Per the findings, a total of over 57,000 victims fell prey to various phishing scams. “Compared to January, the number of victims who lost over $1 million decreased by 75%,” it said.

[1/6] ScamSniffer's February Phishing Report
In February, about 57,000 victims lost approximately $47 million to crypto phishing scams.
Compared to January, the number of victims who lost over $1 million decreased by 75%. pic.twitter.com/UgZk0K91lH

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024

Among the thefts, Ethereum mainnet accounts for more than $36.2 million, which is 78% of the total exploits throughout February. Also, Ethereum blockchain users comprise the maximum among total victims, amounting to 25,029 individuals.

Notably, February recorded 75% decrease in total number of victims who lost over $1 million, when compared to January, 2024. The trend, however, showed that more than $6.2 million in digital assets were lost in single day – February 15.

Furthermore, Scam Sniffer highlighted that Ethereum-based ERC token bore the brunt with $40 million of the stolen assets. This represented 86% of the total stolen assets.

“Most of the thefts of all ERC20 tokens were due to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.”

[3/6] Most of the thefts of all ERC20 tokens were due to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2. pic.twitter.com/O5UvmSEUTT

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024

Another latest crypto loss report from Immunefi noted that “Ethereum suffered the most individual attacks, with 12 incidents representing 85.71% of the total losses across targeted chains.”

Major Crypto Scams in February

As reported earlier by Cryptonews.com, web3 gaming platform PlayDapp suffered a major security breach on February 10. The scam resulted in cumulative losses exceeding $290 million.

The exploit seemed to have a private-key leak, resulting in the unauthorized issue of PLA tokens, PlayDapp confirmed the hack.

Another significant losses in February was due to the infamous crypto heist on the decentralized exchange FixedFloat. The hack resulted in the loss of 409 Bitcoin (valued at approximately $21.3 million) and 1700 ETH (worth around $4.9 million).

FixedFloat told Cryptonews that the attack was not internal and attributed it instead to “flaws” and “insufficient protection” in the exchange’s infrastructure.

The post $46.86 Million Stolen in Crypto From Scams in February: Report appeared first on Cryptonews.

In a recent post on X, Fox reporter Eleanor Terrett revealed that influential anti-cryptocurrency politicians, including Senator Elizabeth Warren, are actively opposing the passage of ETH spot ETFs, while SEC staff members have shown limited engagement in promoting the product.

“Based on my conversations with people familiar, meetings in recent weeks have been very much one sided,” she wrote on Sunday. 

While the industry stakeholders have been trying to rally SEC staff to expedite the process, staff members have not shown meaningful engagement as they did with Bitcoin spot ETF applications.

SEC Believes it has Satisfied Crypto Industry with Bitcoin ETFs

According to Terrett, SEC Chair Gary Gensler believes that he has already appeased the industry with the approval of BTC spot ETFs. 

Additionally, influential anti-crypto politicians, such as Senator Warren, who were already displeased with the SEC’s approval of BTC ETFs, are rallying against a similar outcome for ETH.

According to a source mentioned by Terrett, gauging the stance of the SEC staff has been challenging, leaving uncertainty about their thought process. 

However, the source emphasized that if the ETH spot ETF has any chance of approval, SEC staff will need to commence their work soon, considering the May 23 deadline is just over two months away.

“But they’re going to have to start work soon if it’s going to have a shot.”

SCOOP: Optimism about the @SECGov approving the $ETH spot ETFs by May 23rd is waning.

Based on my conversations with people familiar, meetings in recent weeks have been very much one sided, with issuers and custodians trying to rally SEC staff to get the process rolling, but…

— Eleanor Terrett (@EleanorTerrett) March 10, 2024

Back in January, Senator Warren critcized the SEC after the agency greenlighted spot Bitcoin ETFs. 

“If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money laundering rules,” she said at the time. 

Gensler Remains Silent About ETH ETFs

When questioned about the possibility of a decision and the timeline for ETH ETF approval last month, Gensler said that the process would follow the same approach as Bitcoin (BTC) ETFs. 

Still, he refrained from providing any specific details or a potential timeframe.

On February 6, the SEC postponed its decision on the Invesco Galaxy Ethereum ETF, which followed a delay in December concerning Invesco’s ETF application.

The SEC has also deferred decisions on other Ethereum ETF applications, including those from prominent firms like Grayscale, Fidelity, and BlackRock, the largest asset management company globally.

Notably, other firms such as VanEck and Hashdex are also seeking Ethereum ETF approvals, with Franklin Templeton becoming the latest asset manager to file a spot Ethereum ETF application. 

Meanwhile, Hong Kong-based institutions are actively preparing to launch spot ETFs for Ethereum in a bid to gain an edge over the United States.

It is worth noting that demand for spot Bitcoin ETFs in the US has remained strong since their launch. 

The cumulative net inflow of Bitcoin spot ETFs surpassed $2.24 billion last week, propelling the price of Bitcoin to reach new all-time highs. 

The total asset under management of Bitcoin ETFs currently stands at $55.34 billion. 

The post Anti-Crypto Politicians Rally Against SEC’s Potential Approval of Spot Ethereum ETFs: Fox Reporter appeared first on Cryptonews.

The proposal, which called for the allocation of approximately $1.3 million worth of Arbitrum (ARB) tokens from the community wallet, intended to assist Roman Storm and Alexey Pertsev, the developers behind the crypto mixer Tornado Cash. 

The allocated budget could have also been used for public relations and advocacy efforts to promote privacy-preserving technologies.

“By rallying support for their legal fund, we aim to safeguard not only the future of privacy-preserving technologies but also the broader principles of innovation, decentralization, and individual sovereignty within our industry,” the proposal read. 

The pseudonymous delegate DK initiated the proposal on March 7, advocating for a strong legal defense for the developers. 

However, the user has since removed the proposal without providing any reasons. 

Tornado Cash Developers Face Money Laundering Charges

Tornado Cash and its founders face allegations of laundering over $1 billion in illicit funds, including money associated with the hacking group Lazarus Group. 

The developers have been charged by the United States with offenses such as money laundering, sanctions violations, and operating an unlicensed money transfer business.

While supporters of Tornado Cash argue that it merely provides software for decentralized money transmission and does not engage directly in money transmission, the crackdown on the platform has been viewed as a potential threat to developers working on privacy-oriented applications.

In addition to the withdrawal of community funding, the developers have encountered other financial setbacks. 

A crowdfunding campaign on GoFundMe, intended to collect legal fees for Storm and Pertsev, was canceled on February 16 due to a breach of the platform’s terms of service that could expose GoFundMe, its employees, or users to potential harm or liability.

As reported, the US Treasury has added Tornado Cash to its Specially Designated Nationals list, effectively banning Americans from using this mixer. 

The Department claimed that the mixer “has been used to launder more than $7bn worth of virtual currency since its creation in 2019.” 

Storm Asked For Support Against Money Laundering Charges

Earlier this year, Storm sought support from right-to-privacy advocates in anticipation of his upcoming criminal trial.

The crypto veterran faces three charges, including conspiracy to commit money laundering, operating an unlicensed money-transmitting business, and violating the International Emergency Economic Powers Act. 

His trial is scheduled for September 2024, and he has pleaded not guilty to the charges.

2024 is the year that will define the rest of my life.
Honestly, I’m scared. But also hopeful that this community cares with a passion.
Please donate towards my legal defense.https://t.co/dQ7SCBesIm pic.twitter.com/0jeievSUxc

— Roman S (@rstormsf) January 22, 2024

At the time, Storm said that his legal team is preparing a strong defense for his September 2024 trial. 

