🦎🚀 Coincidence, or conspiracy for ETH? 🔷

Thursday, March 21, 2024

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We resume our journey, Geckos!

That was quite the rebound, but did you manage to catch the dip?

In today's news:

The future of doge 🐶
Is ETH getting served? 🙅

Read on!

24h Hot Searches Worldwide 🔥

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Solcasino Token (+13.8%)

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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.

The future of doge 🐶

Guess which furry friend is joining the Coinbase Derivatives family?

Users of Coinbase's futures platform will soon be able to trade Dogecoin, along with Litecoin and Bitcoin Cash, starting on April 1st.

Earlier in March, Coinbase had sent three separate letters to the Commodities Futures Trading Commission (CTFC), announcing their intention to launch futures contracts for these assets.

Under CFTC regulations, Coinbase is allowed to introduce these products without awaiting direct approval.

However, since these assets are all derived from Bitcoin, which has been accepted as a commodity, it's an interesting question to ask regarding the transitive property of Bitcoin-derived networks on futures products.

According to ETF research analyst James Seyffart, their origin from Bitcoin would make these offerings difficult to be classified as 'securities futures'.

Dogecoin is currently up by 17.3% today from $0.129 to $0.152, while the price of Bitcoin Cash and Litecoin have risen by 18% and 10.8%, respectively.

Editor's Take:
It will be interesting to see if the SEC will raise any objections to the introduction of these futures contracts by Coinbase. Should this be allowed, then this will set a precedent for many other tokens that trace their lineage back to Bitcoin, allowing them to be considered for spot and futures listings.

Will everything that can be tokenized be tokenized? Learn about synthetic assets and how they play an important role in today's video.

Watch now!

Is ETH getting served? 🙅

The SEC might just be going after the Ethereum Foundation next.

According to their GitHub repository, the warrant canary had been removed in a recent commit, citing that they had received 'a voluntary enquiry from a state authority' that required confidentiality.

As word began to spread about this recent change, Forbes also reported that the SEC is planning to classify ETH as a security.

While the Github commit itself had already been pushed three weeks earlier, the unfortunate barrage of headlines has also dampened the community's hopes of a spot ETH ETF approvals in the US in May.

Soon after the news made the rounds, ETH plunged to as low as $3,190 but has since rebounded back to $3,570 off the Fed's decision to maintain current interest rates while anticipating three rate cuts for the remainder of the year.

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How does Solana DeFi compare against Ethereum DeFi? Find out in this article by Reflexivity Research.

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In Other News...

You can now buy NFTs directly in-game. Avalanche first-person shooter Shrapnel adds in-game marketplace on Epic Games Store as $80K event begins.
Second-biggest CryptoPunks NFT sale of all time. CryptoPunks NFT #7804 sells for $16M on Ethereum.
Daily volume on Base surges by 51% to $356M. Its total value locked also reached a new all-time high of $745M.
HKD-pegged stablecoin. Conflux aims for Q2 launch of HKD-pegged stablecoin with AnchorX.
Coachella disappointment. Only about 3% of Coachella NFTs that double as VIP passes have been minted after more than two weeks since its launch.
The Ton Foundation has launched a $115M Toncoin community rewards initiative, named The Open League. Following a successful pilot program, 30 million Toncoin will be distributed to competing projects and TON ecosystem users starting April 1.

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