Update: SBF has now been jailed for 25 years – read more here.

Sam Bankman-Fried, owner of the bankrupt crypto exchange FTX, will receive sentencing in New York today (March 28) after his convictions for fraud and conspiracy last year. District Judge Lewis Kaplan could level a sentence of up to 110 years of jail time.

Prosecutors are pushing for 40-50 years, whereas the defense is seeking leniency due to Bankman-Fried being a non-violent first-time offender. They are lobbying the judge for a sentence closer to six and a half years.

Victims of the collapse of FTX have been writing to the judge to provide their thoughts on the issue and to attempt to convey the impact fraud of this scale has had on them.

Sunil Kavuri, a British investor, said to the BBC “He has shown no remorse so why would any judge show any mercy?” At the time of FTX’s collapse, Kavuri had over $2 million worth of holdings on the exchange site.

Arush Sehgal, an entrepreneur from Barcelona, and his wife had around $4 million in dollars and Bitcoin in FTX – their life savings. He described it as them having “lost everything.”

Canadian Angela Chang had about a quarter of a million dollars in FTX, and its fall has led to her taking out credit card debt and ultimately selling a portion of a claim to an investor. She believes that victims of the crimes committed by Bankman-Fried are being minimized due to being in the crypto industry. “People think that crypto is criminal and so they have sympathy for this guy… But I’m not a criminal,” she said to the BBC.

How will Sam Bankman-Fried’s sentence be determined?

Making a sentencing decision such as this is a complex matter. The scale of the crime and its effects are contested at a huge scale, according to Columbia Law professor Daniel Richman. “Any judge or lawyer will tell you that one of the best things the defendant can do before being sentenced is really, really show he’s on the right path, show some remorse, and show some degree of self-knowledge as to his offense,” said professor Richman, continuing, “Here you not only have a defendant who went to trial but you have one who really, at least the judge believed, was obstructive prior to trial.” Bankman-Fried had his bail revoked last year after rumors of witness tampering and intimidation reached Judge Kaplan.

Part of the case for leniency stems from the fact that through the bankruptcy filings, most people who had holdings in FTX stand to regain their money. However, this does not account for losses sustained due to being unable to participate in the market as Bitcoin hit its record high before beginning to fall again.

There are also those reaching out to beg for leniency in sentencing, including Bankman-Fried’s mother, Barbara Fried. She is a former law professor and describes the US justice system as “punitive”. “I have no illusions about the redemptive power of prisons,” she wrote in a letter to Judge Kaplan. “Being consigned to prison for decades will destroy Sam as surely as would hanging him.”

Despite the pleas from family and friends and the fact that Bankman-Fried is a non-violent first-time offender, Professor Richman believes it would be “really surprising” for the Judge to come anywhere close to the defense’s request of 6.5 years.

Featured image: Generated by Ideogram

The post Sam Bankman-Fried to be sentenced to jail time appeared first on ReadWrite.

This morning we reported that disgraced crypto magnate Sam Bankman-Fried was due to be sentenced in New York this morning, with the Prosecution looking for between a 40-50 year term and SBF’s defense team arguing a five-year term would be more acceptable.

The judge meanwhile had the ability to lock up Bankman-Fried and effectively throw away the key with a 110-year sentence but has just issued a 25-year sentence for his part in the collapse of the FTX cryptocurrency exchange.

Bankman-Fried was found guilty by the jury after just over five hours of deliberation last November.

Bankman-Frieds’ FTX had a $10 billion black hole in its accounts after money belonging to customers was used to make risky bets on crypto. A scheme that was to go horribly wrong.

FTX was valued at $32bn before it went bankrupt with Sam Bankman-Fried crafting an image that drew in celebrities, politicians, and business titans, according to the BBC.

Bankman-Fried’s victims remain out of pocket and while they may get some losses back, it is unlikely everybody will come out of the scandal unscathed.

Prosecutors described Bankman-Fried’s crimes as one of the biggest financial frauds in the history of the United States.

Handing down the sense Judge Lewis Kaplan said that despite “protestations of sorrow” about customer losses there was “never a word of remorse for the commission of terrible crimes”.

The judge refused to accept Bankman-Fried’s claim that his victims would be paid back in full as “misleading and logically flawed”.

“A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole.”

Earlier today Bankman-Friend took the stand and, while stopping short of a full apology said he had made a series of bad decisions that haunt him every day.

The post King of Crypto SBF jailed for 25 years in New York appeared first on ReadWrite.

The cryptocurrency Ether (ETH) hits the one million validator milestone with 32 million Ether currently staked. This 32 million is valued at around $114 billion according to current market prices.

According to one report on Cointelegraph “the network achieved a validator count of one million, with the 32 million ETH staked accounting for 26% of the total supply.”

The CEO of BlackRock, Larry Fink, caused a surge in the price of Ethereum this week after his comments on a recent interview panel. Fink said that designating ETH as a security won’t be “deleterious.”

After Fink’s comments, the value of Ether would rise to $3,658. We covered BlackRock’s application for an ETH exchange-traded fund last year.

Ethereum reaches landmark

The staking platform Lido saw 30% of the total ETH in play and allows investors in the cryptocurrency to stake in smaller amounts as part of a collective.

This collective then takes part in the staking process (which has a maximum effective staking 32ETH limit) and their presence helps to approve transactions. For playing their part these validators get a small reward in the shape of ETH.

Not all onlookers are happy to see the number of validators increase as they believe it could bring issues with transactions. Investors such as Evan Van Ness took to X to share his concerns on the increase in the number of validators:

Definitely not, arguably already too much staked

— Evan Van Ness (@evan_van_ness) March 27, 2024

Gabriel Weide, who runs a staking pool, responded to Van Ness’ post saying that too many validators can lead to “failed transactions.”

The Securities and Exchange Commission (SEC) has tabled several legal challenges against cryptocurrency operators for their practices. Ethereum isn’t escaping this scrutiny as we reported earlier this month.

SEC Chairman Gary Gensler has been vocal about his and the regulator’s stance on cryptocurrency operators, speaking recently at Columbia Law School saying “There are participants in crypto securities markets that seek to avoid these (SEC) registration requirements. No registration means no mandatory disclosure. Many would agree that the crypto markets could use a little disinfectant.”

The SEC is currently locked in legal battles with Coinbase, which is set to move to a trial date. U.S. District Judge Katherine Polk Failla wrote that “the Court finds the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and, through its Staking Program, engages in the unregistered offer and sale of securities.”

As we reported last week, the government regulator is also seeking $2bn penalties from Ripple Labs.

Image: Ethereum.

The post Ethereum reaches 1 million validators, but not everybody is happy appeared first on ReadWrite.

Crypto influencer TodayTrader has announced a giveaway opportunity for his audience of over 10,000 subscribers.

In one of his latest videos and on his X, the content creator revealed plans to distribute 120 million Pepe Tokens for free, in celebration of the popular meme coin’s market cap milestone of surpassing $3.5 billion.

