Category: Cryptocurrency

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The cryptocurrency markets witnessed a tumultuous 24-hour period influenced by regulatory uncertainties and macroeconomic decisions.

Overnight, the crypto markets experienced significant volatility with bitcoin and ether initially declining before bouncing back to trade 15% higher than their lows on Wednesday.

The drop on Wednesday was attributed to profit-taking following last week’s rally and a wave of leveraged bets on higher prices, with some traders pointing to a technical downtrend.

Market sentiment shifted after U.S. Federal Reserve Chair Jerome Powell’s dovish FOMC speech, leading to a surge in BTC, ETH, and other major tokens, particularly layer-2 platforms and meme coins.

The inherent volatility of crypto markets was evident as bitcoin (BTC) and ether (ETH) fluctuated, ultimately rebounding to trade 15% above their Wednesday lows.

BTC and ETH recorded gains of up to 11% in the past 24 hours, leading the rally among major tokens. Other tokens like Solana’s SOL, Cardano’s ADA, and BNB Chain’s BNB also saw gains of up to 8%, according to data from CoinGecko. The CoinDesk 20 Index, measuring the broader crypto market, was up by 7.62%.

Layer-2 platform tokens, based on Ethereum, experienced an average increase of 25% in the past day, as per CoinGecko data. Meme coins followed suit with a 16% surge.

On Wednesday, markets began to decline in early Asian trading due to profit-taking and leveraged bets, resulting in a 15% drop in overall market capitalization over the past week. Some traders speculated that bitcoin showed signs of a technical downtrend, indicating potential further losses.

Sentiment shifted later in the day after Jerome Powell’s FOMC speech, which maintained a dovish tone despite higher-than-expected inflation figures.

Singapore-based trading firm QCP Capital noted in a daily update that spot transactions were driving demand, rather than futures-led trading, suggesting genuine market demand.

Dogecoin (DOGE) saw an 18% jump following news of a Coinbase filing on March 7, indicating plans to offer DOGE, Litecoin (LTC), and Bitcoin cash (BCH) futures by April 1.

Some traders viewed this move as a potential precursor to a spot DOGE exchange-traded fund (ETF).

Coinbase, known for its stringent listing criteria and regulatory compliance, stated in the filing that DOGE had evolved beyond a mere “joke” token, highlighting its enduring popularity and strong community support.

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Coinbase (NASDAQ:COIN) Global Inc. is set to bolster its trading infrastructure in response to challenges faced by users during a significant upswing in Bitcoin prices towards the end of February, according to CEO Brian Armstrong. The platform encountered issues due to an unforeseen surge in trading volumes that surpassed the company’s predictive models, even accounting for preparations for volumes up to ten times the norm following the approval of spot Bitcoin exchange-traded funds (ETFs). This surge in trading activity was primarily fueled by Bitcoin’s attainment of new all-time highs, soaring above $73,000 in the initial weeks of March. The interest in recently approved ETFs backed by Bitcoin, spearheaded by major players such as Fidelity and BlackRock Inc (NYSE:BLK), notably contributed to this heightened trading volume. These ETFs have collectively accrued over $12 billion since their green light in January. Armstrong underscored the surge in trading volume as emblematic of the wider adoption of digital assets, stressing the significance of reliable infrastructure to sustain this expansion.

Market Overview

• Coinbase experienced trading outages due to Bitcoin’s price surge at the end of February.
• Interest in Bitcoin ETFs, particularly from Fidelity and BlackRock, drove record trading volumes.
• Bitcoin soared to new all-time highs, surpassing $73,000 in early March.

Key Points

• Coinbase intends to boost investment in trading infrastructure following unforeseen spikes in trading volume.
• The company had previously prepared for a tenfold increase in trading volume, which was surpassed.
• ETFs backed by Bitcoin have been instrumental in driving increased trading activity, accumulating over $12 billion since January.

Looking Ahead

• Continued investment in Coinbase’s trading infrastructure to manage surges in trading volume.
• Monitoring the impact of Bitcoin ETFs on market dynamics and trading volumes.
• Emphasis on the importance of robust infrastructure to facilitate broader adoption of digital assets.

Conclusion

Coinbase’s encounter with unprecedented trading volumes underscores the escalating interest and adoption of digital assets, underscored by the successful introduction of Bitcoin-backed ETFs. This scenario underscores the imperative for ongoing enhancement and investment in trading infrastructure to accommodate rising demand and ensure user reliability. Moving forward, the focus will be on augmenting infrastructure capabilities to support the dynamic and swiftly evolving digital asset market, marking a significant phase in the maturation and broader acceptance of cryptocurrencies.

