Spot Bitcoin exchange-traded funds (ETFs) will hold over 10 percent of the Bitcoin supply by the third quarter of this year, an analysis by Crypto Intelligence has found.
This analysis is contingent on the applications for Ether spot ETFs in the US being rejected in the coming weeks, as the approval of a non-BTC ETF could significantly impact demand for the existing Bitcoin spot ETFs.
This is because there would be another crypto product easily available to investors and institutions, and this would potentially limit demand for BTC ETFs.
This could be exacerbated by the fact that Ether is deflationary, while Bitcoin’s supply is continuing to grow; although the rate of this growth will decrease following the April halving.
READ: Tether Expands USDT Stablecoin to Celo Network, Offering Microtransactions at Sub-Cent Fees
The existing spot Bitcoin ETFs already hold over four percent of the 21 million BTC that will eventually be mined, and a supply crunch – which could send the BTC price well over the $120,000 mark – is expected to take hold in the coming months.
Bitcoin has already posted strong gains as a result of the demand that is flowing through the spot BTC ETFs, and the world’s first-ever cryptocurrency is currently trading at just under the $72,000 mark, according to CoinMarketCap data.
Ethereum, meanwhile, recently jumped above $4,000, but it is still yet to get close to breaching its all-time high.
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Tether, a leading stablecoin operator, is expanding its USDT stablecoin’s reach by partnering with the Celo network, which is an Ethereum Virtual Machine (EVM)-compatible layer-1 network designed specifically for rapid and cost-efficient payments.
This collaboration, announced on March 11, is expected to significantly benefit USDT users by introducing “notably low, sub-cent transaction fees” around $0.001, thus facilitating microtransactions.
A source close to Celo highlighted the network’s commitment to providing fast, low-cost payments globally since its launch in April 2020.
Transitioning to an Ethereum L2, according to a spokesperson, would maintain low gas fees—a critical factor for achieving global prosperity, aligning with Celo’s community mission.
The introduction of USDT to the Celo ecosystem will enrich the platform’s variety of stable assets, which includes Mento’s eXOF and the cREAL, among others.
These stable assets are instrumental in supporting remittances, savings, lending, and cross-border payments.
“We are thrilled to welcome Tether USDT to the Celo ecosystem, which is fast becoming a leader in stablecoins and real-world assets,” said Rene Reinsberg, Celo co-founder and foundation president.
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He emphasized the added options for users seeking fast, low-cost payment methods and the enhancement of stablecoin use cases benefiting people globally.
Details on when USDT will be officially issued on the Celo blockchain were not disclosed by Tether representatives.
However, this move places USDT alongside 14 other blockchains supported by Tether, such as Tron, Ethereum, Solana, and Avalanche, with Tron and Ethereum hosting the majority of USDT circulation.
The integration occurs amidst growing concerns within the crypto community over rising Ethereum network fees, which have soared as Ether prices breached $4,000.
These high fees have particularly affected Ethereum-based USDT transactions, which require ETH for gas fees.
Nevertheless, the Celo network’s EVM compatibility does not inherently link it to Ethereum’s fee structure, offering a semblance of independence from the volatile gas fees, as noted by a Celo insider.
This strategic move by Tether into the Celo network is also noted alongside the introduction of its major competitor, the Circle-issued USD Coin (USDC), to Celo, marking a significant period of growth and diversification for stablecoins on the platform.
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A renowned cryptocurrency analyst is predicting a significant surge in the price of Dogecoin (DOGE), suggesting the meme-based digital asset could see a nearly 500% increase in value in the upcoming weeks.
Ali Martinez, who boasts 50,700 followers on a social media platform, bases his prediction on historical trends, indicating DOGE could reach $1 by mid-April.
At the time of his analysis, DOGE was valued at $0.167.
Martinez’s forecast hinges on DOGE’s potential to break above its range resistance, mirroring its performances in 2017 and 2021, which could catalyze a meteoric rise in its value.
This perspective is not unique to Martinez.
Altcoin Sherpa, another crypto analyst with a considerable following of 209,800 on the same social media platform, echoed a similar sentiment earlier in the week.
Altcoin Sherpa highlighted the influence of Elon Musk, one of DOGE’s most prominent supporters, as a crucial factor that could drive the coin to the $1 milestone.
However, he expressed uncertainty regarding the timing of this surge.
