The BNB cryptocurrency witnessed a remarkable surge, increasing by 62% within 30 days, reaching a two-year peak at $489.50 on March 8.
This significant rise not only highlights BNB’s growth amid broader market gains but also cements its position as the third-largest cryptocurrency by market capitalization, stablecoins excluded.
This surge sparked discussions among traders, with many speculating that surpassing the $500 mark is just a matter of time.
However, questions about the sustainability of this rally remain.
Investor sentiment towards BNB was not always optimistic, especially after Binance’s founder, Changpeng “CZ” Zhao, agreed to a plea deal with the U.S. federal court in November 2023 over allegations involving the transfer of illicit funds through the exchange.
CZ’s decision to step down as CEO raised concerns about BNB’s future, given its close ties with the Binance ecosystem.
Despite these challenges, the settlement between Binance and the U.S. Commodity Futures Trading Commission (CFTC) in December 2023, which called for enhanced corporate governance at Binance, has mitigated some of the uncertainties surrounding BNB.
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This development, coupled with CZ’s ongoing trial, leaves the crypto community watching closely.
The recent increase in cryptocurrency trading volumes has brought issues to light for several major exchanges, with Coinbase experiencing multiple outages.
These incidents have drawn criticism, notably from crypto investor @Rampage_Calls and Vijay Boyapati, who compared Coinbase’s liquidity issues to the downfall of MtGox. Boyapati’s call to action for Coinbase to address these problems underlines the importance of reliable exchange infrastructure—a factor contributing to Binance’s trading volume leadership.
Binance’s robust trading system has undoubtedly played a role in attracting users, further boosted by incentives like reduced trading fees.
Yet, the value of BNB extends beyond these aspects, with the BNB Chain’s ecosystem being a crucial element for consideration.
Despite a 7% decrease in smart contract deposits on the BNB Chain, the network’s DApp volume increased by 41% in the last month, demonstrating significant engagement and activity.
With 5.6 million active addresses interacting with its DApps, the BNB Chain exhibits strong user involvement.
This vibrant ecosystem, along with the ongoing analysis of BNB Chain’s utility and its impact on Binance post-CZ’s trial, presents a bullish outlook for BNB, hinting at the possibility of reaching and possibly exceeding the $500 threshold.
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Shiba Inu (SHIB) is experiencing a notable uptick in interest, with a significant increase in the number of newly created addresses.
According to IntoTheBlock, a Market Intelligence platform, SHIB is seeing over 8,400 new addresses daily in March, a marked rise from the February daily average and hitting a peak of 21,000 on March 5.
This surge in adoption hints at the potential for SHIB’s price to reach a new all-time high (ATH), energized by the community’s enthusiasm and strategic initiatives by the Shiba Inu team.
Among these initiatives is the introduction of K9 Finance on the Shibarium network, a liquid staking derivatives (LSD) platform poised to elevate the Shiba Inu ecosystem.
Liquid staking is gaining momentum as a pivotal narrative in the current bull cycle, having already boosted Ethereum’s network activity.
K9 Finance aims to replicate this success within the Shiba Inu space, enhancing the appeal of SHIB to investors.
Blockchain analytics firm Santiment has identified AI tokens and Meme coins, like SHIB, as front-runners among altcoins, attracting significant investor interest.
SHIB, in particular, has witnessed a 162% price increase over the past week, thanks to its growing adoption.
The coin’s ATH stands at $0.0008, and with the bullish trends, surpassing this figure seems increasingly feasible.
Analysts and enthusiasts believe that the prevailing bull market conditions could propel SHIB to new heights.
Crypto analyst Ali Martinez has even suggested that SHIB could potentially reach $0.011, an ambitious yet intriguing target.
This speculation comes as SHIB trades at $0.00003346, marking a nearly 10% increase in the last 24 hours, according to CoinMarketCap data.
The ongoing rivalry with Dogecoin (DOGE) also adds a layer of anticipation, as SHIB aims to dethrone DOGE as the leading meme coin in the market.
