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Crypto Roundup, 2 March: Is Altcoin Season Around the Corner

02-Mar-2024 By: Lokesh Gupta
Crypto Roundup, 2 Ma

Speculation Abounds: Memecoin Rally Ignites Altcoin Season Anticipatio

TOP 5 Gainers Coins

IndicesLTPChange (%)
Floki$0.0001252111.33%
Shiba Inu$0.0000222671.35%
Pepe$0.00000454743.10%
Dogwifhat$1.3034.78%
Bitcoin Cash$412.6731.55%

Crypto News Key Highlights:

  • A Nigerian government official denies reports of a $10 billion fine for Binance, citing misquotation. Binance is unaware and reluctant to negotiate fines. Regulatory scrutiny on crypto exchanges intensifies in Nigeria. Binance removed naira from its P2P service amid crackdown. Concerns raised about suspicious fund flows through Binance. Nigeria lifts ban on crypto transactions.

  • Tom Emmer's CBDC Anti-Surveillance State Act gains traction with 120 cosponsors, earning praise for protecting financial privacy and constitutional rights. Senator Ted Cruz reintroduces a companion bill. Heritage Action and others endorse the initiative. Concerns raised about CBDCs' privacy implications and impact on financial system integrity, urging caution and preservation of constitutional rights.

  • Coinbase CLO Paul Grewal praises DoE's swift response to Bitcoin mining survey controversy, emphasizing accountability. He indirectly criticizes SEC's approach, lauds Senator Lummis for advocacy. Withdrawal of survey signals victory for crypto community, addresses concerns of overreach. Agreement mandates destruction of data, promotes transparency. Legal battles with SEC continue.

  • OpenAI strongly refutes Elon Musk's lawsuit, stating its independence from Microsoft. Chief Strategy Officer Jason Kwon challenges Musk's claims, emphasizing OpenAI's mission for universal benefits of AGI. Sam Altman expresses nostalgia for Musk. The company also addresses government inquiries, likely linked to Altman's temporary removal. AI firms face increased scrutiny and legal challenges.

  • Cardano's Charles Hoskinson backs John Deaton's Senate bid against Elizabeth Warren, sparking optimism in crypto circles. Deaton's pro-crypto stance contrasts Warren's views. Hoskinson's endorsement, alongside Brian Armstrong's interest, adds complexity to the race, emphasizing the growing role of crypto in politics.

  • Around $400 million ETH withdrawn from Blast's Ethereum layer-2 network post mainnet launch, unlocking $2.3 billion. Blast offers native yield and airdrops, attracting $2 billion deposits before launch. Despite criticism and exit scam concerns, Blast gains support from projects like Zora and Pyth, enhancing ecosystem appeal.

  • Bitcoin ETFs experienced mixed flows, with notable inflows from BlackRock, Fidelity, Bitwise, and Ark 21Shares, yet offset by significant outflows, particularly from GBTC due to Genesis and Gemini issues. Despite this, the week saw overall positive net inflow. BTC price remains steady around $62K, with reports suggesting a potential correction to $42K before rallying to $100K. Futures and options open interests remain high despite funding rate concerns.

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, 1 March: BTC Stability Fuels Altcoin Rally

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