Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.
Headlines
▌VanEck: Ethereum ETF may be bigger than Bitcoin ETF
As the deadline approaches for the U.S. Securities and Exchange Commission (SEC) to approve an Ethereum spot ETF, industry experts are weighing the potential acceptance of such funds. Some say there is no point in investing in an Ethereum ETF because such funds are unlikely to allow for staking reward distributions. They believe that investors are better off buying and staking their own Ethereum (ETH). But global investment firm VanEck’s Bitcoin Trust (HODL), one of 10 spot Bitcoin ETFs launched earlier this year, believes an ether ETF could attract significant demand. VanEck Portfolio Manager Pranav
▌U.S. SEC: $300 million Ponzi scheme targeting Latin Americans falsely claiming to buy cryptocurrencies
U.S. Securities and Exchange Commission (SEC) indicted 17 individuals in connection with a Ponzi scheme that defrauded more than 40,000 victims of $300 million. The SEC said in a press release that the defendants targeted Latino communities in 10 U.S. states and two other countries by convincing investors that their funds would be invested in cryptocurrencies and other assets, when this was not the case. In total, the SEC brought charges against 17 defendants, two of whom settled.
▌Musk: Tesla will accept DOGE payments “at some point”
According to Dogecoin Sermon According to a video posted by Sir Doge of the Coin on social media LA will accept DOGE payments "at some point." Musk also explained why he supports DOGE, "When I walk around the Tesla factory, a lot of normal people say 'Hey, can you support DOGE?' Even normal people who work at the SpaceX factory say 'Please Support DOGE'. I think DOGE is people's crypto, and many rich people support Bitcoin, but I will support DOGE because DOGE is suitable for ordinary people."
Kanade said, " From a market perspective, I think the market size for spot ETH ETFs may be as large as, if not larger than, spot Bitcoin ETFs.”
▌ JPMorgan Chase CEO : Will defend people’s right to buy Bitcoin
JPMorgan Chase CEO Jamie Dimon said that despite his reservations about Bitcoin, he will still defend people’s right to buy it if they want to rights to assets. He personally will never buy Bitcoin. He said, I defend your right to smoke, and I will defend your right to buy Bitcoin, and I do think that if you are a buyer, when the government looks at all these things, why should they put up with it?
▌The European Parliament approves new sanctions laws applicable to cryptocurrencies
The European Parliament approved a series of new sanctions laws , these laws also apply to cryptocurrencies. The new rules are intended to ensure uniform application of sanctions across the EU's 27 member states in response to growing concerns over Russia's invasion of Ukraine and breaches of EU sanctions against Russia. The new law provides for a consistent definition of sanctions violations, including failure to freeze funds, failure to comply with travel bans or arms embargoes, transfers of funds to sanctioned persons, or transactions with state-owned entities in sanctioned countries.
▌The two detained Binance executives will continue to be detained in Nigeria until at least a hearing on March 20
Two senior Binance executives Tigran Gambaryan and Nadeem Anjarwalla will remain in Nigerian custody 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.
Policy
▌US Congressman: The Federal Reserve has regarded CBDC as a key responsibility
United States Republican congressman Tom Emmer said the Federal Reserve is eyeing central bank digital currency (CBDC) and marked it as one of its "key responsibilities." In a presentation to staff by Emmer, the Fed listed the basic responsibilities of the payments system, including currency and the FedNow program, with a CBDC at the bottom of the list, according to a photo Emmer posted on X on Wednesday. Meanwhile, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee last week that the central bank is “far from” recommending or adopting a CBDC.
▌The Hong Kong Monetary Authority launches the second phase of the "Digital Hong Kong Dollar" pilot scheme
The Hong Kong Monetary Authority today announced the launch of the second phase of the "Digital Hong Kong Dollar" pilot scheme stage to further explore the innovative use cases of “Digital Hong Kong Dollar” in Hong Kong. The Hong Kong Monetary Authority completed the first phase of the "Digital Hong Kong Dollar" pilot plan in October last year, studying local retail use cases in various areas such as programmable payments, tokenized asset settlement and offline payments. Based on the results and experience of the first phase of the pilot project, the second phase will conduct a more in-depth study of some of the experiments in the first phase, namely, the three characteristics of the "digital Hong Kong dollar" that may bring unique value, including programmability, tokenization and real-time Handover and exploring new use cases not included in the first phase.
