Binance executive continues to be detained, analyst: BTC may fall to $58,000

Headlines

▌The two detained Binance executives will continue to be detained in Nigeria at least until a hearing on March 20

Two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, will remain detained in Nigeria until at least a hearing on March 20. The country is going through a foreign exchange crisis and has blamed Binance for the collapse of its currency, the naira. The men were arrested on February 26 after flying to Abuja to meet with the Nigerian government at the invitation of the government.

▌Swissblock Analyst: Bitcoin may fall to around $58,000

Swissblock analysts said that since the end of January, the Bitcoin price has almost It doubled, but "a reverse move appears to be coming." Analysts at Swissblock noted that Bitcoin’s upward momentum is fading, highlighted by the negative divergence between its price and the RSI momentum indicator. BTC may drop 20% from its current price in the short term to around $58,000, but Swissblock expects the upward trend to resume thereafter.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was 73,120.62 US dollars, with fluctuations during the day. Frame+2.31%;

ETH Recent The transaction price was US$4007.26, with an intraday increase or decrease of +0.71%;< /p>

BNB’s recent transaction price was US$630.94, with intraday changes +17.29%;

ORDI’s recent transaction price was US$75.49, with an intraday increase or decrease+1.68%;

The recent transaction price of DOGE was US$0.1691, with intraday changes +0.6%;

SOL’s recent transaction price was US$163.84, with intraday gains and losses+8.49%.

Policy

▌U.S. lawmakers debate whether cryptocurrencies should be part of the CFPB’s proposed rules

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U.S. lawmakers are debating new regulations proposed by the Consumer Financial Protection Bureau that could bring payment apps such as PayPal and Venmo into the scope of regulation and involve cryptocurrencies. During a congressional hearing, some House Republicans accused the CFPB of getting ahead of congressional efforts to legislate cryptocurrencies and asked witnesses whether the agency has the authority to regulate the cryptocurrency industry. Some Democratic House members said the CFPB’s regulation of cryptocurrencies is necessary given their volatility. They said many cryptocurrencies launched over the past few years have "disappeared," causing people to lose their investments. At the center of the debate is a proposed regulation titled "Defining Larger Players in the Market for General Purpose Digital Consumer Payment Applications," which was first proposed in November. The rule would give the CFPB the ability to oversee "larger nonbank companies" and require nonbank financial companies that handle more than five million transactions per year to follow the same rules as large banks and credit unions.

▌Between June 2020 and February 2024, Binance responded to 626 information requests from the Nigerian authorities

According to Binance’s official website blog stated that Binance has reached cooperation with Nigerian law enforcement agencies to promote responsible growth. Binance’s policy is to cooperate with and comply with all legitimate information requests made by government, local regulatory and law enforcement agencies regarding investigations, prosecutions and confiscation actions. and legal inquiries. Between June 2020 and February 2024, the Binance Financial Crimes Compliance (FCC) team responded to 626 requests for information from Nigerian law enforcement agencies or investigations related to Nigeria, taking an average of 37.4 hours from submission to resolution. The information provided by Binance helps numerous agencies including the Nigeria Police Force, Economic and Financial Crimes Commission (EFCC), and Interpol Nigeria fight crimes ranging from scams and fraud to money laundering, extortion, kidnapping, and extortion. In a high-profile operation in January 2022, Binance restricted 281 accounts of Nigerian residents due to money laundering concerns and worked extensively with Nigerian authorities to protect users from illegal activities.

Blockchain Applications

▌Sei launches The Parallel Stack to improve the TPS of Ethereum L2

Sei Labs, a startup co-founded by a former Robinhood engineer and a former Coatue venture capitalist, on Wednesday launched The Parallel Stack, a public benefit project that means any cryptocurrency developer can use it for free Using proven parallel processing computer science concepts, it aims to improve the transactions per second (TPS) performance of Ethereum Virtual Machine (EVM)-based L2 blockchains.

▌Flipside Crypto Lianchuang: The on-chain analysis platform should make it easier for everyone to access core data

Jim Myers, co-founder of Flipside Crypto, said, On-chain analytics platforms should strive to make their core data more accessible to everyone, rather than being arbitrarily closed off.

▌Vitalik Buterin: The next milestone may be Walker tree and historical data expiration

Ethereum co-founder Vitalik Buterin said on Warpcast that the basic rollup scaling milestone has been achieved, and the next milestone may be verkle trees and history expiry.

▌Pyth Network launches Pyth Entropy, a random number generation solution for blockchain applications on the main network

According to official news, Pyth Network announced the launch of blockchain Pyth Entropy, a random number generation solution for chain applications, has been launched on the mainnet. This solution is a response to the community's need for a fast and cheap source of randomness on the chain. Arbitrum, Blast, ChilizChain, Mode, LightLink, Optimism of developers will have access to Pyth Entropy.

