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Flowdesk, a digital asset trading and liquidity provider, has successfully raised $102 million in a funding round led by HV Capital and supported by a debt facility from BlackRock-managed funds. This capital injection is aimed at scaling Flowdesk's over-the-counter (OTC) derivatives business, launching a dedicated crypto credit desk, and significantly increasing its workforce. CEO Guilhem Chaumont highlighted the company's strategic expansion into key global markets, particularly the Middle East, with the UAE being a prime target for new operations. Flowdesk's previous bold move to expand into the U.S. during a regulatory crackdown on crypto has proven successful, reinforcing their strategy of entering markets at opportune times. Additionally, Flowdesk is intensifying its focus on tokenization, aiming to facilitate liquidity for various on-chain assets, including stablecoins and tokenized securities, as institutional interest in these assets grows. The company's existing investors, including Eurazeo, Cathay Innovation, and ISAI, also participated in this funding round, underscoring their continued support for Flowdesk's vision and growth strategy.
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Following President Trump's announcement of a US strategic crypto reserve, cryptocurrencies like ADA, XRP, and SOL saw a significant rally, with Bitcoin reaching up to $95,000. However, the market quickly shifted to profit-taking, leading to a dump in these assets. Despite the initial surge, analysts from Nansen highlighted that establishing such a reserve would require Congressional approval, suggesting potential volatility in the selected tokens. The crypto market had been experiencing outflows prior to the announcement, indicating a bearish sentiment. Technical analysis of Bitcoin shows it hovering around key moving averages, with potential for either a bullish breakout or a deeper correction. Ether remains within a trading range, with risks of falling further if it breaks below $2,111. XRP faces resistance at $3, with a potential for a significant drop if support levels are breached. Solana also shows signs of bearish pressure, with critical support and resistance levels to monitor. The market's reaction to Trump's announcement has introduced both volatility and uncertainty, with traders closely watching key technical indicators for future movements.
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Tom Lee, Head of Research at Fundstrat, has indicated that the broader market might be approaching a bottom, possibly as soon as this week, amidst economic uncertainty during President Trump's first 100 days in office. Factors contributing to market volatility include austerity measures from the Department of Government Expenditure (DOGE) and tariff policies. Bitcoin has seen a significant price drop, currently at $83,000, down over 10% this year, while the Nasdaq 100 has also declined nearly 10%. Lee highlights the importance of the upcoming job data, suggesting that poor results could lead to panic but might also prompt the Federal Reserve to cut interest rates further. The futures market anticipates a 75 basis point cut by year-end, following 100 basis points already implemented. Despite bitcoin's recent struggles, Lee remains optimistic, predicting a short-term target of $62,000 but expecting it to surpass $150,000 by the end of the year.
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Irina Heaver's article delves into the intricate regulatory and business environment of the UAE's cryptocurrency sector, highlighting the complexity of navigating through its acronym-laden landscape. The UAE has established multiple regulatory bodies like the Securities and Commodities Authority (SCA), Virtual Asset Regulatory Authority (VARA), and the Central Bank of the UAE (CBUAE), each overseeing different facets of the crypto market. This regulatory diversity, while initially confusing, is designed to cater to various business needs within the crypto ecosystem. Additionally, the UAE's free zones, such as the Dubai Multi Commodities Centre (DMCC), Dubai International Financial Centre (DIFC), and Abu Dhabi Global Market (ADGM), offer specialized environments that encourage industry-specific growth and innovation. Government initiatives like Hub71 and Dubai Future Accelerators further support this ecosystem by attracting startups and fostering innovation in blockchain and related technologies. Heaver questions whether this complexity is a strength or a flaw in the UAE's ambition to be a global crypto hub, suggesting that while it might be overwhelming, it also provides tailored opportunities for different types of businesses in the Web3 and crypto sectors.
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The cryptocurrency market experienced a sharp downturn on Tuesday, with major tokens like Cardano's ADA, XRP, and Solana's SOL losing 21% of their value. This decline came shortly after a surge in prices triggered by President Donald Trump's announcement of a U.S. crypto strategic reserve, which initially caused ADA to soar over 60%, XRP to climb 33%, and SOL to jump 22%. However, the market's enthusiasm was short-lived as traders adopted a cautious approach following the rally. The reversal was exacerbated by Trump's tariff announcements on Canada, Mexico, and China, which led to a broader selloff in risk assets, including cryptocurrencies. Bitcoin and Ether also saw significant drops, with Bitcoin trading at $84,000 and Ether just above $2,000. Amidst this macroeconomic chaos, investors are now looking towards a White House Crypto Summit for potential clarity or further market turbulence.
