The crypto market had a mixed day as price action varied across cryptocurrencies. Bitcoin (BTC) continues to struggle, briefly dipping below $80,000 before recovering and moving to its current level. The flagship cryptocurrency is down nearly 2% over the past 24 hours and trades just below the $82,000 mark. Meanwhile, Ethereum did relatively better, although it still has not reclaimed $2,000. ETH is up just under 1% and trading just under the $1,900 mark. Ripple (XRP) has done substantially better, with its price up over 2% and trading at $2.29. Meanwhile, Solana (SOL) is up just under 1% and trading at $124. However, Dogecoin (DOGE) and Cardano (ADA) are down 0.50% and $2.16%, while Chainlink (LINK) and Stellar (XLM) have registered notable increases. Toncoin (TON) and Polkadot (DOT) registered substantial increases, while Hedera (HBAR) and Litecoin (LTC) registered notable declines. The crypto market cap is down almost 1% and currently sits at $2.67 trillion. Central Bank Of Russia Opens Up To Crypto The Central Bank of Russia has introduced a proposal to allow qualified investors to buy and sell crypto under an experimental framework for three years. The experimental framework will limit the activities to “particularly qualified investors,” a new classification for Russian citizens with over 100 million rubles in deposit and securities investments or with an income of at least half of that registered during the previous year. Companies qualified as investors would automatically be upgraded to the new tier. Additionally, any financial institution entering the sandbox would have to follow the directives issued by the Central Bank, depending on the risk of their specific investment. The Russian Central Bank will also open investments in crypto derivatives like securities and digital financial assets that do not require the settlement or delivery of crypto to their investors outside the proposed framework. Several market players are delighted with the new rules, and the San Petersburg Exchange (SPB) plans to offer these options. However, the Bank of Russia’s stance on crypto remains unchanged, and it still does not recognize the asset class as a mode of payment. Telegram Wallet Adds Crypto Trading And Yield Features Telegram has made another push into crypto with the platform’s self-custodial wallet, rolling out multi-asset trading and yield features and bringing crypto capabilities to over 100 million users. The wallet which initially focused on Toncoin, has added support for Bitcoin, USDT on TON, and several newer assets. The latest update allows users to buy, sell, or hold crypto directly in Telegram without complex on-chain deposits. A standout addition is the wallet’s earn feature that allows users to earn a yield for holding Toncoin. Support for USDT yields and loyalty programs for TON holders are also expected to launch later this year. The Open Platform (TOP) CEO Andrew Rogozov, stated, “With the current update, the wallet now operates as a fully-fledged crypto platform within Telegram while remaining as simple and accessible as ever. We also plan to implement a loyalty program specifically for toncoin holders to further boost the adoption of the TON Ecosystem.” Trump Family Seeking Stake In Binance Representatives of the Trump family have held discussions to acquire a stake in the US arm of Binance, the world’s largest crypto platform. The development comes as the company’s founder, Changpeng Zhao, seeks a presidential pardon. Zhao has served four months in prison after pleading guilty to violating anti-money laundering requirements. He remains Binance’s largest shareholder despite stepping down as CEO after the firm’s $4.3 billion settlement with US authorities in 2023. The discussion began after Binance approached Trump allies and offered a business deal with the family as part of a strategy to re-enter the US market. The potential investment into Binance could be made directly by the Trump family or through World Liberty Financial, a crypto venture backed by the Trump family. A presidential pardon would clear regulatory hurdles for Binance’s return to the market and help ease international business operations, while a stake in Binance would allow the Trump family to participate in the revival of a crypto trading platform. However, the discussion also raises unprecedented conflict of interest questions as Trump mixes his presidential powers and business interests. Bitcoin (BTC) Price Analysis Bitcoin (BTC) dipped into the red on Thursday after failing to build momentum and push towards $85,000. The flagship cryptocurrency is down over 25% from its all-time high as macroeconomic concerns, tariffs, a potential trade war with China, and policy uncertainty weigh on investor sentiment. The flagship cryptocurrency