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Artificial Intelligence tokens, such as Fetch.ai (COIN:FETUSD), SingularityNET (COIN:AGIXUSD), Render (COIN:RNDRUSD), recorded significant increases in the last 24 hours, driven by the proximity of Nvidia’s (NASDAQ:NVDA) AI conference on March 18. Despite Nvidia’s financial success, there are debates about the real connection of these tokens with significant AI innovations, such as those from OpenAI and Gemini.
Another cryptocurrency that gained significant momentum on Thursday was Solana (COIN:SOLUSD). Solana is trading at $145.75, up 11.2% with a significant increase in trading volume, reminiscent of the September 2021 peak driven by comedian Steve Harvey and the frenzy of meme coins like BONK (COIN:BONKUST) and Dogwifhat.
Bitcoin (COIN:BTCUSD) is up 2.4% in the last 24 hours, trading at $67,693, after a Wednesday of intense volatility, surpassing its all-time high of $69,000, followed by a nearly 10% drop to $62,000. However, investors quickly reversed the trend, pushing the value up by 5% to $67,000. Bitget analyst Fernando Pereira indicates fluctuations in Bitcoin dominance and potential increased interest in altcoins. “After reaching 55%, Bitcoin dominance began to decline, and it should continue like this in the coming weeks until it reaches 50%. This means more money entering altcoins at this time than Bitcoin. More days like yesterday should be common in the market,” commented Pereira.
March brings key events that have the potential to impact market sentiment:
1- Closing of the Federal Reserve’s Term Bank Financing Program
2- Release of CPI Data
3- Ethereum’s Dencun Update
4- First Creditors Meeting of FTX
5- NVIDIA’s GPU Technology Conference
6- Federal Reserve Decision on Interest Rates
7 – SEC Fraud Charges Trial against Do Kwon
8 – Sentencing of Sam Bankman-Fried
Arkham Intelligence uncovered the Bitcoin addresses (COIN:BTCUSD) of Tesla (NASDAQ:TSLA) and SpaceX, Elon Musk’s companies, showing that Tesla holds 11,510 BTC ($780 million) across 68 addresses, while SpaceX holds 8,290 BTC ($560 million) across 28 addresses. The movements of these funds coincide with the companies’ finances, including Tesla’s $1.5 billion BTC acquisition in 2021 and subsequent sales. Additionally, Tesla briefly accepted Bitcoin for vehicle purchases. Arkham also tracked Bitcoin ETF addresses and other significant entities in the crypto sector. Currently, Tesla is the third-largest public holder of Bitcoin, although its holdings have decreased since the initial purchase. SpaceX’s situation is less transparent due to its non-public nature, but reports indicate adjustments in its Bitcoin holdings.
On March 6, BitMEX recorded $332 million in inflows to Bitcoin ETFs, totaling 4,995 BTC. The BlackRock ETF (NASDAQ:IBIT) led, adding $282 million, totaling $9.4 billion in inflows, equivalent to approximately 188,000 BTC. Following closely, the Fidelity ETF (AMEX:FBTC) saw an increase of $206 million, reaching $5.6 billion in inflows, or about 113,000 BTC. Meanwhile, outflows from the Grayscale ETF (AMEX:GBTC) decreased, and the Valkyrie ETF (NASDAQ:BRRR) reached records with $40.7 million added. In total, Bitcoin ETFs now accumulate about $8.9 billion in inflows, reflecting considerable accumulation of 167,863 BTC.
Kamino, a DeFi protocol on Solana, will launch the KMNO token in April, post-user registration on March 31. Accumulated points will influence token distribution, aiming to prevent abuse. KMNO will act as a governance token, allowing holders to decide on key aspects of the protocol. With a total of 10 billion tokens, 10% will be available initially, and another 7% allocated for initial community distribution.
The Wormhole protocol announced an airdrop of over 617 million tokens to active participants and developers of multichain applications, as well as significant members of its community. The airdrop, representing 6% of the total token supply, will recognize contributions in the Wormhole ecosystem, distributing tokens to nearly 400,000 wallets across more than 30 connected blockchains. The distribution also includes tokens for active users in their digital communities and staking platforms, reflecting a move towards more decentralized governance, where token holders can influence future protocol decisions.
A Montenegrin court has decided to extradite Do Kwon, co-founder of Terraform Labs, to South Korea, overturning a previous decision favoring his extradition to the US. This decision follows Kwon’s appeal against American extradition, with his lawyers pointing out flaws in the process. The South Korean National Police, with Interpol’s support, requested the extradition, preceding the US request. Kwon is accused of fraud following the collapse of TerraUSD in 2022, resulting in significant financial losses.
Pantera Capital, focused on crypto assets, is raising a fund to acquire Solana tokens (COIN:SOLUSD) from the bankrupt FTX, according to Bloomberg. The initiative, called the Pantera Solana Fund, aims to gather up to $250 million in SOL at a 39% discount, set around $59.95, based on the 30-day average price. Investors must commit to a four-year holding period, facing management and performance fees. The strategy aims to support FTX liquidators while maintaining market price stability for SOL.
BlockFi, a cryptocurrency lending company that filed for bankruptcy, has agreed to receive $874.5 million from bankrupt FTX and Alameda Research. Under the agreement, BlockFi will obtain claims of $185.2 million against FTX and $689.3 million from Alameda. Payment depends on FTX distribution targets, including $250 million as secured credit, ensuring priority recovery for BlockFi after FTX’s reorganization plan approval.