“Whether you’re [a] passionate developer like me involved with Web3 or just care about software and privacy, this legal battle will affect you. This case will set a major precedent for years to come,” he said. 

Storm, indicted in August 2023, is out on a $2 million bond and has emphasized the case’s potential implications for Web3 developers and individuals concerned about software and privacy. 

The post Arbitrum Community Reverses Decision on Funding Tornado Cash Developer Legal Defense appeared first on Cryptonews.

The meme token’s movements have pushed its market cap back to $20 billion, as the wider crypto market enjoys a 2% gain amid ongoing ETF-related growth and bullishnesses.

SHIB has now gained by 26% in a week and by 267% in the last 30 days, with the meme token also up by 240% in a year.

And with the market likely to continue rising at least until the next Bitcoin halving (happening next month), SHIB could easily reach new peaks in the near future.

Shiba Inu Price Prediction as SHIB Reaches $20 Billion Market Cap – $10 SHIB Possible?

SHIB’s chart continues to signal plenty of momentum, momentum which isn’t likely to decline in the very near future.

For example, despite surging beyond 90 a week ago, the coin’s relative strength index (purple) remains above 75, a clear sign that buying pressure remains solid.

SHIB’s 30-day average (yellow) is also very bullish right now, given that it continues to rise rapidly beyond its 200-day (blue), another indicator that it remains within an expansionary phase.

And because the market had neglected and oversold SHIB for so long, it can stand to continue rising for the next few weeks or months, without fearing of becoming too overbought.

Its 24-hour trading volume also remains strong at $2.5 billion, up from $125 million a month ago.

It’s therefore clear that retail and larger investors alike still have plenty of demand for SHIB, which has witnessed several big transfers in recent weeks.

This trader spent only 1.51 $ETH($2,521) to buy 49.8B $SHIB($1.93M currently) in 2021!

After 2.6 years of staking, he withdrew all 40.5B $SHIB($1.58M) and deposited it into #Coinbase 30 mins ago.

If he sells, he will make ~$1.58M, a gain of 628x!https://t.co/oE4sETZwa4 pic.twitter.com/4O7cxM6PRB

— Lookonchain (@lookonchain) March 5, 2024

Of course, some of these involves whales sending SHIB to exchanges, so traders should be prepared for dips along the way, even if the overarching mood remains positive.

Indeed, the market continues to be extraordinarily buoyant, with the possibility of spot-based Ethereum (ETH) ETFs also stoking the fire.

If the latter does come to pass, then a proper alt season could begin, one which would undoubtedly boost SHIB (along with many other alts).

And what’s particularly bullish about SHIB is that it boasts the best fundamentals of any meme token.

This is particularly because of pre-existing infrastructure, such as ShibaSwap, but also particularly because Shiba Inu is still growing as an ecosystem, as witnessed by last year’s Shibarium launch.

BILLIONS OF DOLLARS EXPECTED TO FLOW TO $SHIB

CONSIDERED BY FORBES AS TOP 1O CRYPTO TO INVEST

THIS BULL MARKET
THE 1ST TIME #ShibaInu LISTED ON ROBINHOOD$HOOD EXPECTED 2B INSTRUMENTAL FOR #SHIB GOING PARABOLIC DELETING MORE ZEROS JUST LIKE WHAT HAPPENED TO DOGE ATH $0.70 pic.twitter.com/ZygDPRWlYU

— SHIB Bezos (@BezosCrypto) March 11, 2024

As such, the Shiba Inu price is likely to continue rising over the coming months, potentially reaching $0.000040 by the end of March.

Alternative Meme Tokens for Big Rallies

SHIB’s prospects certainly look good, but it isn’t the only high-potential meme coin in the market right now, with several small-cap meme tokens looking good.

One of these is Smog (SMOG), an Ethereum- and Solana-based token that has risen by 8% in the past 24 hours and by more than 15,000% since listing on the Birdeye and Jupiter DEXes last month.

SMOG has outlasted and outpaced most other new meme coins, and it’s largely down to its unique airdrop system.

With the coin holding a series of drops over the coming weeks, it will distribute a higher number of coins to holders with the biggest pre-existing SMOG holdings.

Doing things this way encourages investors to hold onto more SMOG for longer, something which will take rising quantities of the coin out of circulation.

In turn, this should boost SMOG’s price over time, with the coin’s staking system – awarding a yield of 42% APY – also likely to squeeze supply.

#Dragons, can $SMOG reach $1 after an outstanding 60% surge overnight?

1. Yes!
2. No, but close!
3. Probably by tomorrow!

Vote now and share your prediction! #Solana #ATH #Memecoin #SMOGSOAR

— SMOG (@SMOGToken) March 7, 2024

What’s also bullish about SMOG is that it’s steadily accumulating a strong online community, given that its Twitter account now has over 37,000 followers.

Such followers are likely to help boost the coin once it lists on additional exchanges, with investors already able to buy it now at the official Smog website.

They can also trade it on Jupiter or Birdeye, where it continues to rally and take advantage of the ongoing bull market.

Buy SMOG Here

The post Shiba Inu Price Prediction as SHIB Reaches $20 Billion Market Cap – $10 SHIB Possible? appeared first on Cryptonews.

Reports from local media indicate that trading volumes on South Korea-based crypto exchanges reached a record-breaking 11.8 trillion won (KRW) on Sunday, equivalent to $9 billion based on the prevailing USD-KRW exchange rate. 

These figures exceeded the trading volume of the South Korean stock market on Friday, which stood at 11.47 trillion won ($8.7 billion).

The combined transaction amount of Korea’s five largest won markets contributed to this milestone, with Upbit leading the pack at 8.8 trillion won, followed by Bithumb at 2.7 trillion won, Coinone at 176.4 billion won, Gopax at 55.2 billion won, and Coinone at 32 billion won. 

Among the top five crypto markets on Upbit, the most actively traded pairs were Bitcoin (BTC), Space ID (ID), IQ Protocol’s IQ, Ox’s ZRX, and Shiba Inu (SHIB).

Rising Crypto Demand Shows Increased Risk Tolerance

Observers of the local market believe that the relatively higher volume in the crypto market reflects an increased risk tolerance among South Korean investors, especially following the recent Bitcoin rally. 

Ki Young-Ju, founder of on-chain provider CryptoQuant, explained that Koreans tend to favor high-risk, high-return investments due to their experience with a rapidly growing economy. 

As wealth disparity widens, more individuals are turning to alternative coins (altcoins) as their preferred choice over major assets like BTC or ETH.

Despite trading at a premium compared to global exchanges, Bitcoin, Ethereum, and other tokens maintain strong retail demand on Korean exchanges. 

The sustained high daily trading volume on Upbit since March, surpassing 60,000 BTC, further supports the evidence of retail inflow into the market.

As reported, Bitcoin has been commanding an average 10% price premium in South Korea compared to global exchanges.

This phenomenon is known as the Kimchi premium, which refers to the price difference of Bitcoin on local Korean exchanges compared to global platforms.

The price of #BTC on #upbit , South Korea's largest CEX has hit 100M KRW(about $76K, kimchi premium ~= 7%).

The historic moment is made all the more historic because the South Korean government has yet to allow the BTC spot ETF to be bought and sold pic.twitter.com/Myg5uKo4WO

— Henry | nonceClassic (@HenryK_Xel) March 11, 2024

South Korea Crypto Fans Could See Spot ETF Approvals

Last week, South Korea’s chief of the financial watchdog revealed that authorities are discussing the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the country.

Lee Bok-hyun, governor of the Financial Supervisory Service, said in a recent radio interview that there are differing opinions among authorities. 

While some, like himself, hold a positive stance on virtual assets, others are more cautious. 