registered a marginal bump after the US Consumer Price Index (CPI) numbers came lower than expected., rising 2.8%, below the forecasted 2.9%. Meanwhile, core CPI numbers, which exclude food and energy, fell to 3.1%, lower than the expected 3.2%. However, the brief rally quickly fizzled out, with markets concerned about broader macroeconomic conditions. The bearish sentiment even dragged BTC to a four-month low on March 11. According to analysts, the crypto market is facing several challenges. Institutional investors have adopted a risk-averse strategy, moving capital away from risk assets. Meanwhile, recession fears are growing, and Trump’s tariff policies have shrouded the market with uncertainty. In the latest set of actions, President Trump has slapped a 25% tariff on steel and aluminum imports from Canada, prompting retaliatory action from Canada. The EU also imposed $28 billion in retaliatory tariffs on US products, intensifying tensions and putting the markets on edge. Spot Bitcoin ETFs have also come under significant pressure as outflows increase. While there have been net positive inflows, they have been small compared to the volume of outflows. ETFs saw their largest single-day outflow on February 25, with investors pulling out over $1 billion, indicating a clear risk-off sentiment among institutional investors. Despite the significant outflows, BlackRock’s IBIT maintains its position as the dominant ETF with 568,000 BTC, followed by Fidelity’s FBTC and Grayscale’s GBTC at 197,500 BTC and 196,000 BTC. According to a technical analysis by CryptoCon, BTC’s sharp pullback from its all-time high could mean it has reached a local bottom or is at the beginning of a deeper correction. The analyst pointed out that BTC had reached historically low RSI Bollinger Band levels, where it rarely stays for long. “Bitcoin has now made a full return to critically low RSI Bollinger Band % levels, and it doesn't like to stay there for long. This comes after the completion of phase 4, the ATH break like January 2013, December 2016, and November 2020. What we're seeing now is looking just like March 2017! Likely not a coincidence that it's the same month. Phase 5 (the cycle top) was still 9 months away then, now has all the same characteristics of every local low we've seen this cycle.” BTC dipped to a low of $81,500 last Tuesday before rebounding and settling at $87,316. The flagship cryptocurrency reclaimed $90,000 on Wednesday after an increase of nearly 4% and settled at $90,639. It encountered volatility on Thursday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal drop to slip below $90,000 and settle at $89,957. The price continued dropping on Friday, falling 3.53% to $86,781. Price action remained bearish over the weekend as BTC dropped to $86,267 on Saturday. Bearish sentiment intensified on Sunday as BTC fell below $80,000 and the 200-day SMA, dropping to a low of $79,987 before reclaiming $80,000 and settling at $80,736. Source: TradingView Buyers attempted a recovery on Monday as BTC surged to an intraday high of $84,075. However, it could not stay at this level and dropped nearly 3%, falling below $80,000 and settling at $78,620. Sellers pushed BTC to a four-month low on Tuesday as it dropped to $76,635. It recovered from this level, rising 5.50% to reclaim $80,000 and settle at $82,945. Buyers retained control on Wednesday as BTC rose almost 1% to $83,709. However, it was back in the red on Thursday, dropping over 3% to $81,136. The current session sees BTC up nearly 1% and trading at $81,900. Buyers will look to retain control and push BTC above the 200-day SMA and $85,000. On the other hand, sellers will look to push BTC below $80,000. A break below this level could see the price drop to $75,000. Ethereum (ETH) Price Analysis Ethereum (ETH) is struggling to build momentum and reclaim $2,000. The world’s second-largest cryptocurrency dipped to a low of $1,825 earlier today as bearish sentiment intensified before recovering and moving to its current level. ETH trades between $1,800 and $2,000 as it waits for a catalyst to dictate price action. That being said it has shed over half its value in the past few months as it struggles against several factors. Spot Ethereum ETFs have continued to register outflows as demand and interest from institutional investors wanes. The ETFs have registered total outflows worth $500 million over the past week, bringing the cumulative net inflows to $2.64 billion. The daily number of active Ethereum users has also declined, dropping to 293,000 addresses from over 700,000 earlier this year. ETH’s daily chart shows a clear downtrend, with the price making lower highs and lower lows. ETH has also dipped below multiple support levels and moving averages, indicating a bearish pivot. It