120,000,000 $PEPE Token Giveaway RT then watch the video to get involved – Good Luck https://t.co/6h5aMWSECp

— Mark Kelly (@TodayTraderMark) March 26, 2024

How to Participate In The Pepe Giveaway

Participation in this crypto giveaway is straightforward and requires no purchase of tokens. Interested participants just need to follow three simple steps:

1. Visit the giveaway’s official Gleam.io link
2. Subscribe to the TodayTrader YouTube channel
3. Follow TodayTraderMark on X and retweet the giveaway tweet
4. Join the TodayTrader Telegram channel for additional rewards.

As TodayTrader emphasizes in the video, “You just need to do all those things, subscribe, retweet, join the Telegram group, and you’re all set. You’ll be getting your free coins anytime soon, and I’ll let you know inside the Telegram group roughly when that first random drop is going to happen.”

He added “Be ready to get the random drops that could happen at any time, could be tomorrow. So take action now.”

Also follow his Tiktok account here, which is listed as one of the steps on the Gleam.io link although not mentioned in the video.

The giveaway promises to reward multiple winners with PEPE Tokens, distributed as follows:

• 1st Place: 30,000,000 PEPE Tokens
• 2nd Place: 15,000,000 PEPE Tokens
• 3rd Place: 7,000,000 PEPE Tokens
• 4th Place: 4,500,000 PEPE Tokens
• 5th Place: 2,000,000 PEPE Tokens
• Additional Prizes: Random drops of 60 million Pepe Tokens in the Telegram group.

About TodayTrader

TodayTrader’s channel focuses on identifying cryptocurrencies with the potential to generate returns, making this giveaway a potential opportunity for his audience to gain exposure to an already established meme coin. All in all, TodayTrader aims to reward his loyal followers with this free distribution.

In the video, TodayTrader expresses his enthusiasm for the giveaway, stating, “This is going to be absolutely free. There’s no money you’re going to need to spend, put your credit card away.”

TodayTrader emphasizes the randomness of the selection process, mentioning, “It’s going to be completely random. There’s been a couple of things that you need to do, but remember, this is going to be absolutely free.”

Takeaway

As the giveaway goes underway TodayTrader has assured his audience that he will provide updates on the first random drop within the Telegram group, encouraging potential participants to join and stay informed. “The more people that join the new Telegram group that I’ve created, the quicker that first drop will happen, but I’ll let you know,” he stated.

With the potential for rewards and no financial commitment required, TodayTrader’s giveaway might potentially present an opportunity for crypto enthusiasts to expand their portfolios with Pepe tokens, one of the top trending meme coins.

Related

• Top Meme Coins Ranked – Pepe Makes The List

The post YouTuber ‘TodayTrader’ Launches Free Crypto Giveaway Of 120 Million PEPE Tokens appeared first on ReadWrite.

Federal prosecutors in New York announced charges against KuCoin, a leading cryptocurrency exchange, for breaching U.S. anti-money laundering laws on Tuesday (Mar. 26).

The charges accuse the Seychelles-based company of neglecting to properly vet its customers, which allegedly allowed for the transfer of billions in illicit funds since its inception in 2017. The prosecutors argue that KuCoin unlawfully courted business from American clients without the necessary registration with the Treasury Department or the implementation of required client identity verification procedures in compliance with U.S. laws.

KuCoin responded to the allegations on the social media platform X, assuring its customers that their assets are secure and that its legal team is addressing the claims. The company emphasized its commitment to complying with the laws and regulatory standards of various countries.

#KuCoin is operating well, and the assets of our users are absolutely safe. We are aware of the related reports and are currently investigating the details through our lawyers. KuCoin respect the laws and regulations of various countries and strictly adheres to compliance…

— KuCoin (@kucoincom) March 26, 2024

Further compounding KuCoin’s legal troubles, the exchange’s founders, Chun Gan and Ke Tang, both Chinese nationals aged 34 and 39 respectively, have been charged with conspiracy and are currently evading capture. According to a press release published by U.S.’s Attorney Office of the Southern District of New York:

GAN, 34, and TANG, 39, both citizens of China, are each charged with one count of conspiring to violate the Bank Secrecy Act and one count of conspiring to operate an unlicensed money transmitting business, each of which carries a maximum sentence of five years in prison.

In a separate legal development, the U.S. Commodity Futures Trading Commission (CFTC) has initiated a civil lawsuit against KuCoin. This lawsuit alleges the company failed to register its futures and swaps activities with the regulatory body.

This legal action follows a December settlement in which KuCoin agreed to prohibit New York residents from using its platform and to pay $22 million to resolve a lawsuit from the state. The exchange is accused of having operated within the United States without license.

Part of a broader crackdown

United States regulators are pushing another wave of actions against players in the cryptocurrency industry. As ReadWrite reported earlier this week, the U.S. Securities and Exchange Commission (SEC) has approached a judge in New York, seeking to impose a penalty close to $2 billion on Ripple Labs.

Early Ethereum (ETH) advisor Steven Nerayoff has also recently expressed serious concerns over the investigation of Ethereum by the U.S. Securities and Exchange Commission (SEC).

The post KuCoin faces federal prosecution for AML and registration skirting appeared first on ReadWrite.

Coinbase is advancing its storage strategy for corporate and customer USD Coin (USDC) balances by leveraging Base, an Ethereum (ETH) layer 2 solution it helped develop.

Base, built upon the Optimism (OP) Stack, aims to enhance the efficiency of managing and securing funds with its open-source technology.

Max Branzburg, the Vice President and Head of Consumer Products at Coinbase, announced via X that this shift will result in lower transaction fees and quicker settlement times, all while maintaining the current user experience standards at Coinbase. Branzburg expressed enthusiasm about the company’s ongoing shift towards blockchain technology and encouraged other firms to consider similar transitions.

1/ Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base. This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience.

We are excited to continue to…

— Max Branzburg (@maxbranzburg) March 26, 2024

The response from the community has been positive, with Base contributor Jesse Pollak endorsing the move and expressing eagerness to continue supporting Coinbase’s blockchain integration.

based

excited to keep supporting @coinbase moving onchain

— Jesse Pollak (jesse.xyz) (@jessepollak) March 26, 2024

Highlighting Base’s Growth

In related news, Base has experienced a notable increase in its total value locked (TVL), with user deposits surpassing $1 billion according to Defi Llama data. This marks a significant rise from the beginning of the month, when the TVL stood at $470 million.

A significant portion of this growth is attributed to Aerodrome, a decentralized exchange that has seen a substantial increase in activity since early February. Aerodrome is responsible for nearly $507 million of Base’s TVL — around half.

Additionally, Base has outperformed other optimistic rollup solutions in terms of transaction volume growth, even as platforms like Arbitrum also report significant increases. Conversely, the OP Mainnet has witnessed a steadier, more modest rise in daily transactions.

