.png)
10 months ago
4
ARTICLE AD BOX
The post Weekly Crypto News and Market Insights: Major Movements and Milestones appeared first on Coinpedia Fintech News
This analysis report, backed by quality data, covers the major developments the Web3, Blockchain and Crypto landscape has witnessed this week.
1. Breaking News This Week
- US Pushes for Extradition of Terraform Labs Co-Founder
The US government intensifies efforts to bring back Terraform Labs co-founder, Do Kwon, from Montenegro to South Korea, amidst legal tussles over extradition.
- BlackRock Eyes Bitcoin ETF Investment for Global Allocation Fund
BlackRock plans to invest in spot Bitcoin ETFs for its Global Allocation Fund, signalling a significant move towards mainstream adoption of cryptocurrency among institutional investors.
- Spanish Regulator Halts Worldcoin’s Data Collection Activities
Spain’s AEPD orders Worldcoin to stop collecting personal data due to privacy concerns, citing inadequate information disclosure and data processing issues.
- FTX and BlockFi Agrees to Settlement in Legal Dispute
FTX agrees to pay up to $874.5 million to BlockFi to potentially settle their bankruptcy-related legal conflict, offering a glimpse of resolution amidst ongoing litigation.
- WOOFi DeFi Platform Hit by $8.75M Exploit
WOOFi suffers an $8.75 million loss from a hack targeting its swap feature on the Arbitrum network, triggering efforts to recover funds and identify perpetrators.
- Binance.US Faces Layoffs and Revenue Decline Amid Legal Woes
Binance.US undergoes forced layoffs of over 200 employees and experiences a revenue downturn following legal actions initiated by the SEC.
- Binance to Suspend Nigerian Naira Services Amid Regulatory Pressure
Binance announces suspension of NGN services due to increased regulatory scrutiny in Nigeria, leading to automatic conversion of remaining NGN balances to Tether stablecoin.
- Fantom Foundation Wins Legal Battle, Awaits Compensation form Multichain
Fantom Foundation secures victory in court against Multichain, expecting compensation for damages suffered from a security breach, aiming for asset retrieval through liquidation proceedings.
- Friend.tech Investors Grant Users Control Over Funds
Investors of Friend.tech relinquish token sale rights, empowering users with full control over funds amidst the platform’s declining popularity.
- SunContract Launches First NFT Marketplace for Solar Panels
SunContract pioneers the world’s first NFT marketplace for solar panels, enabling direct earnings or energy consumption from tokenised solar farms, revolutionising renewable energy access.
- US Senators Introduce Bill Against Central Bank Digital Currencies
Senator Ted Cruz leads a group proposing legislation to block the Federal Reserve from implementing CBDCs, raising concerns over potential surveillance implications.
- Bitfinex Hacker Aids Prosecutors in Bitcoin Fog Case
Ilya Lichtenstein, involved in Bitfinex theft, collaborates with prosecutors in a Bitcoin Fog money laundering case, showcasing the complex interplay between cybercrime and law enforcement.
2. Blockchain Performance
In this section, we will analyse two factors primarily: the top-performing blockchains based solely on their 7-day change and the top performers among the top five blockchains with the highest TVL.
2.1. Top Blockchain Performers by 7-Day Change
This week’s top blockchain performers, based on their 7-day change, are Beam, Blast, ICP, Bostrom, and DefiVerse.
| Blockchain | 7-Day Change (in %) | TVL |
| Beam | +1140% | $12.73m |
| Blast | +274% | $731.08m |
| ICP | +233% | $36.95m |
| Bostrom | +107% | $4.64m |
| DeFiVerse | +103% | $3.91m |
In the realm of blockchain, recent trends reveal significant shifts. Beam leads with an impressive 7-day change of +1140%, suggesting strong investor interest and potential growth. Following closely, Blast, ICP, Bostrom and DeFiVerse demonstrate noteworthy increases, indicating evolving market dynamics and potential opportunities for investors.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, TRON, BNB Smart Chain, Arbitrum One, and Solana are the top five blockchains in the market on the basis of TVL and market dominance. Let’s see how these blockchains have performed this week.
| Blockchain | 7d Change | TVL (in Billion) | Dominance |
| Ethereum | +6.9% | $59,288,434,523 | 64.62% |
| TRON | +6.5% | $10,098,440,866 | 11.01% |
| BNB Smart Chain | +6.0% | $5,626,763,719 | 6.13% |
| Arbitrum One | +8.6% | $4,309,027,310 | 4.70% |
| Solana | +23.5% | $3,257,819,734 | 3.55% |
| Others | 9.99% |
This week’s blockchain performance unveils Solana as the standout performer with a 7-day change of +23.5%, reflecting its growing appeal and investor confidence. Arbitrum One, Ethereum, TRON, and BNB Smart Chain also exhibit positive changes, albeit to varying degrees.