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In a recent market update, Bitcoin has lost its status as a safe haven asset, experiencing a significant price drop of $10,000 in a 24-hour period, aligning its performance with stocks and even the US dollar. This downturn comes as the US introduces new trade tariffs against Canada and Mexico, prompting investors to seek refuge in traditional safe havens like gold. According to The Kobeissi Letter, the shift is part of a broader global move away from risk assets, driven by rising trade war tensions and economic policy uncertainty. Gold, in contrast, has been consolidating gains, hovering just below its all-time highs, while Bitcoin's year-to-date performance has been negative, down 10% since January 1st. This divergence highlights a significant change in investor perception, with Bitcoin now categorized as a risky asset in the current economic climate. The analysis also notes Bitcoin's approach to a key bull market support trend line, indicating a critical juncture for its future price movements.
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The article discusses the recent slump in Dogecoin's price following a significant hack on the Bybit exchange, highlighting the challenges Dogecoin faces in reclaiming its all-time high. Dogecoin, known for its meme status and strong community backing, including from Elon Musk, has not managed to maintain its peak value from May 2021, when it reached $0.73. The coin's price dynamics are heavily influenced by external events and endorsements rather than intrinsic value or technological advancements. Despite attempts to provide a more serious foundation through a manifesto and trailmap, Dogecoin's lack of a white paper and its focus on utility over technical excellence have left it vulnerable, as demonstrated by a recent security flaw that affected a significant portion of its nodes. The article contrasts Dogecoin with more fundamentally robust cryptocurrencies like Bitcoin and Ethereum, suggesting that while Dogecoin might see short-term spikes due to its popularity, its long-term growth potential remains speculative and risky.
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The Securities and Exchange Commission (SEC) under the Trump administration has taken a notably lenient stance towards the cryptocurrency industry, marking a significant shift from previous regulatory approaches. Recently, the SEC dismissed its case against Kraken, a crypto exchange accused of operating without proper registration, following similar dismissals involving other crypto firms like Coinbase and Robinhood. This trend reflects a broader policy of deregulation, which was anticipated during Trump's campaign, aiming to reduce regulatory burdens on businesses. The SEC's recent opinion that memecoins like Dogecoin and Shiba Inu are not securities further illustrates this shift, categorizing them more as collectibles than financial instruments. This regulatory environment is seen as fostering innovation but also raises concerns about investor protection and financial stability. The administration's approach, influenced by figures like David Sacks, focuses on a collaborative regulatory framework rather than heavy-handed enforcement, potentially leading to clearer guidelines and enhanced consumer protection. However, concerns about corruption, hacks, and cybersecurity in the crypto space persist, with Congress showing interest in addressing these issues through potential new standards and requirements.
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Following President Donald Trump's announcement on March 2 to include Cardano (ADA) in a US strategic cryptocurrency reserve, there has been a significant increase in trading activity for ADA futures on the Bitrue exchange. The notional value of ADA futures held by traders on Bitrue jumped to over $26 million from an average of $15 million in late February. This surge in interest has made ADA/USDT the fastest-growing trading pair in futures on the platform. The majority of these positions, nearly 92%, are long, reflecting a widespread belief among traders that ADA's price will continue to rise. Trump's plan, which also includes other cryptocurrencies like XRP, Solana, Bitcoin, and Ether, aims to bolster the US's position in the digital asset space. Despite Cardano's initial promise as a competitor to Ethereum, it has faced challenges with performance and delays, which have impacted its market valuation and total value locked compared to Ethereum. However, Trump's endorsement has led to a notable price spike for ADA, with a 40% increase in the first 24 hours following the announcement.
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Gracy Chen, Managing Director at Bitget, discussed Bitcoin's market dynamics with Roundtable host Rob Nelson, highlighting the potential for Bitcoin's price to dip to the $72,000–$80,000 range despite growing institutional interest. Chen noted that while there has been talk from various governments and high-profile individuals about establishing Bitcoin reserves, actual commitments are still pending. She pointed out that major investors, including family offices and financial investors, are currently very cautious, viewing the $100K mark as a significant psychological barrier due to Bitcoin's price surge from $30K–$40K before the ETF approval. The introduction of Bitcoin spot ETFs has led to a mix of buying and selling pressures, with early investors taking profits after a 100% increase in value. Chen also mentioned the possibility of market disruptions from unforeseen events, which could further influence investor behavior. Despite these concerns, she predicts Bitcoin will fluctuate between $90,000 and $110,000 in the near term, with potential dips into the low $80Ks.
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In a significant cyberattack on the cryptocurrency exchange Bybit, hackers managed to steal nearly $1.5 billion in Ethereum (ETH). According to Bybit's CEO Ben Zhou, over 77% of these funds remain traceable on the blockchain, while 20% have become untraceable. The hackers have been actively laundering the stolen assets, converting a significant portion into Bitcoin (BTC) and distributing it across thousands of wallets. The attack was carried out by the North Korean hacking group Lazarus, who exploited a vulnerability in SafeWallet, a third-party wallet platform used by Bybit. Despite the breach, Bybit has restored a 1:1 backing of client assets. The traceable funds have been moved using privacy-focused platforms like THORChain, which saw a record high in transaction volume, partly due to these illicit activities. The coming weeks are critical for freezing these funds as they begin to clear at various exchanges and through over-the-counter and peer-to-peer transactions.