Coinbase launched Base back in late August 2023, as a new layer 2 scalability solution aimed at allowing large-scale decentralized application adoption. In late November 2023, Coinbase also launched its new open-source Onchain Payment Protocol — aimed at improving the company’s Commerce product for merchants.

This new protocol was pitched as a way to enable “instant settlement, low fees, and broad asset support” for merchants using its services.

The post Coinbase to store USDC on Base as TVL Skyrockets to $1B appeared first on ReadWrite.

Upcoming VR/AR crypto project ‘5th Scape’ has passed the $2.5 million mark in its public presale this month, entering its third stage.

Aiming to establish a comprehensive virtual and augmented reality ecosystem, 5th Scape has made headlines across the crypto space in outlets such as Cointelegraph, Coinpedia, Finbold, Investing.com and others.

What Is 5th Scape?

5th Scape is an ambitious initiative focused on redefining the VR and AR landscape by creating a unified ecosystem that seamlessly integrates hardware, software, and content. 

Built on the Ethereum network, the project is developing blockchain-based VR games and headset technology, with a strong emphasis on VR gaming, hardware, and animations.

Leaving limits behind! 🚀 We have hit another milestone and has entered the 3rd round of our presale.

So join us on this incredible journey into the future of AR/VR gaming.
#5thScape #Presale #AR #VR pic.twitter.com/ZOkwg8s34E

— 5th Scape (@5th_scape) March 26, 2024

Some of its games, including Cage Conquest and Epic Cricket Arena, are currently in beta and follow the ‘play-to-earn’ (P2E) format popular among crypto gamers.

5th Scape (5SCAPE) Token Presale

Taking place on the project’s website 5thscape.com, the presale is open to the public and consists of twelve planned phases, aiming to raise a total of $15 million.

Each phase is designed to raise $1.25 million, with 80% of the tokenomics reserved for the presale, 10% allocated for development, and the remaining 10% dedicated to liquidity.

5SCAPE native tokens acquired during the presale are subject to a lock and vesting schedule. Initially, 40% of the purchased tokens will be unlocked at the token launch, while the remaining tokens will stay locked for an 8-week period. Additionally, staking rewards for presale tokens are vested for an 8-month period, providing an incentive for a long-term commitment to the project.

The 5SCAPE token listing price has been set at $0.01, affording presale investors a significant discount – during the current presale stage 5SCAPE tokens are priced at $0.00248.

5SCAPE Token and Ecosystem

5th Scape’s native utility token, 5SCAPE, plays an important role within the ecosystem. Token holders gain access to premium VR content, including games, experiences, and features within the platform.

Source – 5th Scape

Additionally, 5th Scape’s play-to-earn mechanism incentivizes players to hold 5SCAPE tokens that can also be traded once listed on exchanges.

The project also plans to introduce staking opportunities, allowing users to lock up their tokens for a period to earn passive rewards, taking a similar approach to established names in crypto gaming such as Axie Infinity.

How to Buy 5th Scape

To take part in the 5SCAPE presale, potential investors and enthusiasts can follow these steps:

• Visit the Official Presale Website: Here you can find the whitepaper, audit information, more about the team including their LinkedIn profiles, and step-by-step guide on how to buy 5SCAPE tokens
• Explore the Tokenomics: Familiarize yourself with the details of the 5SCAPE token, the native currency fueling the 5th Scape ecosystem. This token serves as the core enabler of interactions across VR games, hardware, and the developer marketplace, making it a crucial component of the project’s potential success.
• Engage with the Community: Join the 5th Scape community and stay up to date on the latest project developments by following its social channels on X, Discord, Telegram and YouTube.

Marketing and Awareness

To attract users and developers, 5th Scape focuses on branding, digital marketing through social media channels, and content marketing to establish thought leadership within the VR and AR space. 

The project is already extensively advertising on multiple major crypto media websites, including Readwrite, demonstrating its commitment to building a strong presence and raising awareness within the community.

We’ve also added 5th Scape on our rundown of the best cryptocurrencies to invest in for 2024.

Conclusion

With its strong fundamentals and interesting concept, 5th Scape might potentially present an intriguing investment opportunity for those keen on exploring the potential of the emerging VR and AR sectors. 

The project’s focus on creating a comprehensive ecosystem that seamlessly integrates hardware, software, and content could position it as a player to watch in the market. 

Related

• 16 Best Cryptocurrency Presales For Your Watchlist

The post Virtual Reality Crypto Project ‘5th Scape’ Hits $2.5 Million Milestone In Public Presale Round appeared first on ReadWrite.

The U.S. Securities and Exchange Commission (SEC) has approached a judge in New York, seeking to impose a penalty close to $2 billion on Ripple Labs.

Stuart Alderoty, the Chief Legal Officer at Ripple Labs, announced via social media that the SEC has proposed such a substantial fine, with the redacted court documents expected to be publicly available by Mar. 26. According to the SEC’s request, it wants Ripple Labs to be ordered to return $876 million in gains, pay $198 million in prejudgment interest, and a $876 million in civil fines, totaling approximately $1.95 billion.

As you will see when the SEC’s brief is made public tomorrow, they ask the Judge for $2B in fines and penalties. 1/4 https://t.co/HM8dBbn7lp

— Stuart Alderoty (@s_alderoty) March 25, 2024

XRP vs the SEC

This legal battle was initiated in December 2020, when the SEC accused Ripple Labs and its two executives of breaching federal securities laws through their sales of XRP to both large-scale investors and the general public. However, in a decision made last July, Judge Analisa Torres of New York determined that while Ripple’s direct sales to institutions were in violation, the distribution of XRP through exchanges and algorithmic processes did not contravene U.S. regulations.

The SEC’s legal filings argue for a strict stance against similar violations within the cryptocurrency industry, urging the court to deliver a clear message against such infractions. Alderoty has voiced criticisms against the SEC’s actions and mentioned that Ripple Labs plans to submit a formal reply to the SEC’s motion in the coming month, with the SEC highlighting that Ripple’s response must be submitted by no later than April 22, 2024.

XRP is not the only token in the SEC’s crosshairs. Early Ethereum (ETH) advisor Steven Nerayoff has recently expressed serious concerns over the investigation of Ethereum by the SEC. He also noted that the prospects of Ethereum exchange-traded funds (ETFs) might be facing more rigorous examination.

The development follows a price prediction suggesting that XRP may soon see a 25% upward swing to regain its previous price of $0.75. The analysis highlighted the coin’s price being near the 200-day moving average support, and potentially triggering further growth towards the $0.92 mark.

Featured image: Canva

The post US SEC ‘seeks $2bn from Ripple Labs’ in XRP lawsuit appeared first on ReadWrite.

On Monday, Nasdaq-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an inflow of $15.4 million, marking a positive shift after five consecutive days of outflows, according to preliminary figures from investment company Farside.