In October 2022, Gemini and bankrupt Genesis discussed a potential merger during a lunch between Barry Silbert, CEO of Digital Currency Group (owner of Genesis), and Cameron Winklevoss, co-founder of Gemini. The conversation came to light after the collapse of the Three Arrows Capital fund, resulting in a $1 billion deficit for Genesis. Silbert expressed interest in a merger that would make the combined company competitive with giants like Coinbase and FTX, potentially raising up to $1 billion and aiming for an IPO in two years. The proposal also included synergies within the DCG portfolio, such as directing order flow and miners to Gemini, as well as promoting the GUSD stablecoin. Despite discussions, the merger did not materialize, and Genesis filed for bankruptcy in January 2023.
Fireblocks, specializing in crypto asset custody, strengthens its leadership by hiring Michal Ferguson, former Snyk, as Chief Marketing Officer, aiming for expansion in the bull market. Along with Ferguson, Michael Levine from Payoneer joins as CFO, and Madan Gadde, former FIS, as Chief Customer Officer, preparing the company for growth after raising $550 million in 2022. CEO Michael Shaulov emphasizes the mission beyond the price of bitcoin (COIN:BTCUSD), signaling a possible IPO in the future.
Injective (COIN:INJUSD) is introducing the inEVM Layer 2 on the mainnet after a successful test, marking the first Ethereum Rollup that effectively integrates with Cosmos and Solana. This innovation, aligned with Injective’s vision of creating an expansive network of “Electro Chains,” aims to improve interoperability and facilitate the implementation of Ethereum DApps without code changes. Eric Chen, CEO, and co-founder of Injective Labs, highlights the transformative potential of inEVM for scaling on-chain financing, reflecting significant collaboration in the blockchain community.
NodeAI, a pioneer in decentralized computing solutions, is about to finalize its third version, introducing an innovative Layer 1 (L1) blockchain that promises to elevate standards of efficiency and task management in its extensive network. This strategic advancement aims to optimize task distribution and processing, ensuring superior performance and the ability to meet growing user demands. With the integration of the L1 blockchain, NodeAI hopes to transform task execution on the network, improving speed and reliability for users.
Binance announced the inclusion of BNB, BTC, and ETH trading pairs with the Japanese yen on its global platform and Japanese subsidiary starting March 12, with a one-month zero fee promotion. After returning to Japan in August, Binance expanded its presence, including a collaboration with MUTB to explore stablecoins and plans to list 100 tokens.
Bitcoin (COIN:BTCUSD) saw a price increase in several regions, particularly in Turkey and South Korea, with significant currency devaluations. In July, BTC in Turkey was 1.3% above global prices, while inflation reached nearly 70% in January. In South Korea, the increase was 10.23%. On March 6, the currencies of Egypt and Turkey weakened, driving adoption of cryptocurrency amid central bank measures against inflation. The depreciation of the Turkish lira, which fell 40% against the dollar, and the imminent regulation of cryptocurrencies in Turkey, illustrate the growing demand for financial alternatives like Bitcoin in unstable economies.
The Central Bank of Nigeria is collaborating with Gluwa Nigeria to enhance efficiency and expand the use of eNaira (COIN:NIRXUST), its digital currency, among the population of over 226 million. Through the issuance of APIs, the partnership will facilitate the integration of eNaira with Gluwa’s Credal blockchain technology, aiming to promote financial inclusion and innovation. The project aims to simplify operations such as credit origination and tracking, in the context of eNaira’s growth and challenges in its acceptance in a cash-dominated economy.
The Hong Kong Monetary Authority launched Project Ensemble, aiming to strengthen the tokenization sector with a new wholesale central bank digital currency (wCBDC). The project, focused on tokenized deposits, seeks to develop an infrastructure to facilitate interbank transactions using wCBDC. With plans to introduce a sandbox environment to experiment with tokenization of tangible assets, Hong Kong aims to establish cooperation between the public and private sectors. Additionally, the city is preparing to host Consensus 2025, one of the leading cryptocurrency events, at the Convention and Exhibition Center. This event, expected to attract 10,000 participants, symbolizes Hong Kong’s commitment to becoming a global hub for crypto assets, following its openness to innovations in the sector since late 2022.
Argentina is developing an Urgency and Necessity Decree (DNU) to regulate cryptocurrency exchanges, collaborating with the private sector and aligning with the Financial Action Task Force (FATF) guidelines against money laundering and terrorism financing. This decree will require legal professionals and financial institutions to report suspicious transactions, reflecting the effort of Javier Milei’s government to oversee the crypto market. With the FATF visit scheduled for two weeks, Argentina seeks to avoid inclusion in the “gray list” of countries with regulatory deficiencies. Additionally, the sector seeks favorable tax reforms to strengthen regulation and promote security in the Argentine cryptocurrency ecosystem.
Zama, specializing in open-source cryptography, raised $73 million in a Series A round to develop fully homomorphic encryption (FHE) solutions, an innovation that allows processing of encrypted data while maintaining privacy in blockchain and AI. Led by Multicoin Capital and Protocol Labs, the fundraising involved significant names in technology, aiming to enhance data security in smart contracts and digital services.
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