Top News and Price Analysis in the Weekly Crypto Report

This analysis report, backed by quality data, covers the major developments the Web3, Blockchain and Crypto landscape has witnessed this week.

1. Breaking News

This Week Seneca Protocol Hacker Returns Stolen Ether Tokens After Exploit. The hacker returned $5.3 million worth of Ether after exploiting an approval mechanism bug in Seneca Protocol’s smart contract, draining $6.4 million. The protocol offered leniency, not pursuing legal action if 80% was returned.

Gemini to Return $1.1 Billion in Settlement Deal with NY Regulators  Gemini agrees to repay customers $1.1 billion from its defunct Earn Program in a settlement with New York regulators. The exchange faces legal challenges from the SEC and the NY Attorney General’s office.

Robinhood Partners with Arbitrum for Access to Layer-2 Swaps  Robinhood collaborates with Arbitrum to offer its wallet users access to swaps on the layer-2 network. The alliance aims to simplify access to layer-2 networks, announced at ETHDenver 2024 event.

Uniswap Introduces New Features to Enhance Swapping Experience  Uniswap introduces three features: Uniswap Extension, Limit Orders, and Data & Insights. Limit Orders and Data & Insights pages are live, with access via a waitlist system for users.

CDC Supports Kraken in Lawsuit Against SEC’s Regulatory Tactics  The Chamber of Digital Commerce files amicus curiae to support Kraken against SEC lawsuit. CDC aims to counter SEC’s regulatory tactics and advocate for clearer rules.

RiskOnBlast Under Scrutiny Amid Suspected Rug Pull Scam  RiskOnBlast project faces scrutiny over a suspected rug pull scam, leaving investors with significant losses. The project raised 25M in ETH for a presale token Risk.

HTX Withdraws Crypto License Application in Hong Kong HTX, formerly Huobi, withdraws crypto licence application from Hong Kong. The Virtual Asset Trading Platform (VATP) licence allows exchanges to operate within Hong Kong.

MicroStrategy’s X Account Compromised in Ethereum Token Scam  Micostrategy’s X account hacked, leading to loss of $400k in Ethereum-backed token scam. The company becomes the latest victim of the X hack in 2024.

OFAC Flags Wallet Addresses Linked to LockBit Affiliates  OFAC flags ten wallet addresses associated with LockBit ransomware affiliates. Artur Sungatov and Ivan Kondratyev face charges linked to ransomware deployment.

Binance Agrees to $4.3 Billion Settlement for AML Violations Binance pleads guilty to AML and sanctions violations, agrees to $4.3 billion settlement. A U.S. federal judge approves the plea and settlement deal.

2. Blockchain Performance  In this section, we will analyse two factors primarily: the top-performing blockchains based solely on their 7-day change and the top performers among the top five blockchains with the highest TVL.

2.1. Top Blockchain Performers by 7-Day Change  This week’s top blockchain performers, based on their 7-day change, are Ergo, ZetaChain, Cardano, Base, and Metis Andromeda.

Blockchain  7-Day Change (in %) TVL Ergo 35.9% $11,717,364 ZetaChain 32.4% $4,457,103 Cardano 28.6% $485,599,836 Base 27.9% $516,919,414 Metis Andromeda 27.1% $89,816,456 Among the top blockchain performers by 7-day change, Ergo leads with a significant 35.9% increase, followed closely by ZetaChain, Cardano, Base, and Metis Andromeda. These gains indicate strong market demand and potentially favourable developments within these blockchain networks, suggesting potential investment opportunities.

2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL Ethereum, TRON, BNB Smart Chain, Arbitrum One, and Solana are the top five blockchains in the market on the basis of TVL and market dominance. Let’s see how these blockchains have performed this week.

Blockchain 7d Change (in %) Dominance TVL (in Billion) Ethereum 15.3% 65.70% $55,680,891,029 TRON 12.6% 11.17% $9,470,543,359 BNB Smart Chain 16.0% 6.20% $5,254,452,699 Arbitrum One 12.4% 4.68% $3,970,063,989 Solana 26.2% 3.08% $2,614,086,829 Others 9.17% Among the top five chains with the highest Total Value Locked, Solana exhibits the highest 7-day change at 26.2%, indicating strong momentum. BNB Smart Chain and Ethereum follow with 16.0% and 15.3% respectively. TRON and Arbitrum One show comparatively lower changes at 12.6% and 12.4%.