The inflow was predominantly led by Fidelity’s FBTC, which garnered $261.8 million, and was closely followed by BlackRock’s IBIT with a $35.5 million collection. Other ETFs such as BITB, BTCO, EZBC, and BRRR also saw inflows ranging from $11 million to $20 million. Contrarily, Grayscale’s ETF (GBTC) experienced a substantial outflow, losing over $350 million.

The previous week was challenging for these ETFs, with a total outflow of $887.6 million, primarily due to significant withdrawals from GBTC.

What are Bitcoin ETFs?

The launch of nearly a dozen spot ETFs in the U.S. on January 11 offered investors an opportunity to invest in Bitcoin without the complexities of direct ownership and storage. These funds directly invest in Bitcoin and avoid the necessity for position rollovers, distinguishing them from futures-based ETFs introduced in October 2021.

The newfound accessibility to Bitcoin can also potentially boost Bitcoin’s legitimacy and attract a broader investor base, potentially enhancing market liquidity and stability. Furthermore, it simplifies investing in Bitcoin through familiar stock exchange platforms and regulated environments, mitigating some security concerns and allowing tightly regulated institutions to partake in the market.

Since the trading of spot ETFs commenced, the value of Bitcoin has surged by more than 50% to $70,750. On Monday, the price of Bitcoin experienced a more than 4% increase, momentarily exceeding $71,000.

The development follows the recently approved U.S. spot Bitcoin ETFs experiencing a day of record-breaking inflows exceeding $1 billion on Mar. 12.

Featured image: Ideogram

The post Nasdaq’s Bitcoin ETFs break five-day outflow streak with $15.4M boost appeared first on ReadWrite.

The crypto market experienced a correction last week, with major cryptocurrencies like Bitcoin and Ethereum declining by 1.7% and 4% respectively.

While the weekend was relatively flat, one meme coin stood out – Dogecoin (DOGE) surged by 16%, outperforming most other meme coins.

Layergg, an crypto analyst with almost 100k followers on X, shared his insights on the best altcoins for your watchlist this week.  

Top Crypto Gainers

Biggest crypto gainers in the past week, source – Layergg/X

Here’s a breakdown of his altcoin analysis:

Dogecoin (DOGE): Coinbase International is set to launch DOGE futures trading on April 1st. Additionally, April 20th is known as ‘Doge Day,’ and meme coin prices have historically shown sensitivity to such events.

Aptos (APT): Aptos is poised for a significant RWA (real-world asset) announcement in April, with potential partnership rumors involving major asset managers like BlackRock or Franklin Templeton. Details are expected to be revealed at the ‘Aptos DeFi DAYS’ event on April 2nd.

Fantom (FTM): The Fantom Sonic Mainnet launch is anticipated in late March or early April. CEO Andre Cronje is actively engaging in promotional activities, and his significant influence warrants strategic consideration.

Stacks (STX): With the Bitcoin halving approaching in less than a month and the Nakamoto upgrade scheduled for late April, Stacks continues to draw interest from global asset managers like Franklin Templeton as the first SEC-compliant blockchain.

The $STX Nakamoto upgrade will be massive for its ecosystem.

Currently, you're still bound by the 10 minute #Bitcoin block times. This will be reduced to 5 seconds.

There's already an ecosystem being built on top of stacks. After this upgrade they can finally flourish.

— Daan Crypto Trades (@DaanCrypto) March 23, 2024

Ondo Finance (ONDO): BlackRock has announced a $100M tokenized asset fund, and Ondo Finance is currently the RWA project most associated with BlackRock. It was also mentioned as a key project in Bitwise’s “Crypto Use Case 2024” Report, indicating potential for additional institutional partnerships.

Pendle (PENDLE): Mid-April may see the launch of the EigenLayer token, according to Arthur Hayes. The successful launch of ETHFI, yielding returns of more than twice, has renewed interest in Pendle Finance’s products. Upcoming token releases from Restaking projects could further boost Pendle Finance’s momentum.

Toncoin (TON): Telegram has decided to exclusively use TON for ad payments, which means an influx of 800 million monthly active users. Additionally, Telegram holds a “potential IPO” catalyst, and the TON Foundation’s Open League starts on April 1st, distributing 30M TON to projects and users in the TON ecosystem. TON is up 44% this week already.

XPLA (XPLA): Rumors suggest that zkSync will be launched in April, and XPLA has recently raised investment from Matter Labs, potentially for a zkSync beta. XPLA has also onboarded the AAA game ‘MadWorld’ and plans to onboard two more AAA games soon.

Aerodrome (AERO): The base chain’s TVL doubled in a month, and Aerodrome, being the leading DeFi on the Base chain, could potentially act as a Base-beta. Aerodrome plans to launch Slipstream within weeks, and Coinbase Ventures officially announced its purchase and holding of AERO last February.

New Altcoin ICOs

eTukTuk is an eco-friendly transportation project introducing electric TukTuks, especially in developing countries, to combat carbon emissions. TUK is currently in the ICO phase and has raised $2.5 million.

Dogecoin20 is a new meme coin that has raised $10M in its ICO, introducing a Stake-to-Earn mechanism and DOGE20 staking to reward the community while enhancing utility and sustainability.

#Dogecoin20 embodies the lively spirit of #Memecoins, captivating the imagination of the crypto world. 🪐

Marrying memes with on-chain staking, #Dogecoin20 charts its own distinctive course, attracting a diverse array of #Crypto fans. 🔗🚀 pic.twitter.com/vizZbyFKKq

— Dogecoin20 (@DOGE_COIN20) March 23, 2024

Green Bitcoin is a utility-rich project focused on prediction markets, offering gamified and passive staking where users can stake GBTC tokens to potentially win rewards based on accurate Bitcoin price predictions. It has raised $9M in its ICO.

To sum it up, the crypto market’s recent correction presents opportunities to closely monitor altcoins with upcoming catalysts and strong fundamentals. Also, you might be able to position yourself for potential gains in 2024 if you get in early on these crypto ICOs.

Related

• 16 Best ICOs to Invest in for 2024

The post Top Crypto Gainers to Watch this Week – Dogecoin, Aptos, Toncoin and New Altcoin ICOs appeared first on ReadWrite.

The meme coin frenzy that was booming in late February and early March has cooled off recently amid a broader crypto market correction. However, this week, we have a clear winner among meme coins, and that’s the meme coin king – Dogecoin (DOGE).

Dogecoin has outperformed all other major meme coins, such as SHIB, WIF, BONK, PEPE, and FLOKI, this week. DOGE is up 19%, while SHIB has gained 11%, PEPE 6%, WIF 4.9%, and FLOKI 15%. On the other hand, BONK has actually declined by 12%.

Top meme coins this week via CoinMarketCap

Dogecoin Price Prediction & Analysis 

At press time DOGE is trading around $0.17. On the DOGE/USDT chart, we can see that DOGE broke out of the sideways channel in late February and began its pump from the $0.09 levels to $0.20.