This dynamic environment underscores the vibrant nature of the cryptocurrency market, where innovative platforms and community engagement drive momentum and potentially reshape the hierarchy of digital assets.
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In 2023, the United States experienced a significant rise in cryptocurrency-related investment fraud, with the Federal Bureau of Investigation (FBI) highlighting it as the major source of investment fraud losses.
According to the FBI, the nation saw a staggering 53% increase in crypto investment fraud, with losses surging from $2.57 billion in 2022 to approximately $3.94 billion in 2023.
This figure constituted about 86% of the total $4.57 billion lost to investment fraud across the board.
The FBI report draws attention to the growing trend of victims being lured into cryptocurrency scams, promising them high returns on their investments.
“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” the FBI noted.
Among these, romance scams have emerged as a prevalent method, wherein criminals create fake online personas to build relationships and trust with their victims.
They then concoct compelling stories to convince the victim to transfer cryptocurrency, only to vanish subsequently.
The analysis firm Chainalysis, in December 2023, identified romance scams as the cause for at least $374 million in suspected stolen cryptocurrency during the year.
Additionally, Cointelegraph reported on January 1 that phishing scams had ensnared over 324,000 cryptocurrency users, leading to approximately $295 million in digital assets being lost to wallet drainers in 2023 alone.
The issue of cryptocurrency scam victims is not confined to the United States; it is a global concern.
The Australian Competition and Consumer Commission reported in April 2023 that Australians had lost AU$221.3 million ($146.9 million) to investment scams involving cryptocurrency in 2022.
This marked a 162.4% increase from the previous year, indicating the expanding reach and impact of these scams worldwide.
The significant rise in crypto-related fraud underscores the urgent need for increased awareness and more robust protective measures for investors globally.
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Transak, a leading Web3 payment onboarding infrastructure provider supported by notable entities such as Consensys, UOB of Singapore, SBI Holdings, and Sygnum, has recently marked a significant achievement by obtaining SOC 2 Type 2 compliance.
This certification comes after an extensive and rigorous audit process, underscoring Transak’s commitment to the highest standards of data security, privacy, and trust for its customers. The firm’s accomplishment sets a new precedent in the crypto space, establishing it as the first crypto on- and off-ramp infrastructure provider worldwide to meet this level of compliance.
SOC 2 Type 2 compliance is critically important for providers handling sensitive personal and financial information, necessitating adherence to the strictest global regulatory requirements to mitigate cyber risks and maintain user trust.
This certification is crucial for fostering collaborations between Web2 companies and the emerging Web3 sector. Historically, hesitation from established organizations to enter Web3 has been noted, primarily due to concerns over compliance and security standards.
However, Transak’s compliance achievement now enables partnerships with some of the largest and most stringently regulated companies across various industries, including technology, cloud services, finance, and healthcare.
This milestone not only enhances Transak’s reputation but also serves to improve the overall image of the Web3 industry as compliant and secure, encouraging other startups to follow suit. The SOC 2 Type 2 audit required a thorough examination of Transak’s technology platforms, processes, policies, and controls, ensuring they adhere to rigorous global standards for data privacy and protection.
Further bolstering its commitment to security, Transak also recently achieved ISO/IEC 27001:2022 certification, indicating the highest compliance level for information security management systems.
This, along with SOC 2 Type 2 compliance, reassures partners in both Web2 and Web3 spaces of Transak’s enterprise-grade security measures, such as 256-bit SSL encryption and advanced identity verification protocols.
Transak’s CEO, Sami Start, highlighted the significance of this compliance, reflecting the company’s dedication to safeguarding customer data. Since its inception in 2019, Transak has prioritized data security, privacy, and transparency, facilitating the smooth transition from traditional finance to digital assets. Through its API, decentralized applications can integrate Transak’s platform, enabling users in over 160 countries to buy and sell digital assets like Crypto and NFTs, while simplifying KYC, risk monitoring, and compliance processes. This achievement reinforces Transak’s position as a secure and compliant bridge to Web3, with numerous licenses and certifications across the U.S., U.K., India, Poland, and the EU.