“Among authorities, I am one of those who are positive about virtual assets, while there are others who are wary, and we need to hear their opinions as well. We are internally discussing it.”

As of now, spot Bitcoin ETFs are not available for South Korean crypto investors. 

Meanwhile, South Korean police continue to wage “war” on crypto-powered drug trafficking, with officers in the capital Seoul making 452 arrests from June 2022 to December 2023.

As reported, police arrested three suspected drug dealers just this week. Officers also charged 445 buyers and four illegal “cryptoasset trading platform operators.”

The post South Korean Crypto Exchanges Outpace Stock Market in Trading Volume Amid Bitcoin Rally appeared first on Cryptonews.

According to Beijing Business Today, Shandong’s capital city Jinan recently facilitated a digital yuan entrepreneurial guarantee loan in the province and launched the online system “Ji Dan – Entrepreneurial Loan” to streamline access to capital for small businesses.

Shandong Pioneered in Digital Yuan Loans

The loan, capped at 200,000 yuan (~$28,000), was the first to benefit startup companies in Shandong. Previously, China Construction Bank’s Shanghai branch partnered with the Shanghai Data Exchange and issued the first data asset pledge loan.

As China proceeded with implementing central bank digital currency (CBDC) applications, digital yuan has demonstrated its advantages regarding business operation and lending services. The transactions would process especially fast and showcase the unique feature of traceability.

National Committee Members Advocate for CBDC

During the ongoing 2024 National People’s Congress and the Chinese Political Consultative Conference, the digital currency was a hot topic among delegates and members, leading to various suggestions for its further application and integration into China’s economy.

Delegates proposed the phased implementation of the CBDC, emphasizing its legal tender status and voluntary use. Clarification of the relationship between digital yuan, cash, and bank deposits was suggested to ensure a smooth exchange mechanism.

For instance, Yuan Xiaobin, a member of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the management committee of Zhonghao Law Firm, emphasized the importance of delineating the relationships among digital yuan, cash, and bank deposits and ensuring a seamless conversion process.

Further, the conference saw recommendations for expanding the e-CNY‘s application in international trade and cross-border capital flows.

Zhou Chunling, the chairman of Heilongjiang Yong’an Group, pointed out the potential role of the digital yuan as a significant currency for international transactions and reserves.

Zhou suggested allowing digital yuan accounts to interconnect with foreign banks for easy conversions and usage through mobile and computer applications, aiming to encourage the adoption of the yuan in international dealings.

The post China’s Shandong Province Introduces Digital Yuan Loan for Entrepreneurs appeared first on Cryptonews.

Only professional investors, like investment firms and authorized credit institutions, will have access to these products, the Financial Conduct Authority said Monday.

However, exchanges need to have controls in place to ensure trading runs smoothly and protect professional investors. Also, the cETNs must meet all the requirements of the UK Listing Regime in prospectuses and disclosures.

The regulator’s decision to allow cETN applications follows US approval of Spot Bitcoin exchange-traded funds (ETFs), which has led to significant success and a surge in Bitcoin prices.

Also on Monday, the London Stock Exchange said it would accept applications for Bitcoin and Ethereum ETNs in the second quarter of 2024.

UK’s Cautionary Stance on Retail Access to Crypto Products

The country has been reluctant to approve retail access to these products, leaving it somewhat isolated compared to other major global markets.

In 2020, the FCA banned UK firms from offering or selling crypto derivatives and ETNs over reasons including market volatility. It maintains that these carry significant risks for retail consumers, leading to potential harm. Consequently, their sale remains prohibited.

“The FCA continues to remind people that cryptoassets are high risk and largely unregulated. Those who invest should be prepared to lose all their money,” the regulator warned.

Evolving Crypto Regulatory Framework

In its regulatory efforts concerning crypto, the UK has adopted a two-part strategy.

In October, the Treasury unveiled comprehensive proposals aimed at regulating fiat-backed stablecoins, particularly focusing on their use in payment systems.

This initial step represents the beginning of their regulatory agenda, with future plans to extend regulatory oversight to the wider cryptocurrency sector, which will be detailed in separate policy documents.

The post UK Financial Watchdog Limits UK Crypto ETNs to Professional Investors Only appeared first on Cryptonews.

The Guardian reported that these transfers were made to 29-year-old Russian national Jonatan Zimenkov in May 2021. The US sanctioned him in Feb. 2023 for allegedly assisting the Russian military in the Ukraine invasion as part of the “Zimenkov network.” This network was led by his father, Igor Zimenkov.

At the time of the transaction, Zimenkov didn’t face any sanctions. Rather, they were imposed on him 19 months later. The US Treasury’s Office of Foreign Assets Control (OFAC) indicated that it suspected the network, including Zimenkov, had been operational for several years prior to the imposition of restrictions.

Copper didn’t return Cryptonews’ request for comment by press time.

Blockchain records show that Copper transferred over 1,700 units of Ethereum, valued at over $4.2m in May 2021, to Zimenkov. These transfers were conducted through two transactions on the same day, Etherscan data showed.

Unclear Intentions Behind Copper Transfer to Zimenkov

According to OFAC, the Zimenkov network had engaged in various activities, including deals related to Russian cybersecurity and helicopter sales overseas. Additionally, there were efforts to provide weapons to a country in Africa.

It was identified as part of a “sanctions evasion network” that operated for several years. Zimenkov’s father was accused by US authorities of leading this purported arms-dealing network.

Copper was not implicated in any wrongdoing or violations of sanctions or regulations during the transaction.

The intention behind the transaction remains unclear. The recipient of the Ethereum transactions is unidentified in blockchain records, only displaying their digital currency address—a sequence of letters and numbers. However, this address was later mentioned in a US Treasury announcement in February 2023, outlining sanctions against the Zimenkov network.

US Sanctions Targeting Russian Entities

Following the Ukraine invasion, the US enacted sanctions on Russians to disrupt Russia’s military operations and penalize entities aiding Russia’s weapon acquisition or involvement in removing Ukrainian children from their homes.

These sanctions involved freezing foreign currency reserves, prohibiting technology exports, seizing oligarchs’ yachts, and impacting Russia’s oil industry.

Additionally, the US imposed sanctions on a Russian crypto mining company to dissuade Moscow from evading existing sanctions imposed as consequences of the Ukraine invasion.

The post Crypto Firm Copper Allegedly Sent $4.2M to Sanctioned Russian Arms Dealer’s Wallet appeared first on Cryptonews.

In an effort to address the immediate challenges posed by the current market conditions, BA Labs, a key member of the MakerDAO Stability Advisory Council, submitted a comprehensive proposal on March 9 to increase various fees related to the DAI stablecoin.

The latest Executive Vote has just been approved.

→ https://t.co/oIY1JBtLuq

As a result, the following changes will be implemented within the Maker Protocol on March 10, 2024, at 19:55 UTC.

• Stability Fees for various collateral assets, including ETH and WBTC vaults, will… pic.twitter.com/UNUejjv8iI

— Maker (@MakerDAO) March 8, 2024

Proposed MakerDAO Rate System Adjustment

“Given the current market conditions, BA-Labs is proposing protocol parameter changes as part of a predefined accelerated governance process in the language of the Atlas,” said BA Labs.

The proposal by BA Labs included a significant increase in the DAI Savings Rate (DSR) from 5% to 15%, along with targeted stability fee raises for key vault types such as ETH-A, from 6.41% to 15.25%, and WBTC-A, from 6.68% to 16.75%.

“The DSR is an additional lever MakerDAO can utilize the DSR to make holding DAI more attractive, which in turn increases DAI demand, and ultimately alleviates the downward pressure of the DAI price,” said BA Labs.