Prior to this week’s pump, the Dogecoin price experienced a retracement from its earlier highs, dipping to the $0.14 area before regaining momentum and surging to current levels.

Dogecoin price chart – daily timeframe

So, breaking the $0.20 level is the next logical target that could be predicted for the DOGE price. 

The Relative Strength Index (RSI) is currently at 59, indicating that the asset is not yet overbought and has room for further upside.

Additionally, the Moving Average Convergence Divergence (MACD) line is still below the MACD signal line. However, based on the chart’s bullish trend, the MACD line can soon cross above the MACD signal line, which is typically a strong buy signal.

Looking ahead, if Dogecoin can sustain its bullish momentum and break through the crucial $0.20 resistance level, it could pave the way for further upside. The next major target for DOGE bulls would likely be the $0.25-$0.30 range, which represents a strong psychological barrier and a level not seen since 2021 bull run.

However, any potential setbacks, market crashes, or profit-taking could see DOGE retrace to its support around $0.14-$0.15 in the short term.

Shiba Inu and FLOKI tend to Follow DOGE 

The surge in Dogecoin’s price has caught the attention of SHIB KNIGHT, a renowned meme coin analyst boasting over 400k followers on the social media platform X, formerly known as Twitter. According to SHIB KNIGHT’s observations, Dogecoin’s 16% gain on the day signifies the return of the “dogs” in the crypto market.

SHIB KNIGHT believes that the performances of meme coins like Shiba Inu (SHIB) and Floki Inu (FLOKI) are likely to follow suit, as they tend to experience more substantial rallies when Dogecoin pumps. The analyst also highlighted Floki Inu’s potential, stating that it “is looking good with the release of its new roadmap yesterday.”

$DOGE is up 16% today 👀️️🔥️️️️

The dogs are backing and it is only a matter of time before $SHIB and $FLOKI follows, as they tend to follow #doge and move harder when it rallies.#FLOKI is looking good with the release of its new roadmap yesterday. https://t.co/KAxutYrgbl pic.twitter.com/eMQ54HuYAI

— $SHIB KNIGHT (@army_shiba) March 23, 2024

This take suggests that SHIB and FLOKI tend to follow DOGE’s pumps, so traders should probably keep this in mind in the upcoming days and weeks.

Best Meme Coins to Buy Now

SMOG is a dragon-themed meme coin that has rapidly gained popularity in the crypto market due to its interesting narrative, viral airdrops, multi-chain infrastructure, and community-building initiatives. 

Dogecoin20 is a new meme coin that aims to offer an improved version of Dogecoin by combining meme culture with staking rewards. It has raised $7 million in presale already, with a focus on passive rewards for investors who stake DOGE20 tokens. 

SpongeV2 is an upgraded version of the original Sponge meme coin, aiming to build on the success of its predecessor. It introduces a “Stake-to-Bridge” setup that links it to the original SPONGE ecosystem.

All in all, the meme coin mania has cooled off this week, but Dogecoin has emerged as the clear winner this week, outperforming other major meme coins. With its strong momentum and bullish technical indicators, an optimistic Dogecoin price prediction could be that its rally continues beyond $0.25, potentially also influencing the performance of other meme coins like SHIB, FLOKI, and others.

Additionally, new meme coin projects like SMOG, Dogecoin20, and SpongeV2 are still in early phases, but these memes offer interesting narratives and utilities which makes them one of the best meme coins to invest in now.

Related

• Top Meme Coins To Watch In 2024

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The XRP price has remained relatively calm amidst the broader crypto market correction this week, experiencing only a 3% decline and trading around $0.61. According to the XRP price prediction post provided by altFINS, the price faced rejection at the $0.75 resistance level in mid-March and subsequently pulled back. 

However, they suggest that buyers could potentially find an attractive swing entry in the uptrend near the $0.57 support area, which coincides with the 200-day moving average. This potential entry point could offer an upside of around 25% back to $0.75, and if that level is breached, the price could even reach $0.92.

XRP Price Prediction – Chart

XRP price support and resistance levels

altFINS’ technical analysis of XRP indicates that the momentum is mixed, with the MACD line below the MACD signal line, signaling an overall bearish trend, but the RSI hovering around 50, indicating a neutral stance. Nevertheless, the rising MACD histogram bars suggest that momentum could be nearing another upswing.

In terms of support and resistance levels, the nearest support zone is identified as $0.55 (previous resistance), followed by $0.45. On the resistance side, the nearest zone is $0.75, with $0.92 being the next significant level.

Ripple Vs SEC Battle Continues

It is worth noting that the XRP price is heavily influenced by the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). In this regard, James K. Filan, a lawyer closely following the case, provided updates through his tweets.

Initially, on March 19th, he announced that the parties had filed a joint sealing proposal to govern sealing issues related to the upcoming remedies-related briefing in the case. 

#XRPCommunity #SECGov v. #Ripple #XRP The parties have filed a joint sealing proposal “to govern sealing issues relating to the upcoming remedies-related briefing to be filed in this case.” pic.twitter.com/gaF2DLlWDN

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 19, 2024

Subsequently, he revealed that the SEC had filed its opening remedies-related brief and supporting documents under seal, meaning they are not yet public.

What lies in these documents is still unknown. However, he stated that public, redacted versions would be filed no later than Tuesday, March 26, 2024.

#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 22, 2024

The legal updates from James K. Filan suggests that the case is progressing, and the remedies-related briefing could potentially shed light on the outcomes and implications for Ripple and XRP. 

So, as the case unfolds, the market’s sentiment and price movements of XRP are likely to be influenced by the developments and potential resolution.

XRP Underperforms Meme Coins

All in all, the XRP price has maintained relative stability despite the broader market correction, and altFINS’ analysis suggests potential opportunities based on technical indicators and support/resistance levels. However, the ongoing legal battle between Ripple and the SEC remains a big factor influencing the price dynamics of XRP, and the upcoming legal developments could potentially shape the market sentiment and price movements.

In 2024 so far, new low market cap meme coins have taken centre stage and outperformed the big caps such as XRP and Cardano, and even Dogecoin and Shiba Inu themselves.

Newly launched meme coin Dogecoin20 utilizes smart contracts to enable users to earn DOGE20 coins through staking. In addition to offering staking rewards, the DOGE20 token has a fixed supply of 140 billion tokens, which differentiates it from its inflationary competitor DOGE. The project has raised almost $7 million in its crypto presale.

Related

• Top Meme Coins To Watch In 2024

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The Grayscale Bitcoin Trust (GBTC) experienced significant withdrawals, with $359 million leaving the fund on Thursday (Mar 21).

Those outflows come on the heels of a week of heavy withdrawals, culminating in a record single-day withdrawal of $642 million on Mar. 18. These recent withdrawals have escalated the total weekly outflows from GBTC to $1.8 billion, marking the fourth straight day of net withdrawals across all Bitcoin (BTC) exchange-traded funds (ETFs).

