🪙 Uniswap hits a historic $2 trillion in trading volume
The world's most popular decentralized exchange by trading volume announced it has passed a whopping $2 trillion in total trading volume. Uniswap Labs announced that the cumulative trading volume transacted using its protocol had hit the historic mark. Since its founding in 2018, Uniswap has been one of the most used DeFi applications on the Ethereum blockchain and the leading decentralized exchange, or DEX, by trading volume.
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🥇 Bitcoin Investment Products Ended March With Inflows of $865M Amid Renewed Interest
Digital asset investment products experienced a positive shift in sentiment during the last week of March, with inflows reaching $862 million, nearly recovering from the previous week’s record outflows of $931 million. Despite this encouraging rebound, CoinShares revealed that ETF activity appears to be slowing down. In fact, the latest data shows that the daily trading turnover now stands at $5.4 billion, representing a 36% decline from its peak three weeks ago.
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🪙 Vitalik Buterin Says Layer 3s Won’t Magically Increase Throughput
Ethereum co-founder Vitalik Buterin has re-upped his post from 1.5 years ago on “Layer 3s”, saying that L3s won’t magically increase throughput. Still, they can reduce certain fixed costs associated with batch publishing and deposits or withdrawals. In one of them, Layer 2 is responsible for scaling, while Layer 3 focuses on customizing functionality. While this doesn’t directly enhance scalability, it allows applications to scale through L2s while dissecting layers to meet specific operational requirements for diverse use cases.
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🚨 Crypto thefts fall 48% month over month to $79 million in March 📉
Crypto hacks saw a consecutive monthly decline, with malicious players stealing roughly $79 million from decentralized finance projects in March. A breakdown of the incidents showed that targeted exploits on protocols resulted in the highest losses, totaling $52.1 million. This was followed by flash loan attacks and phishing incidents, which resulted in cumulative losses of approximately $43 million.
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💰 Bitcoin Futures Open Interest Hits Record $37.55 Billion With CME Leading the Pack
On Friday, March 29, 2024, the combined open interest in bitcoin futures reached a new all-time peak of $37.55 billion. This uptick occurs amid buoyant bitcoin markets and a growing attraction from institutional investors. Since the close of 2023, interest in bitcoin (BTC) derivatives has escalated, reaching new peaks. As of 1:25 p.m. Eastern Time on Friday, data from coinglass.com reveals that BTC futures boast an open interest (OI) of $37.55 billion, equivalent to approximately 539,430 BTC.
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💰 Ripple needs to pay $1.95 billion in fines, SEC says in proposed final judgment
The Securities and Exchange Commission wants Ripple Labs to pay close to $2 billion and asks a New York court to weigh the "severity" of the firm's misconduct. In a proposed final judgment filed on Monday, the SEC asked Judge Analisa Torres to approve the fine, which includes $876 million in disgorgement, $198 million in prejudgment interest and a civil penalty of $876 million.
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🟠 Binance ends Tron USDC support as it faces blockade in the Philippines
Crypto exchange Binance said it would end support for Tron network-based USD Coin (USDC) stablecoins by April 5, according to a March 25 statement, following recent news Circle is pulling out of the Tron blockchain entirely. Consequently, Binance users have less than two weeks to withdraw their assets or convert them to USDC on alternative networks. Notably, transactions involving USDC via other supported networks like Ethereum remain unaffected.
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💰 9 New Bitcoin ETFs Accumulate $1.3B in BTC in 6 Days as Funds Near the 500,000 Milestone
In the span of just six days, the nine freshly launched spot bitcoin exchange-traded funds (ETFs) have gathered 20,859.57 bitcoins, valued at over $1.3 billion. Holding 474,363.55 bitcoins worth $30.6 billion, these new ETFs are short of 25,636.45 coins to hit the 500,000 milestone.
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💰 BlackRock sees Bitcoin as integral part of financial system – little interest in other crypto
BlackRock believes that Bitcoin (BTC) will become an integral part of the financial system over the coming decade as it increasingly melds with the best parts of the traditional financial system. The asset manager’s Head of Digital Assets, Robert Mitchnick, made the statement during Reflexivity Research’s Bitcoin Investor Day on March 22. FOX Business reporter Eleanor Terrett reported his comments via X.