Additionally, the post suggested reducing the Governance Security Module (GSM) Delay from 48 to 16 hours and adjusting the Peg Stability Module (PSM)-USDC-A DC-IAM ttl from 24 to 12 hours, streamlining governance and enhancing DAI’s stability framework.

“The fundamentals backing DAI remain solid, and this accelerated governance proposal is crafted in order to avoid potential short-term liquidity crunches,” stated BA Labs.

In the past week, the total supply of DAI has decreased from about 5 billion to 4.38 billion. This reduction was primarily attributed to volatile crypto market conditions, with increasing rates, and users creating and then selling DAI in exchange for different assets.

Community Shares Positive Responses

Community members have demonstrated agreement responding to the forum post, supporting listed changes.

As the Reserve Governance Facilitator, JanSky recognized the legitimacy of the proposal and said that the team were “working on implementing these recommendations and will provide updates as soon as they are available.”

The Stability Facilitator Ecosystem Team also approved the Accelerated Proposal for an executive vote.

Some other community contributors, including GFX Labs, seconded the purpose and direction of the proposal but rebutted the DSR increase, urging more gradual changes.

The post MakerDAO Approves Emergency Fee Hikes in Response to DAI Stability Concerns appeared first on Cryptonews.

While Hong Kong opened applications for Bitcoin spot ETFs in December last year, no related products have hit the market yet, leaving Asian investors at the risk of lagging behind their American counterparts. 

In an attempt to bridge this gap, Hong Kong-based institutions are actively preparing to launch spot ETFs for Ethereum. 

The goal is to gain an edge over the United States, solidifying Hong Kong’s position in the global crypto market, as per reports from local media outlets. 

Bitcoin Spot ETFs See Consistent Inflows

The cumulative net inflow of Bitcoin spot ETFs in the United States surpassed $2.24 billion last week, propelling the price of Bitcoin to reach new all-time highs. 

As per Coinglass data, the total asset under management of Bitcoin ETFs currently stands at $55.34 billion. 

The top three performers in this space are GBTC, IBIT, and FBTC, managing $27.73 billion, $12.97 billion, and $8.35 billion, respectively. 

These figures represent an increase of over 40% compared to mid-January prices.

Taking a cue from the Bitcoin frenzy, two Bitcoin futures ETFs in Hong Kong have also witnessed significant growth. 

The Southern Bitcoin ETF (3066) reached a high of 27.5 yuan, a 2.5-fold increase from its listing price, while the Samsung Bitcoin ETF (3135) peaked at 26.8 yuan, marking a 2.2-fold increase.

Amidst the surge in Bitcoin-related investment products, market attention has turned to the development of Hong Kong’s Bitcoin spot ETF offerings. 

Weng Xiaoqi, CEO of HashKey Exchange and COO of HashKey Group, emphasized the need for Asian investors to have access to local spot ETF products. 

Currently, most of these products are led by European and American institutions, potentially leaving Asian investors at a disadvantage. 

Weng pointed out that a six-month delay in launching spot ETFs in Asia would mean a delayed entry of U.S. capital, leading to higher purchase costs and increased risks of being overshadowed by American capital.

To address this concern, HashKey is collaborating with its partners to expedite the listing of trading products such as Hong Kong spot ETFs and derivatives. 

Hong Kong to Attract Substantial Funds with Spot ETFs

Weng said that Hong Kong, as a well-established global financial center, has the potential to attract substantial funds once Bitcoin spot ETF trading opens, making it a significant player in Asia’s virtual asset market.

Although specific details regarding the listing of the first batch of Bitcoin spot ETFs in Hong Kong are yet to be determined and authorized by the Securities and Futures Commission, it is expected that the initial number of ETFs listed in Hong Kong will be fewer than the 11 authorized in the United States. 

Considering the difference in capital size between the Hong Kong and U.S. markets, concentrated liquidity with limited Bitcoin spot ETF listings would be more beneficial for Hong Kong’s development. 

Weng emphasized that global crypto investors are particularly anticipating the launch of Ethereum spot ETFs, and Hong Kong is actively discussing and preparing for such products. 

If the city state can introduce these offerings earlier than the United States, it has a chance to transition from a follower to a leader in the global crypto market.

Earlier reports indicated that 10 financial institutions in Hong Kong have expressed their intentions to apply for Bitcoin spot ETF launches. 

Harvest Fund, for instance, submitted relevant applications to the Securities and Futures Commission in mid-January, signaling the growing interest in crypto-related investment products in the region.

The post Hong Kong Financial Institutions Eye Ethereum ETFs to Bolster Global Crypto Market Position appeared first on Cryptonews.

As Bitcoin price dips to $68,380, shedding nearly 0.50% on Monday, market watchers eye pivotal movements and strategic investment shifts.

Amidst this fluctuating landscape, BlackRock’s iShares Bitcoin ETF emerges as a dominant force, overshadowing MicroStrategy with a staggering 195,985 Bitcoin accumulation.

This remarkable growth, fueled by institutional interest and strategic spot ETF introductions in the U.S., hints at a bullish horizon.

Herein lies a comprehensive analysis, exploring Bitcoin price predictions that contemplate the digital asset’s trajectory amidst burgeoning institutional embrace and market optimism, setting the stage for unprecedented valuation milestones.

BlackRock’s Bitcoin ETF Outpaces MicroStrategy in Bitcoin Holdings

BlackRock’s iShares Bitcoin ETF (IBIT) has quickly become a heavyweight in the cryptocurrency market, amassing more Bitcoin than Michael Saylor’s MicroStrategy.

In under two months, IBIT’s holdings have soared to 195,985 Bitcoin, overtaking MicroStrategy’s stockpile as the firm looks to expand its holdings with a $700 million raise.

[1/4] Bitcoin ETF Flow – 08 March 2024

All data in. $223m positive net flow for thew day

The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC's assets for the first time pic.twitter.com/5BlBTu4WLn

— BitMEX Research (@BitMEXResearch) March 9, 2024

This surge has placed IBIT at the forefront of Bitcoin investment products, indicating a robust institutional interest in Bitcoin that could further propel its price.

In less than two months of existence, the BlackRock iShares Bitcoin ETF $IBIT has accumulated more #bitcoin than the largest corporate holder, MicroStrategy $MSTR. @HeleneBraunn reportshttps://t.co/PLrZs3955d

— CoinDesk (@CoinDesk) March 10, 2024

• BlackRock’s IBIT now holds more Bitcoin than MicroStrategy, with 195,985 tokens.
• MicroStrategy plans a $700 million raise to increase its Bitcoin holdings.
• Bitcoin’s price surged over 60% this year, hitting a peak of $70,136.

This shift reflects growing confidence in Bitcoin from institutional investors, hinting at a potentially higher valuation in the near future.

“Wolf of All Streets” Predicts Bitcoin Bull Run Amid Warning of Impending Bubble

Scott Melker, known as the “Wolf of All Streets,” forecasts a significant bull run for Bitcoin and the wider cryptocurrency market, cautioning about an impending bubble.

He suggests that even valueless cryptocurrencies may experience a surge, leading to an eventual market correction.

Gun to my head, I believe that we are just at the start of a major bull run for both Bitcoin and the broader Crypto market in general. I think that we will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops.

That…

— The Wolf Of All Streets (@scottmelker) March 8, 2024

Melker emphasizes the risks of overconfidence in rapid wealth growth, noting the high failure rate among numerous crypto transactions.

'Wolf of All Streets' Sees Start of Major Bull Run for #Bitcoin and Broader #Crypto Market — Warns of a 'Huge Bubble' https://t.co/lrBLznMzZ5

— Bitcoin.com News (@BTCTN) March 11, 2024

• Melker predicts a significant bull run, cautioning about a potential bubble.
• Bitcoin’s all-time high breaks amid surging demand for spot ETFs and halving event anticipation.
• Prominent crypto figures share optimistic views, increasing market hope.