3. Crypto Market Analysis
The crypto price and dominance analysis and top gains and losers analysis are the two prime factors of the crypto market analysis.
3.1. Crypto 7-D Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrency as per the market cap index. Let’s analyse their seven-day price change and dominance indices.
| Cryptocurrency | 7d- Change | Dominance Percentage | Price | Market Cap |
| BTC | +9.6% | 49.45% | $68,306.06 | $1,342,141,469,658 |
| ETH | +14.2% | 17.23% | $3,932.73 | $472,291,730,873 |
| USDT | +0.1% | 3.73% | $1.00 | $101,738,271,493 |
| BNB | +18.4% | 2.75% | $487.70 | $75,018,712,838 |
| SOL | +12.6% | 2.37% | $146.52 | $64,665,887,149 |
| Others | 24.47% |
Over the past seven days, Binance Coin showed the highest increase in value at 18.4%, followed by Ethereum with 14.2%, and Solana with 12.6%. Bitcoin saw a 9.6% increase, while Tether had a marginal rise of 0.1%. These fluctuations indicate strong market activity, with BNB showing the highest growth among the top cryptocurrencies by market capitalisation.
3.2. Top Gainers & Losers of the Week in Crypto Market
Here is the list of top gainers and top losers of the week in the cryptocurrency market. The analysis is made using the 7-day Gain and 7-day Lose indices.
3.2.1. Top Gainers of the Week in Crypto
| Cryptocurrency | 7-Day Gain | Price |
| FLOKI | +176.35% | $0.0002544 |
| Pepe | +132.07% | $0.000009506 |
| Bitcoin Gold | +114.03% | $68.79 |
| Shiba Inu | +82.96% | $0.00003613 |
| Arweave | +74.94% | $45.51 |
In the past week, FLOKI emerged as the top gainer in the crypto market with an astounding 176.35% gain, followed by Pepe (132.07%, Bitcoin Gold (114.03%), Shiba Inu (82.96%), and Arweave (74.94%). These remarkable gains suggest high volatility and speculative interest in these altcoins.
3.2.2. Top Losers of the Week in Crypto
| Cryptocurrency | 7-Day Loss | Price |
| Kaspa | -12.51% | $0.1505 |
| Flare | -10.74% | $0.04126 |
| Bitget Token | -8.78% | $0.8418 |
| Sui | -6.88% | $1.54 |
| Synthetix | -5.01% | $4.36 |
In the past week, Kaspa recorded the highest loss among cryptocurrencies with a decline of 12.51%, followed by Flare (-10.74%), Bitget Token (-8.78%), Sui (-6.88%), and Synthetix (-5.01%). These losses indicate downward pressure on these assets.
3.3. Stablecoin Weekly Analysis
Tether, USDC, DAI, First Digital USD, and TrueUSD are the top stablecoins in the market in terms of market capitalization. Let’s analyse their weekly performance using seven-day market capitalisation, market dominance and trading volume indices.
| Stablecoins | Market Dominance (7d) [in %] | Market Capitalisation (7d) | Trading Volume (7d) | Market Capitalisation |
| Tether | 71.40% | $101,243,181,281 | $98,927,999,091 | $101,820,611,377 |
| USDC | 21.14% | $29,970,583,776 | $10,313,587,222 | $29,960,678,119 |
| Dai | 3.12% | $4,423,321,885 | $465,531,900 | $4,429,268,413 |
| First Digital USD | 2.32% | $3,293,517,902 | $18,793,185,526 | $3,301,136,890 |
| TrueUSD | 0.91% | $1,292,435,169 | $116,060,920 | $1,293,055,369 |
| Others | 1.11% |
Over the past week, Tether maintained its dominance among stablecoins with 71.40%, followed by USDC (21.14%), Dai (3.12%), First Digital USD (2.32%), and TrueUSD (0.91%). Tether’s significant market dominance indicate its widespread usage and acceptance as a stablecoin for trading and transactions.