We've got a negative flow day for the Cointucky Derby #Bitcoin ETFs thanks to $GBTC's $643 million outflow day pic.twitter.com/scmVgmwtiH

— James Seyffart (@JSeyff) March 19, 2024

What’s causing the Bitcoin ETF outflow?

There’s speculation that the wave of withdrawals from Grayscale’s fund might be winding down. Eric Balchunas, a Senior ETF analyst at Bloomberg, suggests that the outflows could be largely attributed to bankruptcies within the cryptocurrency sector, indicating that the downturn might be nearing its end.

What a pounding. Thought worst was over. Guess not. Who is leaving now that wasn’t motivated to leave past two months? https://t.co/YNX1dBt2FM

— Eric Balchunas (@EricBalchunas) March 21, 2024

Balchunas pointed out that withdrawals from significant industry players like Gemini or Genesis are likely being redirected into purchasing Bitcoin, which in turn supports the market. He expressed optimism suggesting that “the worst is probably close to being over.”

The more I think about it the more likely the uptick in flows is related to the bankruptcies bc of the size and consistency. The flows in Feb showed what retail outflows look like, smaller and random pattern. Also any Gemini/Genisis outflows likely buying btc w cash hence market…

— Eric Balchunas (@EricBalchunas) March 22, 2024

As of March 21, Grayscale disclosed that its Bitcoin Trust had $23.2 billion in assets under management — now standing at under $23.24. Since converting to an ETF on January 11, GBTC has seen a reduction of $13.6 billion in assets.

Independent researcher ErgoBTC observed that roughly $1.1 billion of the recent GBTC outflows might be linked to the bankrupt cryptocurrency lender Genesis. Ergo highlighted a correlation between the timing and volume of GBTC outflows and Genesis inflows, suggesting a direct relationship.

Genesis was granted court approval in February to sell $1.3 billion worth of GBTC shares to settle its debts. Before this, the bankrupt exchange FTX had sold off its entire stake of 22 million GBTC shares, nearly $1 billion worth, effectively liquidating its position.

Amid these market movements, Bernstein has updated its forecast for Bitcoin, predicting a significant rise. The investment firm has raised its year-end Bitcoin price target to $90,000 from its earlier estimate of $80,000, buoyed by a recent uptick to around $74,000 and a positive reception to new spot BTC ETFs.

Bernstein analysts, Gautam Chhugani and Mahika Sapra, attribute their bullish outlook to several factors: the commencement of a new Bitcoin bull cycle, robust inflows into ETFs, a surge in miner capacity, and unprecedented miner revenues, presenting a compelling case for equity investors interested in the cryptocurrency sector.

Furthermore, Bernstein has adjusted its prediction for the upcoming Bitcoin halving in April, now anticipating a 7% reduction in the hash rate, a measure of mining computational power. This outlook is more optimistic than their prior estimate of a 15% decline, expecting a smoother transition and better industry consolidation than before.

The developments follow some recent reports suggesting that Bitcoin may be heading towards its biggest crash so far. Also, earlier this week the world’s first cryptocurrency saw a brief flash crash down to $8,900 on BitMEX, before quickly returning over $60,000.

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Early Ethereum (ETH) advisor Steven Nerayoff has recently expressed serious concerns over the investigation of Ethereum by the U.S. Securities and Exchange Commission (SEC).

Nerayoff claimed in an X thread on Thursday (Mar.21) that the prospects of Ethereum exchange-traded funds (ETFs) might be facing more rigorous examination. The SEC has issued subpoenas to several entities involved with Ethereum and its possible ETFs, signaling intensified regulatory attention.

UNVEILING ETHEREUM'S DECEPTIVE EVOLUTION:
The problems with @ethereum, the announcement of the @SECGov investigation, and the ETHGate movement are all due to the founders' greed and willingness to allow our revolutionary project to become nothing more than a deceptive database…

— Steven Nerayoff (@StevenNerayoff) March 21, 2024

Steven Nerayoff’s Grave accusations

Despite previous disputes with Ethereum’s leadership, including accusing co-founder Vitalik Buterin of being a fraudster, Nerayoff expresses deep disappointment with how Ethereum has evolved. He believes that had his original ideas been implemented, Ethereum would not be encountering its current challenges:

If my invention was followed, we wouldn’t have issues today; Ethereum would still be the base of crypto.

Nerayoff criticizes the Ethereum project for straying from its original vision, attributing the SEC’s investigation and the emergence of the ETHGate movement to the founding team’s greed. He argues that this deviation has turned Ethereum into a “deceptive database” manipulated by a select few at the expense of the broader community.

Ethereum is built on deceit and lies, and they think you’re all dumb enough to not be the wiser. Well, I am, and I am saying to all of you, don’t allow this to happen a day more. The Ethereum house of deceit must fall once & for all!

Nerayoff particularly highlights the rise of scam Initial Coin Offerings (ICOs) and the resulting erosion of trust as outcomes of current Ethereum leadership moving away from his initial concepts. He also highlights the non-fungible token (NFT) craze which he described as “a handful of people creating tokens and rug pulling them.”

This is not the first time that Nerayoff voiced concerns over Ethereum and its leadership. Back in September 2023, he suggested that the ecosystem received preferential treatment from regulators through an infiltration of regulatory bodies. In an audio of a nearly three-hour call with Buterin shared back in November 2023, he warned the Ethereum co-founder:

I am fairly convinced that securities laws and these other laws have been tripped.

The controversy follows Ethereum’s recent introduction of the Dencun protocol upgrade. Still, despite the upgrade having a significant impact on the protocol’s fees Solana was able to overtake Ethereum’s decentralized exchange volume soon after.

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Coinbase Exchange has filed to list Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin futures trading with the Commodity Futures Trading Commission (CFTC).

The CFTC has not yet responded officially to the move and more importantly, has not opposed the filing made by Coinbase that seemed to fly under many radars until now.

Coinbase goes down the self-certification route

Coinbase’s letters of intent were sent to Christopher Kirkpatrick, CFTC Secretary, to go down the path of self-certification that shows the company doesn’t want to wait on official approval and can use the CFTC Regulation 40.2(a) to list these futures contracts.

The letters were listed on X by community poster Summers:

Coinbase Derivatives LLC quietly filed certifications with CFTC to list US regulated futures for Dogecoin, Litecoin and Bitcoin Cash.

They filed them on March 7 and surprisingly nobody seemed to notice.

Futures are set to start trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2

— Summers (@SummersThings) March 20, 2024

As long as the Commodity Exchange Act and CFTC regulations are adhered to at this time then Coinbase can list the Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin products.

The fact that Coinbase chose to go through the CFTC and not the U.S. Securities and Exchange Commission (SEC) is notable, but understandable in the way that the SEC views crypto exchanges that attempt to gain the title of a “security”.

The CFTC has a track record of being more lenient on crypto exchanges than the SEC, with the latter arguing vehemently that the bulk of cryptocurrencies are commodities and not securities.