This bullish outlook is bolstered by recent demand for spot bitcoin ETFs, the halving event’s expectations, and positive forecasts from leading crypto figures.

As the market’s demand continues to outstrip supply, Bitcoin’s price is likely to climb further, driven by collective optimism and speculation.

Cathie Wood’s ARK Invest Forecasts Bitcoin Price to Surpass $1 Million by 2030

Cathie Wood, the visionary CEO of ARK Invest, has projected an ambitious future for Bitcoin, predicting its price will soar “well above” $1 million before the turn of the decade.

This bold forecast comes amid a surge in institutional interest, particularly following the introduction of spot ETFs in the United States.

Wood attributes this heightened optimism to the SEC’s recent approvals, which she believes have fundamentally transformed Bitcoin’s investment landscape.

#Bitcoin bull Cathie Wood: ARK Invest #BTC price target 'well above' $1M#ARK has "brought forward" its expectations for where Bitcoin will be by 2030, as BTC price strength sees another all-time high in play into the weekly close.
Bitcoin will hit $1 million sooner than 2030,… pic.twitter.com/DS4ZkvJLdD

— TOBTC (@_TOBTC) March 10, 2024

• Cathie Wood believes Bitcoin will exceed $1 million by 2030, driven by institutional investments and spot ETFs.
• The SEC’s approval of spot ETFs marks a pivotal moment, influencing ARK’s revised price target.
• Bitcoin approaches new highs, with potential to break the $70,000 threshold, fueled by investor optimism.

As Bitcoin edges closer to unprecedented highs, the anticipation of further price discovery, spurred by ETF inflows and the optimistic outlook of influential figures like Wood, places Bitcoin on a trajectory for significant growth.

This optimistic stance underscores the increasing confidence among investors and the potential for Bitcoin to achieve new milestones in the coming years.

Bitcoin Price Prediction

In today’s analysis of Bitcoin (BTC/USD)‘s pivot point holds aat around $67,315, with immediate resistance levels observed at $70,257, $74,069, and $77,891.

On the downside, support is found at $64,861, followed by $62,192 and $59,380. The Relative Strength Index (RSI) stands at 56, indicating a neutral to slightly bullish sentiment, while the Moving Average Convergence Divergence (MACD) shows a divergence of -161 below its signal line at 733, suggesting potential bearish momentum.

The 50-Day Exponential Moving Average (EMA) at $66,357 provides a baseline for the current market trend.

• BTC faces resistance below $69,000; a decisive move could signal future direction.
• MACD and RSI suggest caution, with potential for either continuation or reversal.

Given Bitcoin’s struggle below the $69,000 mark and the presence of Doji and spinning top candles, a sell-off could be triggered if these levels hold.

The overall trend appears bearish below $69,000, yet a break above this threshold could pivot to a more bullish outlook.

Top 15 Cryptocurrencies to Watch in 2024

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2024. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

The post Bitcoin Price Prediction: Eyeing $75,000 Amid BlackRock ETF Surge & Market Optimism appeared first on Cryptonews.

The National Tax Service has chosen a consulting firm to develop a sophisticated system for overseeing these assets, local outlet Digital Daily reported Monday. It will be capable of analyzing and managing transaction data related to digital currencies.

The Tax Service has reportedly chosen GTIC as the company to develop the virtual asset integrated management system. This decision was reportedly made at the end of February, initiating a consulting project expected to last about four months.

The report highlighted a significant surge in virtual asset investment following the approval of Bitcoin Spot ETF trading in the US. As a result, governments are now focused on regulating taxation for bitcoin transactions. They are also looking to monitor illegal activities like money laundering to ensure the integrity of the financial system.

South Korea’s decision to launch a tracking service comes as Bitcoin topped $70,000 to hit a record high on Friday. This surge was mostly attributed to increased investment in US-based Bitcoin Spot ETFs. Other factors include the upcoming bitcoin halving event in April, and expectations of a decrease in global interest rates.

South Korea Looks to Close Tax Loopholes

The initiative is aimed at overseeing data obtained through compulsory reporting of virtual asset transactions. Following the consulting phase, a proposal has been released to construct the system. If things go according to plan, the system should be released by 2025.

After updates to the Corporate Tax Act and the Income Tax Act, virtual asset businesses were mandated to submit transaction details.

However, without an analytical system in place, the National Tax Service aims to combat tax evasion and ensure equitable taxation through a comprehensive management system.

KYC Requirements for Crypto Services

The nation has adopted a proactive stance in regulating digital assets by implementing laws to stabilize the cryptocurrency market.

These regulations mandate crypto service providers to enhance their anti-money laundering and know your customer (KYC) systems, register with Korean financial authorities, open corporate bank accounts, provide real-name accounts to clients, and enforce more rigorous AML/KYC procedures.

Officials in the country are also deliberating on whether to approve Spot Bitcoin exchange-traded funds (ETFs).

The post South Korea Aims To Launch Virtual Asset Tracking System to Ensure Tax Transparency appeared first on Cryptonews.

“Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues,” said Ackman on X.

“Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses. Maybe I should buy some Bitcoin,” said Ackman.

The problem of course is that it also works in reverse. https://t.co/s1rpdhlpfw

— Bill Ackman (@BillAckman) March 9, 2024

In the early hours Asia time on Monday Bitcoin was trading at around $68,000. As Bitcoin hovered around $69,400, up nearly 1.50% on Sunday, its journey beckons keen market watchers for a Bitcoin price prediction. This recent surge, hinting at potential market shifts, sets the stage for an examination of Bitcoin’s trajectory amidst the broader financial landscape.

Ackman Talks Crypto With Lex Fridman

Ackman has previously talked about his investment philosophy in a recent interview and briefly touched on cryptocurrencies. The billionaire hedge fund manager discussed the difference between speculation and investing, noting that the former involves making guesses about the future without solid knowledge, reports Shalini Nagarajan from Cryptonews

While he sees short-term crypto trading more as a speculative move, he believes there might be intrinsic value in the long run, he said.“Speculation is just a bit like trading crypto… well, short-term trading crypto. Maybe in the long run, there’s intrinsic value,” he told podcaster Lex Fridman during an interview in February.

Ackman is well-respected in the investing world, mostly because of his bold investment strategies. He’s also been involved in controversial situations over the years. He gained fame by accurately predicting the crash of the junk bond market in 1989, while working as an analyst for a hedge fund in New York.

Ackman is the founder and CEO of hedge fund Pershing Square Capital Management. But he’s also famous for making smart moves in companies like Chipotle Mexican Grill, Valeant Pharmaceuticals, and Herbalife. These bets paid off, proving Ackman’s knack for spotting good opportunities.

Ackman Breaks Down Investing Vs. Short-Term Gains

Ackman elaborated on his view regarding crypto as a speculative investment. He said that many crypto investors were caught up in a bubble, heading towards an inevitable crash, driven mainly by speculative motives.

The post Hedge Fund Manager Bill Ackman Says “Maybe I Should Buy Some Bitcoin” appeared first on Cryptonews.

Per the news agency Interfax, smaller firms will likely have to follow suit and accept the CBDC by October 2027.

Major Russian Companies Obliged to Accept Digital Ruble?

Interfax said a “source familiar with the situation” confirmed that government and Central Bank officials want to amend the nation’s law “on the protection of consumer rights.”

The source also claimed that the first batch of firms would comprise vendors (including data and service providers) with an annual revenue of above $330,000.