READ MORE: BNB Hits Two-Year High Amid Market Optimism – What Price Target is Next?
Altcoin Sherpa shared his thoughts, emphasizing DOGE’s potential for significant gains due to Musk’s backing and its status as the leading meme coin.
Despite this optimism, he noted that the returns might not replicate those seen in 2021 due to the current market cap.
Moreover, he considered investing in DOGE as a relatively safe bet with high potential for returns, albeit with uncertain comparative risk-reward ratios against other investments.
In addition to his DOGE analysis, Martinez also commented on the market sentiment surrounding Ethereum challenger Fantom (FTM), pointing out an uptick in whale transactions, increased whale holdings, and decreased FTM balances on exchanges, signaling positive market activity.
FTM’s price was noted at $0.828 at the time of his remarks.
Aside from DOGE, SHIB is another popular dog-themed crypto – and there have been dozens of bullish Shiba Inu price predictions issued in recent weeks.
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A prominent cryptocurrency analyst, known by the pseudonym Bluntz, has recently expressed optimism regarding the potential of a decentralized storage altcoin.
Bluntz, who boasts a following of nearly 240,000 on the social media platform X, highlighted the peer-to-peer file storage network Filecoin (FIL), suggesting it is primed for significant growth following a lengthy period of accumulation.
Bluntz remarked, “FIL is on the cusp of the most outrageous pump, two-year accumulation range almost cleared.”
He pointed out that FIL has surged past its diagonal resistance, setting it on a trajectory to surpass its multi-year high of $11.390.
At the moment of reporting, Filecoin was valued at $11.57, reflecting a notable 14% increase in just 24 hours.
Filecoin’s inception in October 2020 was met with enthusiasm, backed by major crypto venture firms, including Winklevoss Capital.
This venture capital firm, co-founded by Bitcoin billionaires Tyler and Cameron Winklevoss, who also established the cryptocurrency exchange Gemini, has played a significant role in Filecoin’s development.
Additionally, Bluntz reiterated his forecast for the Solana-based meme token dogwifhat (WIF), predicting a climb to $3.
READ MORE: Shiba Inu (SHIB) Token Sees Surge in Adoption, Poised for New All-Time High
He anticipates WIF will emulate the price trajectory of Nosana (NOS), a crowd-computing platform’s native asset. Bluntz shared, “Visual representation (below) of what I think happens.”
Furthermore, the analysis extends to Sei (SEI), a competitor to Solana, which Bluntz believes is on the brink of a fifth-wave surge, potentially reaching $1.40.
He enthusiastically stated, “Let the god candle commence.”
This prediction is grounded in the Elliott Wave theory, a method of technical analysis that forecasts future market movements by analyzing investor psychology and market cycles.
This theory suggests that a bullish asset will experience a five-wave surge before undergoing a three-wave correction.
Currently, SEI is trading at $0.904, experiencing a slight dip of more than 1% in the past day.
Bluntz’s insights reflect a deep understanding of market dynamics and the potential for specific cryptocurrencies to achieve significant gains, drawing on both technical analysis and the underlying strengths of the projects mentioned.
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Crypto firms Grayscale and Coinbase recently engaged in discussions with the U.S. Securities and Exchange Commission (SEC) to advocate for the approval of spot Ether exchange-traded funds (ETFs).
This dialogue, part of an ongoing effort to broaden the accessibility of cryptocurrency investments, took place on March 6, immediately after the comment period for Grayscale’s proposal to convert its Ethereum Trust into an ETF ended.
Grayscale aims to replicate its successful conversion of its Bitcoin Trust into an ETF with Ethereum, addressing SEC concerns regarding market manipulation risks.
During the meeting, Coinbase presented arguments supporting the approval of Ether ETFs, drawing parallels with the earlier approval of Bitcoin ETFs.
They highlighted the inherent mechanisms within Ether that mitigate the risks of fraud and manipulation, suggesting that Ether’s market dynamics are substantially similar to those of Bitcoin.
Furthermore, Coinbase underscored its surveillance-sharing arrangement with the Chicago Mercantile Exchange (CME), a regulatory measure designed to enhance trading oversight, which was a stipulation by the SEC for the Bitcoin ETFs.
Coinbase’s Nate Geraci pointed out the strong correlation between Ether’s futures and spot markets, akin to Bitcoin’s, questioning any rationale for the SEC to reject spot Ether ETFs especially after approving Ether futures ETFs traded on the CME.