also lost the psychological $2,000 price level and is testing a significant support zone around $1,900. A break below this level could drag ETH towards $1,600. ETH was quite bearish towards the end of last week, dropping nearly 2% on Thursday and 3% on Friday to settle at $2,142. However, the price recovered on Saturday, rising almost 3% and settling at $2,204. Bearish sentiment returned on Sunday as ETH plunged over 8% to $2,020. Buyers attempted a recovery on Monday as the price reached an intraday high of $2,159. However, it lost momentum after reaching this level and dropped nearly 8%, slipping below $2,000 and settling at $1,865. Source: TradingView The price recovered on Tuesday after hitting a low of $1,759, registering an increase of just over 3% and settling at $1,923. However, it could not reclaim $2,000 and was back in the red on Wednesday, dropping nearly 1% to $1,909. ETH continued to drop on Thursday, falling over 2% to $1,865. The current session sees ETH up over 1% and trading at $1,891. ETH’s RSI is hovering around the oversold mark, suggesting the possibility of a short-term bounce. However, as long as ETH remains below $2,000 and $2,400, any recovery is temporary. Bulls must reclaim $2,400 to reverse the current downtrend. A break below $1,800 could drag ETH to $1,600. Solana (SOL) Price Analysis Solana (SOL) has traded primarily in the red since last week, registering a substantial drop of over 20% last Monday, slipping below $150 and the 20-day SMA to $142. The price recovered on Tuesday and Wednesday, ultimately rising to $146. However, it was back in the red on Thursday, dropping just over 2% to $143. SOL continued to drop on Friday, dropping nearly 3% to slip below $140 and settle at $139. Price action remained bearish over the weekend as SOL dropped 1.67% on Saturday and almost 8% on Sunday to settle at $126. Sellers retained control on Monday as SOL dropped 6.53%, slipping below $120 and settling at $118. Source: TradingView The price fell to an intraday low of $112 on Tuesday as bearish sentiment intensified. However, it recovered from this level to register an increase of almost 6% and settle at $125. Buyers retained control on Wednesday, rising just over 1% and settling at $126. SOL was back in the red on Thursday, dropping 2.54% and settling at $123. The current session sees SOL up over 1% and trading at $124. SOL must reclaim $150 to reverse the current bearish trend. However, if sellers retake control, a break below $120 could drag the price to $100. Ripple (XRP) Price Analysis Ripple (XRP) rebounded strongly after dropping to a low of $2.22 last Tuesday, rising nearly 3% to $2.45. Buyers retained control on Wednesday as XRP rose almost 2% and settled at $2.50. The price moved past the 20-day SMA on Thursday, rising nearly 4% and settling at $2.60. However, it lost momentum after reaching this level and fell over 8% on Friday, slipping below the 20-day SMA and settling at $2.38. Price action remained bearish over the weekend as XRP dropped 2.50% on Saturday and over 8% on Sunday to settle at $2.13. Source: TradingView XRP bounced to an intraday high of $2.25 on Monday as buyers attempted a recovery. However, it lost momentum after reaching this level and dropped over 5%, settling at $2.02. The price plunged to an intraday low of $1.90 on Tuesday as selling pressure returned but recovered to register an increase of over 7% and settled at $2.17. Buyers retained control on Wednesday as XRP rose over 3% and settled at $2.23. XRP reached an intraday high of $2.34 on Thursday as it attempted to move past the 20-day SMA. However, it could not sustain itself at this level and ultimately settled at $2.25 after a marginal increase. The current session sees XRP up just over 2% and trading at $2.29 as buyers attempt a move past the 20-day SMA. Jupiter (JUP) Price Analysis Jupiter (JUP) traded in the red last week, starting with a dramatic 19% collapse on Monday. The price traded in the red and dipped below $0.60 by Friday, slipping below a key support level. Price action remained bearish over the weekend as it fell nearly 4% on Saturday and over 11% on Sunday, falling below $0.50 and settling at $0.49. Buyers attempted a recovery on Monday as the price reached an intraday high of $0.530. However, it lost momentum after reaching this level and dropped over 2% to $0.479. Source: TradingView JUP recovered on Tuesday, rising over 7% to reclaim $0.50 and settling at $0.514. Buyers lost momentum on Wednesday as JUP registered a marginal decline. Bearish sentiment intensified on Thursday as the price fell 2.43% to $0.50. The current session sees JUP up over 1% and trading at $0.507 as buyers look to prevent a drop below $0.50. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The post BlackRock Eyes XRP ETF Filing After SEC Lawsuit Conclusion appeared first on Coinpedia Fintech News BlackRock’s filing for an XRP ETF is highly awaited in the XRP community, as the company manages $11.6 trillion in assets. Franklin Templeton, a $1.5 trillion asset manager, recently filed its own S-1 form for an XRP ETF. With increasing interest in digital assets, companies like BlackRock are eager not to miss the opportunity, as they did with Bitcoin ETFs. The competition is intensifying with many firms, including Grayscale, eager to offer XRP futures ETFs. Nate Geraci, president of The ETF Store, has forecasted that BlackRock will file for both Solana and XRP ETFs. He predicts that a Solana ETF could be filed at any moment, while an XRP ETF would likely come after the conclusion of the SEC lawsuit. For the unversed, in July 2023, a court ruled that Ripple’s direct sales of XRP to institutional investors broke securities laws, but sales on public exchanges did not. This resulted in a $125 million fine and restrictions on Ripple’s institutional XRP sales. The SEC has dropped cases against major crypto firms, and XRP could be next. Also, President Donald Trump’s administration created a Crypto Strategic Reserve, which includes Bitcoin, Ether, XRP, Solana (SOL), and Cardano (ADA). BlackRock currently leads the market in both Bitcoin and Ether ETFs by assets, and Geraci believes the company won’t let competitors launch ETFs on two of the top five non-stablecoin crypto assets without putting up a fight. Additionally, he predicts that BlackRock will also file for crypto index ETFs in the future. https://twitter.com/NateGeraci/status/1900346734410154143 Industry watchers are excited about the race, as BlackRock’s involvement would significantly impact the future of XRP ETFs, mirroring the success of Bitcoin ETFs. The SEC’s delay in approval may provide time for additional players like BlackRock and Franklin Templeton to solidify their positions. The race for XRP-related financial products is on, and all eyes are on the SEC’s next steps. Investors are closely monitoring these developments, hopeful that clearer regulations will guide the market forward and attract more institutional investors into the cryptocurrency space. The future of XRP and digital asset ETFs looks promising as industry giants gear up for what’s expected to be a game-changing year.
As Bybit’s CEO weighs in on DEX vs. CEX leverage models, Hyperliquid faces $166M net outflows.
The state of Nebraska has introduced new legislation aimed at tightening regulations on cryptocurrency ATMs, a move designed to prevent fraud and enhance consumer protection. Governor Jim Pillen signed the LB609 bill into law, officially known as the ‘Controllable Electronic Record Fraud Prevention Act.’ This legislation requires crypto kiosk operators to obtain a license under the ‘Nebraska Money Transmitters Act’ and provide clear disclosures regarding service terms and fraud risks . Strengthening Regulations for Crypto Kiosks The new law comes in response to a growing number of scams linked to Bitcoin ATMs, with authorities noting a sharp rise in fraudulent activity in recent years. The Federal Trade Commission (FTC) reported in September 2024 that consumer losses from digital currency ATM scams exceeded $65 million in the first half of the year. The law is expected to tighten oversight on ATM transactions, ensuring that consumers are better informed and protected from potential fraud schemes . Meanwhile, Nebraska lawmakers and regulators seem to be positioning the state as crypto-friendly while enforcing measures to prevent misuse. Governor Pillen emphasized that Nebraska is committed to building a “secure and transparent” environment for cryptocurrency businesses. Pillen stated, Cryptocurrency is an emerging industry, and we’ve been working hard to build Nebraska into a crypto leader. We want everyone to know that we’re open for business — and that we’re doing it the right way. Senator Eliot Bostar, who introduced the bill in January also highlighted that digital currency ATMs must now comply with stricter licensing and disclosure requirements. The Nebraska Department of Banking will oversee the enforcement of these rules. Department Director Kelly Lammers reiterated that while Nebraska welcomes digital currency businesses, the state will also be closely monitoring transactions to prevent misuse. Lammers noted that a dedicated team will be established to track suspicious activity, focusing on protecting consumers from fraudulent schemes. Impact of the New Legislation on Crypto Adoption The implementation of LB609 signals Nebraska’s intent to balance innovation with consumer safety. While regulators have imposed strict rules on crypto ATMs , they are also working to create a “structured” framework that