This group must begin accepting CBDC pay no later than October 1, 2026. Companies with an annual revenue of $220,000 to $330,000 will have an additional year to adopt.

However, smaller firms may be exempt from the new rules. The media outlet noted that companies with an annual revenue of under $55,000 will not be obliged to accept CBDC payments at all.

Central Bank to Use Familiar Adoption Strategy

The bank and the Kremlin have prior form. They used a “similar approach” to the Mir payments system, which debuted in 2017.

The amendment will also be bundled with provisions for the Faster Payments System (SBP), another Central Bank project.

In the bank’s own words, SBP “allows individuals to instantly transfer funds to each other using mobile phone numbers, pay for purchases, pay utility bills, and make a wide variety of other transfers.”

Larger firms will need to adopt SBP pay by October 1 this year. Medium-sized companies will be given until October 1, 2025.

Interfax reported that it had seen an accompanying note from the Central Bank that read:

“This bill provides for a staged approach. It will provide merchants with the ability to make payments using SBP and digital rubles. And it will let merchants prepare for the implementation of the requirements of the bill.”

The bank further enthused:

“We took a similar approach to introduce the mandatory acceptance of Mir payment cards and this proved effective.”

The amended bill is yet to pass before lawmakers, but the idea that CBDC acceptance “may become mandatory” is a major departure for the Central Bank.

The bank has previously insisted that individuals will be free to choose whether or not they want to use the digital ruble.

Russia’s growing trade with China has helped its economy withstand Western sanctions. Now Moscow is preparing to spend billions to upgrade its vast eastern railroads to speed up the burgeoning cooperation https://t.co/nY5gqTPlIG

— Bloomberg Economics (@economics) March 7, 2024

CBDC Reluctance in Russia?

There are also suggestions that the public is wary of the Central Bank coin. A Moscow-based business operator told Cryptonews.com, on condition of anonymity:

“I don’t really see why the digital ruble is necessary. I’m not opposed to it in principle. It may prove to be a good idea in the long term. But I have no idea how it’d help me or my business at this point.”

However, some analysts have suggested that the bank is already preparing to issue mandatory CBDC pension and benefits payments – despite its insistence to the contrary.

The Central Bank suggested that its current focus is adoption among major Russian companies.

CBDC B2B transfers will be subject to 0.3% commission fees, while transfers between individuals will be commission-free.

The bank reportedly said that its new move “is aimed at promoting competition, improving the quality and availability of payment services, and scaling settlements in digital rubles.”

Apple has suspended its Apply Pay service for Russia's Mir card payment system, closing a loophole that had allowed Russians to keep using the digital payment service.

Apple initially restricted the use of Apple Pay in Russia on March 1https://t.co/x00mZAo75U pic.twitter.com/0YH3yrZgoZ

— The Telegraph (@Telegraph) March 25, 2022

Major Russian Companies Stand to Benefit from Digital Ruble?

The bank has further reportedly claimed that the “adoption of the law will also allow merchants to reduce costs for payment services.”

Per official figures, 1.5 million Russian firms had adopted SBP payment infrastructure by the end of 2023. This figure is a sharp rise from the 560,000 SBP-adopting companies reported in 2022.

A “second group of 17 banks” is poised to join the CBDC pilot, along with “several tens of thousands of firms and individuals,” later this year.

The post Major Russian Companies ‘Will Be Forced to Accept Digital Ruble Payments’ appeared first on Cryptonews.

Announced on Thursday, the fund aims to further India’s decentralized application ecosystem on Core Chain – EVM-compatible blockchain secured on Bitcoin.

“The funds are sourced from a $200 million Core ecosystem fund,” Shivangi Pandey, India Ecosystem Lead at Core DAO, told Cryptonews.com.

“We are seeking to invest in the India web3 ecosystem by supporting blockchain developers, builders & founders through our upcoming accelerator program and Hackathons, scheduled in coming months.”

The program is seeking for innovative Indian developers and builders who are interested in developing BTCf on Core Chain. “The EVM compatibility of Core makes it easy for developers from both Web2 and Web3 to start building on the blockchain,” she added.

Core DAO launched its $5 million Core Africa Ecosystem Fund in February, to provide resources to local Web3 builders.

India’s Web3 Ecosystem Boom

India’s internet and Web3 is primarily driven by its young and tech-savvy population. Blockchain analytics firm Chainalysis’ 2022 cryptocurrency report placed India in No. 1 in the trend of increasing on-chain activity.

Further, India’s global leadership in Web3 adoption is also visible in traffic coming from the country onto popular Web3 websites. Per Similarweb company research, India ranked among first 5 in traffic share of Web3 products – Uniswap, Metamask, Opensea, and Binance.

The growth has become significant enough for the government to take notice. Using G20 as a platform, India has taken the onus of working with other countries to frame an international regime to bring web3 under regulation.

“India’s startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments,” Shivangi added.

Core’s goal is to empower Indian builders, spur dapp growth and merge Bitcoin’s security with Ethereum’s flexibility, she stressed.

“This initiative will open new doors and boost India’s crypto economy, with a focus on scaling Bitcoin and unlocking BTCFi.”

The post This New $5M Fund Aims to Scale Bitcoin-Aligned Projects in India – Here’s the Latest appeared first on Cryptonews.

Unnamed financial sector officials said on March 10 that K Bank’s board of directors has signed off on the move.

The goal bank now reportedly has the “goal of listing on the South Korean KOSPI stock market within the year.”

K Bank – A South Korean Crypto Success Story?

Per the news outlet Viva100, the firm is banking on “expected benefits” from a “recent increase in interest in Bitcoin” among crypto-keen South Korean retail investors.

K Bank provides “real-name” banking services (fiat on/off ramps) to Upbit, the nation’s biggest crypto exchange.

During the coronavirus pandemic, this partnership proved a huge success, as K Bank was the only platform that allowed new users to register for accounts online.

Crypto accounts have proved popular ever since, with Upbit-linked accounts still making up a large part of the bank’s revenues.

K Bank has seen a rapid rise in customer registrations during previous BTC bull markets. The bank appears confident of a further increase as Bitcoin continues to break all-time price records.

The media outlet noted that a new CEO, the digital finance expert Choi Woo-hyung, has recently taken over at K Bank, fostering a “positive internal and external environment for IPO preparation.”

More South Korean Crypto Firms to Launch IPOs?

The media outlet claimed the neobank reached out to “major securities companies” earlier this year.

In February the bank reportedly “selected NH Investment & Securities, KB Securities, and the Bank of America (BofA) as preferred negotiation partners.”

The outlet also claimed that the bank has begun an “internal recruitment process” as it forms a dedicated “IPO team.”

A previous bid to take the bank public in South Korea ended in disappointment. K Bank passed a preliminary KOSPI listing screening test while pursuing an IPO bid in 2022.

However, the bank was derailed by a 2022 stock market slump. The sluggish market forced it to effectively shelve its plans in February 2023.

South Korean stocks are undervalued compared to many of their peers. Now the government is trying to fix the "Korea Discount" by making company boards more accountable to shareholders https://t.co/HQphLNY7lh

— Bloomberg Markets (@markets) March 6, 2024

But K Bank surpassed the 10 million customers mark at the end of February 2024, as the BTC price began to rise. The media outlet wrote:

“The average number daily of new customers this year increased more than three times as fast as last year. The recent upward trend in Bitcoin is also acting as a positive factor for the K Bank [IPO bid].”

In 2021, during the last BTC bull market, K Bank posted revenues of $22.2 million in commission income from Upbit-linked accounts.