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Bitcoin’s recent surge to a new record high has been followed by a pullback, but crypto enthusiasts remain confident in the digital currency’s future.

After reaching nearly $74,000, Bitcoin has dropped by as much as 13%, trading around $68,000 recently. This correction is not unusual in the volatile crypto market, and Bitcoin is still up by about 50% for the year, largely driven by excitement surrounding the SEC’s approval of 11 spot ETFs in January.

The recent sell-off is attributed to profit-taking, as investors lock in gains from the sustained rally. Other cryptocurrencies, like Ether and Solana, have also seen declines, with Ether down 8% and Solana down 12% in recent days.

Despite short-term fluctuations, some analysts remain bullish on Bitcoin, especially with the upcoming “halving” event expected in April. During this event, the reward for mining new blocks of Bitcoin will be halved, reducing the token’s supply and potentially driving up its price.

Past halving events have led to significant price increases for Bitcoin, with the cryptocurrency surging from under $9,000 to about $60,000 in less than a year after the 2020 halving. Analysts believe that Bitcoin’s increased mainstream acceptance this time around could lead to sustained demand and further price growth.

While some market observers warn of potential risks, such as an economic slowdown prompting investors to sell riskier assets like Bitcoin, others see the current environment as supportive of further gains. The combination of halving and the rise of spot Bitcoin ETFs could create an “explosive set-up,” according to some analysts, potentially pushing Bitcoin into uncharted territory.

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Cryptocurrencies swiftly rebounded from their recent pullback as the Federal Reserve’s comments restored risk appetite in global markets, attracting buyers back to the crypto space. Within 24 hours, the total market capitalization surged by 7.7% to $2.55 trillion. While Bitcoin showed a similar growth pattern, Ethereum and Solana saw even stronger gains, adding around 10%.

Bitcoin maintained levels above 61.8% of its rally, staying around $60.3K, indicating resilience in the face of recent volatility. If the current positive sentiment persists, the next major target for Bitcoin could be a return to its previous highs above $73K.

Ethereum’s price reversed upwards after briefly touching the 50-day moving average, confirming that the recent correction was a temporary setback rather than a trend reversal. Solana, which experienced a more significant dip of over 22% between March 18th and 20th, falling from $210 to $162, has also recovered, currently trading around $190.

Technical indicators for all three cryptocurrencies suggest a bullish trend, with a strong recovery following the recent pullback. The market sentiment was buoyed by weakness in the Fed and other central banks, prompting active buying.

In Other News

S&P Global Ratings issued its ninth “stability assessment” of major stablecoins, rating USDC, USDP, and GUSD as “strong,” while Mountain Protocol’s USDM received an “adequate” rating. USDT, DAI, and FDUSD were rated “limited.” Four stablecoins had their ratings downgraded due to transparency and risk-related concerns.

BlackRock, the largest asset management company, filed to launch a USD Institutional Digital Liquidity Fund, marking its first fund with tokenized assets.

The SEC is reportedly looking into designating Ethereum as a security, according to Fortune, citing unnamed US companies subpoenaed for the investigation.

Bloomberg reported that the likelihood of spot Ethereum ETFs being approved in the US in May is diminishing, as regulators appear hesitant.

Since March 12th, the Solana ecosystem has hosted 33 pre-sale fundraising campaigns for token launches, raising a total of 796,000 SOL (~$139 million). The largest pre-sale was for the Book of Meme (BOME) meme token, which has surged in value by approximately 40,000% since its launch.

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In a move that signals increasing mainstream acceptance, Coinbase Derivatives is set to introduce futures trading for three prominent cryptocurrencies: Dogecoin, Litecoin, and Bitcoin Cash, beginning April 1.

Using self-certification with the Commodities Futures Trading Commission (CFTC), Coinbase aims to swiftly list these futures contracts while ensuring compliance with regulatory standards. These cryptocurrencies, stemming from Bitcoin, which the Securities and Exchange Commission (SEC) acknowledges as a commodity, have been chosen for futures trading, leveraging their established status within the crypto market.

Dogecoin, initially conceived as a lighthearted meme, is now receiving serious attention as it joins the roster of tradable assets. Coinbase’s announcement to launch monthly cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash was communicated to CFTC Secretary Christopher Kirkpatrick in separate letters dated March 7. The letters outlined key details such as contract sizes, settlement methods, and the utilization of a benchmark rate by Market Vector.

Coinbase’s decision to utilize the self-certification route under CFTC Regulation 40.2(a) underscores its commitment to regulatory compliance. This approach allows for the introduction of new offerings without direct CFTC approval, provided the products adhere to the Commodity Exchange Act and CFTC regulations.

