Crypto Markets Decline as Regulatory Progress and Acquisitions Surge
Last week saw declines in both crypto and traditional markets, with Bitcoin dropping below $80K and ETH falling to $1,821 on March 10. Concerns about a recession affected market sentiment.
Despite the downturn, several positive developments in the digital asset space occurred:
- BlackRock's BUIDL fund surpassed $1 billion.
- Tokenized treasuries reached a market cap of $4.2 billion.
- MoonPay acquired a stablecoin infrastructure platform.
- Ripple received a payments license in the UAE.
- OKX obtained a license to operate in Europe.
- Coinbase announced plans for 24/7 futures trading in the U.S.
Regulatory updates included:
- The U.S. House voted to overturn the IRS’s "broker rule," benefiting DeFi operators.
- A Senate committee advanced the GENIUS stablecoin bill for potential approval.
The Trump family remained prominent in crypto news:
- World Liberty Financial completed a $590 million token sale, aided by Justin Sun.
- A Trump representative explored buying a stake in Binance.US.
Coinbase plans to re-enter India after securing regulatory registration, sparking discussions about the future of crypto there.
Reports highlighted concerns over market leverage, with Hyperliquid losing $4 million from a significant ETH trade. Additionally, analysts noted bullish signals for Bitcoin ahead of the U.S. CPI report.
Bitdeer, a Singapore-based miner, aims to innovate in the ASIC manufacturing market.
Next week's market trends remain uncertain, with continued coverage expected on relevant developments.