▌L2BEAT: The cost of the zkSync Era sequencer has dropped by about 88%

L2BEAT issued a document on the X platform stating that zkSync is the first L2 using Blobs, with more projects to follow in the coming days. In addition, data disclosed by its researcher donnoh.eth shows that before using Blob, the cost of using Calldata for the zkSync Era sequencer (sequencer) was about 0.11ETH. After using Blob, its cost dropped to about 0.013ETH, a decrease of about 88 %.

▌Injective announced its integration with Noble, the USDC issuer in the IBC ecosystem.

Injective announced its integration with Noble, the USDC issuer in the IBC ecosystem. This cooperation Bring native USDC to Injective.

Cryptocurrency

▌Kaiko: Bitcoin The market’s liquidity has “significantly improved” and is close to pre-FTX levels

Kaiko pointed out that the Bitcoin market’s liquidity has “significantly improved”, Dessislava Aubert of Kaiko Company said, “ Market makers and traders have returned to the market, which is now approaching pre-FTX levels in USD terms. Ultimately, the increased liquidity is expected to help stabilize the Bitcoin market and make entry into the space attractive to institutional investment Those who are more attractive."

▌Franklin Templeton: Meme coin has a "close relationship" with the blockchain network in which it is located

Franklin Templeton Don said that although Meme coins have no "intrinsic" value and are highly volatile, they maintain a "strong relationship" with the local network. In a brief research note republished on Wednesday, the global asset manager cited Solana-based meme coin BONK as an example. Franklin Templeton said in the report, “We believe Meme Coin has a strong relationship with its native network.” The report also noted that in the fourth quarter of last year, “while BONK prices surged, the Solana network captured the majority of all active addresses. Activity".

▌Bakkt faces the risk of delisting from the New York Stock Exchange

Bakkt faces delisting from the New York Stock Exchange as the stock price falls below the $1 threshold risks of. The stock price hit $0.5978; the market value plummeted to $80 million. Bakkt is a cryptocurrency platform created and two-thirds owned by Intercontinental Exchange (ICE).

▌Derogatory Elizabeth Warren meme coin removed from Coinbase website

Derogatory Elizabeth Warren meme coin targeted a frequent critic of the cryptocurrency industry U.S. Senator, Coinbase has removed a webpage explaining "How to Buy Elizabeth Warren Meme Coins." A Coinbase spokesperson said in a statement, "These pages are automatically generated based on tokens created by third parties, and they are for informational purposes only. Does not endorse any assets or represent that these assets can be traded on Coinbase.” Victim returns $2.3 million in cryptocurrency

The U.S. Attorney’s Office for the District of Massachusetts filed a lawsuit on Wednesday, requesting the return of $2.3 million in cryptocurrency to victims of online fraud. The cryptocurrency was confiscated from two Binance accounts in January 2024. Investigators began tracing the money after a Massachusetts resident fell victim to a "killer platter" romance scam.

▌MicroStrategy once again applied to raise $500 million through a convertible bond issuance to buy more Bitcoins

MicroStrategy (MSTR), which now calls itself a Bitcoin development company ) applied Wednesday afternoon to raise $500 million through a convertible bond issuance, intending to use the proceeds to buy more Bitcoin BTC. A few days ago, the company closed an $800 million convertible debt financing (up from the original $600 million planned), which, combined with some dollars already in the bank, was used to acquire another $821.7 million With 12,000 Bitcoins, this purchase brings MicroStrategy’s Bitcoin holdings to 205,000, currently worth just under $15 billion. Assuming Bitcoin remains at its current levels of around $73,000, the company will be able to use this latest raise to purchase an additional 6,800 Bitcoins.

▌Starknet Gas fee dropped to US$0.01

Starknet stated on the X platform that it has started to use blobs. According to screenshots, The actual gas fee is as low as $0.01.

Important economic news

▌The three major U.S. stock indexes closed with mixed gains

Golden Finance reported that the three major U.S. stock indexes closed with mixed gains, with the Dow rising 0.1%, the Nasdaq falling 0.54%, and the S&P 500 falling 0.19%. Major technology stocks were mostly lower.

Golden Encyclopedia

▌What determines the price of Bitcoin?

Market forces of supply and demand influence the price of Bitcoin. When there are more sellers, prices usually go down and vice versa. Bitcoin prices are also affected by factors such as media reports, investor sentiment, and regulatory news, leading to rapid price fluctuations. Supply and demand market dynamics that affect the prices of other goods and services also determine the price of Bitcoin.  

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.