3. Crypto Market Analysis  The crypto price and dominance analysis and top gains and losers analysis are the two prime sections of the crypto market analysis.

3.1. Crypto 7-D Price Change and Dominance Analysis   Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrency as per the market cap index. Let’s analyse their seven-day price change and dominance indices.

Cryptocurrency 7d- Price Change (in %) Dominance Percentage  Price Market Cap BTC 21.7 50.06% $62,005.50 $1,218,394,972,538 ETH 16.1 16.89% $3,421.37 $410,942,976,277 USDT 0.2 4.05% $1.00 $99,397,231,923 BNB 8.4 2.56% $409.61 $63,213,112,875 SOL 27.5 2.4% $128.74 $56,980,635,126 Others 24.04% Among the top five cryptocurrencies with the highest market capitalisation, Solana leads with a 7-day price change of 27.5%, followed by Bitcoin at 21.7% and Etheruem at 16.1%. BNB shows an 8.4% increase, while Tether has a minimal change of 0.2%. These fluctuations reflect investor sentiment and market dynamics impacting cryptocurrency prices.

3.2. Top Gainers & Losers of the Week in Crypto Market  Here is the list of top gainers and top losers of the week in the cryptocurrency market. The analysis is made using the 7-day Gain and 7-day Lose indices.

3.2.1. Top Gainers of the Week in Crypto  Cryptocurrency  7-Day Gain (in %)  Price  dogwifhat 299.97% $1.20 Pepe 241.69% $0.000004075 Shiba Inu 113.45% $0.00002026 Bonk 108.78% $0.00002379 Arweave 100.49% $26.01 The top gainers of the week in the crypto market exhibit substantial growth, with Dogwifhat leading at 299.9% gain, followed by Pepe at 241.69%, Shiba Inu at 113.78%, Bonk at 108.78%, and Arweave at 100.49%. Notably, a majority of these coins are characterised by their meme-inspired origins, reflecting a trend where community-driven and novelty themed cryptocurrencies are gaining significant traction.

3.2.2. Top Losers of the Week in Crypto  Cryptocurrency  7-Day Loss (in %) Price  Bitget Token 5.94 $0.936 Starknet 3.30 $1.84 Worldcoin 2.95 $7.72 The top losers of the week in the crypto market experienced modest losses, with Bitget Token leading at 5.94%, followed by Starknet at 3.30% and Worldcoin at 2.95%. Interestingly, a majority of these coins share a characteristic of being relatively newer projects or lesser-known tokens within the crypto space.

3.3. Stablecoin Weekly Analysis  Tether, USDC, DAI, First Digital USD, and TrueUSD are the top stablecoins in the market in terms of market capitalization. Let’s analyse their weekly performance using seven-day market capitalisation, market dominance and trading volume indices.

Stablecoins  Market Dominance (7d) [in %] Market Capitalisation (7d) Trading Volume (7d) Market Capitalisation USDT 71.37% $99,274,662,637 $64,886,564,825 $99,374,582,749 USDC 20.74% $28,988,023,973 $7,660,939,366 $29,062,902,176 Dai 3.61% $5,029,425,225 $208,750,503 $5,011,755,123 First Digital USD 2.34% $3,243,882,916 $9,794,726,739 $3,251,032,916 TrueUSD 0.93% $1,288,752,739 $97,196,974 $1,291,448,000 Others 1.01% Among the top stablecoins, Tether dominates the market at 71.37% followed by USDC at 20.74%. While Dai, First Digital USD, and TrueUSD hold smaller market shares, they still contribute to stabilising the crypto market. The date suggests Tether’s strong position as the leading stablecoin, with USDC also showing significant market presence, indicating investor trust in these widely used stable assets.

Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analysed separately, in order to get the right picture of the Bitcoin ETF market, as they represent two different segments. Let’s start!