The SEC and its Chair Gary Gensler have faced pushback from crypto exchanges that feel the regulator has been too harsh. The SEC for example has a standalone “Crypto Assets and Cyber Enforcement Actions” section on the government site that keeps a healthy toll of monthly filing activity in shutting down the crypto elements it sees as unlawful.

All three of Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin products have their origins with Bitcoin so it will be up to the hands of time and the response of the CFTC to see if they are approved or shot down like many other hopeful crypto listings.

Image: Flickr/Ivan Radic/CC.20

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Solana has surpassed Ethereum to get to the number one smart-contract blockchain as ranked by trading volume.

According to data from DeFiLlama, reported by Fortune on March 21, the volume of tokens trading on Solana-based decentralized exchanges (DEXs) climbed by 67% to reach $21.3 billion over seven days. In comparison, volume on Ethereum-based equivalent exchanges rose by just 3% to just $19.4 billion, leaving a $1.9 billion.

The number of daily active addresses on Solana has also risen dramatically, climbing from 400,000 to 600,000 between January and February and hitting roughly 1.25 million on Tuesday.

Solana and meme-based surges

The recent surge is believed to be connected to early frenzies around SOL-based meme coins dogwifwhat (WIF), bonk (BONK), book of meme (BOME), MAGA (TRUMP), and slerf (SLERF). On March 13, 2,300 Solana meme coins were minted in just one hour, while stablecoins on Solana reached a multiyear high of $2.80 billion.

The trend of presales, where tokens are sold before officially launching, has likely been a huge help to Solana as well. This means that buyers are parting ways with their funds in exchange for a set number of tokens later on, once the official launch has taken place. Fortune estimates that over $100 million worth of tokens were sent as part of various memecoin presales over the weekend, mainly on the Solana blockchain. As a result, those presales have enabled the platform to supplant Ethereum in terms of trading volume.

This isn’t the first time that Solana has experienced a meme-based surge. Its price neared $100 at the end of last year following a frenzy of meme coin activity. At the time, trading volumes and network fees surpassed Ethereum for the first time, paving the way for Solana to take its place as the top smart-contract blockchain by trading volume today.

It’s not all been wins for Solana, however. Just a few days before, Slerf’s creator accidentally destroyed more than $10 million of tokens before the launch even took place. Nonetheless, it didn’t stop Slerf from shooting to a market capitalization of $500 million within just a few hours, before falling again.

Featured image: Ideogram

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The Bitcoin price has risen exponentially since the fourth financial quarter of 2023, up 163% from the start of October last year.

If the Bitcoin price closes the month of March over $61,157, it would be the first time in its history that BTC ends seven straight months in the green.

However, whether Bitcoin achieves this historic feat or not remains dubious. The largest cryptocurrency has been in a short term bearish trend over the past week, declining by 14% in that period and yesterday seeing the largest price crash since the FTX collapse.

The increasing macroeconomic risks and a hawkish SEC could prove too much for an already overheated crypto market. Considering that the Bitcoin price has seen one of its strongest bull rallies ever, one of the biggest corrections could also be coming. 

Why Is Crypto Down Today? How Low Can BTC Go?

The tide has been shifting slowly but steadily in favor of the bears, as highlighted perfectly by the spot Bitcoin ETF flows. 

The ETFs recorded an outflow of $154 million on March 18th, their first negative day since March 1st. Grayscale had its worst ever day – an outflow of $642.5 million – as did Fidelity, with a record low inflow of just $5.9 million. 

[1/4] Bitcoin ETF Flow – 18 March 2024

All data in. $154m net outflow. First outflow day since 1st March. Biggest disappointment was Fidelity inflow appears to be declining, just $5.9m on the day, a record low. pic.twitter.com/6uvxPfarz7

— BitMEX Research (@BitMEXResearch) March 19, 2024

The ETFs have acted as a risky proxy for Bitcoin so far, with the popular market sentiment being “the ETFs will buy the dip anyway”. The switch from record inflows to record outflows is sure to have an adverse impact on the BTC price. 

The bearish trend in Bitcoin is primarily due to the increasing macroeconomic risks, as highlighted by the worse-than-expected bad Consumer Price Index and Producer Price Index data. The market has already shifted its expectation from 7 rate cuts this year to 3, data from CME FedWatch reveals. The first such decision by the Fed will come later today, March 20th, at the FOMC meeting. 

However, analysts such as Jesse Cohen, the global market analyst at Investing.com, believes that the Fed may not pivot to quantitative easing at all this year, which could be disastrous for the broader equities and the crypto market. According to macro investor Jim Bianco, the estimates of the February PCE – which is the Fed’s favorite inflation indicator – will further cement this sentiment. 

1/7

Below are the estimates for February PCE, which will be released at the end of the month.

This is the inflation metric the Fed uses. It will tell them that rate cuts are nowhere in sight right now.

🧵 https://t.co/S56sKZMode

— Jim Bianco (@biancoresearch) March 16, 2024

The history is also not in Bitcoin’s favor. The BTC price traditionally corrects 14 to 28 days before the Bitcoin halving. According to a popular crypto analyst Ali Charts, market makers may try to grab a huge liquidity pool below $50,000, which could lead to the Bitcoin price falling to $49,000. 

Bitcoin Price Prediction – Is The Top In For BTC?

Despite an impending crash, the top may not be in for Bitcoin just yet. The Pi Cycle Top indicator, which has been incredibly accurate in calling the peaks during previous cycles, reveals that there is still plenty of room for growth. 

Bitcoin analyst Willy Woo has also mentioned the possibility of a double pump cycle as also seen in 2013. This could lead to a local top in mid-2024, followed by another top in 2025. 

At the rate the #Bitcoin Macro Index is pumping, I wouldn't be surprised if we get a top by mid-2024, which would hint at a double pump cycle like 2013… a second top in 2025. pic.twitter.com/i2a0V5ytPv

— Willy Woo (@woonomic) March 19, 2024

Aside from its cyclic nature, the Bitcoin price has strongly been correlated with global liquidity. Director of Global Macro at Fidelity Jurrien Timmer reveals that liquidity is on the rise again since mid-2023, spurring stocks and cryptocurrencies with it. 

Crypto and macro analyst @tedtalksmacro reveals that considering Japan, which is the largest foreign owner of US Treasuries, is now pivoting to quantitative tightening, the liquidity in US may surge even more. Consequently, the Bitcoin price could restart its bullish trajectory after the halving. 

Are Presale Tokens A Better Investment?

Considering the negative sentiment surrounding Bitcoin, investors could consider switching to stablecoins or presale tokens as neither of the two are impacted by short-term price action. 

Presale alternatives to Bitcoin are already seeing strong growth, with Green Bitcoin quickly raising over $6 million in its presale. Analysts like Cilinix Crypto predict that $GBTC could display a 10x growth after its launch, especially acting as a beta bet on Bitcoin. 

