Crypto Roundup, 01 March: Market holds breath ahead US Data

Crypto currency prices have fallen during the last 24 hours

TOP 5 Losers Coins

Crypto News Key Highlights:

• Nigeria escalates regulatory actions against Binance, seeking a $10 billion fine for alleged involvement in illicit activities and currency devaluation. Executives detained, investigation underway. Binance accused of economic disruption and manipulation. Despite suspending naira transactions, Binance faces government pressure. Situation highlights Nigeria's regulatory stance on crypto exchanges, global implications monitored closely.

• House Majority's Tom Emmer criticizes SEC Chair Gary Gensler's "illegal rulemaking" regarding Staff Accounting Bulletin (SAB) 121, advocating its revocation. Emmer highlights overreach in crypto regulation, citing adverse effects on markets and weakened investor protection. A resolution aims to repeal SAB 121, sparking debates on consumer safeguarding measures.

• Hong Kong sees a surge in crypto exchange license applications, with 24 companies, including Bybit and Crypto.com, vying for permits. Despite notable players' interest, the absence of giants like Binance raises concerns about regulatory appeal. Matrixport's proactive license application reflects the industry's push for compliance amid regulatory changes.

• AXL, Axelar Network's native token, surged 30% amid Binance's plans to list specific pairs. Binance announced spot trading pairs AXL/BTC, AXL/USDT, AXL/FDUSD, and AXL/TRY with no listing fee. Previous listings like Ronin saw varied outcomes, but AXL sparked trader profit of $56,028 in 8 minutes. AXL's price surged 46.50% in 24 hours, with significant volume and interest spikes, fostering bullish sentiment.

• Elon Musk is suing OpenAI and its CEO, Sam Altman, alleging a breach of their nonprofit agreement. He claims that their collaboration with Microsoft strays from advancing open-source AGI. Musk contends that the launch of GPT-4, a closed model, benefits Microsoft financially, deviating from OpenAI's nonprofit mission.

• In 2024 YTD, over $200 million in cryptocurrency was lost across 32 incidents, marking a 15.4% increase from Jan-Feb 2023. February recorded $67 million in losses, down nearly 50% from January's $133 million. PlayDapp suffered the largest theft of $32.3 million, followed by FixedFloat with $26.1 million. DeFi was the primary target in February, with hacks comprising $65 million, while fraud cases totaled $1.65 million.

• BlackRock is launching Brazil's first spot Bitcoin ETF, IBIT39, on B3 on March 1. Initially for qualified investors, it aims for retail accessibility post-regulatory approval. Karina Saade, BlackRock Brazil Country Manager, highlighted regulated Bitcoin access. However, she clarified it's not an endorsement, citing customer service and transparency. IBIT39 mirrors Bitcoin's performance with a 0.25% fee.

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