The Last Fortnight In Crypto - March (Part 2)
Japan's Pension Fund Explores Bitcoin Investment
Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, is considering venturing into the realm of bitcoin and other illiquid assets. While GPIF seeks to diversify its portfolio beyond traditional investments like bonds and stocks, there's no assurance of bitcoin investment yet. This move coincides with bitcoin's recent surge to an all-time high and reflects a broader trend of institutional interest in cryptocurrencies despite regulatory uncertainties. As GPIF explores this new frontier, its potential impact on the cryptocurrency market and traditional finance remains to be seen.
CryptoPunks NFT Sells for $16 Million: Second-Largest Transaction Yet
In a significant development for the NFT market, an Alien Punk from the CryptoPunks collection, Punk #7804, recently exchanged hands for a whopping 4,850 ETH, equivalent to $16.42 million at the time of sale, marking the second-largest transaction in CryptoPunks history. The buyer's identity remains undisclosed, while the seller expressed regret over not maximizing the asset's visibility during their ownership. This sale follows closely after another significant CryptoPunks transaction and underscores the enduring appeal and substantial value attributed to these digital collectibles. With each high-profile transaction, the boundaries of value and innovation within the NFT space continue to be pushed, shaping the future of digital ownership and expression.
CryptoQuant CEO Forecasts Bitcoin ETF Surge Amid Price Drop
CryptoQuant CEO Ki Young Ju has made an intriguing prediction regarding the spot Bitcoin exchange-traded fund (ETF) market, suggesting a potential resurgence if BTC prices decline further. Young Ju highlighted that new BTC whales, with an on-chain cost basis of approximately $56,000, could trigger substantial inflows into Bitcoin ETFs if the price hits this level. Despite recent negative net flows in spot BTC ETFs, Young Ju anticipates renewed demand, especially as Bitcoin approaches key support levels. With BTC's price fluctuating between $62,000 and $68,000 in recent weeks, Young Ju suggests the possibility of a further decline, potentially to around $51,000. However, amidst market corrections and upcoming events like the Bitcoin halving, which historically drive price surges, Young Ju remains optimistic about the resilience of the Bitcoin bull cycle and the potential for increased ETF demand.
US Government Moves to Auction Private Jets Linked to Sam Bankman-Fried
In a significant development in the legal proceedings against former FTX CEO Sam Bankman-Fried (SBF), the U.S. government is seeking court approval to sell two private aircraft tied to the case. The U.S. Marshals Service currently holds custody of a Bombardier Global associated with FTX, with prosecutors also aiming to transport an Embraer Legacy aircraft to Florida for sales proceedings. This move comes as part of ongoing forfeiture proceedings against Bankman-Fried, who was convicted of seven felony counts in November 2023. The assets subject to forfeiture include luxury jets, cryptocurrency holdings, and political contributions made during Bankman-Fried's tenure as FTX CEO. With sentencing looming, the fate of these assets remains uncertain, highlighting the complexities of the legal battle surrounding one of the most prominent figures in the cryptocurrency industry.
Bitcoin Demand Surges in Argentina Amid Peso Decline
Despite economic challenges and a devaluing peso, Bitcoin demand in Argentina has soared to its highest point in nearly two years. As the peso's value against the U.S. dollar continues to plummet, Argentines are turning to Bitcoin as a means to preserve their savings. Data from cryptocurrency exchanges such as Lemon Cash indicates a doubling in weekly Bitcoin purchases compared to 2023, with nearly 35,000 customers in Argentina buying Bitcoin in a single week. This surge in demand is not limited to one platform, as major exchanges like Ripio and Belo report similar trends. Manuel Beaudroi, CEO of digital wallet Belo, notes a shift from stablecoin purchases to Bitcoin, attributing it to Bitcoin's recent price surge. While interest in stablecoins persists, with Argentines seeking alternative channels like "crypto caves" for purchases, the use of Bitcoin for specific transactions is gaining momentum, reflecting a broader acceptance of digital currencies in the country.
Frax Finance's $100 Billion Roadmap: A Paradigm Shift in DeFi
Frax Finance, a decentralized finance (DeFi) protocol, has unveiled an ambitious roadmap aimed at elevating the total value of crypto assets locked in its layer 2 blockchain to $100 billion by 2026. Currently standing at $13.2 million, Fraxtal's total value locked (TVL) sets the stage for an exponential leap in the coming years. The roadmap includes the launch of 23 layer 3 protocols within a year and the introduction of new assets like frxNEAR, frxTIA, and frxMETIS. Founder Sam Kazemian's proposal to reintroduce revenue-sharing mechanisms and fully collateralize Frax's stablecoin, FRAX, underscores a strategic approach to bolster liquidity and fortify the protocol's balance sheet. With the DeFi sector witnessing a surge in popularity, highlighted by a recent increase in TVL to $100 billion, Frax Finance's roadmap signifies a paradigm shift, promising significant advancements in the decentralized finance landscape.