Meme coins such as Pepecoin (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE) have experienced a remarkable surge of up to 26% within the last 24 hours.
This surge is attributed to the ripple effects of Bitcoin and Ethereum’s growth, particularly as Ethereum approaches the $4,000 mark, a pinnacle last reached in December 2021.
The increase in PEPE, DOGE, and SHIB’s value is seen as part of a broader trend where traders utilize meme coins as a speculative bet on the expansion of Ethereum, especially since the bullish momentum for ETH has been building since mid-January, fueled by the anticipation of a spot Exchange-Traded Fund (ETF) approval in the United States.
PEPE led the charge with a 26% increase, buoyed by renewed optimism.
Concurrently, DOGE and SHIB managed to recover from previous losses, each posting a 10% gain.
The overall meme coin sector, as monitored on CoinGecko, reported an average growth of 8.6%, outpacing the CoinDesk 20’s rise of 2.53%.
This index includes a diverse array of tokens, underscoring the broad-based interest in digital currencies beyond the traditional heavyweights.
Slater Heil, co-founder and COO of DeFi platform Blueberry Protocol, emphasized the impact of Ethereum and Bitcoin’s success on the wider cryptocurrency ecosystem, including meme coins.
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Heil noted, “As bitcoin and ether rise, a spillover effect is caused where coins deployed on ethereum and solana also surge – including meme coins.”
This trend reflects investors’ eagerness to capitalize on favorable market conditions, with meme coins serving as one of the avenues for such investment.
However, Heil also cautioned about a potential shift back to altcoins with more fundamental backing in the short to medium term.
The increase in demand for ether and Ethereum ecosystem tokens, particularly among U.S. investors, has been evidenced by higher-than-average Coinbase premiums over the past week, as indicated by data from CryptoQuant.
This surge underscores a growing interest and optimism in the cryptocurrency market, driven by speculation, investor sentiment, and the anticipation of regulatory developments.
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Fetch.ai ($FET) token has experienced a strong rally in the last seven days, jumping 68 percent to $3.04, according to CoinMarketCap data.
Numerous bullish signals indicate that this token could continue to post strong gains in the coming weeks and months, with $FET’s market cap currently hovering around the $2.5 billion mark.
Crypto Wizard, a well-known crypto analyst and altcoin picker, has long recommended Fetch.ai to his followers – and on Saturday, he called for “patience” as he emphasised that $FET has “more room for upside potential” despite the recent gains it has posted.
MILC Platform ($MLT) token is another altcoin that is poised to have an explosive run in 2024 and 2025.
$MLT token has already rallied by over 90 percent in the last month, but with its market capitalization still below the $50 million mark, this coin has the potential to deliver 10x-40x returns over the next 12-18 months.
MILC Platform token is another coin which has frequently been pushed by Crypto Wizard; given his impressive track record of identifying altcoin winners, $MLT is definitely one to keep an eye on.
Another low-cap altcoin that could deliver astronomical returns is Zap Protocol ($ZAP.) Trading at around $0.0044, $ZAP would deliver almost 300x returns if it recovers to its all-time high of $1.10.
$ZAP posted a strong recovery during the last bull run, and it’s likely it will deliver strong gains in the upcoming bull run simply by virtue of the broader crypto market rally.
And, with the help of some project-specific catalysts, ZAP token could generate huge returns to investors.
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Ethena has emerged as a leader in the decentralized application (DApp) space, setting a remarkable milestone with over $6.8 million in daily cumulative revenue in the past week, as revealed by Seraphim Czecker, the Head of Growth at Ethena Labs, on a March 8 X post.
This achievement places Ethena just behind the blockchains Tron and Ethereum, which recorded daily revenues of $38.6 million and $182.5 million respectively over the same period.