The Bank of Korea’s policy board is about to lose all of its early inflation fighters, adding uncertainties to forthcoming efforts to tamp down price pressure, a former policy director said https://t.co/cWrDp7ngMg

— Bloomberg Markets (@markets) March 5, 2024

Late last year, Upbit’s closest rival Bithumb unveiled plans to launch its own IPO bid. With retail investors returning to the market in force, the trading platform and its bid will likely be buoyed as BTC prices continue to climb.

At the hight of the 2021 BTC bull market boom, South Korean market analysts claimed that the Upbit operator Dunamu was planning to follow Coonbase onto the New York Stock Exchange.

The post South Korea’s Crypto-keen K Bank Aims for IPO Amid BTC Boom appeared first on Cryptonews.

According to a recent report by the FBI, investment losses related to cryptocurrencies rose from $2.57 billion in 2022 to approximately $3.94 billion in 2023, representing a staggering 53% increase.

These losses accounted for the largest portion of investment fraud within the country, making up around 86% of the total investment fraud losses, which amounted to $4.57 billion for the year. 

The FBI highlighted the alarming trend of victims falling prey to crypto scams, enticed by the promise of substantial returns on their investments.

“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” emphasized the FBI.

Romance Scams Continue to Take Victims

One of the most prevalent types of crypto scams victimizing individuals is romance scams. 

In this scheme, criminals adopt fake online identities and establish trust with victims before convincing them to send cryptocurrencies, only to vanish thereafter. 

Chainalysis, a blockchain analysis firm, reported that romance scams alone were responsible for at least $374 million in suspected stolen crypto in 2023.

Phishing scams also posed a significant threat to crypto users, with over 324,000 individuals falling victim to such scams in 2023, resulting in the loss of approximately $295 million in digital assets. 

These scams typically involve deceiving users into revealing their wallet credentials, allowing scammers to drain their funds.

It’s important to note that the rise in crypto scam victims is not limited to the United States alone. 

Countries around the world are grappling with similar issues. 

In April 2023, the Australian Competition and Consumer Commission revealed that Australians had lost 221.3 million Australian dollars ($146.9 million) to investment scams involving crypto as the payment method in 2022, reflecting a staggering 162.4% increase compared to 2021.

The surge in crypto investment fraud highlights the need for greater awareness and caution among investors and crypto enthusiasts. 

Exploits Remain Rampant in Web3

Last month, the token for the layer-1 blockchain Shido plunged 85% after the project’s Ethereum-based staking contract fell victim to an exploit.

The exploit targeting Shido came just one day after Serenity Shield project, a multi-chain data storage startup, fell victim to a theft that compromised its MetaMask wallet.

The hack, which took place on one of Serenity’s wallets on BSC, allowed perpetrators stole around 6.9 million native SERSH tokens worth $5.6 million at the time of hack.

The exploit took a toll on the price of the native token, dragging SERSH from $0.565 to $0.009, a nearly 99% plunge.

As reported, bad actors have stolen $38.9 million from various Web3 projects in the first month of 2024.

One of the first major crypto hacks of the year occurred when Radiant Capital experienced a $4.5 million loss due to an empty market exploit.

Gamma Strategies, another affected platform, fell victim to a flash loan attack on January 4, shortly after the Radiant Capital incident.

The attack exploited a code bug, enabling the hackers to siphon $6.1 million from Gamma’s public-facing vaults.

The post FBI: Crypto Investment Fraud Surged 53% in 2023, Topping $3.94 Billion appeared first on Cryptonews.

The surge in capital locked on-chain is primarily attributed to the renewed enthusiasm surrounding Bitcoin and the recent launch of spot Bitcoin (BTC) exchange-traded funds (ETFs) in January.

According to DefiLlama, a prominent data provider for DeFi statistics, the global TVL in DeFi protocols reached $100.1 billion, accompanied by a trading volume of over $10 billion in the past 24 hours at the time of writing. 

Although these figures fall short of the previous record of $189 billion set in November 2021, they mark a significant achievement for the DeFi ecosystem.

Staking Platforms Lead Charts in Terms of TVL

Leading the charts in terms of locked value is the liquid staking protocol Lido, with an impressive $38.7 billion locked on-chain. 

Following closely behind are the staking ecosystem EigenLayer and the Aave protocol, with over $11 billion locked in each, respectively.

The surge in DeFi TVL beyond the $100 billion mark is a momentous occasion, as it represents the first time in nearly two years that the sector has reached such heights. 

This growth can be attributed to the positive sentiment that has returned to the crypto markets since the launch of spot Bitcoin ETFs.

The institutional demand for Bitcoin ETFs has been instrumental in driving the price of the cryptocurrency to new all-time highs, surpassing $70,000 on March 8.

A recent research from BitMEX reveals that assets in Bitcoin ETFs reached a staggering $28 billion on that day. 

Notably, this analysis excludes assets from Grayscale’s Bitcoin Trust, which underwent a conversion from an over-the-counter (OTC) product to an ETF in January.

[1/4] Bitcoin ETF Flow – 08 March 2024

All data in. $223m positive net flow for thew day

The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC's assets for the first time pic.twitter.com/5BlBTu4WLn

— BitMEX Research (@BitMEXResearch) March 9, 2024

OTC Trading Platforms Face Shortage of Bitcoin

Rumors have circulated on social media platforms about OTC trading platforms facing a shortage of Bitcoin and resorting to public exchanges to fulfill client orders. 

OTC desks typically cater to large-volume traders, including institutional investors. 

Consequently, several centralized crypto exchanges, such as Binance, Coinbase, Kraken, and Bybit, experienced outages due to the surge in trading volume when Bitcoin surpassed $60,000. 

To manage the increased demand, Crypto.com CEO Kris Marszalek revealed that the exchange had hired 480 additional customer representatives.

The soaring price of Bitcoin has also triggered a surge in memecoin prices. 

Memecoins like Korra (KORRA) saw a staggering 577% rise in the last seven days, followed by Ribbit (RIBBIT) with a 235% surge and PUG AI (PUGAI) with a 232% jump. 

Notably, popular tokens such as Shiba Inu and Pepe recorded gains of 168% and 165%, respectively. As a result, the market capitalization of memecoins currently stands at $61 billion.

Furthermore, the memecoin trend has propelled Dogecoin and SHIB into the top 1 tokens by market capitalization, with $26 billion and $20 billion, respectively.

The post Bitcoin Surge Propels DeFi TVL Past $100 Billion Milestone appeared first on Cryptonews.

On Sunday, Shiba Inu takes a minor 1% dip in its price to $0.000035 with Shiba Inu’s substantial $20.67 billion market capitalization that not only underscores its significant market presence but also cements its status within the top ten cryptocurrencies.

Shiba Inu price prediction takes a closer look at the recent $2.27 billion trading influx and assesses the potential impacts on SHIB’s market position.

As the market anticipates possible whale movements, the question remains: are big investors accumulating SHIB in anticipation of its price reaching $1?

Shiba Inu Token Burn Skyrockets, Reflecting Major Community and Developer Efforts

The Shiba Inu community witnessed a significant token burn, marking a 23,000% increase in the burn rate.

Developers initiated this with two large transactions, destroying 9.6 billion SHIB tokens valued at around $332,000, followed by an additional burn of 3.8 million SHIB tokens worth $131,384.

Not stopping there, they also eliminated 28 LEASH tokens and 19,551 BONE tokens, showing a broad commitment to reducing supply across their ecosystem.

Lucie praised the Shibarium developers and users for their crucial role in this process and the network’s growing adoption, even though SHIB’s praice has seen a 23% decrease from its peak on March 5.

Shiba Inu Price Prediction

The technical outlook for Shiba Inu suggests a period of consolidation within a symmetrical triangle pattern, identified on the chart. This pattern is characterized by a narrowing price range, indicative of a balance between supply and demand, and thus, a standoff between bulls and bears.

