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Crypto Daily Roundup, 05 March: Is Bull Run Ready to Crumble

05-Mar-2024 By: Lokesh Gupta
Crypto Daily Roundup

Crypto currency prices have shot up in the last 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)
eCash$0.0000793664.04%
ShibaInu$0.0000409357.26%
Theta Network$3.0933.03%
Internet Computer$16.6025.73%
Bonk$0.0000393622.68%

Crypto News Key Highlights:

  • Bitcoin ETFs experienced a substantial $562 million net inflow on March 4th as BTC surpassed $68,500, marking the third-largest inflow since their inception. Despite outflows from smaller players and GBTC, institutional demand remains robust. BlackRock's IBIT and Fidelity's FBTC recorded significant inflows, indicating increasing institutional interest. Trading volume soared to $5.5 billion, highlighting growing institutional activity.

  • Binance announces its withdrawal from the Nigerian market, ceasing all services involving the Nigerian naira (NGN). Effective March 8, NGN withdrawals will be suspended, with remaining balances automatically converted to Tether USDT. NGN deposits ceased on March 5, with NGN trading pairs removed by March 7. Binance Pay stops supporting NGN on March 6.

  • As global interest in Bitcoin ETFs surges, South Korea mulls over allowing spot Bitcoin ETFs amidst regulatory discussions. Financial authorities explore legalization while grappling with Bitcoin's classification. Recent U.S. approvals drive momentum. South Korea's dialogues with the U.S. highlight growing global interest in cryptocurrency ETFs.

  • Deutsche Boerse launches Deutsche Börse Digital Exchange, facilitating fully regulated crypto trading for institutional clients. The platform, part of their digital strategy, aims for transparency and regulatory compliance. Initial trading operates on request-for-quote basis, expanding gradually. Amid surging interest, Bitcoin's near all-time high prompts excitement.

  • SEC's lawsuit against Binance leverages the Coinbase insider trading case. The SEC cites precedent in Wahi case, ruling certain crypto assets as securities. This supports their argument that crypto transactions fall under SEC regulation. However, Coinbase disputes this, stating default judgments lack validity as precedent.

  • SEC delays decision on BlackRock Ethereum spot ETF, amid approval of Bitcoin ETFs causing trading frenzy. BlackRock's IBIT ETF gains $10 billion AUM in two months. Franklin Templeton joins asset managers seeking spot Ethereum ETF approval. Ethereum gas fees surge due to ERC-404 token standard hype.

  • Coinbase faces technical difficulties amid heavy trading, including $0 balance display. Funds remain secure, with trading unaffected. Increased market activity strains infrastructure, causing intermittent outages. CEO Brian Armstrong acknowledges traffic surpassing expectations, commits to improvements. Despite challenges, some view issues as bullish sign amid Bitcoin ETF trading surge.

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. #Cryptocurrency and #NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also read - 24 Crypto Update, 04 March: Is Crypto Balloon About to Burst

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