Crypto market faces $600M liquidation, while Fidelity amends Ethereum ETF to include staking, CZ teases a new project and more.
Crypto Market Plunge: $600M Liquidated Amid BTC, ETH Drop

Crypto Market Plunge: $600M Liquidated Amid BTC, ETH Drop

Crypto market faces $600M liquidation, while Fidelity amends Ethereum ETF to include staking, CZ teases a new project and more.

Last update:
Mar 20, 2024
| Issue

Welcome to the latest edition of Datawallet Daily. As always, we have scoured Crypto Twitter and the news to bring you the top stories of the last 24 hours:

Crypto Market Plunge: $600M Liquidated Amid BTC, ETH Drop

The crypto market has taken a sharp downturn, with over $600 million in positions liquidated amidst significant drops in major cryptocurrencies. Bitcoin and Ethereum have plummeted by 7% and 10% respectively, causing the global crypto market cap to fall by 8% to below $2.5 trillion. This decline marks a sudden reversal from the near all-time high market caps experienced just last week. 

Bitcoin briefly fell below $63,000, a stark contrast to its recent peak above $73,000. Ethereum’s price also saw a significant drop, now 20% lower than last week, despite anticipation for the Dencun upgrade. Meme coins and other digital assets have suffered even larger losses, with notable tokens like Dogwifhat, Bonk, and Floki Inu experiencing sharp declines, highlighting the market’s volatility.

Fidelity Amends Ethereum ETF Application to Include Staking

Fidelity, a leading financial institution, has revised its spot Ethereum ETF application to incorporate staking functionalities, signaling a strategic enhancement to engage actively in the cryptocurrency domain. This amendment specifies that Fidelity may allocate a portion of the ETF’s assets for staking through reliable providers, potentially including its affiliates, to earn network rewards in the form of ether tokens. This development follows Fidelity’s successful launch of a spot Bitcoin ETF, accumulating assets worth over $9 billion. 

Changpeng Zhao Teases New Project

Changpeng “CZ” Zhao, Binance’s former CEO, recently hinted at launching a new educational project, notably without introducing new tokens. Zhao, who resigned from Binance in November 2023 following a plea deal with the U.S. Department of Justice regarding violations of the Bank Secrecy Act and a $50 million fine agreement, remains active in the crypto sphere. 

Despite his departure from Binance amid legal challenges, Zhao’s fortune expanded significantly last year. Binance continues to dominate the crypto exchange market, commanding a substantial portion of the total spot volume.

OKX Delists USDT Pairs in Europe, Shifts Focus to Euro Pairs

Seychelles-based cryptocurrency exchange OKX has ceased support for Tether (USDT) trading pairs in the European economic area, a decision highlighted by user-shared screenshots on X. The exchange communicated that, due to regulatory requirements, only Euro (EUR) and USD Coin (USDC) pairs will now be supported for spot trading within this region. This move also includes the introduction of over 30 new Euro spot trading pairs as a response to the discontinuation of USDT pairs.

Although the exact reason for the delisting remains unspecified, speculation suggests it may relate to the upcoming Markets in Crypto-Assets (MiCA) regulatory framework in the EU, aiming to introduce specific rules for stablecoin issuers and possibly affecting token listings due to compliance needs.

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