Grayscale, on its part, is not only pursuing the spot ETF but has also proposed an Ether futures ETF, highlighting the strategic difference between immediate asset trades in the spot market versus the futures market’s contractual agreement for future trades.
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The push for the approval of a spot Ether ETF is not limited to Grayscale and Coinbase; several prominent asset managers, including Invesco, Galaxy Digital, Fidelity, Franklin Templeton, and BlackRock, are also in the race.
They eagerly await the SEC’s final decision, anticipated in May, amid a backdrop of regulatory uncertainty that has left many wondering about the SEC’s stance on this innovative investment vehicle.
Bloomberg’s Eric Balchunas shared his insights on the situation, noting the unusual silence from the SEC regarding their views on the proposed crypto ETFs, contrasting this with the more communicative approach taken during the Bitcoin ETF discussions.
This silence has stirred concerns among asset managers, who remain hopeful yet uncertain about the prospects of introducing spot Ether ETFs to the market.
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A recent decision by a United States appeals court has revived a class-action lawsuit by investors against the cryptocurrency exchange Binance, challenging a previous dismissal by a lower court.
The United States Court of Appeals for the Second Circuit, on March 8, ruled in favor of the investors, overturning the district court’s dismissal of claims related to transparency issues in Binance’s sale of what are alleged to be securities.
The appeals court found the district court’s reasons for dismissal flawed, stating, “We hold that each of the district court’s bases for dismissing Plaintiffs’ claims that are before us on appeal was erroneous.”
The lawsuit, initiated in April 2020 by Chase Williams on behalf of similarly situated investors, accused Binance of engaging in the sale of securities without proper registration as a securities exchange or broker-dealer.
The plaintiffs are seeking to nullify contracts with Binance and demand damages for what they claim is a violation of Section 12(a)(1) of the Securities Act of 1933.
This violation pertains to Binance’s promotion, offer, and sale of crypto-assets or “tokens” that were allegedly not registered as securities, with the district court previously ruling the lawsuit as untimely based on statutes of limitations.
READ MORE: BNB Hits Two-Year High Amid Market Optimism – What Price Target is Next?
However, the appeals court has sided with the plaintiffs, asserting that Binance falls under U.S. securities laws and that the lawsuit was filed within an appropriate timeframe.
This legal reversal arrives amidst Binance’s ongoing legal battles with U.S. authorities.
Notably, the U.S. Securities and Exchange Commission (SEC) has faced criticism for its handling of inquiries regarding the custody of customer assets.
In June 2023, the SEC initiated a lawsuit against Binance, Binance.US, and its founder, Changpeng “CZ” Zhao, for the alleged sale of unregistered securities and commingling of customer assets in a separate entity controlled by Zhao.
Binance settled with the U.S. Department of Justice in November 2023 for $4.3 billion over charges of money laundering and violating terrorism financing laws.
Zhao, having pleaded guilty to money laundering charges, is scheduled for sentencing in April.
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In a significant turn of events, Sam Altman has made his comeback to the OpenAI board after a tumultuous period in November 2023 that saw him briefly removed from the organization.
OpenAI announced on March 8 that Altman rejoined its board of directors, a decision accompanied by the addition of three new board members: Sue Desmond-Hellmann, previously CEO of the Bill and Melinda Gates Foundation; Nicole Seligman, former executive vice president and general counsel at Sony Corporation; and Fidji Simo, chair of Instacart.
Altman’s reinstatement comes after a dramatic episode four months earlier when he was abruptly ousted from the board and dismissed from his CEO position.
Reports from Cointelegraph in November highlighted that Altman was terminated for purportedly not being “not consistently candid in his communications with the board.”
The move to dismiss Altman led to a significant backlash within OpenAI, with a majority of the employees, 505 out of 700, signing a letter demanding the board’s resignation.
On the day of the announcement about Altman’s return, OpenAI also disclosed that WilmerHale, a law firm, conducted an investigation involving interviews with several board members and a review of over 30,000 documents.
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The findings suggested that the board’s previous decision to remove Altman was unexpectedly destabilizing for the company.
Bret Taylor, the chair of the OpenAI board, stated, “We have unanimously concluded that Sam and Greg are the right leaders for OpenAI,” affirming their confidence in Altman and Greg Brockman’s leadership.
