Welcome to the March 4, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realms of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
March 4, 2024 Genfinity News Recap
Bitcoin
Bitcoin is getting closer to its previous record high of $69K, topping around $67.7K during the trading day. Summarized by CoinDesk, the cryptocurrency broke free from its week-long consolidation phase below $64,000, demonstrating a 7% increase over the past 24 hours.
BTC’s meteoric rise this year positions it as one of the leading global assets, with its market capitalization exceeding $1.3 trillion, nearing the market cap of silver. The bullish momentum also resulted in the liquidation of approximately $120 million in leveraged bets, primarily targeting lower BTC prices.
The newsroom also reported that Markus Thielen, head of research at 10x, forecasts Bitcoin will reach an all-time high this week. Thielen notes a substantial decline of 63,000 bitcoins held on exchanges in the last 30 days, with Coinbase’s balance dropping from 400,000 to 372,000 in a month. He also mentions the surge in volumes in Korea to $8 billion per day for five consecutive days compared to less than $1 billion previously, and highlights the launch of a spot ETF by BlackRock in Brazil last week. Despite outflows from Grayscale’s GBTC product, Thielen anticipates robust movement into BlackRock’s IBIT, expecting significant price increases.
Super Tuesday
Super Tuesday, set for March 5, stands as a crucial juncture in the presidential nomination process as several states hold primaries or caucuses, offering over a third of the total delegates for both Republican and Democratic nominations. Notably, 865 Republican delegates and 1,420 Democratic delegates are at stake. While pivotal, the campaign extends beyond Super Tuesday, with primaries continuing until the final contests on June 4, 2024.
Regulation
Securities transactions
In a March 1st court ruling, it was determined that trading certain crypto assets on secondary markets like Coinbase constitutes securities transactions, according to the Howey Test. CoinDesk reported on this significant judgment, which emerged as part of a default decision against Sameer Ramani, one of the defendants implicated in an insider trading case involving Ishan Wahi. Wahi, a former Coinbase product manager, along with his brother Nikhil Wahi and their associate Ramani were involved with the insider-trading case. The court emphasized the representations made by issuers regarding the profitability of tokens traded on platforms like Coinbase, underscoring their classification as investment contracts under securities laws.
This ruling holds broader implications within the crypto industry and platforms like Coinbase, shaping ongoing debates surrounding the regulatory classification of cryptocurrencies as securities and their implications under the jurisdiction of the SEC. While the case involving Ramani, Ishan Wahi, and Nikhil Wahi briefly touches upon insider trading, the focus of the court’s decision remains centered on the classification of crypto assets traded on secondary markets. This ruling possibly sets a precedent for future regulatory actions and legal interpretations in the cryptocurrency space.
CBDCs + Banks
Five U.S. senators, including Ted Cruz and Bill Hagerty, are opposing President Joe Biden’s digital dollar plans by introducing legislation called the CBDC Anti-Surveillance State Act. This bill challenges the Federal Reserve’s authority to issue central bank digital currencies (CBDCs) and prohibits their use for monetary policy. Cointelegraph also reported today that the U.S. House Financial Services Committee voted in favor of a resolution aimed at reversing a guideline by the Securities and Exchange Commission. The resolution seeks to overturn Staff Accounting Bulletin No. 121, which mandates that banks record crypto holdings as liabilities, hindering their ability to act as custodians of digital assets.
We hope you enjoyed our March 4, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
*Disclaimer: News content provided by Genfinity is intended solely for informational purposes. While we strive to deliver accurate and up-to-date information, we do not offer financial or legal advice of any kind. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial or legal decisions. Genfinity disclaims any responsibility for actions taken based on the information presented in our articles. Our commitment is to share knowledge, foster discussion, and contribute to a better understanding of the topics covered in our articles. We advise our readers to exercise caution and diligence when seeking information or making decisions based on the content we provide.
