Welcome to BitPinas Key Points: Easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours in the Philippines and abroad.

Crypto Price Update

Market News

Bitcoin saw a price correction, dropping below $68,000 at one point. This led to over $666 million in liquidations for long traders. Some analysts predict a further dip to $60,000.

This was discussed also in the BitPinas webcast by crypto trader Aldrin Rabino:

Solana Reaches Market Cap High

• Solana’s market capitalization reached an all-time high of $81.1 billion, surpassing its previous record of $77.9 billion in November 2021.
• The price of Solana surged 10% in the past 24 hours to $183.55, while its all-time high remains at $259.96 from November 2021.

• A significant driver of the price increase is the activity related to Solana blockchain-based memecoins, such as Dogwifhat, Popcat, and Bonk.
• Memecoins like Dogwifhat and Popcat saw price surges of 20% and 35%, respectively, while Bonk increased by 10%.
• Solana-based memecoins Bonk and Dogwifhat reached billion-dollar market capitalizations, marking a significant achievement for non-Ethereum meme tokens.
• The success of these memecoins indicates robust usage and relevance of the Solana blockchain, challenging the notion that non-EVM (Ethereum Virtual Machine) chains are not significant.

Regulation

• The UK Treasury’s consultation paper proposes amendments to money laundering regulations, aiming to enhance supervision processes for crypto assets, combat criminal activities, and introduce modifications to the regulatory framework for crypto firms, building upon a review of the 2017 MLRs and striving for “smarter regulation.”
• The Securities and Futures Commission (SFC) of Hong Kong has flagged Bybit as a suspicious virtual asset trading platform and cautioned the public about its unlicensed operations.
• Travis Hill, the vice chair of the US Federal Deposit Insurance Corporation (FDIC), criticized US regulators’ approach to digital assets and blockchain technology, arguing that it is counterproductive and risks allowing other countries to surpass the US in technology leadership.

DeFi

• Berachain, a decentralized finance platform, secures unicorn status with over $69 million in funding from Brevan Howard Digital and Framework Ventures, signaling renewed venture capital interest in cryptocurrencies amid a bullish market.
• A BIS study highlights the significance of borrower behavior in decentralized finance (DeFi) for designing collateralized borrowing platforms with tokenized assets.

Web3 Gaming

• Taki Games, a social game network, partners with Genopets, a move-to-earn gaming platform on Solana. This partnership, starting April 2024, aims to merge traditional gaming with Web3, introducing mainstream gamers to Web3 games like Puzzle Smoofs and Pac-Cats.
• On March 14th, Polkadot introduced a new Software Development Kit (SDK) for the Unity gaming engine, representing a notable advancement for developers in the Web3 gaming sector. This SDK acts as a smooth interface, merging the functionalities of Unity’s development tools with the Polkadot blockchain network.

Noteworthy 

• A report from Chainalysis revealed that in 2023, crypto investors rebounded with significant profits, totaling $37.6 billion in realized gains, a substantial recovery from the $127.1 billion losses in 2022. However, this figure is notably lower than the $159.7 billion gains estimated during the latest bull market in 2021.
• Over the past month, the Cardano (ADA) blockchain has seen a notable increase in user engagement, with active wallets surging to 600,000, marking a 40% rise compared to the lowest point in the last 30 days, as reported by Danogo, a decentralized exchange (DEX) on Cardano.

This article is published on BitPinas: Key Points | Mar. 16, 2024 | Solana Reaches Market Cap All-Time High

Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
• BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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• Source: https://bitpinas.com/feature/key-points-2024-03-16/