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💰 Greenpeace's Anti-Bitcoin "Mining for Power" Report Receives Fierce Backlash on X
“Mining for Power,” an anti-Bitcoin report by Greenpeace USA that explains the links between the bitcoin mining industry and fossil fuel companies, has faced a backlash in social media due to its inaccurate portraits of the mining activity. Using community notes, social network users detailed the report contained “many factual errors,” including outdated information.
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🇲🇪 Montenegro court rejects Do Kwon’s appeal, clears way for extradition to South Korea
The Appellate Court of Montenegro has declined Do Kwon’s appeal to halt his extradition to South Korea, according to a March 20 notice. In its ruling, the Court affirmed the High Court’s decision to deport Kwon, the co-founder of now-defunct Terraform Labs, to face criminal charges in South Korea. These charges are linked to his alleged role in the collapse of Terra’s algorithmic UST stablecoin, which resulted in significant losses exceeding $40 billion for investors globally.
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💰 GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 Days
According to the latest statistics, Grayscale’s Bitcoin Trust (GBTC) experienced its most significant outflow on March 18, 2024, totaling $643 million. Onchain experts have closely observed GBTC’s activities as a considerable number of bitcoin have been moved out of the trust’s reserves.
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💰 Predicting Bitcoin's Bull Run Values: Plan B's S2F Model and Ledn CIO's $92,000 Target
As bitcoin hovers around the $67,000 mark on March 18, 2024, there’s still widespread speculation about the potential for its price to climb even higher. The analyst Plan B continues to shed light on his well-known stock-to-flow (S2F) model, which suggests that “exponential growth” is expected to “continue.”
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💰 Bitcoin Adds 4.5% as Stocks Reverse Lower on Hawkish Fed Commentary
It was a day of positive divergence for crypto bulls as stocks tumbled late in the U.S. trading session while bitcoin (BTC) managed to erase most of the week's losses. In late afternoon action, the S&P 500 and Nasdaq were each lower by nearly 1% – not a huge loss, but about a 2% reversal off of earlier session highs. Behind the moves lower were hawkish comments from Minneapolis Fed President Neel Kashkari.
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🥇 Spot Bitcoin ETF flows turn positive this week as Grayscale’s GBTC outflows slow
This week’s flows into the combined U.S. spot Bitcoin exchange-traded funds turned positive on Wednesday, eclipsing the net outflows witnessed on Monday. Wednesday’s $113.5 million worth of net inflows, following the $40.3 million added on Tuesday, were enough to surpass the $87.5 million in net outflows registered on Monday, according to CoinGlass data. Fidelity’s FBTC spot Bitcoin ETF led yesterday’s inflows, adding $116.7 million, with BlackRock’s usually dominant IBIT fund second, bringing in $42 million.
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📊 Crypto exchange monthly spot volume doubled in March, reaching nearly $2.5 trillion for first time since 2021
Cumulative monthly spot volume on centralized crypto exchanges more than doubled in March to reach nearly $2.5 trillion. Monthly spot volume had been gradually increasing since bottoming out at around $324 billion in September 2023, tracking at just over $1 trillion in December and January and reaching $1.2 trillion in February. However, it remains 40% lower than the all-time high monthly spot volume of $4.2 trillion recorded in May 2021.
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💰 Bitcoin Dips Below $66,000 Ahead of Fourth Halving, Loses Over 5% in 24 Hours 📉
The price of bitcoin experienced a decline on Monday, near 10:00 p.m. Eastern Time (ET), tumbling to a position slightly over the $66,000 mark. By 6:30 a.m. the following day, it had edged down further to reach its intraday low of $65,480 per unit. In the wake of this downturn, the crypto derivatives markets saw the liquidation of bitcoin long positions amounting to $135.3 million wiped out.
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🪙 FTX bankruptcy estate aiming to begin repaying creditors by the end of 2024
The FTX bankruptcy estate has set a goal to begin repaying customers by the end of 2024, according to notes from a meeting of FTX Digital's Joint Official Liquidators in the Bahamas. To that end, both the Chapter 11 Debtors and the Joint Official Liquidators "have a shared goal to make the first interim distribution by the end of 2024 to creditors with admitted claims and satisfactory KYC documentation," the notes, from the meeting on Mar. 15, read.
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📣 Google now allows wallet address searches for Bitcoin, Fantom, Arbitrum and others
Google now allows users to search balances of wallets on Bitcoin, Arbitrum, Avalanche, Optimism, Polygon and Fantom blockchain. The search results when typing in wallet addresses display the remaining token balance in the wallet per network and the time the balance was last updated. “Balances show only the native token for each network. Last updated timestamp shows balance as of last external transaction. Updates are not instantaneous,” Google noted in its search results.