Furthermore, on March 6, OpenAI shared details of communications with Elon Musk, who expressed a desire to shift the company’s direction towards a “for-profit” model.
This disclosure followed a lawsuit Musk filed against OpenAI on February 29, accusing the company of deviating from its original commitment to openly share AI advancements, facilitated by a partnership with Microsoft.
Musk’s legal action seeks to ensure OpenAI adheres to its foundational open-source ethos while also attempting to halt the commercial exploitation of artificial general intelligence technology.
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The ban on Binance’s naira operations in Nigeria has drawn significant concern from local cryptocurrency stakeholders, who fear it will negatively impact many Nigerians’ livelihoods and potentially increase youth unemployment.
In discussions with Cointelegraph, stakeholders expressed their concerns over the delisting of Nigerian naira-related services from Binance, predicting that it could spur the development of new crypto exchanges aimed at filling the void left by Binance’s departure through compliance with local regulations.
Nathaniel Luz, CEO of Flincap—a liquidity platform for crypto exchanges—highlighted the immediate effect on Nigerian traders reliant on Binance for peer-to-peer trading.
Luz pointed out that, while affected, some traders have adapted by moving their operations to WhatsApp and Telegram groups.
Oladotun Wilfred Akangbe, Flincap’s chief marketing officer, voiced concerns over the ongoing uncertainty in cryptocurrency regulation within Nigeria.
He believes the suspension of Binance operations could significantly erode confidence within the Nigerian crypto community, fostering a climate of fear, uncertainty, and doubt.
Binance, in a statement on its website, announced significant changes for its Nigerian users.
READ MORE: BNB Hits Two-Year High Amid Market Optimism – What Price Target is Next?
Starting March 8, at 8:00 am UTC, the platform will automatically convert naira balances to Tether (USDT) and will stop supporting naira deposits from March 5, at 2:00 pm.
Withdrawals were halted from March 8, at 6:00 am, with the conversion rate set at 1 USDT for 1,515.13 naira. This move came after Binance delisted all naira trading pairs in late February.
The backdrop to these developments includes the Central Bank of Nigeria’s governor expressing suspicions on February 27 about crypto exchanges, including Binance, being involved in illicit transactions, citing “suspicious flows” of funds.
These suspicions led to increased scrutiny on Binance’s operations, with the Nigerian House of Representatives Committee on Financial Crimes summoning Binance CEO Richard Teng for a meeting before March 4.
The regulatory landscape in Nigeria has been fluctuating, with the Securities and Exchange Commission stating in 2023 that Binance Nigeria was not registered or regulated by it, rendering its operations illegal.
However, in a surprising turn, the Central Bank of Nigeria reversed its earlier stance on crypto assets in December 2023, advising banks to disregard the previous ban on crypto transactions.
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The CEO of ARK Invest, Cathie Wood, has made a bold prediction regarding Bitcoin’s future, suggesting that the cryptocurrency will reach a value of $1 million much sooner than the initially forecasted year of 2030.
In an interview with the New Zealand Herald on March 7, Wood shared her insights, citing “new expectations for institutional involvement” as a key driver behind Bitcoin’s potential price surge.
Wood emphasized that the advent of the United States’ first spot exchange-traded funds (ETFs) has marked a significant transformation for Bitcoin.
Her confidence in Bitcoin’s future has only intensified, spurred by the momentum and interest surrounding these spot ETFs.
This has led ARK Invest to reassess its stance on Bitcoin, shifting its price target ahead of the previously predicted timeline.
According to Wood, the approval of spot ETFs by the Securities and Exchange Commission (SEC) was a pivotal milestone that has accelerated the cryptocurrency’s ascent toward the $1 million mark.
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Despite the enthusiasm, Wood pointed out that major financial institutions, such as Morgan Stanley, Merryl Lynch, or Bank of America, have yet to endorse Bitcoin.
However, she believes that the current price movement precedes their potential approval, suggesting that Bitcoin’s valuation could climb even higher once these platforms come on board.
Wood hinted that the revised target price for Bitcoin exceeds the $1 million mark, reflecting her optimistic outlook fueled by anticipated institutional participation, though she did not specify an exact figure.
As Bitcoin approaches new all-time highs, the market braces for a “wild week,” according to James Van Straten, a research and data analyst at CryptoSlate.