allows legitimate businesses to thrive. The legislation may encourage more digital currency firms to establish operations in Nebraska, given the state’s proactive approach to regulation. Crypto ATM operators will need to adjust to the new compliance requirements, ensuring that users receive adequate warnings about potential scams before completing transactions. The effectiveness of this law will likely depend on how well enforcement teams can identify and respond to fraudulent activities. With regulatory agencies increasing their scrutiny on digital asset transactions , Nebraska’s approach may serve as a model for other states looking to regulate crypto ATMs. Featured image created with DALL-E, Chart from TradingView
In a significant victory for the cryptocurrency industry in South Korea, a court has intervened to temporarily suspend sanctions against Dunamu, the operator of the popular crypto exchange Upbit. This move brings a sigh of relief to Upbit users and raises questions about the regulatory landscape for digital assets in the nation. Let’s dive into the details of this developing story and understand its potential implications for the crypto market. Why Did the South Korean Court Intervene in Upbit’s Sanctions? The Seoul Administrative Court stepped in after Dunamu requested a halt to sanctions imposed by South Korea’s Financial Services Commission’s Financial Intelligence Unit (FIU). These sanctions, initially slated to last for three months (March 7 to June 6), would have severely restricted Upbit’s operations, specifically targeting new user crypto transfers. The court’s decision to grant this injunction is a temporary reprieve, offering Dunamu time to challenge the FIU’s allegations and potentially avoid the full force of the penalties. But what exactly led to these sanctions in the first place? According to reports, the FIU alleged that Upbit had breached certain financial regulations . While the specifics of these breaches remain somewhat unclear, they prompted the FIU to act swiftly and impose operational restrictions. Dunamu, however, contested these allegations, leading to the court appeal and the subsequent temporary halt. Understanding the Sanctions and Their Potential Impact on Crypto Exchange Operations The sanctions imposed by the FIU were not trivial. A three-month suspension on supporting new user crypto transfers can significantly hamper a crypto exchange ‘s growth and user acquisition. Let’s break down what this meant for Upbit and its users: Limited User Growth: Restricting new user crypto transfers effectively puts a pause on attracting new customers who wish to deposit cryptocurrencies from external wallets. Reputational Damage: Sanctions, even temporary ones, can tarnish the reputation of a crypto exchange , potentially eroding user trust. Operational Challenges: While existing services might continue, the inability to facilitate new transfers can disrupt certain operational workflows and future planning. The temporary halt by the South Korean court is therefore a significant win for Dunamu, allowing them to continue operations without these immediate restrictions while the legal proceedings unfold. What Does This Mean for the Future of Crypto Regulations in South Korea? This court decision comes at a crucial time for crypto regulations globally, and particularly in South Korea, a nation with a high crypto adoption rate. The case highlights the ongoing tension between regulatory bodies seeking to ensure compliance and financial regulations , and the crypto industry advocating for innovation and less restrictive environments. Here are some key takeaways and questions arising from this situation: Judicial Review of Regulatory Actions: The court’s intervention demonstrates the importance of judicial oversight in ensuring fairness and due process in regulatory actions against crypto businesses. Clarity in Regulations: This case underscores the need for clear and unambiguous financial regulations in the crypto space to avoid disputes and ensure compliance. Balancing Innovation and Compliance: The challenge remains in striking a balance between fostering innovation in the rapidly evolving crypto sector and implementing necessary safeguards to protect investors and maintain market integrity. Global Implications: The outcome of this case could set a precedent for how South Korean court s and regulatory bodies approach crypto-related disputes in the future, potentially influencing regulatory trends in other jurisdictions as well. Actionable Insights: What Should Crypto Users and Businesses Watch Out For? For crypto users and businesses operating in or interacting with the South Korean market, this situation provides several actionable insights: Stay Informed: Keep a close watch on developments in this