The pivot point, a crucial level for traders, is currently set at $0.0000336. A decisive movement beyond this pivot could set the tone for the coin’s next major move.

#ShibaInu trading update: Pivot at $0.0000336 with eyes on breaking resistance at $0.0000372, $0.0000405, & $0.0000456. Support holds strong at $0.0000308. Watching for a breakout or breakdown! #SHIB #CryptoTrading #TechnicalAnalysis pic.twitter.com/lHVOR6sMKJ

— Arslan Ali (@forex_arslan) March 10, 2024

Key Resistance and Support Levels:

• Immediate resistance is found at $0.0000372, with subsequent levels at $0.0000405 and $0.0000456.
• Support levels are established at $0.0000308, $0.0000274, and $0.0000251.

Technical Indicators:

• The Relative Strength Index (RSI) stands at 55, indicating neither overbought nor oversold conditions, but rather a market in equilibrium.
• The 50-Day Exponential Moving Average (EMA) is at $0.0000300, providing a baseline for the current bullish sentiment.

The symmetrical triangle pattern, observed at the $0.0000336 to $0.0000372 range, suggests a state of indecision among investors. This pattern typically culminates in a breakout, dictating the subsequent direction of the asset’s price movement.

Scotty AI’s Presale: Revolutionizing Crypto Security

In the dynamic world of digital currencies, Scotty AI emerges as a formidable newcomer, clad in its sleek black coat, ready to rival meme coin legends like Floki and Shiba Inu.

More than a competition for dominance, Scotty embodies a vision of safeguarding and nurturing a unified digital ecosystem for everyone.

The $Scotty token presale has already garnered significant attention, securing $1,633,307.72 towards its $1,647,159 target.

Priced at $0.00655, the sale outlines a strategic token distribution: 30% for public sales and the remainder for staking, development, listings, and promotional activities.

With its initial phase already engaging the community and kickstarting the presale, Scotty AI is poised to redefine digital guardianship. Engage with the ongoing developments and become part of the Scotty community on Telegram and X (formerly Twitter).

Buy SCOTTY Here

The post Shiba Inu Price Prediction as $2.6 Billion Trading Volume Comes In – Are Whales Buying SHIB Before $1? appeared first on Cryptonews.

As Bitcoin hovers around $69,400, up nearly 1.50% on Sunday, its journey beckons keen market watchers for a Bitcoin price prediction. This recent surge, hinting at potential market shifts, sets the stage for an examination of Bitcoin’s trajectory amidst the broader financial landscape.

DeFi’s Total Value Locked Surpasses $100 Billion Amid Bitcoin Rally

March 9 marked a significant milestone for decentralized finance (DeFi) with its total value locked (TVL) reaching $100.1 billion, fueled by a wave of positive sentiment following Bitcoin’s rise.

Lido leads with $38.7 billion in TVL, while the market’s confidence was further lifted by the introduction of Bitcoin ETFs, attracting $28 billion.

Rumors of Bitcoin scarcity on OTC platforms caused trading disruptions on exchanges like Binance and Coinbase due to a surge in volume.

Memecoins such as Korra, Ribbit, and PUG AI also experienced price hikes alongside Bitcoin. Pepe and Shiba Inu stand out in the memecoin market, achieving a collective valuation of $61 billion.

This breakthrough in DeFi’s TVL, combined with Bitcoin’s performance, may bolster investor trust in cryptocurrencies and potentially elevate Bitcoin’s value.

Bill Ackman’s Skeptical Take on Bitcoin’s Economic Impact Simplified

Billionaire hedge fund manager Bill Ackman recently sparked conversations within the Bitcoin community with his humorous take on the potential economic consequences of rising Bitcoin prices.

Ackman’s playful scenario suggested that an increase in Bitcoin values could lead to more mining activity, consequently elevating energy costs, inflation, and further demand for the cryptocurrency, ultimately joking about Bitcoin “going to infinity” and potentially destabilizing the economy.

• Ackman humorously suggested that rising Bitcoin prices could disrupt the economy.
• MicroStrategy’s Michael Saylor responded, highlighting miners’ role in reducing electricity costs.

Despite his jest, Ackman, CEO of Pershing Square Capital Management and a casual cryptocurrency experimenter, remains largely detached from the market.

A scenario:

Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues.

Bitcoin… https://t.co/a5LzX69R7q

— Bill Ackman (@BillAckman) March 9, 2024

His comments, while not likely to sway Bitcoin prices directly, contribute to ongoing debates regarding the digital currency’s broader economic and energy implications, potentially influencing investor sentiment.

Microstrategy’s Bitcoin Portfolio Value Skyrockets by 116%

Microstrategy, a leading business intelligence firm, has seen its Bitcoin investment value soar by 116%, reaching an impressive $13.2 billion.

The firm’s strategic acquisition of 193,000 Bitcoins at an average price of $51,813 each has cemented its position as the top publicly traded company by Bitcoin assets, trailing only two U.S.-based spot Bitcoin ETFs.

This surge comes as Bitcoin’s market value hits nearly $69,015, driving a 9.66% increase in Microstrategy’s shares on Friday and an 18.8% rise over the last five days.

• Microstrategy’s Bitcoin assets now top $13.2 billion.
• Shares up by 9.66% on Friday, reflecting a positive market response.

Microstrategy’s bold move reflects a growing trend among public companies integrating digital assets into their financial strategies, underscoring a broader acceptance of cryptocurrencies within conventional financial systems.

This shift is likely to boost institutional demand and interest in Bitcoin, further integrating it into the mainstream financial landscape.

Bitcoin Price Prediction

Bitcoin (BTC/USD) showcases a robust uptrend, escalating by nearly 1.50% to a trading price of $69,400. Marking a significant pivot at $68,443, Bitcoin navigates through key resistances at $71,992, $75,598, and $79,296, hinting at potential milestones in its upward trajectory.

Support levels at $64,861, $62,872, and $59,380 provide a safety net against downturns. The Relative Strength Index (RSI) standing at 66, coupled with a bullish engulfing candle on the 4-hour chart, underscores a compelling buying trend.

Should Bitcoin sustain above $68,500, a bullish narrative prevails; conversely, dipping below this benchmark could trigger a sell-off.

Eco-Friendly Bitcoin: Revolutionizing Cryptocurrency with Gamified Eco-Staking

Green Bitcoin  is leading a revolutionary shift in the cryptocurrency sphere by blending the urgency of environmental conservation with the innovative landscape of digital currency. Through its novel approach of Gamified Eco-Staking, this initiative not only entices participants with appealing rewards but also champions the cause of ecological preservation with each stake, backed by a distinct dual token reward mechanism.

Breakdown of Token Distribution:

• Initial Offering (40%): Launches the currency with significant momentum, setting the stage for sustained growth.
• Staking Incentives (27.50%): Allocates a major share to appreciate the enduring engagement of community members, vital for the ecosystem’s thriving.
• Promotional Activities (17.50%): Directs resources towards essential promotional strategies to build and broaden the currency’s worldwide recognition.
• Trading Fluidity (10%): Guarantees smooth trading experiences, bolstering the token’s availability across exchanges.
• Community Engagement Rewards (5%): Acknowledges and motivates the core community’s involvement, enhancing participation and dedication.

The ‘Eco Pathway’ charts a definitive course for Eco-Friendly Bitcoin, initiating with a value-centric initial offering and progressing through deliberate actions to energize the community and cement the token’s standing in the marketplace.

• Imminent Price Surge: Only 4 Days Away
• Current Funding: $2,321,140 of $2,247,631
• Current Exchange Rate: 1 $EFCB = $0.6882

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