Traders and analysts anticipate continued price discovery, driven by ongoing ETF inflows.
Van Straten highlighted the critical moment if Bitcoin surpasses the $70,000 threshold before potential turbulence at Coinbase, the largest U.S. exchange.
This period is seen as crucial for determining Bitcoin’s true market value, especially after recent records saw BTC/USD trading at approximately $69,500.
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The promise of Web3, with its laser focus on decentralization, has redefined the global internet landscape as we know it, offering more control and security to users. However, the journey towards widespread adoption has been marred by a few significant roadblocks, with one of the major ones being the continual delivery of poor user experiences (UX).
To elaborate, a vast majority of today’s Web3 platforms, especially decentralized exchanges (DEX), offer a notoriously poor UX characterized by complex interfaces and convoluted processes that can deter even the most enthusiastic of adopters. This issue is not just a stumbling block for the non-tech-savvy but a barrier preventing the technology from reaching mainstream users, who find these platforms either exclusively usable by experts or terribly frustrating in general.
For instance, popular platforms like Uniswap (a DEX boasting of a daily trading volume of $1.2+ billion) still employ complicated operational setups, requiring clients to know the intricacies involved in connecting their software/hardware wallets, transferring assets in accordance with their relevant token standards, etc. Similar issues are also prevalent within mainstream platforms like 1inch, Curve, and PancakeSwap, all of whom offer similar limitations, thus curtailing the ease of use with which clients can utilize them.
Uniswap’s complex wallet integration interface
Web3 Needs to Adapt… Here’s Why
At the heart of the challenges outlined above is a fundamental UX-centric problem, i.e. Web3 platforms are generally designed with the technically adept in mind, neglecting the vast majority who are less so. The steep learning curve associated with blockchain technologies, combined with interfaces that seem to eschew intuitiveness for complexity, means that less-technical users are often left behind. This digital divide not only hampers user adoption but also stifles the potential for Web3 to become a universally accepted evolution of the internet.
Thus, for Web3 to truly break out of its perceived niche and appeal to a wider audience, platforms must undergo a paradigm shift in their underlying design philosophy. This means simplifying navigation, streamlining processes, and eliminating jargon that can alienate those not versed in blockchain terminology. A prime example of this evolution towards a better UX is MANTRA Finance (MF), a DEX at the forefront of bridging the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).
MANTRA’s commitment to user accessibility, intuitiveness, regulatory compliance, and risk management has served as a testament to its dedication to providing users with a secure and sustainable platform. By proactively collaborating with global regulators, MANTRA has combined a user-friendly interface with various novel features, making DeFi accessible and appealing to a broader spectrum of institutional as well as retail participants.
The platform’s innovative approach is evident in its initial offerings, which include yield-bearing DeFi products and a Central Limit Order Book (CLOB) DEX. The latter isn’t merely a platform for facilitating swaps but rather a gateway for trading tokenized traditional financial products like debt, equities, and other real-world assets (RWAs). Moreover, MANTRA offers live 24/7 support for its users, allowing them to resolve any queries (technical or otherwise) in a matter of minutes.
Most recently, MANTRA announced the launch of its Chain Hongbai Testnet, marking a significant step in its mission to integrate DeFi with traditional markets and attract non-crypto native users and institutions. The Hongbai Testnet aims to attract more users and decentralized applications to MANTRA’s ecosystem, further solidifying its position as a major player in the tokenized RWA space.
Looking Ahead
Recent findings on Web3 adoption indicate an upward trend, with a study from last year revealing that an impressive 315 mainstream brands launched a total of 526 Web3 projects between the first quarter of 2022 and 2023. This research underscores the sustained enthusiasm and investment in Web3 technology, noting that 40% of these projects extended beyond a year. Moreover, the study’s authors predict a significant rise in the real-world application of Web3 technologies in the next five to six years.
Similarly, a growing forum of experts believe that as individuals continue to grasp the power of decentralization on a global scale, the Web3 market will only continue to garner more and more mainstream traction, with some projections estimating the space to become worth $177+ billion by 2033.
Therefore, as platforms continue to refine their user interfaces and make Web3 more accessible to the average person — as has been the case with MANTRA — it is reasonable to see an acceleration in adoption rates. This growth stands to not only benefit individual offerings but also contribute to the overall maturity and sustainability of the Web3 ecosystem.