The platform is gaining attention for offering a significant 67.2% yield on its USDe synthetic dollar, attracting over 350,000 users.
The value of USDe has seen a substantial increase, with its market cap surging by 43% in the last week and an impressive 409% over the past month, reaching $840 million according to data from DefiLlama.
Ethena Labs introduced its USDe synthetic dollar to the public mainnet on February 19, amidst concerns from investors given its high 27.6% annual percentage yield (APY) — considerably higher than rates previously seen in the industry.
This launch came after the notable collapse of the TerraUSD (UST) algorithmic stablecoin and its associated Anchor Protocol, which had offered a 20% yield before its downfall in May 2022.
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Addressing concerns about the high yield of USDe, Guy Young, the founder of Ethena Labs, in a Cointelegraph interview on February 22, highlighted the industry’s evolution post-Terra’s collapse.
Young emphasized the importance of skepticism and due diligence, stating, “The immediate reference to Terra Luna was just a knee-jerk reaction which people had to the yield itself […] It’s right that people responded in the way that they have because we should be responding with skepticism and trying to work out whether [protocols] are fragile in the beginning rather than letting them get too big if they are.”
He further differentiated USDe from the failed Anchor protocol by pointing out that USDe’s yield generation mechanisms, including staking returns and shorting Ether perpetual future contracts, are publicly verifiable.
The development of Ethena’s synthetic dollar has been supported by substantial funding, with a recent $14 million investment round backed by Dragonfly.
This followed an earlier $6 million investment round in 2023, featuring prominent backers such as Binance Labs, Gemini, Bybit, Mirana Ventures, OKX Ventures, and Deribit, showcasing strong investor confidence in the platform’s potential and innovation in the decentralized finance (DeFi) space.
The Arbitrum DAO is currently holding a vote on a proposal to allocate significant funds for the legal defense of Tornado Cash developers, Roman Storm and Alexey Pertsev.
This move, initiated by a delegate known as DK on March 7, could see the community donating up to 600,000 ARB tokens, valued around $1.3 million, in its first year to support what is described as a “robust legal defense.”
This fund also aims to cover public relations and advocacy to enhance understanding and support for privacy technologies, as well as the legal challenges developers face in the sector.
The delegate stated, “By rallying support for their legal fund, we aim to safeguard not only the future of privacy-preserving technologies but also the broader principles of innovation, decentralization, and individual sovereignty within our industry.”
The DAO has introduced a three-tiered voting system for this proposal, with funding options ranging from 200,000 to 600,000 ARB tokens.
At this point, over 80% of votes favor the highest funding tier, with voting scheduled to close on March 14.
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Tornado Cash has been embroiled in controversy, accused of facilitating the laundering of over $1 billion in illicit funds, including those linked to North Korean hackers, leading to significant legal and operational challenges, including being placed on U.S. sanctions lists.
This has spurred a debate within the crypto community about the nature of decentralization and the role of developers in potentially facilitating illegal activities.
Advocates for Tornado Cash, however, argue that the platform simply provides decentralized financial services and should not be classified as a money transmitter, drawing on FinCEN guidelines that suggest anonymizing software providers are not money transmitters.
Nonetheless, Storm and Pertsev face severe legal charges in the U.S., including conspiracy to commit money laundering and sanctions violations, with potential prison sentences of up to 20 years for some charges.
This legal support initiative follows the cancellation of a GoFundMe campaign intended to raise legal funds for the developers, which was halted due to terms of service violations, highlighting the complexities and controversies surrounding the use of privacy-preserving technologies within the blockchain and cryptocurrency domains.
The Bitcoin market is currently teeming with optimism, projecting a potential surge toward or even beyond the $90,000 mark in the imminent weeks.
This bullish outlook is anchored in a combination of encouraging technical analyses, on-chain data, and fundamental factors.