The regulatory classification of these cryptocurrencies as commodities, rather than securities, raises intriguing questions within the industry. Bloomberg Intelligence ETF research analyst James Seyffart noted the significance of this development, particularly in distinguishing these assets as “commodities futures” rather than “securities futures.” Given their lineage from Bitcoin, arguing for their classification as securities would pose challenges, especially following the approval of spot Bitcoin ETFs. Coinbase’s strategic selection of these cryptocurrencies for futures trading reflects a nuanced understanding of regulatory dynamics and market trends.

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Discussions among lawmakers have stagnated for months as the upcoming election season draws near, rendering the passage of bills in Washington nearly impossible.

Despite this, lawmakers involved in drafting stablecoin bills express optimism about legislative progress in both the Senate and the House. However, a stablecoin bill, viewed as relatively achievable compared to other crypto-related bills, has encountered obstacles, with time running out to bring it to a vote.

A stablecoin bill spearheaded by House Financial Services Committee Chair Patrick McHenry, R-N.C., made headway out of the committee over the summer. However, it faced bipartisan contention, with Congressional Republicans attributing opposition to the White House. Notably, top Democrat Maxine Waters of California criticized the bill as “deeply problematic,” citing a provision allowing state regulators to approve stablecoin issuances without Federal Reserve input.

Although Waters and McHenry have increased their interactions since then, discord persists regarding the primary regulator for stablecoin issuers.

McHenry remarked on Wednesday at Coinbase’s Update the System Summit, indicating a “workable frame” for progress. He emphasized the need for a legislative vehicle and a deadline to address unresolved issues effectively.

Cody Carbone, vice president of policy for the Chamber of Digital Commerce, noted ongoing talks between McHenry and Waters’ teams but highlighted minimal progress on substantive issues.

Regarding the bill’s prospects in the House, Carbone suggested a 50% chance of passage but a mere 5% likelihood of enactment into law due to various complexities.

Uncertainty also looms in the Senate, where Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., aim to unveil a stablecoin bill focusing on regulatory clarity and consumer protection. However, uncertainties surround the bill’s details and completion strategy, with discussions facing setbacks.

Lummis expressed optimism about bipartisan efforts, citing Senate Majority Leader Chuck Schumer’s openness to consider such legislation. She anticipates progress on stablecoins in 2024.

Despite challenges, stakeholders are encouraged by legislative efforts in both chambers, expressing optimism about achieving consensus before the year concludes.

However, hurdles remain, with the Senate Banking Committee prioritizing other issues, potentially impeding progress on stablecoin legislation. Efforts to package bills, such as a potential compromise between stablecoin and marijuana banking bills, offer glimmers of hope, but challenges persist in navigating House gridlock.

Ultimately, lawmakers aim to position themselves for the next Congress, emphasizing the importance of advancing stablecoin legislation despite potential delays beyond the year’s end.

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The Ethereum Foundation, the core entity behind the Ethereum ecosystem, is under scrutiny as reports surface of an ongoing investigation by an undisclosed “state authority.” This revelation comes amidst past legal inquiries, including allegations linked to the 2016 Gatecoin hack.

In a GitHub commit dated February 26, 2024, the Ethereum Foundation disclosed receipt of a voluntary inquiry from a state authority, coupled with a strict confidentiality mandate. Details regarding the nature of the inquiry and the identity of the authority remain undisclosed.

CoinDesk noted the removal of a disclosure from the Ethereum Foundation’s website, previously asserting no contact from any agency necessitating non-disclosure. Additionally, the website’s warrant canary, a signal indicating the absence of covert government subpoenas or requests, was also removed in the same GitHub commit.

The elimination of the warrant canary raises community concerns, as it traditionally serves as a subtle indicator of potential government involvement. Typically, companies employ warrant canaries on their websites to signal receipt of secret government requests.

Previous legal scrutiny faced by the Ethereum Foundation, particularly concerning its alleged involvement in the 2016 Gatecoin hack, adds context to this recent development. Accusations brought forward by on-chain forensic analyst TruthLabs targeted key figures such as Vitalik Buterin and Joseph Lubin, sparking intense community debates and prompting an independent legal investigation.

It remains unclear whether the ongoing investigation is linked to past incidents or pertains to a separate matter. Concurrently, the Securities and Exchange Commission (SEC) continues evaluating multiple applications for an Ether Exchange-Traded Fund (ETF). However, analysts express waning optimism regarding approval, citing limited engagement between applicants and SEC officials.

