Top 10 Crypto News Highlights in the Last 24 Hours! ⚡️
The cryptocurrency market continues to churn with developments across the ecosystem. From Bitcoin's dwindling exchange supply to regulatory updates in Europe, here's a breakdown of the top 10 crypto news stories from the last 24 hours:
1. Bitcoin Exchange Supply Hits 4-Year Low: Dropping Nearly 40% Pre-Halving
Bitcoin's upcoming halving event, scheduled for roughly 27 days from now, seems to be impacting exchange supply. According to on-chain data, the amount of Bitcoin held on major cryptocurrency exchanges has hit a four-year low, dropping nearly 40% since the highs of November 2021.
This suggests a potential decrease in selling pressure and could be a bullish indicator for Bitcoin's price in the coming weeks.
2. Ethereum Netflow to Centralized Exchanges Reaches $1 Billion in March
Despite the ongoing bullish sentiment surrounding Ethereum's upcoming Dencun upgrade, data reveals a significant outflow of Ethereum tokens to centralized exchanges in March.
The netflow has reportedly surpassed $1 billion, which could indicate short-term selling pressure or investors positioning themselves for potential price movements post-upgrade.
3. Argentina Sees Highest Bitcoin Demand in Two Years
Amidst a backdrop of high inflation and currency devaluation, Argentina is witnessing a surge in Bitcoin demand.
Local news outlets report that Bitcoin trading volumes have reached their highest levels in two years, suggesting Argentinians are increasingly turning to cryptocurrencies as a hedge against economic instability.
4. Polygon zkEVM Faces Ongoing 12-Hour Outage
The highly anticipated Polygon zkEVM (zero-knowledge Ethereum Virtual Machine) testnet encountered a technical hurdle on March 23rd. The network experienced a 12-hour outage, raising concerns about the technology's stability.
The Polygon team is currently investigating the cause of the issue and working on a resolution.
5. Terra (LUNA) Surges 26% Post-Do Kwon's Release
The price of Terra (LUNA) witnessed a significant jump of 26% following news of Do Kwon's release from a Montenegrin prison. Kwon, the co-founder of Terraform Labs, had been arrested on an Interpol red notice related to the collapse of the TerraUSD (UST) stablecoin in May 2022.
While the reasons for the price increase remain unclear, it could be attributed to renewed investor confidence or speculative trading.
6. Kraken UK MD Expresses Interest in Bitcoin ETF
Kraken, a leading cryptocurrency exchange, has expressed interest in launching a Bitcoin exchange-traded fund (ETF) in the United Kingdom.
According to the Managing Director of Kraken UK, the firm is actively exploring the possibility and believes a Bitcoin ETF could be a valuable tool for investors seeking exposure to the cryptocurrency.
7. Temporary Suspension of Telegram Services in Spain
Spanish authorities temporarily suspended Telegram services on March 23rd, citing concerns related to a court order targeting a specific group.
While the suspension was short-lived, it raises questions about the potential impact of government actions on decentralized communication platforms.
8. Hedera Hashgraph Joins UK Crypto Asset Business Council
Hedera Hashgraph, a distributed ledger technology platform, has joined the UK Crypto Asset Business Council. This move signifies Hedera's commitment to collaborating with regulators and industry leaders to develop a responsible and sustainable crypto ecosystem in the UK.
9. Cointelegraph X Account Compromised, Shilling Scam Tokens
The official Cointelegraph X account on Twitter was compromised by hackers on March 23rd. The compromised account was used to promote scam tokens, highlighting the importance of vigilance and strong cybersecurity practices for crypto users.
10. EU Committees Approve Ban on Anonymous Crypto Transactions via Hosted Wallets
Two European Union committees have reportedly approved a proposal to ban anonymous cryptocurrency transactions via hosted wallets.
This proposal aims to combat money laundering and terrorist financing, but it has also sparked concerns about user privacy and the potential stifling of innovation within the crypto space.
Conclusion
These top 10 news stories paint a picture of a dynamic and evolving crypto landscape. With the Bitcoin halving event approaching, Ethereum's Dencun upgrade on the horizon, and regulatory developments unfolding globally, the coming weeks and months promise to be an exciting time for the cryptocurrency industry.