Currently, Bitcoin (BTC) is experiencing a period of consolidation, oscillating within a triangular pattern that mirrors a bull pennant, especially after reaching a new all-time high of $69,210.
Such formations are often interpreted by traditional analysts as bullish continuation patterns, hinting at a possible price escalation akin to the height of the prior uptrend, usually accompanied by a spike in trading volume.
Given Bitcoin’s recent performance and its consolidation post-new highs, experts predict a significant breakout, targeting a price around $92,500 in the forthcoming weeks, marking a 35% increase from its current position.
The recent upturn in Bitcoin’s price is also aligned with an increase in capital inflows into United States-based exchange-traded funds (ETFs), which currently boast over $53 billion in reserves, a notable leap from $27.95 billion at their inception in January.
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The surge in ETF inflows suggests a growing investor interest, likely driving demand for Bitcoin as fund managers purchase additional assets to mirror the ETF‘s indexed composition or sector.
Market analyst Timothy Peterson highlighted the positive momentum triggered by the Bitcoin Spot ETF approval, suggesting a potential climb to $100K by October 2024.
Additionally, the anticipation surrounding the upcoming Bitcoin halving event adds to the bullish sentiment.
Historically, halving events, which reduce the mining reward by half, have preceded price increases.
Analysts also draw parallels between Bitcoin’s current market dynamics and the period leading up to its November 2021 rally toward $69,000.
Market analyst Jelle notes similarities in the price action around all-time highs, indicating a potential upcoming surge akin to the last bull cycle, albeit with distinct characteristics.
Jelle elaborates, “Bitcoin is acting similar to 2020’s all-time high breakout,” describing a pattern of a failed breakout followed by consolidation and a subsequent successful surge.
If this historical pattern repeats, Bitcoin could be setting its sights on surpassing $75,000 in the near future, reinforcing the optimistic forecasts for its price trajectory.
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BlackRock, a global asset management powerhouse, is set to diversify its Global Allocation Fund (MALOX) by acquiring spot Bitcoin exchange-traded funds (ETFs).
A recent update to its United States Securities and Exchange Commission (SEC) filing on March 7 indicates the firm’s interest in integrating physically backed Bitcoin exchange-traded products (ETPs), including its own iShares Bitcoin Trust (IBIT) and ETFs from other providers.
The statement from the filing emphasizes, “The fund may acquire shares in ETPs that seek to reflect generally the performance of the price of Bitcoin by directly holding bitcoin — ‘Bitcoin ETPs’ — including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.”
These investments will focus on Bitcoin ETPs listed on national securities exchanges, ensuring compliance with trading standards.
The BlackRock Global Allocation Fund, established in 1989, aims to yield returns through a dynamic investment approach, involving U.S. and international equities, debt, and money market securities from major corporations like Microsoft and Apple.
As of the recent update, MALOX boasts $17.8 billion in assets under management.
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However, MALOX isn’t the sole BlackRock fund eyeing spot Bitcoin ETFs.
A similar intention was revealed for its Strategic Income Opportunities Fund (BSIIX) in an SEC filing dated March 4.
The firm’s venture into Bitcoin ETFs gained momentum with the launch of the iShares Bitcoin Trust on January 11, paralleled by nine other spot Bitcoin ETFs in the U.S.
Remarkably, the iShares Bitcoin Trust has shown exponential growth, with its Bitcoin holdings surging over 7,000% from 2,621 BTC at its inception to 187,531 BTC by March 7, 2024, valuing its assets at $12.6 billion.
Moreover, BlackRock is exploring the potential of a spot Ether ETF, having filed an application for the iShares Ethereum Trust in November 2023.
The financial community is closely watching to see if U.S. regulators will greenlight a spot ETH ETF in 2024, considering it took over a decade for the SEC to approve a spot Bitcoin ETF in the nation.
This move by BlackRock underscores its proactive stance in expanding its cryptocurrency offerings, reflecting a growing interest in digital asset investments within traditional financial sectors.