Let’s see what news last weekend brought with U.Today’s roundup of the top three stories.
Let’s see what news last weekend brought with U.Today’s roundup of the top three stories.
Investor cites key reason behind Bitcoin crash
As the cryptocurrency market swims in a sea of red with Bitcoin leading the way, many in the crypto community began to speculate about the reason behind the fall of the flagship cryptocurrency. Among those interested in knowing what caused this sudden drop was renowned investor Fred Kruegerwho offered his complex theory in a recent x publication. The publication says that a large fund shorted MicroStrategy (MSTR) stock and bought Bitcoin (BTC) at the same time, allocating $1 billion to each side of the trade. Then, on Friday, March 15, the fund was forced to close, resulting in the sale of $1 billion worth of Bitcoin. This move has reportedly triggered further market sell-offs, exacerbated by sales by smaller investors, colloquially referred to as “shrimp, crabs and fish.”
Binance quietly tightens token listing process
In order to strengthen investor protection, Binance has taken measures to tighten requirements for token listings, Bloomberg reports. The decision to focus more on investor protection rather than attracting coin listings follows Binance’s money laundering violations last year, due to which the platform agreed to pay a $4.3 billion fine. As of now, crypto projects seeking to list on Binance face stricter conditions, including a prolonged “cliff period” during which tokens cannot be sold, a larger coin allocation for market makers, and need for a security deposit. According to sources, these measures began to be adopted at the end of last year. Sources also added that Binance has communicated these changes verbally to stakeholders involved in the token listings, and specific requirements may vary from deal to deal.
Shibarium achieves a new important milestone
Shibarium, Shiba Inu’s Layer 2 solution, continues to excite members of the SHIB community with its achievements. The last milestone through the platform means exceeding 411 million in terms of transactions. According to data provided by Shibariumscan, Shibarum’s total transaction count currently stands at 412,251,109, with over three million transfers added in the past few days. The achievement comes despite daily transaction throughput hovering around 1.03 million after a 4-fold decline since February 20, when it showed 4.2 million transfers per day. At the time of writing, the number of daily transactions has fallen to lows of 593.68K. Meanwhile, Shibarium signed a strategic partnership with K9 Finance; K9 debuted its native KNINE coin on Shibarium, and Shiba Inu leader Shytoshi Kusama, along with SHIB lead developer Kaal Dhairya, have been named official advisors to K9.
