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Crypto Daily Roundup, 07 March: All Eyes on Powell Testimony

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

Crypto currency prices have fallen in the previous 24 hours

TOP 5 Losers Coins

IndicesLTPChange (%)
Terra Classic$0.00019238.46%

Crypto News Key Highlights:

  • Tesla's Bitcoin holdings of approximately 11,500 BTC sparked discussions as tracked by Arkham. Originally buying $1.5 billion worth in 2021, Tesla sold a significant portion amid Musk's fluctuating stance on BTC. Speculation arises whether Tesla is repurchasing BTC or if it's an accounting anomaly, with no official statement from Musk or Tesla yet.

  • The crypto industry sees a shift towards gender diversity, with women making strides as investors, founders, and talent. Reports suggest an increase in female crypto ownership, notably in Asia. However, while women's participation grows, leadership roles remain predominantly male. Initiatives like Blockchain4Her aim to bridge this gap.

  • Binance's launch of Futures NEXT sparked excitement and controversy, rewarding users for predicting token listings but raising transparency concerns. Binance emphasizes fairness in listing decisions, yet doubts persist about insider trading implications and platform efficacy, echoing mixed community reactions.

  • Amid Egypt's economic turmoil, Bitwise CEO Hunter Horsley highlighted Bitcoin as a hedge. Egypt secured an $8 billion IMF deal amidst currency depreciation, aiming to stabilize its economy. Doubts persist regarding long-term reforms. Central Bank raised rates to combat inflation, aligning with IMF advice. Despite challenges, Egypt eyes foreign investments for economic recovery.

  • Shiba Inu, dubbed the “Dogecoin Killer,” garners attention as BitMEX co-founder Arthur Hayes praises the launch of SHIB Names. Despite recent cooling in SHIB's rally, excitement persists. Hayes' endorsement reflects growing optimism for Shiba Inu's ecosystem. Despite price fluctuations, SHIB Names signifies a step towards mainstream adoption.

  • The head of the CFTC contradicts the SEC regarding Prometheum's Ethereum custody, warning of regulatory conflict. CFTC Chairman Behnam asserts Bitcoin and Ethereum are commodities, not securities. He highlights SEC's ambiguity on Ethereum's classification, urging clarity to maintain market integrity. Legislative action is deemed necessary to address evolving crypto regulations.

  • A market participant lost over $674,000 in USDC to a phishing scam, as reported by PeckShield. The perpetrators transferred funds to different wallets and converted USDC to Ethereum. The victim's address has seen continuous asset drainage since March 1. The crypto community faces rising phishing threats, with losses reaching millions annually.

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 - Crypto Update, 06 March: BTC above $66K, ETH Momentum Builds

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