4.1. Bitcoin Futures ETF Weekly Analysis  ProShares, VanEck, Valkyrie, Global X and Ark/21 Shares are the top Bitcoin Future ETFs, as per the Asset Under Management index. Let’s use the change percentage index to analyse these ETFs.

Bitcoin Futures ETFs Change (Gain/Loss) (in %) Asset Under Management (in Billion) Price  ProShares  +1.74% $598.78M $29.00 VanEck +0.33% $42.41M $39.22 Valkyrie  +1.63% $38.20M $19.90 Global X +2.55% $26.10M $67.69 Ark/21 Shares  +1.29% $8.01M $61.80 Among the top Bitcoin Futures ETFs, Global X leads with a gain of +2.55%, followed by ProShares at +1.74%, and Valkyrie at +1.63%. Ark/21 Shares and VanEck show comparatively smaller gains. These ETFs track Bitcoin futures contracts, providing investors exposure to Bitcoin’s price movements without directly holding the cryptocurrency. The positive changes reflect growing investor interest and confidence in Bitcoin derivatives.

4.2. Bitcoin Spot ETF Weekly Analysis  Grayscale, Blackrock, Fidelity, Ark/21 Shares and Bitwise are the top Bitcoin Spot ETFs, as per the Asset Under Management index. Let’s analyse them using the change index.

Bitcoin Spot ETFs Change (Gain/Loss) (in %) Asset Under Management (in Billion) Price  Grayscale +1.68% $26.60B $56.28 BlackRock +1.61% $10.01B $35.99 Fidelity  +1.58% $6.47B $55.19 Ark/21 Shares  +1.45% $2.11B $63.18 Bitwise  +1.77% $1.53B $34.43 Among the top Bitcoin Spot ETFs, Bitwise shows the highest gain at +1.77%, followed by Grayscale at +1.68%, and BlackRock at +1.61%. Fidelity and Ark/21 Shares also exhibit positive changes. The gains reflect growing interest in these top five ETFs.

5. DeFi Market Weekly Status Analysis  Lido, AAVE, EigenLayer, Maker, and JustLend are the five top DeFi protocols on the basis of TVL. Let’s analyse its weekly performance using the 7d Change in TVL index.DeFi Protocols 7d Change (in Total Value Locked) [in %] TVL Lido +16.61% $33.83b AAVE +19.49% $10.092b EigenLayer  +26.72% $9.945b Maker  +7.14% $9.23b JustLend +11.03% $6.908b Among the top DeFi protocols, EigenLayer exhibits the highest 7-day change in Total Value Locked at +26.72%, followed by AAVE at +19.49% and Lido at +16.61%. Maker and JustLend show comparatively smaller increases. The significant gains suggest growing adoption and utilisation of these protocols within the decentralised finance ecosystem. 
6. NFT Marketplace: A Basic Weekly Analysis  Blur, Blur Aggregator, Opensea, Cryptopunks, and Gem are the top NFT marketplaces on the basis of market share. Let’s analyse them using the 7-Day Rolling Volume, 7-Day Rolling Trade and Volume Change indices.NFT Marketplaces  Volume Change [Last 7 Day over the Previous 7 Day Volume] [In %] Market Share 7-day Rolling Volume  7-day Rolling Trades  Blur -10.88% 56.70% 29141.76 43801 Blur Aggregator  -11.62% 20.23% 16442.14 22465 Opensea -6.21% 16.05% 9517.86 25445 Cryptopunks  +114% 3.11% 2817.99 42 Gem  -23.83% 1.56% 1344.29 4183 Others 2.35% Among the top NFT marketplaces, Cryptopunks experiences the highest volume increase at +114% while Gem shows a significant decrease of -23.83%. Blur Aggregator, Blur and Opensea also observe decline in volume. The date suggests a dynamic NFT market where volume fluctuations vary across platforms, influenced by factors like new releases, platform features and market demand for specific NFT collections.

6.1. Top NFT Collectible Sales this Week  Budgie, Composable Restaking Position, CryptoPunks #5308, and CryptoPunks #7049 are the top NFT collectable sales reported this week in the NFT market landscape.

