Crypto Weekly 3/10/2024
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.7T): +10% / +52%
- BTC ($69,360): +12% / +63%
- ETH ($3,836): +12% / +68%
- SOL ($139): +8% / +36%
- UNI ($14.06): +12% / +92%
- MATIC ($1.20): +12% / +24%
- Tether Mkt Cap ($102B): +3% / +11%
- USDC Mkt Cap ($30B): +4% / +23%
- BTC / ETH Dominance: 50% / 17%
THIS WEEK IN CRYPTO
- Bitcoin surged to an all-time-high of over $69,000, tripling its value over the past year and passing its Nov 2021 highs. Link. Link. Link. Link.
- The price of ETH reached $4,000 for the first time since 2021 amidst excitement for proto-danksharding, which could reduce L2 transaction fees by 10x. ETH could also be approved for a spot ETF later this year. Link.
- The SEC delayed making a decision on two proposed spot Ethereum ETFs from Fidelity and BlackRock. Link.
- USDT topped $100 billion market cap this week for the first time ever. The stablecoin makes up 70% of the entire stablecoin sector, with Circle’s USDC making up another 19%. Link.
- Bitcoin halving is expected to take place mid-April. Bitcoin halvings refer to periodic events when the per block rewards received by miners are reduced in half. Link. Link.
- U.S. spot bitcoin ETFs now hold roughly 4% of the entire 21 million BTC supply combined. Link.
- The total value locked (TVL) in DeFi protocols exceeded $100 billion for the first time in nearly two years. Link.
- The second-highest ever CryptoPunk sale took place for 4,500 ETH, worth nearly $16 million. The sale was for CryptoPunk #3100, one of nine so-called “Alien Punks.” Link.
- Chloe Moretz will star as Heather 'Razzlekhan' Morgan in an upcoming film based on Morgan's role in the $4 billion Bitfinex heist. Link.
- Tech entrepreneur Kevin Rose sold $1.2 million worth of NFTs, but denied assertions that he’s leaving the Web3 space. Rose is the co-founder of NFT project PROOF, which released collections including Moonbirds. Link.
- Wyoming legalized DAOs with a new law that recognizes them as unincorporated nonprofit associations, a unique structure that allows DAOs to generate revenue and compensate members while still acting as a nonprofit. Link.
- The amount of Ethereum staked has risen 9% since the start of the year, to 25% of total supply. Link.
- Montegreno courts ruled that Terra/Luna founder Do Kwon should be extradited to South Korea instead of the US, for prosecution related to the $40 billion collapse of TerraUSD in 2022. US prosecutors plan to contest the extradition. Link. Link. Link.
- Bitcoin mining companies ordered over $1 billion of specialized computers over the last month. Link.
- The Ethereum Dencun upgrade, which includes proto-danksharding and a subsequent decrease in L2 transaction fees by 10x, is scheduled to deploy on March 13th. Link.
- Users of PayPal’s money transfer app Xoom will pay no fees on transfers made using PayPal’s stablecoin, PYUSD. Link.
- Coinbase surged into the top 100 of the Apple App Store for the first time since February 2022. Link.
- Asset manager Pantera Capital is raising money to purchase up to $250 million SOL tokens from the FTX estate at a price 39% lower than spot, with a 4-year vesting period. Link.
- Blockchain digital identity startup Worldcoin is pausing services in Spain due to legal inqiuires from Spain’s data protection authority. Link.
- Crypto exchange daily volume rose to nearly $100 billion for the first time since 2021. Link.
- Cross chain protocol Wormhole is airdropping 617 million W tokens (6% of total supply) to ecosystem participants. The firm announced a $255 million funding round last November. Link.