In response to the news, Ethereum ($ETH) experienced a sudden 3% decline within minutes, currently trading at $3,285 according to CoinMarketCap.

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VICTORIA, Seychelles, March 20, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, has been acclaimed by Forbes Advisor as one of “The Best Crypto Apps & Exchanges of March 2024“, a continued honor after being recognized by Forbes as one of the Best Crypto Exchanges in 2023. Forbes Advisor meticulously evaluated key variables encompassing the quality of exchange platforms, ultimately recommending KuCoin as a compelling choice for both new and experienced investors.

Forbes Advisor recognized KuCoin for its exceptional attributes that distinguish itself within the industry. With over 800 different cryptocurrencies available for trading, earning, and investment, KuCoin has solidified its position as a leading player with an extensive range of altcoins offered at low fees.

Johnny Lyu, CEO of KuCoin emphasized, “KuCoin is honored to receive this prestigious recognition from Forbes Advisor and remains dedicated to delivering innovative solutions and exceptional trading experiences for its customers.”

KuCoin was also named as one of the Best Crypto Exchanges and Best Staking Platform for 2023 by Forbes Advisor, top 50 companies in the 2023 Hurun Global Unicorn List, the Most Recommended Exchange by Finder’s Award 2023, and the Best Crypto App for enthusiasts by The Ascent. Earning this coveted recognition “Best Crypto Apps & Exchanges of March 2024” from Forbes Advisor serves as a testament to KuCoin’s substantial contributions to the crypto trading industry, solidifying its position as a leading platform of choice.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 800 digital assets and currently provides Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 30 million users in more than 200 countries and regions. KuCoin is currently one of the top 8 crypto exchanges. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards. Learn more at https://www.kucoin.com/.

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SINGAPORE, March 20, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 20, 2024.

Merlin Chain Now Supported on OKX DEX Aggregator, Expanding Trading Options
OKX DEX, a multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, has added support for Merlin Chain. This integration enables users to trade assets and perform cross-chain transactions on the Merlin Chain through OKX DEX.
OKX also recently announced that it is the first major industry player to fully integrate Uniswap Labs’ trading APIs into its offerings. The integration includes the launch of the ‘Snap’ trading mode feature on OKX DEX to aggregate Uniswap’s industry-leading liquidity, enabling users to swap tokens on Ethereum quickly and intuitively without incurring any gas fees.
Merlin Chain is a leading Layer 2 network in the Bitcoin ecosystem that has implemented ZK-Rollup and has been utilizing fair launches and community-driven native innovations. On February 22, OKX announced that its Web3 Wallet has integrated with Merlin Chain, enabling users to access its advanced blockchain ecosystem via web extension.

For more information, please visit the OKX Support Center.

For further information, please contact:
Media@okx.com

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

• OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
• DEX: A multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and more than 20 blockchains supported.
• NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
• Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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Set to pioneer investment in Web3 gaming with early stage investments already made in category winners

SYDNEY, March 19, 2024 /PRNewswire/ — Immutable, and King River Capital, assisted by Polygon Labs, have combined forces to launch the Inevitable Games Fund (‘IGF’ or ‘the Fund’). As a first of its kind ecosystem-agnostic fund, IGF leverages the deep insights and resources of web3 gaming giants Immutable and Polygon Labs to identify high growth opportunities for investors.

The Fund’s investment process will be led by King River Capital in collaboration with Immutable and Polygon Labs providing key sourcing and web3 gaming expertise.

IGF is testament to the partners’ commitment to fostering innovation and growth across the web3 gaming sector. The Fund, which is privately offered and only open for investment by certain types of professional and sophisticated investors will have a final cap on fund size of US$100 million. It has already secured an anchor commitment from Alpha Wave Ventures (backed by Alpha Wave Global and the Abu Dhabi Royal Group’s Chimera Capital), as well as commitments from Merit Circle, a leader in the web3 gaming space, several family offices such as Mike Arrington, Co-Founder of CrunchFund and Arrington Capital; Steve Kokinos, of Sonic Boom Ventures and former CEO of Algorand; James and Robbie Ferguson, Co-Founders of Immutable; and Sandeep Nailwal, Co-Founder of Polygon Labs.

The Fund has already identified a strong pipeline of investment opportunities and has warehoused seven early stage investments including:

• Pixelmon, the world’s first truly decentralised Web3 gaming IP.
• Metalcore, an open-world combined arms game where players can engage in massive player-versus-player (PVP) encounters and face AI-enhanced enemies. Players can fight on foot and pilot a wide array of combat vehicles and giant mechs in massive battlefields where frenzied players fight for their factions in territorial conquest.
• Guild of Guardians, one of the most anticipated Immutable platform games this year having attracted 1M+ pre registrations ahead of release in Q2 2024.
• My Pet Hooligan, a Hollywood style animation meets team deathmatch gameplay.

