Market update
Cointree Crypto Market Update - March 27th 2024
Market report for traders
🔮 BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$107,404, rising 10.11% at the time of writing. Meanwhile, Ethereum close behind at AU$5,497, moving +9.78% week-on-week. Altcoin are also on the rise, Solana +11.43%, Cardano +10.38%, and Dogecoin +37.78%.
🗞 What’s happening in the news?
Starting off this week’s market update with a story close to home, the Australia and New Zealand Banking Group (ANZ) and Chainlink Labs have embarked on an ambitious project to bridge the Avalanche and Ethereum blockchain networks.
This partnership uses Chainlink's cross-chain interoperability protocol (CCIP) to facilitate seamless on-chain settlement solutions for tokenised assets across different currencies. By enabling "Delivery vs. Payment" processes on the blockchain, ANZ and Chainlink are paving the way for a new era of asset settlements. This initiative not only integrates decentralised finance (DeFi) with traditional financial services, but also marks a significant step towards global blockchain-enabled asset settlement.
As the crypto community braces for the upcoming Bitcoin halving in April 2024, speculation and anticipation are at an all-time high. This event, which will see mining rewards for the leading cryptocurrency halved, is expected to have a profound impact on Bitcoin's price and network security.
Drawing from historical precedents, the halving could potentially lead to a significant price surge in the months following the event, though the immediate aftermath remains unpredictable. The first halving saw Bitcoin’s price go from US$12.50 to US$1,000. The second from US$640 to US$2,550. And the third from US$8,750 to US$62,000. While predictions are making headlines, the true outcome of the halving remains just that - predictions.
In regulatory news, KuCoin, a prominent crypto exchange, and its founders are facing charges from U.S. federal prosecutors for allegedly violating anti-money laundering (AML) laws. Failing to KYC their customers until 2023, not KYC’ing existing customers after 2023, and accepting money laundered funds through Tornado Cash were the causes for these charges. KuCoin's ordeal serves as a stark reminder of the legal and ethical responsibilities that come with operating in the crypto space, especially concerning customer verification and anti-money laundering measures.
📖 What we’ve been reading
Is It Late 2020 All Over Again for Dogecoin?
“Recent DOGE price developments are strikingly similar to those seen in late 2020 when the meme token bounced from a bear market to rally over 1,000% in early 2021.”
The Bitcoin Halving Could Accelerate Consumer Adoption of BTC
“By spurring adoption of secondary scaling layers like Lightning, the halving could make using bitcoin less expensive and more accessible”
USDT Maker Tether Pushes Into AI, Prioritising ‘Transparency and Privacy’
“The team behind the largest stablecoin throws its hat into artificial intelligence, leaning into the open-source approach.”
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