| Stablecoins | 7-Day Change |
| Tether | +0.2 |
| USDC | +0.1 |
| Dai | +0.4 |
| First Digital USD | +0.4 |
| TrueUSD | +0.4 |
Among the top stablecoins by market cap, Dai, First Digital USD, and TrueUSD experienced a 0.4% increase over seven days, indicating stability. Tether followed with a 0.2% uptick, while USDC saw a 0.1% rise.
4. Bitcoin ETF Weekly Analysis
Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analysed separately, in order to get the right picture of the Bitcoin ETF market, as they represent two different segments. Let’s start!
4.1. Bitcoin Futures ETF Weekly Analysis
ProShares, VanEck, Valkyrie, Global X and Ark/21 Shares are the top Bitcoin Future ETFs, as per the Asset Under Management index. Let’s use the change percentage index to analyse these ETFs.
| Bitcoin Futures ETFs | Change (Gain/Loss) | Asset Under Management (in Billion) | Price |
| ProShares | +2.41% | $598.78M | $31.86 |
| VanEck | +0.33% | $42.41M | $39.22 |
| Valkyrie | +1.32% | $38.20M | $22.30 |
| Global X | +4.31% | $26.10M | $71.70 |
| Ark/21 Shares | +2.25% | $8.01M | $67.69 |
Among the top Bitcoin Futures ETFs, Global X showed the highest gain at 4.31%, followed by ProShares (2.41%), Ark/21 Shares (2.25%), Valkyrie (1.325), and VanEck (0.33%). These gains reflect positive performance.
4.2. Bitcoin Spot ETF Weekly Analysis
Grayscale, Blackrock, Fidelity, Ark/21 Shares and Bitwise are the top Bitcoin Spot ETFs, as per the Asset Under Management index. Let’s analyse them using the change index.
| Bitcoin Spot ETFs | Change (Gain/Loss) | Asset Under Management (in Billion) | Price |
| Grayscale | +2.40% | $26.60B | $61.90 |
| BlackRock | +2.38% | $12.97B | $39.55 |
| Fidelity | +2.50% | $8.35B | $60.73 |
| Ark/21 Shares | +2.38% | $2.55B | $69.39 |
| Bitwise | +2.41% | $1.88B | $37.85 |
Among the top Bitcoin Spot ETFs, Fidelity exhibited the highest gain at 2.50%, followed closely by Bitwise (2.41%), Grayscale (2.40%), BlackRock (2.38%), and Ark/21 Shares (2.38%). These gains indicate positive performance.
5. DeFi Market Weekly Status Analysis
Lido, EigenLayer, AAVE, Maker, and JustLend are the five top DeFi protocols available. Let’s analyse its weekly performance using the 7d Change index.
| DeFi Protocols | 7d Change (in Total Value Locked) [in %] | TVL |
| Lido | +15.02% | $38.936b |
| EigenLayer | +18.02% | $11.74b |
| AAVE | +13.81% | $11.487b |
| Maker | +1.47% | $9.374b |
| JustLend | +8.42% | $7.557b |
Among the top DeFi protocols, EigenLayer saw the highest growth in Total Value Locked over the past week, with a remarkable increase of 18.02%. Following closely, Lido and AAVE exhibited substantial gains at 15.02% and 13.81%, respectively. JustLend showed a moderate increase of 8.42%, while Maker experienced a more modest rise of 1.47%. These fluctuations suggest dynamic shifts in user activity and investment across different DeFi platforms.
