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Crypto News, 20 March: Is the Market's Recovery Sustainable

20-Mar-2024 By: Lokesh Gupta
Crypto News, 20 Marc

Crypto currency values increased in the previously 24 hours

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Crypto News Key Highlights:

  • MicroStrategy, led by CEO Michael Saylor, bolstered its Bitcoin holdings, now exceeding those of major governments like the U.S. and China. Saylor's confidence in Bitcoin remains unwavering despite market fluctuations. MicroStrategy's recent acquisition of over 214,000 BTC underscores Wall Street's growing interest in cryptocurrency amid market volatility.

  • Peter Schiff expresses concerns about Bitcoin ETFs' limited liquidity during non-U.S. market hours, potentially leaving investors stranded during overnight downturns. Bitcoin's recent drop below $63,000 sparked discussions on its resilience. Schiff scrutinizes MicroStrategy's borrowing for Bitcoin acquisitions, questioning its impact on market stability and investor interests.

  • Bitcoin and the wider cryptocurrency market faced pressure post-FOMC meeting, with Bitcoin dropping 6% to test $61,000 support, while Ethereum fell 8% to test $3,000 support. Around $670 million was liquidated, mainly in long positions. K33 Research warns of prolonged downside risk from further liquidations.

  • Starknet expanded eligibility for its first round of STRK token provisions, addressing concerns of pre-Merge ETH stakers and Immutable X users. Issues in user classification prompted adjustments, enabling eligible VeVe and non-VeVe StarkEx users to claim tokens. The airdrop schedule was revised, aiming to prevent market disruptions post-airdrop.

  • A Nigerian High Court has ordered Binance Holdings to provide EFCC with data on Nigerian traders following an ex parte motion. The motion alleges criminal elements in Binance's Nigerian operations, citing money laundering concerns. EFCC seeks to conclude a probe into alleged illegal activities, prompting discussions on regulatory measures for crypto platforms in Nigeria.

  • CoinShares, a European digital fund manager, aims to rival its US and European assets within three years. Acquisition of Valkyrie Funds boosts its US presence with $530 million in assets. CoinShares plans innovative products like $WGMI and $BTFX, poised for US market entry alongside SEC-approved spot bitcoin ETFs.

  • Coinbase partners with Compass Coffee to introduce USD Coin payments at its Half Street store, promoting crypto adoption. Customers receive discounts and NFT incentives for using USDC. This collaboration underscores the mainstream acceptance of cryptocurrencies and their potential to revolutionize traditional finance, highlighted by reduced transaction fees and faster processing times.

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Also read - Crypto Carnage: Market Plunges as Investors Await FED's Move

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