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The International Monetary Fund (IMF) has introduced new conditions in its $1.4 billion funding arrangement with El Salvador, focusing on restricting Bitcoin (BTC) purchases by the public sector. These conditions, outlined in a technical memorandum of understanding, explicitly prohibit the voluntary accumulation of Bitcoin by El Salvador's public sector and the issuance of any debt or tokenized instruments linked to Bitcoin. This move is part of the IMF's broader strategy to mitigate risks associated with El Salvador's Bitcoin project, aiming to enhance governance, transparency, and economic resilience. Despite these restrictions, Salvadoran President Nayib Bukele has continued to acquire Bitcoin, with the country's total holdings reaching 6,100 BTC as of March 3. The IMF's efforts are also expected to attract additional financial support from international development banks, signaling a cautious approach to El Salvador's cryptocurrency ambitions while promoting economic stability.
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In a recent blog post, financial expert Dave Ramsey criticized the hype around cryptocurrency investments, comparing them to gambling due to their unpredictability. Ramsey, known for his conservative financial advice, emphasized that crypto lacks the stability needed for building long-term wealth, advocating instead for investments in mutual funds and retirement accounts. Meanwhile, former President Donald Trump's announcement on March 2 about establishing a U.S. crypto reserve including Bitcoin, Ethereum, Solana, XRP, and Cardano initially spiked crypto prices, with Bitcoin reaching $95,000. However, the market quickly corrected, with Bitcoin and other mentioned cryptocurrencies falling back from their highs. Arthur Hayes, former CEO of BitMEX, dismissed the announcement as mere words without the necessary financial backing. Additionally, crypto-related stocks like Coinbase and MicroStrategy also saw volatile trading, with significant initial gains followed by substantial losses, reflecting the broader market's reaction to the news.
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President Donald Trump has announced his intention to establish a strategic cryptocurrency reserve, moving away from his previous plan to solely stockpile Bitcoin. This new reserve would include Bitcoin, known as "digital gold" for its inflation-hedging properties, alongside Ether, XRP, Solana, and Cardano. The proposal, however, is vague on specifics such as the reserve's size, the timeline for its creation, and the entity responsible for its management. This has led to a divide in the crypto community. Some see the diversification as a positive step towards integrating digital assets into national financial strategies, while others, including notable figures like Lorien Gabel from Figment, stress the importance of staking these assets to secure and stabilize their networks. Critics like Michael Terpin and Steven Lubka argue that only Bitcoin, due to its decentralized nature and consistent performance, should be considered for such a reserve, likening the inclusion of other cryptocurrencies to adding speculative stocks to traditional reserves. The debate continues on whether this move signals a broader acceptance of cryptocurrencies or poses risks to investors and the financial system.
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The crypto market experienced a brief rally over the weekend following President Donald Trump's announcement that Solana, XRP, and Cardano would be included in a future national "Crypto Strategic Reserve." This news came as a relief amidst recent market downturns caused by a memecoin debacle, a major hack, and tariff concerns. However, the initial surge in prices was short-lived. XRP, which saw a 32% increase, fell by 10% within 24 hours, while Solana and Cardano also lost significant gains. Bitcoin, although not part of the reserve announcement, also declined by 4% after an 11% rise. The upcoming cryptocurrency summit at the White House might shed light on the reserve's operational details. Industry reactions are mixed, with some like Coinbase CEO Brian Armstrong favoring a Bitcoin-only reserve for simplicity, while others like Zach Pandl from Grayscale see diversification as beneficial for investors.
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Crypto exchange-traded products (ETPs) witnessed their largest weekly sell-off ever, with investors withdrawing approximately $2.9 billion, as reported by CoinShares. This significant withdrawal follows a period of consistent investment into digital asset products, marking a notable change in investor sentiment. The sell-off, which has now lasted three weeks with total outflows reaching $3.8 billion, was influenced by factors like the recent $1.5 billion hack on Bybit and the Federal Reserve's hawkish monetary policy stance. Bitcoin, the leading cryptocurrency, was hit hardest with $2.6 billion in outflows, while short Bitcoin ETPs saw only a slight increase in investments. Conversely, Sui (SUI) and XRP (XRP) managed to attract new funds. Spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, also faced substantial withdrawals, with IBIT recording the highest weekly outflow since its inception. Additionally, there was a notable decrease in CME Bitcoin futures open interest, suggesting a potential shift in institutional investment strategies towards less risky assets.