case and broader regulatory updates in South Korea. Understand Regulatory Compliance: Crypto businesses must prioritize understanding and adhering to local financial regulations to avoid potential sanctions. Legal Preparedness: Having robust legal counsel is crucial for crypto businesses to navigate complex regulatory landscapes and potential disputes. Advocate for Clear Regulations: The crypto community can play a role in advocating for clear, balanced, and innovation-friendly regulations. Conclusion: A Temporary Reprieve, But the Story Continues The South Korean court ‘s decision to temporarily halt sanctions against Upbit ‘s operator is undoubtedly a positive development for Dunamu and the immediate operations of this major crypto exchange . However, it’s crucial to remember that this is a temporary measure. The underlying legal battle regarding the alleged breaches of financial regulations is still ongoing. This case serves as a potent reminder of the dynamic and often uncertain regulatory environment surrounding cryptocurrencies. As the legal proceedings continue, the crypto world will be watching closely to see how this situation unfolds and what it ultimately means for the future of crypto regulation in South Korea and beyond. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
Orderly , the permissionless liquidity layer, has announced that it has surpassed the $100-billion mark in cumulative trading, according to the reports shared with Finbold on Friday, March 14. The milestone underscores the growing demand for Orderly’s omnichain liquidity solution, which has so far been integrated into over 30 decentralized exchanges ( DEXs ) and decentralized finance ( DeFi ) protocols. We just crossed $100 billion in total trading volume. Thanks to the over 500,000 people who’ve used our orderbook to trade anything, anywhere, and the 34 DEXs built on top of us. Onwards to the next 100B! Thanks for choosing Orderly 💜 pic.twitter.com/3rfpRsu3mh — Orderly (@OrderlyNetwork) March 11, 2025 The growth of the Orderly network The $100-billion figure represents cumulative daily trading volume over the past 90 days, with daily peaks sometimes reaching $1.8 billion. Reflecting on the past three months, Orderly Co-Founder Ran Yi said: “Demand for Orderly’s omnichain liquidity has been rising steadily, fueled by demand from perps DEXs across EVM networks and Solana. While we knew this day was coming, it’s nevertheless gratifying to have broken $100B in cumulative volume, which is a testament to the dozens of partners who’ve integrated us by leveraging the Orderly SDK to enable boundless liquidity for their users.” — Orderly Co-Founder Ran Yi Orderly’s growth encompasses more than 10 blockchain networks, including Arbitrum ( ARB ), Base (BASE), Polygon ( MATIC ), and Solana ( SOL ), as well as some newer chains, such as Berachain ( BERA ), Monad (MON), and Story (IP). In addition, over 20 leading market-makers — such as Wintermute, Selini, and Riverside — likewise contribute to Orderly’s liquidity pool, ensuring tighter spreads and large swaps with minimal slippage for onchain perps protocols. CEX-level liquidity with a decentralized framework The platform’s growth has been largely facilitated by its unique model, which consolidates liquidity into a single orderbook. This approach helps emerging DEXs and DeFi networks to launch their products with considerable day-one liquidity. As such, Orderly’s orderbook architecture is designed to offer liquidity associated with dentralized exchanges (CEX) within a decentralized framework. In turn, this allows decentralized apps (dApps) to focus on delivering seamless, efficient trading and user experiences without worrying about liquidity. The post Orderly surpasses $100 billion in cumulative trading volume appeared first on Finbold .
PENGU, the Pudgy Penguins crypto has soared more than 10% after it was listed on Robinhood trading services. According to data from crypto.news, PENGU ( PENGU ) has gone up as high as $0.0065757, finally bouncing back from falling to its latest all-time high low just three days prior. The leap in prices follows its listing on the Robinhood trading app on March 13. $PENGU is now live and tradable on @RobinhoodApp USA! pic.twitter.com/gcQs7iTotn — Pudgy Penguins (@pudgypenguins) March 13, 2025 In the past 24 hours, PENGU has gone up by 10.4%. It is currently trading hands at $0.0064. In the past month, the Pudgy Penguins crypto has gone down by more than 33%, hitting its all-time low of $0.00515 on March 11. However, it has since showed signs of recovery. PENGU has a market cap of over $405 million and a fully diluted valuation that stands at nearly $500 million. PENGU has a trading volume of nearly $134 million, increasing by 232.60% compared to the previous trading