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💰 Bitcoin options open interest for March expiry on Deribit hits record levels
Over $9.5 billion worth of bitcoin options open interest is set to expire this week on the Deribit cryptocurrency derivatives exchange. This makes Friday's end-of-month expiry one of the largest the leading crypto derivatives exchange has ever seen. "This Friday marks one of the biggest expiries in Deribit's history as $9.5 billion bitcoin options open interest out of $26.3 billion will expire, or 40%," Deribit analysts said in a note sent to The Block.
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🇵🇭 Phillipines regulators take steps to block 🟠 Binance
Regulators in the Philippines are taking steps toward blocking local traders’ access to Binance. The Philippines Securities and Exchange Commission (SEC) said Monday in a statement that it has worked on obstructing access to the world’s largest crypto exchange by daily trading volumes because the platform does not have the required regulatory license to operate within its jurisdiction. The agency two weeks ago asked the National Telecommunications Commission (NTC) to help block Binance-linked web pages.
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🚨 Heco Bridge Hacker Moves $137 Million in Stolen ETH to Tornado Cash
In a recent development observed by onchain alerts, the entity responsible for exploiting the Heco bridge and siphoning off millions in ethereum late in November 2023 from the conduit bridge connecting Ethereum and the Heco blockchain, transferred 40,391.8 ether to the mixing platform Tornado Cash.
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🇦🇷 Argentinians Turn to 💰 Bitcoin Amid Increasing Inflation Rates: Report
Argentina’s 276% inflation drives Bitcoin buying frenzy: 34,700 BTC purchased in March’s first week, the highest in 20 months. In the face of relentless inflation and economic instability, Argentinians are increasingly turning to Bitcoin as a refuge, with recent data indicating a surge in purchases of the cryptocurrency. This trend comes as Bitcoin has experienced a remarkable rally in recent months, hitting record highs and outpacing traditional hedges against inflation, such as the U.S. dollar.
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💰 Ripple leaders forecast SEC defeat in Ethereum security saga
Ripple CEO Brad Garlinghouse said the US Securities and Exchange Commission (SEC) would lose its war against Ethereum. In a March 22 post on social media platform X (formerly Twitter), Garlinghouse pointed out that the financial regulator lost its securities classification battle against his company’s XRP token and is on course to suffer a similar fate if it attempts to classify ETH as security. Ripple’s Chief legal officer Stuart Alderoty, sharing similar views with Garlinghouse, added that the US Congress should stop funding this “insanity.”
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⬜️ Crypto Exchange OKX to End Services in 🇮🇳 India
Crypto exchange OKX notified clients in India that they have until the end of April to wind up their positions because it is ending its service in the world's most populous country as a result of local regulations. The notice – seen by CoinDesk – told the customers they need to close all margin positions, as well as positions in perpetuals, futures and options and withdraw all funds by April 30.
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💰 With 1 Month to Go, Bitcoin Halving Poised to Shift Mining Dynamics
Per the most recent data, we are a month away, or precisely 30 days, from the fourth Bitcoin halving event. This significant milestone will cut the mining rewards from 6.25 bitcoins per block to 3.125 bitcoins per block after the halving. The summary below outlines the essentials to grasp the changes occurring during the halving, including the reduction of the inflation rate from an annual 1.69% to 0.84% subsequent to the event.
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🟠 Binance co-founder Changpeng Zhao to launch Giggle Academy amid legal woes
Changpeng Zhao, the embattled co-founder of Binance, wants to launch a non-profit educational platform called Giggle Academy. According to the project’s concept paper, Giggle Academy aims to address educational disparity by focusing on underprivileged populations without access to formal schooling. The initiative aims to offer free basic education to all through an engaging and personalized experience. The platform will be accessible online and generate no revenue.
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💰 Spot bitcoin ETFs reach record highs for weekly inflows and trading volume
Weekly net inflows and trading volume for U.S. spot bitcoin exchange-traded funds hit record levels last week as bitcoin reached fresh all-time highs before retreating sharply. Net inflows for the ten spot bitcoin ETFs combined reached $2.57 billion last week — up 15 % from the $2.24 billion worth of inflows generated the week prior — according to data from BitMEX Research and Farside Investors.
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