaboration aims to integrate Blockpass’s identity verification technology with Animoca’s expertise in gaming and investments, aiming to combat the increasing threat of deepfakes and identity fraud. This joint effort seeks to provide safer navigation in Web3 and the metaverse, simplifying user integration and strengthening adherence to KYC and AML regulations.

Technology giant sells subsidiary for $12.25 billion

John B. Billingsley, leader of JBB Advanced Technologies and a Texas Tech alum, concluded the sale of Tronic, his digital marketing subsidiary, to Christina Marshall of Tronic Ventures for $12.25 billion. Tronic is known for its advanced technology that facilitates Web3 gamification, creating interactive online environments with features like secure registrations and real-time analytics, utilizing AI and blockchain.

Berachain nears unicorn valuation after raising $69 million

Berachain, an emerging DeFi project inspired by bears and led by anonymous co-founders, is poised to reach a unicorn valuation, raising over $69 million in a funding round led by Brevan Howard Digital and Framework Ventures. The company’s estimated value is $1.5 billion after this round, thanks to token sales. Berachain focuses on trading, lending, and DeFi services on its tri-token platform, preparing to launch its mainnet in the second quarter.

D2X raises $10 million and receives license for crypto derivatives in the Netherlands

After obtaining an innovative license from the Dutch Authority for the Financial Markets (AFM) for a cryptocurrency derivatives trading platform, D2X raised $10 million in a Series A round led by Point72 Ventures. The round also saw participation from entities like GSR Markets and Picus Capital. Based in Amsterdam, D2X plans to launch in the second quarter of 2024, aiming to be the first regulated crypto derivatives platform in the EU available seven days a week for institutional investors.

Zerion develops ZERO Network for free crypto transactions

Crypto wallet Zerion is creating the ZERO Network, its own Ethereum-based Layer 2 solution, scheduled to debut between the end of the second quarter and the beginning of the third quarter of this year, promising free transactions for its users. Co-founder Evgeny Yurtaev highlights that the network aims to eliminate fees to improve user experience, considering that the cost of free transactions will decrease with technological advancements, such as recent blobs that reduced costs in Layer 2 networks. The ZERO Network also aims to expand Zerion’s wallet reach and generate new revenue by attracting users with the offer of feeless transactions and potentially charging for additional services.