day. Price chart for PENGU in the past 24 hours of trading, March 14, 2025 | Source: CoinGecko You might also like: PENGU rallies ahead of Abstract mainnet launch, but potential correction looms Meanwhile, POPCAT ( POPCAT ) saw a larger rise, going up as high as 16% after its Robinhood listing. The cat-themed meme coin is currently trading hands at $0.19. Its market cap currently stands at more than $183 million. The Peanut the Squirrel ( PNUT ) token saw the lowest gains compared to the two others. PNUT went up around 8% since the Robinhood listing announcement to $0.18. The token’s market cap is currently valued at $177 million. On March 13, PENGU was listed on Robinhood’s trading platform, alongside two other Solana-based memecoins PNUT and POPCAT. Earlier in February, PENGU also made its debut on Coinbase simultaneously with Popcat. The token’s Coinbase listing gave the token a similar boost to its Robinhood listing, as PENGU went up by 10.71% following the announcement. Launched in December 2024, PENGU is the native token for the popular Ethereum ( ETH )-based NFT collection Pudgy Penguins. Pudgy Penguins crypto was first launched with a maximum token supply of more than 88 billion. Read more: PENGU and POPCAT makes Coinbase debut on Feb. 13 Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Lumia and Polygon Labs have teamed up to build the world’s first crypto real-estate project, Lumia Towers. Following the announcement, crypto.news had the opportunity to conduct a Q&A with Head of Enterprise and Financial Services for Polygon Labs, Boris Spremo and Lumia CEO Kal Ali. Spanning over 50,000 square meters and located in the largest city in Turkey , Istanbul, the massive $220 million infrastructure is set to house 300 residential and commercial units and is poised to become a global crypto hub. According to Lumia CEO Kal Ali, the twin skyscrapers will be completed and fully tokenized by the second quarter of 2026. Ali said Lumia Towers signifies a breakthrough in how people approach real-estate ownership. By using the tokenization model, they hope to make the real estate market more accessible, open and seamless for retail investors. According to data from Landshares, the current market value for tokenized real-world assets is around $187 billion. However, it is estimated to rise between $3.5 trillion in the bear-case scenario and $10 trillion in the bull case by 2030, reflecting a potential 50-fold growth. This explosive expansion is largely driven by ventures that attempt to fractionalize high-value assets through blockchain technology, making it possible for investors to own commercial and residential properties through buying tokens. However, despite the promise of democratizing real estate investment, challenges such as regulatory complexities, market liquidity issues, and the technological integration of physical assets with digital tokens still plague this fairly new model and could lead to potential risks down the line. For instance, the actual liquidity of tokenized real estate would still depend on the development of active secondary markets. Without sufficient trading volume, investors may find it difficult to buy or sell real-estate ownership tokens, limiting the anticipated liquidity benefits. At the moment, the Lumia team has not provided an explanation on how this issue can be solved. In the past, other tokenization projects focused on existing buildings. In the U.S., Tokeninvest purchased a $740,000 in Longmont, Colorado and tokenized it, allowing third-party investors to directly supply 97% of the purchase capital. Unlike previous prokects, Lumia Towers will become the first large-scale RWA real-estate project built by a web3 company. You might also like: Tokenization is the inevitable future of real estate | Opinion Head of Enterprise and Financial Services for Polygon ( MATIC ) Labs, Boris Spremo stated that real estate has always been one of the markets where the barriers to entry are “sky-high.” In the case of Turkey, where the Lumia Towers will be built, real estate prices have continued to rise. Analysts have predicted property prices in Turkey will increase by 10% to 15%. However, there is also a high appetite for real estate investors in the region. In January 2025, house sales in Turkey increased by 39.7% year-on-year, reaching 112,173 units—the second-highest January figure on record. Mortgage-backed sales also saw a rise of 182.8% compared to a year prior. Spremo believes the project will be able to make real-estate ownership more affordable as RWA tokenization is able to take physical assets and “break them down to potentially $1 entry points through fractional ownership.” Though, how much each unit will cost will still depend on the property prices in the region, which has shown no