DOJ and CFTC set their sights on KuCoin March 28, 2024 This week, the crypto market experienced some of the most severe fear, uncertainty and doubt (FUD) of the cycle so far. Not only did two US government agencies indict one of the largest centralised exchanges on criminal charges, but North Korean hackers also exploited a popular protocol on a new Ethereum Layer 2. So, just a normal day during a crypto bull market. The exchange in question was KuCoin.
BlackRock’s BUIDL sparks real world asset boom March 27, 2024 Monday greeted us with the first day of Bitcoin ETF inflows after last week’s exodus. This time, Fidelity led the pack with their fifth highest inflow day, with over $261 million. Late last week, more information was released about BlackRock’s BUIDL fund. The market digested it and allocated strongly towards Real World Asset (RWA) related tokens. According to CoinGecko, on Monday, the sector’s market cap grew by over 29% to over $8 billion.
Grayscale’s GBTC distorts the ETF picture March 26, 2024 One of the primary drivers of crypto’s appreciation are easing monetary conditions. Last cycle, Covid-19 fiscal and monetary policy measures kicked off the bull market. Lower interest rates, furlough and stimulus checks, meant individuals had more time, and money, on their hands. Many chose to delve into financial markets with their additional resources. This was a perfect storm for the crypto market - growing nearly 28 times within 20 months. Is the perfect storm this time not going to include a world-halting pandemic and simply be crypto ETF adoption?
SEC probes if Ethereum is security as ‘final battle’ looms March 25, 2024 In reference to computer games, there is a concept of the 'final boss' in crypto folklore. For crypto, the 'final boss' is the government. The SEC's decision to issue subpoenas to crypto companies are an attempt by the agency to classify Ethereum as a security and therefore put it under its jurisdiction. SEC Head Gary Gensler may well see this as the final chance to keep the 'genie' of decentralised finance in the bottle by severely increasing the regulatory risk for crypto projects.
Base’s boom causes problems at Coinbase March 22, 2024 On Wednesday, the market made a strong reversal, as the Federal Reserve maintained interest rates at 5.25%-5.50%. However, ETF investors were not convinced. Net outflows for Wednesday stood at $261 million - the third day in a row of outflows. BlackRock’s IBIT maintained its undefeated inflow streak. However, it experienced its second lowest daily inflows of $49.2 million. Even with this week’s outflows, the market showed it does not have to rely on the ETF flows to have a good time.
BlackRock chooses Ethereum for their tokenised investment fund March 21, 2024 Tuesday was another record day for the Bitcoin ETFs. This time, it was a new record in terms of outflows, with $326 million leaving the Bitcoin invested funds. Not even BlackRock's IBIT could save the day with inflows of only $75 million. But, even with the market cratering, it wasn’t all bad news. BlackRock’s SEC filing of their USD Institutional Digital Liquidity Fund to invest in tokenised assets was a reminder how much more money can potentially flow into crypto.
SEC committed “gross abuse of power” according to Utah judge March 20, 2024 As Bitcoin makes a lower low and tries to find an area of demand, it seems the investment phrase “sell in May and go away” is being front run. Is this the beginning of a period of consolidation for crypto after several months of “up only?” Or, are markets simply de-risking ahead of today’s Federal Reserve meeting to determine interest rates?
Solana brushes off market-wide correction amid Memecoin run March 19, 2024 Last week was an intense one even by crypto standards. We saw Bitcoin break all time highs and then decline by 15%. Solana also breached $200 and saw record breaking levels of usage. However, potentially the most ludicrous was the launch of The Book of Meme (BOME) and the beginning of a new trend.
Ethereum will become the backbone of a new financial system March 18, 2024 Looking back, the rise of blockchains and Ethereum as the foundation of the new financial system will seem equally inevitable. Last week, Ethereum developers launched the new Dencun upgrade. It significantly reduces the cost of transactions on so-called 'Layer 2s.'
MicroStrategy raises another $500 million to enter “The 1% Club” March 15, 2024 Michael Saylor and MicroStrategy are once again upping the ante. On Wednesday, the “Bitcoin Development Company” stated they are raising another $500 million in convertible notes to fund further Bitcoin acquisitions. This follows a nearly $800 million raise last week with 12,000 Bitcoin, or $822 million, scooped up over last weekend.