▌U.S. lawmakers debate whether cryptocurrencies should be part of the CFPB’s proposed rules
U.S. lawmakers debate new regulations proposed by the Consumer Financial Protection Bureau Debate, the regulation could bring payment apps such as PayPal and Venmo under the regulatory umbrella 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.
▌U.S. lawmakers debate whether cryptocurrencies should be part of the CFPB’s proposed rules
U.S. lawmakers debate new regulations proposed by the Consumer Financial Protection Bureau Debate, the regulation could bring payment apps such as PayPal and Venmo under the regulatory umbrella 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.
▌UK Treasury seeks to improve anti-money laundering through cryptocurrency regulatory reform
Golden Finance Report, published by UK Treasury has issued a consultation paper on changes to money laundering regulations that will impact the regulation of crypto-assets in a number of ways. The proposed changes arise from a review of the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017 (MLR) in 2022. The changes now proposed pursue “smarter regulation”: “This includes minimizing regulatory burdens and future-proofing regulation, making regulation a last resort rather than a first choice, and ensuring regulators are well-functioning, responsive and accountable. ” The document adds that “regulatory authorities can only function with the support of a strong regulatory system”.
Blockchain Applications
▌TrueUSD: BNB beacon chain will cease operations at the end of June, and all assets on the chain will be delisted at the same time
The U.S. dollar stablecoin TrueUSD stated on social media that BEP2-TUSD holders should be aware that the BNB beacon chain will cease operations at the end of June, and all assets on the chain will be delisted at the same time. To mitigate potential losses, we strongly recommend that you switch TUSD to an alternative network immediately. Your actions are critical to protecting your assets.
▌The Starknet main network will be upgraded to 0.13.1 to save costs
The Starknet Foundation is introducing Dencun with Ethereum Upgraded parallel optimizations designed to significantly reduce transaction fees on layer 2 networks. These include today’s release of version 0.13.1 of Starknet, which will take advantage of EIP-4844 after Dencun goes live on mainnet tomorrow. This update will move Starknet from using the more expensive "calldata" method for data transactions to the cost-effective "blob" transaction type, providing a direct path to fee reductions. Also known as EIP-4844 (or proto-danksharding), these blob transactions are scheduled to go live on the Ethereum mainnet and activate the Dencun upgrade tomorrow at 13:55 UTC 269568. Blobs will be an add-on feature on the network, increasing data availability without impacting existing Ethereum infrastructure, enabling cheaper transactions in layer 2 aggregations like Starknet.
▌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 the expiration of Walker trees and historical data
Ethereum co-founder Vitalik Buterin said in Warpcast that the basic rollup The basic rollup scaling milestone has been achieved, and the next milestones 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.
▌PancakeSwap: New veCAKE has been launched, users can receive veCAKE pool rewards every week and receive revenue share
According to news on March 14, PancakeSwap is on The X platform issued a statement stating that the final round of income distribution has been carried out, and 15,042 CAKEs have been distributed to all locked pledge users participating in the income sharing pool. In addition, the new veCAKE is online. Users can now claim veCAKE pool rewards every week and receive a share of the revenue. Please make sure to lock CAKE or migrate existing CAKE staking positions before 23:59 (UTC time) on March 20th to start accruing revenue shares on March 28th.
▌BNB Chain launches Rollup as a Service solution
BNB Chain launches Rollup as a Service (RaaS) solution to support in its ecosystem Extend custom L2 network. RaaS will provide dapp projects with the infrastructure needed to build cost-effective purpose-built rollups on the BNB Smart Chain (BSC), including no-code deployment options. According to DeFiLlama, BSC is the third largest blockchain by total value locked, with a TVL of $6.1 billion, compared with Ethereum’s $56.7 billion and Tron’s $10.5 billion.
Cryptocurrency
▌U.S. SEC: $300 million Ponzi scheme targeting Latin Americans falsely claiming to buy cryptocurrency
The U.S. Securities and Exchange Commission (SEC) has indicted 17 individuals in connection with a Ponzi scheme that defrauded more than 40,000 victims of $300 million. The SEC said in a press release that the defendants targeted Latino communities in 10 U.S. states and two other countries by convincing investors that their funds would be invested in cryptocurrencies and other assets, when this was not the case. In total, the SEC brought charges against 17 defendants, two of whom settled.
