Do Kwon's US extradition rejection fuels LUNA surge

March 6, 2024

I. Mainstream exchange news

• Binance has listed Dogwifhat (WIF) with a seed tag applied.
• Binance adds Dogwifhat (WIF) on earn, convert, and margin.
• Binance will launch MYRO-USDT and 1000PEPE-USDC perpetual contracts.
• Coinbase posted an update on X regarding a trading glitch, stating that customer transactions have fully recovered and will continue to monitor platform activity.
• Coinbase has surged back into the US Apple App Store top 100 for the first time in two years.
• OKX web3 wallet now fully supports the ARC-20 protocol and is about to launch Atomicals Market.

II. Mainstream projects and trending events

• The Arizona State Senate is pushing to add Bitcoin ETF to the state's retirement fund.
• Grayscale has launched a crypto staking fund, initially including nine assets: Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL).
• The Montenegro Appeals Court rejected the lower court's decision to extradite Do Kwon to the United States.
• Alchemy Pay has been granted a money transfer permit by the state of New Hampshire, US.
• Mox Bank, a virtual bank in Hong Kong, plans to launch virtual asset investment services in the second half of the year.

III. Funding news

• DePIN protocol io.net in the Solana ecosystem has completed a $30 million Series A funding round, led by Hack VC.
• Decentralized AI network Sahara has completed a $6 million seed funding round, led by Polychain Capital.
• Institutional crypto platform Utila has completed a $11.5 million seed funding round, led by Framework Ventures.
• Fetch.ai announces the launch of a $100 million infrastructure investment to solve the GPU shortage problem.
• Crypto payment company Baanx has completed a $20 million Series A funding round, with participation from Ledger.

IV. Regulatory news

• South Korea's Special Money Law Enforcement Ordinance New Amendment legislative said that if a virtual asset exchange receives a listing rebate, it will be ordered to halt operations.
• South Korean authorities are discussing the prospect of approving a Bitcoin spot ETF.

IV. Popular projects 

Market overview

On March 5th, BTC reached a historical high of $69,000 and then saw a large-scale decline to wipe out high leverages, with a drop of up to 14.5% from the high. In the past 24 hours, the whole network liquidation amount reached $2.03 billion. The market can continue to rise only after high leverages are wiped out, and it is expected that there will still be a substantial increase in BTC prices in the future.

BTC spot ETF

On March 5th, the trading volume of 10 ETF funds reached $10.39 billion, breaking the $10 billion mark. Among them, the single-day trading volume of IBIT was $3.97 billion, and that of FBTC was $2.15 billion.

The 10 ETFs had a net outflow of $125 million in a single day, and the cumulative net inflow reached $7.79 billion. The extremely high trading volume of BTC spot ETF is very appealing to institutions. It is expected to set a positive example for the applications of other spot ETFs.

Do Kwon not being extradited to the US stimulates a rise in Terra ecosystem's tokens 

On March 5th, the Montenegrin court rejected the lower court's decision to extradite Do Kwon to the United States. This is a rare victory for Do Kwon, leading to a sharp increase in LUNA and USTC. On March 25th, the US SEC will conduct a trial on Do Kwon. It is expected that there will be bigger fluctuations in LUNA, LUNC, and USTC.

FTX will hold its creditors meeting on March 15th

FTX Digital Markets Ltd. has issued a notification instructing both customer and non-customer creditors to submit their electronic claims before May 15, 2024. FTX has pegged the tokens to be claimed at the following values: BTC at $16,871, ETH at $1,258, SOL at $16.24, and BNB at $286. FTX is expected to make an interim distribution to creditors by the end of 2024 or the beginning of 2025. An FTX creditors' assembly is scheduled for March 15th. Recently, there has been a noticeable gradual increase in FTT price activity.

Ex-FTX, Alameda staff's Backpack raises $17M at $120M valuation

Backpack, a startup founded by previous FTX and Alameda Research professionals, announced that it had raised $17 million with a valuation of $120 million. Backpack currently supports trading in 10 cryptocurrencies and plans to operate in 11 states in the US On February 13th, Backpack announced that trade volume would be a key factor affecting the Backpack rank, and user attention to the platform has increased rapidly.

io.net raises $30 million in funding

io.net, a decentralized DePIN project on Solana, provides GPU computing power for AI and machine learning companies. On March 5th, io.net announced that it had raised $30 million in funding, led by Hack VC. Multicoin Capital, 6th Man Ventures, M13, and Delphi Digital also participated. A points reward program kicked off on March 1st, allowing users to earn future airdrop rewards by engaging in activities such as node setup and participation in the Galaxy Loyalty Plan. The official token launch is expected to happen in April.

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