6. NFT Marketplace: A Basic Weekly Analysis
Blur, Blur Aggregator, Opensea, Cryptopunks, and Gem are the top NFT marketplaces on the basis of market share. Let’s analyse them using the 7-Day Rolling Volume, 7-Day Rolling Trade and Volume Change indexes.
| NFT Marketplaces | Volume Change [Last 7 Day over the Previous 7 Day Volume] | Market Share | 7-day Rolling Volume | 7-day Rolling Trade |
| Blur | +11.53% | 40.20% | 31341.58 | 31798 |
| Blur Aggregator | -2.15% | 29.60% | 16057.74 | 16312 |
| Opensea | +3.45% | 16.09% | 9840.83 | 21985 |
| Cryptopunks | +165% | 10.66% | 7318.74 | 43 |
| Gem | +68.52% | 1.44% | 2283.27 | 3448 |
| Others | 2.01% |
Cryptopunks and Gem led the NFT marketplace volume surge, with increases of 165% and 68.52%, respectively, indicating heightened trading activity. Blur showed a moderate rise of 11.53%, while Opensea experienced a more moderate increase of 3.45%. Conversely, Blur Aggregator witnessed a slight decline of 2.15%. These fluctuations suggest shifts in user interest and trading behaviour within the NFT market.
6.1. Top NFT Collectible Sales this Week
CryptoPunks #3100, Art Blocks #78000049, Art blocks #78000667, Bored Ape Yacht Club #8861, and CryptoPunks #7846 are the top NFT collectable sales reported this week in the NFT market landscape.
| NFT Collectibles | Price (in USD) |
| CryptoPunks #3100 | $16,010,724.00 |
| Art Blocks #78000049 | $1,800,695.17 |
| Art blocks #78000667 | $1,052,107.11 |
| Bored Ape Yacht Club #8861 | $933,798.38 |
| CryptoPunks #7846 | $869,691.63 |
CryptoPunks #3100 fetched the highest price at $16,010,724. Following closely, Art Blocks #78000049 sold for $1,800,695.17, indicating strong demand. Art blocks #78000667, Bored Ape Yacht Club #8861, CryptoPunks #7846 also garnered significant attention, fetching $1,052,107.11, $933,798.38, and $869,691.63, respectively.
7. Web3 Weekly Funding Analysis
7.1. ICO Landscape: A Weekly Overview
BRCStarter, Masa, Edu3Labs, K9 Finance, Bounty Temple, YOUR Protocol, and Weave6 are the major ICOs that ended this week.
| ICO | Received | Token Price | Fundraising Goal | Total Tokens | Token (Available for Sale) |
| BRCStarter | $1,020,000 | $0.18 | $400,000 | 21,000,000 | 31.8% |
| Masa | $17,690,000 | $0.079 | $8,790,000 | 1,588,866,523 | Nil |
| Edu3Labs | $500,000 | $0.03 | $900,000 | 900,000,000 | 9.44% |
| K9 Finance | $1,600,000 | $0.00001 | $100,000 | 999,999,999,999 | 25.39% |
| Bounty Temple | Nil | $1 | $960,000 | 48,000,000 | 13% |
| YOUR Protocol | $1,120,000 | $0.01 | $400,000 | 1,000,000,000 | 28% |
| Weave6 | $2,690,000 | $0.015 | $1,400,000 | 1,000,000,000 | 20% |
BRCStarer raised $1,020,000, surpassing its $400,000 goal with 31.8% of tokens available. Edu3Labs, priced at $0.03, reached $500,000, 9.44% tokens available. K9 Finance’s minimal token price of $0.00001 helped raise $1,600,000 with 25.39% tokens for sale. Your Protocol raised $1,120,000 with 28% tokens available. Weave6, priced at $0.015, surpassed its $1,400,000 goal with 20% tokens available.
8. Weekly Blockchain Hack Analysis
As of March 9, 2024, hackers have stolen a whopping $7.69 billion. Most of this, about $5.83 billion, was swiped from decentralised finance platforms. Another chunk, $2.83 billion, was taken from bridges that link different blockchain networks.
On March 5, 2024, WOOFI got hit by a hack, losing $8.5 million. Earlier in the year, both Seneca and Tectonica were also hacked. Seneca lost $6.5 million on February 28, while Tectonic lost $0.25 million on February 22.
But the biggest hit this year came to FixedFlot, losing a staggering $26.1 million due to a hack attack.
In this week’s comprehensive analysis of Web3, Blockchain and Crypto, we have brought out powerful insights, that can be used to stay-to-data about the market developments. As the landscape evolves, the strategic integration of technology and data-driven decision-making becomes paramount for stakeholders navigating the dynamic realms of decentralised technologies.
English (US)