▌Musk: Tesla will accept DOGE payments “at some point”
According to Dogecoin Sermon According to a video posted by Sir Doge of the Coin on social media LA will accept DOGE payments "at some point." Musk also explained why he supports DOGE, "When I walk around the Tesla factory, a lot of normal people say 'Hey, can you support DOGE?' Even normal people who work at the SpaceX factory say 'Please Support DOGE'. I think DOGE is people's crypto, and many rich people support Bitcoin, but I will support DOGE because DOGE is suitable for ordinary people."
▌ Grayscale applied to the U.S. SEC for the Mini Grayscale Bitcoin Trust, code "BTC"
Grayscale submitted Form S-1 to the U.S. Securities and Exchange Commission on Tuesday to register its new Mini version of GBTC, named Grayscale Bitcoin Mini Trust. According to the S-1 filing, the Mini Trust (ticker: "BTC") will be "spun off" from GBTC, and after GBTC contributes a certain number of Bitcoins to the Mini Trust, the new shares of the Mini Trust will be distributed to GBTC shareholders. If approved, the Mini Trust will be listed on the New York Stock Exchange and operate independently from GBTC.
▌Bernstein: Bitcoin is expected to reach $150,000 this year
According to data from global investment firm Bernstein, the price of Bitcoin has just hit an all-time high, and it is expected that Bitcoin will reach $150,000 this year. The firm said in a report that the influx of cash into newly approved ETFs will ensure that Bitcoin’s value continues to rise. Gautam Chhugani and Mahika Sapra wrote in the report that the integration of Bitcoin into traditional asset portfolios is still in its early stages. We are now more convinced of the $150,000 Bitcoin price. It is expected that there will be an inflow of US$10 billion in 2024 and US$60 billion in 2025. Bitcoin ETF inflows have exceeded $9.5 billion in the past 40 trading days since the ETF was launched on January 10. Bernstein pointed out that traditional capital pools such as individual retirement accounts, private banks and sovereign countries do not yet have exposure through ETFs. When they do this, the value of the asset will only continue to rise.
▌Citadel founder: Cryptocurrencies need clear regulation to attract “big players”
Griffin, founder of quantitative trading giant Citadel, said that cryptocurrency Clear regulation is needed to attract the “big players”.
Important economic news
▌U.S. stocks opened higher and moved lower, with the three major indexes collectively closing down
U.S. stocks opened higher and moved lower, with the three major indexes collectively closing down. The Dow fell 0.35%, the Nasdaq fell 0.3%, and the S&P 500 fell 0.29%.
▌Swap market: The Fed’s interest rate cut in 2024 will be less than 75 basis points
The swap market shows that the Fed The rate cut in 2024 is less than 75 basis points.
▌The three major U.S. stock indexes closed mixed
Golden Finance reported that the three major U.S. stock indexes closed mixed, with the Dow rising 0.1% , the Nasdaq fell 0.54%, and the S&P 500 fell 0.19%. Major technology stocks were mostly lower.
▌U.S. CPI rose 3.2% year-on-year in February, higher than expected
Golden Finance reported that U.S. CPI rose 3.2% year-on-year in February, the highest level in December last year The CPI in the United States increased by 0.4% month-on-month in February, with the forecast value being 3.1%, and the previous value being 0.3%. The non-seasonally adjusted core CPI in the United States increased by 3.8% year-on-year in February, a new low since May 2021. It is expected to be 3.70%, and the previous value was 3.90%; the core CPI in the United States in February increased by 0.4% month-on-month, and was expected to be 0.30%, and the previous value was 3.90%. is 0.40%.
▌NVIDIA rose more than 5% intraday, and its stock price regained US$900
Golden Finance reported that NVIDIA rose more than 5% intraday, and its stock price regained 900 US dollars. Listed at $900, the current price is $901.18.
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.
Edmund
Kikyo
JinseFinance
Cheng Yuan
Bitcoinist
Nulltx
Cointelegraph