NFT Collectibles  Price (in USD) Budgie #ci7…. $1,444,812.49 Composable Restaking Position #79b.. $1,108,561.85 CryptoPunks #5308 $492,694.44 CryptoPunks #5308 $457,764.03 CryptoPunks #7049 $362,396.53 Among the top NFT collectibles, Budgie holds the highest price at $1,444,812.49, followed by Composable Restaking Position at $1,108,561.85. CryptoPunks #5308 and #7049 are priced at $492,694.44 and $362,396.53 respectively.

7. Web3 Weekly Funding Analysis  7.1. ICO Landscape: A Weekly Overview   Vendetta Games, Portal, Style Protocol, Beoble, QnA3.AI, and Dechat are the major ICOs that ended this week.ICO Token Price  Received  Fundraising Goal Total Tokens  Token (Available for Sale) Vendetta Games $0.15 $200,000 $200,000 100,000,000 24% Portal n/a n/a 50,000,000 Tokens 1,000,000,000 33% Style Protocol $0.01 $1,720,000 $400,000 920,000,000 29.3% Beoble  $0.025 $7,820,000 $200,000 1,000,000,000 29.1% QnA3.AI n/a n/a 15,000,000 Tokens 1,000,000,000 n/a Dechat $0.55 n/a $475,000 25,000,000 28.36% Among the major ICOs ending this week, Beoble raised the highest amount at $7,820,000, surpassing its fundraising goal of $200,000. Style Protocol and Vendetta Games also completed their ICOS, with varying degrees of success in meeting fundraising targets.
8. Weekly Blockchain Hack Analysis As of March 2, 2024, hackers stole $7.68 billion. $5.82 billion came from DeFi platforms, and $2.83 billion from blockchain bridges.

Recent hacks include FixedFlot losing $26.1 million on Feb 18, Abracadabra losing $6.5 million on Jan 30, Concentric losing $1.72 million on Jan 22, and Bungee losing $3.3 million on Jan 16.

Earlier, Wise Lending lost $0.46 million on Jan 12, and Gamma lost $4.5 million on Jan 4.

Endnote  In this week’s comprehensive analysis of Web3, Blockchain and Crypto, we have brought out powerful insights, which can be used to stay-to-data about the market developments. As the landscape evolves, the strategic integration of technology and data-driven decision-making becomes paramount for stakeholders navigating the dynamic realms of decentralised technologies.

Cryptocurrencies have taken the financial world by storm, gaining massive popularity and adoption in recent years. As more people become interested in these digital ‌assets, ‍staying up-to-date with the latest news and price analysis has become ​crucial for traders and investors.

Fortunately, the crypto market is constantly evolving, and there is never a dull moment. A weekly crypto⁢ report is an invaluable tool for anyone looking to stay informed about the⁤ latest ⁣developments in the world of blockchain and​ cryptocurrency. In this comprehensive article,⁣ we will dive into the top news and price analysis as reported in the weekly crypto report, giving you a complete overview of what’s happening in this⁤ fast-paced industry.

Top News

In the world of cryptocurrency, news travels‌ fast, and it can greatly impact the‍ market. Let’s take a look⁣ at some of the top news stories covered in⁢ the weekly crypto report.

1. Bitcoin’s ⁤Price Surpasses $60,000

Bitcoin, the world’s largest cryptocurrency, has been making headlines as its price continues to soar. In March, it reached an all-time high of over $61,000, surpassing its​ previous record of $58,000 ​set just a month earlier.

This impressive rally has been attributed to several ‍factors, including⁢ the increased ‌adoption by mainstream companies like Tesla, Mastercard, and PayPal, as well as the growing interest from institutional investors. Additionally, the limited supply of Bitcoin and its‌ increasing scarcity have also played‍ a significant role in driving‌ up its price.

2. Coinbase’s Upcoming IPO

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced its plans to go public through a direct ​listing on the Nasdaq. This move is significant as it will be the first public ⁣listing of a major cryptocurrency company, signaling a maturing market​ and increased interest from traditional investors.