The combination of King River Capital’s expertise in venture and digital asset investing, together with Immutable and Polygon Labs’ web3 gaming deal flow and digital assets expertise, uniquely positions the Fund to identify best in class investment opportunities across the multi-hundred billion dollar global video game industry.

King River will manage the deployment of IGF capital across premier game studios, web3 infrastructure, and immersive gaming experiences, that are considered to redefine the digital entertainment landscape, regardless of the platform.

Messari, a leading provider of crypto market intelligence, recently estimated^[1] the combined marketshare of Immutable and Polygon to be ~70% of total blockchain gaming development, following a significant growth year for the entire industry.

Zeb Rice, Co-Founder and Managing Partner at King River Capital, said: “Spending on video games exceeds the global revenue from movies, streaming TV and the music industry, combined, and it is ripe for a huge technology shift.

“Just as mobile gaming went from virtually zero in 2008 to 79% of gamers playing mobile today,^[2] we believe a similar shift has only just begun to web3 technology. The Fund provides investors with an opportunity to gain unique access to the best web3 gaming projects globally and is designed to benefit from this multi-hundred billion dollar shift in spending to this disruptive new technology.”

Commenting on the launch of the Fund, Robbie Ferguson, President and Co-Founder of Immutable, said: “We are excited to be launching this pioneering fund in partnership with King River Capital and assisted by Polygon Labs. Our combined expertise, global relationships, and industry reach ideally position the Fund to identify and invest in the best web3 gaming and gaming infrastructure opportunities globally.”

Since 2018 the sector has attracted approximately $19 billion in investments^[3]. In 2023, blockchain gaming related rounds reached $1.7B^[4].  A significant part of that has flowed to the 270+ blockchain games in development on Immutable.

A 2023 report by PwC estimated that total gaming revenue globally will rise from US$227 billion in 2023 to US$312 billion in 2027, representing a 7.9% CAGR.  This will likely be driven by a combination of factors, including the benefits of decentralisation and ownership features, play-and-earn models, and the integration with emerging technologies.

ENDS

Any information stated in this document is intended to be general in nature and is not personal financial product advice, and furthermore this document has been prepared without taking account of any person’s objectives, financial situation or needs. Before considering an investment, you should consider the appropriateness of the investment having regard to your personal objectives, financial situation and needs. This document and the information conveyed is also not intended be in any way a general solicitation of interests in any financial product or for the provision of any financial service. Any reference to the names, service marks or trademarks of parties are for and held by each of those parties and is not an acknowledgement of a permission or right, license or sub-license the use, exclusive or otherwise, of those names, service marks or trademarks.

About King River Capital

King River Capital invests early to mid-stage high-growth technology businesses solving critical problems within large markets. Since its founding in 2019, King River has raised four funds and invested in 32 companies across North America and Australia, including through its King River Digital Asset Fund that was launched in February 2022.

King River investments in crypto and web3, include Immutable; Discord (the defacto locus for crypto conversations, DeFi protocols, DAO governance, and NFT communities); Splash (one of the world’s most popular music game and metaverse participant), Paystand (B2B payments company that utilises the Ethereum blockchain to build zero-fee payments infrastructure), Consensys, LayerZero, and Aztec.

The King River Capital team comprises 16 professionals across Sydney, Denver and New York.

About Immutable and Polygon Labs

Immutable and Polygon Labs have both stood at the forefront of web3 gaming advances since the industry’s infancy. They each boast deep knowledge of the industry, complex product suites, and gaming-specific technologies, most notably the Immutable zkEVM chain powered by Polygon. Their wealth of experience allows the organizations to be at the center of a transformation bringing digital ownership to millions around the world through gaming.

The Immutable gaming platform makes it easy for game studios and independent developers to safely and confidently build and launch successful web3 games. The product suite includes pre-built end-to-end solutions, optimized for usability, that help developers get to market faster without sacrificing security or player experience. Builders get personalized web3 guidance, live support for their communities, and access to the largest ecosystem in gaming.

Immutable is the first gaming platform to deliver a zero-knowledge (zk) scaling solution and provides developers with multiple zk-based scaling options, including Immutable X, a rollup based on StarkWare technology, and Immutable zkEVM, powered by Polygon. Immutable has raised over $300M USD from leading global investors including Temasek, Bitkraft, Tencent, King River Capital, and more and won 270+ well-funded games onto its platform.

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