News Headlines (4th MAR 2024)

Speculative excess is building in the crypto market, suggesting caution to bitcoin (BTC) bulls as the leading cryptocurrency by market value looks to challenge record highs.

The notional open interest or the dollar value locked in the active perpetual futures contracts tied to meme cryptocurrency shiba inu (SHIB) has crossed $100 million for the first time since August 2023, according to CoinGlass. SHIB futures are sized at 1,000 SHIB per contract with up to 25 times leverage.

In the past seven days, SHIB’s market capitalization has surged over 130% to $13.44 million, beating the 22% rise in the CoinDesk 20 index. An increase in open interest alongside an uptick in market value represents an influx of new money into SHIB.

Ethereum is starting the week having inched its way past $3,500, marking a 3% gain since this time yesterday, according to CoinGecko data.

At the time of writing, the Ethereum price is $3,506.38, which means that ETH has gained 15% in the past week. This is the highest Ethereum has been since January 2022, when it was coming down from the late 2021 bull run. And 91% of ETH held in wallets is now in the money. That means all but 9% of ETH has appreciated in value since it was purchased, according to blockchain analytics firm IntotheBlock.

The memecoin frenzy has seen trending memecoins, such as Pepe, Floki, Bonk and others, record a massive rally over the past week. The memecoins have recorded a price surge of over 500% and a nearly 3,000% surge in trading volume.

According to data shared by Santiment, on average, Pepe $0.000007, Floki (FLOKI), Shiba Inu $0.000026 and Bonk (BONK) have seen their volumes rise over 3,000% in the past week as public interest and prices have moved significantly, with many memecoins recording new all-time highs (ATH).

Along with trading volume and a price surge, the memecoins have also registered a massive swell in social activity.

According to Foresight News, Taiwan’s Financial Supervisory Commission (FSC) Chairman Huang Tianmu announced plans to introduce a draft legislation targeting cryptocurrencies in September this year. The purpose of the legislation is to more effectively regulate the cryptocurrency market and ensure the safety of investors. Huang Tianmu also addressed the issue of using cryptocurrencies for fraud, stating that strict administrative penalties will be imposed on individual and overseas currency dealers. As for the possibility of Taiwanese citizens investing in overseas Bitcoin ETFs, Deputy Director of the Securities and Futures Bureau, Gao Jingping, said that relevant research results will be announced in April.

Indonesia’s Commodity Futures Trading Supervisory Agency (CFTSA) has reportedly requested the country’s finance ministry to assess the implementation of cryptocurrency taxes. The regulatory body’s call for this evaluation comes as revenues from cryptocurrency activities continue to outpace those from fintech businesses.

According to a report by, Indonesia is estimated to have collected nearly $2.5 million (IDR39.13 billion) from cryptocurrency-related activities. This amount significantly surpasses the $2.03 million gathered from fintech businesses. In the whole of 2023, Indonesia collected $41.2 million from crypto transactions and nearly $28 million from fintech businesses.

Digital pictures of pixellated comic monkeys on the Bitcoin blockchain became the most-traded Ordinals collection in the past 24 hours as a bitcoin (BTC) rally shows no signs of slowing.

Called NodeMonkes, the collection crossed over $11 million in sales volumes, Cryptoslam data shows, setting an all-time high on Monday. The project went live in December 2023 at an initial listing price of nearly $9,000.

The collection claims to be the first 10,000-count profile picture collection on Ordinals, a way to inscribe text, data and art on individual fragments of bitcoin.

Bitcoin is starting the week above $65,000 and just 6% away from the all-time high price of $69,044 it set on November 10, 2021.

At the time of writing, the Bitcoin price is $65,037.24. That means the price has climbed 6% since yesterday and posted a remarkable 27% gain in just the past week, according to CoinGecko data. And if it can replicate that 6% price hike, it’ll pull level with its all-time high.

The world’s oldest and largest cryptocurrency has seen $27 billion worth of trading volume today—which is already more than it saw all of yesterday. Yet another sign that weekend Bitcoin trading has really fallen out of favor with investors.

Crypto stablecoin Tether USDT $1.00 has crossed an all-time high market capitalization of $100 billion, posting a 9% year-to-date growth and furthering the gap between its next-largest rival, USD Coin USDC $1.00.

USDT momentarily hit its $100 billion milestone on March 4 as the market capitalization fluctuates based on the current price and circulating supply, according to data from CoinGecko.

It’s over $71 billion ahead in market cap compared to its closest stablecoin rival, USDC, issued by Circle, which has also seen its market cap grow this year.

According to PANews, South Korea’s Personal Information Protection Committee (PIPC) has announced an investigation into Worldcoin due to concerns over the project’s collection of sensitive information. The investigation will focus on Worldcoin’s practices of collecting, processing, and potentially transferring sensitive personal information across borders, and will take action if any violations of local privacy regulations are discovered.

Worldcoin offers cryptocurrency in exchange for scanning people’s irises, and the project has collected information on people’s faces and irises at ten locations across South Korea.

Binance has refuted a Nigerian government official’s claim that the cryptocurrency exchange has been asked to pay a $10 billion fine. An unnamed Binance official, however, did confirm that discussions took place between the cryptocurrency exchange and the Nigerian government to resolve issues related to the activities of Binance’s affiliate.

The leading cryptocurrency exchange’s rebuttal to the allegations came mere hours after Bayo Onanuga, a Nigerian presidential adviser, disclosed the severity of the sanctions imposed by his government. Prior to Onanuga’s latest announcement, the office of the Nigerian national security adviser had detained two senior Binance executives shortly after their arrival in the country.