Green Bitcoin combines the legacy of BTC with the eco-friendliness and high scalability of Ethereum. Being an ERC-20 token, it also introduces on-chain staking to the Bitcoin ecosystem through an innovative program. 

Related

• 16 Best Crypto Presales To Invest In

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The British Virgin Islands (BVI) is hoping to lure crypto investment to the tiny Caribbean island as it sets its sights on becoming a hub for crypto activities, with a regulatory framework being developed to tap into the growing market.

In a keynote address at the BVI Arbitration Week 2024 on March 12, Minister for Financial Services, Labour, and Trade, Lorna Smith announced there have been significant milestones in the evolution of the area expanding into digital assets.

As reported by BVI News, she described the British Overseas Territory as being “poised to shape the future of digital asset innovation and regulation on the global stage.”

A few days later, on March 15, a statement was published by the Government of the Virgin Islands, written by Minister Lorna Smith. She says: “We, in the BVI, are conscious that the emergence of the digital assets business sector signifies a revolutionary shift in the financial world, one in which we aim to play a critical role…”

She later goes on to say the “design and effectiveness of the regulatory framework will be critical to our success.”

When digital asset funds were first making it to the market in 2015, the BVI Investment Fund Association worked closely with the Financial Services Commission to explore opportunities.

Lorna Smith describes the area as having “emerged as an epicenter for digital assets…”

The BVI Government aims to create an ecosystem filled with innovative and trusted providers with effective regulation.

How will the BVI attract Crypto investment?

The British Virgin Islands created and introduced the ‘Virtual Assets Service Providers Act’ in 2022 which became active in February of 2023.

This focuses on the types of virtual asset activities requiring registration, the criteria, and the duties and responsibilities of those who have registered. Authority was granted to the BVI Financial Services Commission and penalties for violations under the Act were established too.

In the published statement, Smith provides an update: “I am delighted to say that we have received over 60 applications for licenses under  VASP so far, and that we expect 2024 to be a critical year in the formation of this world-leading digital ecosystem within the BVI.

“For all these reasons, I believe that the BVI is perfectly situated to become a global hub for digital assets. The work we have done with the sector and the creation of the VASP framework represent a milestone in our journey to becoming a trusted and innovative digital assets ecosystem.”

Featured Image: Photo by Phil Hauser on Unsplash

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The price of Bitcoin (BTC) dropped drastically on Tuesday (Mar 19), when it registered its biggest single-day loss since the infamous collapse of the FTX exchange in November 2022.

According to data from CoinMarketCap, Bitcoin fell from over $68,000 to $61,900 within one day – a fall of 9%.

The fall marks its steepest 24-hour dip in percentage terms since November 9, 2022, when prices tumbled more than 14% following the bankruptcy of Sam Bankman-Fried’s FTX exchange.

The latest price correction has been attributed to several factors, including outflows from spot exchange-traded funds (ETFs) tracking Bitcoin.

Provisional data from UK investment firm Farside showed a record net outflow of $326 million from spot ETFs on Tuesday, following a record outflow of $643 million from Grayscale’s ETF on Monday.

Bitcoin ETF Flow (US$ million) – 2024-03-19

TOTAL NET FLOW: -326.2
(Provisional data)

IBIT: 75.2
FBTC: 39.6
BITB: 2.5
ARKB: 0
BTCO: 0
EZBC: 0
BRRR: 0
HODL: 0
BTCW: 0
GBTC: -443.5

For all the data & disclaimers visit:https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) March 20, 2024

Alex Kruger, a trader and economist, highlighted the reasons behind the crash, stating on X, “Reasons for the crash, in order of importance: #1 Too much leverage (funding matters). #2 ETH driving market south (market decided ETF was not passing). #3 Negative BTC ETF inflows (careful, data is T+1). #4 Solana shitcoin mania (it went too far).”

Reasons for the crash, in order of importance

(for those who need them)

#1 Too much leverage (funding matters)
#2 ETH driving market south (market decided ETF not passing)
#3 Negative BTC ETF inflows (careful, data is T+1)
#4 Solana shitcoin mania (it went too far)

— Alex Krüger (@krugermacro) March 20, 2024

How has the price of Bitcoin changed?

It’s worth noting that the price of Bitcoin is still massively up for the year (+122%) and even in the last month there have been considerable gains (+21%). With an election year ahead for the US and more speculation likely around an Ethereum ETF, Bitcoin investors could be set for further volatility in the coming weeks. Although that comes with the territory for any cryptocurrency investment.

Bitcoin watchers continue to see signs of wider adoption of the digital asset across society. On Tuesday we reported how the world’s biggest pension fund is considering Bitcoin as a potential diversification tool amidst economic and technological changes.

Featured image: generated by ideogram

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Bitcoin (BTC) experienced a sudden drop to $8,900 on BitMEX, deviating significantly from its stable $60,000+ valuation on other exchanges.

What is a Bitcoin flash crash?

On a late Monday, Bitcoin experienced a swift downturn, dropping to a low of $8,900 on the cryptocurrency exchange BitMEX, a stark contrast to its stability above $60,000 on other platforms. This is known as a flash crash.

A sharp decline started at 22:40 UTC that within two minutes led Bitcoin’s price down to $8,900, marking its lowest point since the beginning of 2020. However, the recovery was just as rapid, with the price surging back to $67,000 by 22:50 UTC.

During this rapid rise and fall on BitMEX’s spot market, the global average price of BTC hovered around $67,400. Speculation arose on the social media platform X, with some users suggesting that massive sell-offs by large holders, or ‘whales’ triggered the price drop.

User @syq pointed out that an individual had sold more than 850 BTC (valued at approximately $55.49 million) on BitMEX, causing the XBT/USDT spot pair to dive to $8,900.

The XBT index on BitMEX monitors the price of Bitcoin, whereas the XBT/USDT pair indicates the price of Bitcoin in terms of Tether (USDT), the leading stablecoin pegged to the US dollar. Despite the turbulence in the spot market, BitMEX’s derivatives markets, worth billions, remained unaffected.

In response to the incident, BitMEX announced via social media that it had initiated an investigation into the large sell orders. Furthermore, BitMEX reassured its users, stating, “The trading platform is fully functional, and all user funds are secure.”

As mentioned earlier today already – we are investigating unusual activity on our BTC-USDT Spot Market.

This did not affect any of our derivative markets, nor the index price for our popular XBT derivatives contracts.

The trading platform is operating as normal and all funds…

— BitMEX (@BitMEX) March 19, 2024

The development follows Bitcoin reaching new all-time highs of almost $74,000 on Mar. 15, before then dropping to $66,885 on Mar. 15. The world’s first cryptocurrency’s price started skyrocketing following the approval of Bitcoin spot exchange-traded fund (ETFs) contracts back in January.

The newly-approved ETF contracts have attracted significant attention from market participants, reaching daily net inflows in excess of $1 billion for the first time on Mar. 12.

Featured image: ideogram

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