Crypto News April 03: Crypto World Awaits U.S. Data Impact

Crypto gained momentum sharply in the past 24 hours

TOP 5 Gainers Coins

Crypto News Key Highlights:

• AZC Coin, a newcomer in the cryptocurrency market, promises enhanced scalability and security. Despite its potential, experts warn of investment risks due to limited information on its price and supply. The coin aims to offer lower transaction fees and user-friendly features but lacks transparency, urging investors to exercise caution and conduct thorough research before investing.

• Robinhood's addition of Optimism (OP) crypto for EU users sparks market interest. With over 30 cryptocurrencies, including OP, the move signals platform expansion. This decision may influence OP's price dynamics amid ongoing crypto volatility. While limited to select EU jurisdictions, the listing reflects Robinhood's commitment to user needs and offers potential growth opportunities for OP.

• KuCoin, a major crypto exchange, experienced a sharp decline in its Bitcoin reserves, dropping over 25% in March amidst recent legal actions by the U.S. Department of Justice (DoJ). This decline, along with decreases in Ethereum and stablecoin reserves, led to a significant drop in trading volume and market share. Users are shifting funds to perceived safer alternatives amid legal challenges.

• In Q1 2024, Ethereum saw significant growth, tripling its earnings to $369 million, with a 210% year-over-year increase. Ethereum's transaction fees and revenues rose by 79% and 85% respectively. Despite high gas fees, network usage surged, with transactions increasing by 8.4%, and Ethereum-based stablecoins like USDT and USDC also saw market value growth.

• Bithumb Korea, the operator of South Korean crypto exchange Bithumb, reported a 57% annual revenue drop in 2023, reaching 1.358 billion Korean won. Despite a net profit decline of 74.5%, the company remained profitable. Challenges included the crypto winter and fee-free trading policy. Plans for IPO were delayed amid internal strategy reassessment and regulatory changes proposed by South Korea's FSC.

• Amid a broader crypto market correction, ENA, the native token of Ethena, gained global attention with a remarkable rally. Amber Group, a major digital finance player, amassed significant ENA from an exchange, sparking speculation about its impact on price. ENA surged 55.96%, with Amber Group's accumulation hinting at reduced volatility and increased liquidity.

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Also read - Crypto News April 02: Crypto Markets Stir Pre-Key U.S. Data