This news has been met with both excitement and skepticism, with some experts‍ predicting a surge in the crypto ⁢market and others cautioning that it may lead to a ⁢bubble and subsequent crash. Regardless, the upcoming Coinbase ⁣IPO is⁢ definitely one to watch closely in the coming weeks.

3. Crypto Regulations in the US

Regulation⁤ has been a hot topic in the crypto world, with many countries taking steps to regulate and legitimize the use of digital‌ assets. In the US, the ⁤Securities and Exchange Commission (SEC) has been cracking down on unregistered cryptocurrency ⁢offerings and exchanges, causing some concern‌ among‌ investors.

However, the recent appointment of Gary Gensler as ‍the new SEC chairman, who has a deep understanding of blockchain technology, has brought hope that there will ‌be more clarity and regulation in the industry. This news has ‌been well received ⁤by​ the crypto community, as it could potentially pave the way for institutional adoption and⁤ mainstream acceptance.

Price Analysis

Apart ‌from keeping up with the top news, monitoring the price movements ‌of different cryptocurrencies is essential for​ traders ⁤and investors. Let’s take a look at ⁢some of the top price analysis ‌from the weekly crypto report.

1. Bitcoin’s Dominance Continues

Bitcoin’s dominance in the crypto‍ market has been growing steadily, currently sitting at around 60%. This is largely due to its impressive rally and its status as the “king of crypto.” However, some experts ⁢believe that this dominance may wane as more investors turn to ‍alternative coins (altcoins) in search of higher gains.

2. Ethereum’s Price on the Rise

Ethereum, the second-largest‌ cryptocurrency, has also ⁤been‌ making waves with its recent price​ surge. In March, it broke its previous all-time high of $2,000 ⁤and went on to reach a new record of over $2,200. This increase has been attributed to the growing use of ‍the Ethereum blockchain for⁣ decentralized finance (DeFi) applications and the upcoming Ethereum 2.0 upgrade, which promises faster transaction speeds and lower fees.

3. Altcoins Gaining⁤ Traction

While Bitcoin ⁢and⁣ Ethereum remain the market leaders, altcoins have also been performing well, with some even outpacing Bitcoin in terms of gains. Coins like Binance Coin (BNB), Polkadot​ (DOT), ⁣and Cardano (ADA) have seen significant increases in​ their prices, driven by ⁢their technology, partnerships, and use cases.

Furthermore, the growing interest in non-fungible tokens ⁢(NFTs) has ‍also led to a surge in the prices of coins like Enjin (ENJ), Flow (FLOW), and Theta (THETA), which are powering the creation and trading of these unique‍ digital assets.

Practical Tips for Investors and Traders

As​ the crypto market continues to evolve and grow, here are some practical tips‍ to keep in mind for investors and traders:

1. Stay Informed: As evidenced by the top news and price analysis, the crypto market moves‌ quickly, and it’s essential to stay informed ⁢to make informed decisions. A weekly​ crypto report is a great resource for staying up-to-date.
2. ‍Diversify: While⁣ Bitcoin and Ethereum remain popular choices, it’s always a good idea to diversify your crypto portfolio. Consider ‍investing⁤ in different altcoins and spreading your risk across different⁢ assets.
3. Do Your Research: With thousands of cryptocurrencies to choose from, it’s essential to do your own research before investing‌ in any project. Look into the team behind the coin, its use cases, and‌ community to ensure it’s ‌a⁤ legitimate and promising investment.
4. Consider Market Trends: Price analysis is essential, but it’s‍ also crucial to pay attention to market trends and⁤ sentiment. This can ‍help you make strategic​ decisions and avoid FOMO (fear of missing out) or panic selling.

Conclusion

Cryptocurrencies have undoubtedly come a long way since the inception of Bitcoin in 2009. With each passing week, there are new developments, news, and price movements that shape the industry and ‌its future. ⁤Keeping up with the‌ top news and price analysis in the weekly crypto report is key to staying informed and making sound investment decisions. By following⁣ the practical tips outlined in this⁢ article, you can navigate the ever-changing crypto market‌ with confidence. Happy investing!