Wednesday, March 20, 2024
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Hodl your tokens tightly! Seems like we're in for a bumpy ride, but you might not want to leave just yet! In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | | Your feedback will help us shape our branding and elevate your user experience! As a token of our appreciation, you'll score 300 candies upon completing the survey. | | | Most Popular Blockchain Ecosystems | | The Solana ecosystem has captured 49.3% of investor interest in chain-specific crypto narratives this year, followed by Ethereum (12.7%) and BNB Smart Chain (5.4%).
Among layer 2s, the Arbitrum and Base ecosystems have emerged as the most popular so far this year. | | | Is the party over? 🎉 No, you're not colorblind. After hitting an all-time high of $73.8K just last week, Bitcoin has entered a period of sharp correction, plunging by 7.4% from $67.7K to $62.7K today as net ETF inflows begin to taper off.
The price of Ether took a slightly larger hit, plunging by 8% from $3,520 to $3,227 today. Since the start of the week, close to $1.1B have been redeemed from Grayscale, with a record-breaking $643M worth of outflows recorded from GBTC, according to data from Farside. While Blackrock managed to offset most of Monday's outflows with close to $452M in inflows, the combined spot Bitcoin ETFs still lost over $154M. With Tuesday's flow data coming in today, GBTC saw another day of heavy redemptions totaling $444M. However, this time around, with close to 0 inflows into other spot Bitcoin ETFs, Blackrock, and Fidelity could do little to hold back the tides as both IBIT and FBTC saw just 75M and $40M in inflows, respectively.
Editor's Take:
Corrections such as this happen often and are necessary to some extent to flush out excessive leverage to create a more sustainable market environment for healthy upward movements. Additionally, with the FOMC interest-rate decision coming up later tonight, buyers may have been tempted to take some of their chips off the table, lest losing more in the potential carnage that might ensue if a surprise rate hike is announced. | | | Watch this video to learn how the Ethereum Dencun upgrade can help further scale the network and its Layer 2s, and find out what's next in Ethereum's roadmap! | | | What's Larry eyeing next? 👀 Speaking about Blackrock, it seems as if the world's largest asset manager is also making its foray into Ethereum with a new tokenized fund.
According to a recent filing with the SEC, Blackrock plans to launch its new USD Institutional Digital Liquidity Fund in partnership with Securitize. According to the filing, investors will also need to deposit a minimum of $100,000.
While no launch date has been mentioned as of yet, crypto sleuths did manage to find a token bearing the same name as the fund, which was launched on Ethereum just two weeks ago.
According to Etherscan, there is a maximum supply of 100 tokens, which are all currently held by a single address for now.
However, the price of Ether has hardly reacted to the news, but Blackrock's latest move should be encouraging for other Ethereum-based assets. | | | We've partnered with Aleph Zero on a Learn & Earn campaign! Simply watch, learn, and ace the quiz to win a share of 5000 $AZERO.
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Join now | | | Level Up Your Crypto Trading with Machine Learning Techniques 🤖📈 In today's Python guide, learn about the Hierarchical Risk Parity strategy, and how to develop, test, and implement it with crypto data from CoinGecko API. Code snippets included! | | | In Other News... Crypto-native game launcher. Square Enix, the publisher behind franchises such as Final Fantasy and Kingdom Hearts, announced that it has invested in Hyperplay, a crypto-native game launcher.
$21M settlement. Bankrupt crypto lender Genesis agrees to pay $21M to settle charges with the SEC.
Branching out. Saga, an L1 focused on gaming, launches a game publishing arm amid an airdrop campaign.
Introducing The Inevitable Games Fund, a $100M gaming fund. The fund is led by King River Capital with Immutable and assistance from Polygon Labs.
Connecting on-chain and off-chain. Centrifuge launches an on-chain fund management platform for the efficient operation of investments.
Stablecoin adequacy. S&P Global Ratings deems Mountain Protocol's yield bearing stablecoin, USDM's ability to maintain its peg as "adequate" in its 9th Stablecoin Stability Assessment.
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