signs of decreasing as of late. How will ownership rights be distributed through the blockchain? Ali explained that ownership rights for the tokenized twin skyscrapers will be structured through Special Purpose Vehicles or SPVs, which will acquire the tokenized property. Shares of the SPVs will be minted on-chain in the form of ERC-20 tokens. “Token holders will have governance rights, allowing them to vote on decisions regarding the use of the property, such as whether to rent or sell,” said Ali. According to Ali, Lumia Towers tokens will be deployed on the Lumia Chain, granting easier access for retail investors. The tokens will also have access to DeFi protocols through the Lumia Stream and the Lumia Ecosystem. Throughout the tokenization process, Polygon’s role is making sure that developers like Lumia can customize their blockchain for this specific-use case. Boris Spremo explained that Polygon is able to lower the cost of tokenizing ownership of a $220 million infrastructure without compromising security. “Polygon infrastructure specifically handles high-value applications where Ethereum alone is too expensive or too slow. When you are fractionalizing ownership of $220 million in real estate, you cannot have $50 transaction fees or wait 15 minutes for confirmation,” said Spremo. The hopefuls and pitfalls of real estate tokenization Moving forward, Lumia CEO Kal Ali said Lumia is aiming to expand the Lumia Towers model into other regions outside of Turkey, namely regions like Middle East and North Africa, the United States and Europe. “The roadmap for expansion will bring innovative tokenized real estate to a global audience, helping to revolutionize real estate investment and ownership on a larger scale,” said Ali. Head of Enterprise and Financial Services for Polygon Labs, Spremo predicts there will be three emerging trends when it comes to RWA tokenization moving forward. “First is the tokenization of entire neighborhoods or districts rather than individual buildings. This creates opportunities for community governance and aligned incentives between residents and investors,” said Spremo. Second, he believes the real estate tokenization will be combined with other types of financial products, such as mortgage lending and insurance products. This way, developers can utilize blockchain technology to connect them directly to the tokenized property. You might also like: Xalts launches new RWA tokenization platform on the Polygon Network Lastly, he sees the technology as a gateway for more traditional financial institutions to enter the web3 space, specifically banks and investment funds. Although Spremo hopes the real estate tokenization will be able to “lower the barrier” for people hoping to invest in real estate, there are also many potential obstacles that could befall a real estate tokenization project. These risks range from smart contract and technological vulnerabilities to overvaluation due to speculative trading. As is the nature of tokens, the prices could become volatile depending on market activity. Furthermore, tokenization of real estate does not eliminate the traditional risks associated with real estate investments, such as property management challenges, tenant vacancies, and maintenance costs. Most recently, a Florida-based crypto real estate venture firm called RealT launched a real estate tokenization initiative they claimed would “revolutionize real estate investment”, claiming to encompass around 1,200 housing units across 800 properties in Detroit. Unfortunately the project proved disastrous to its tenants, who struggled with the blockchain-ownership model because they had no idea who to pay rent to, considering the property is owned by numerous nameless token holders around the world who have no identification aside from a few numbers and letters recorded on the blockchain. In fact, according to the New York Post, RealT’s real estate division Michigan RealToken owes the city of Detroit at least $2 million in unpaid taxes and 1,000 blight tickets. The firm reportedly has 200 properties at risk of closing down due to unpaid debt. However, a spokesperson for RealT has since denied these claims, saying that the real estate acquisitions companies are under a separate ownership from the firm. You might also like: Assetera taps Polygon for EU’s first regulated secondary market for RWAs
The crypto world is once again buzzing with news from the ongoing saga of bankruptcies and legal battles. This time, it’s the dramatic escalation of the claim by Three Arrows Capital (3AC) against the collapsed crypto exchange FTX. Initially pegged at a modest $120 million, 3AC’s FTX claim has now been approved by a U.S. bankruptcy court to soar to a staggering $1.53 billion! This isn’t just a minor adjustment; it’s a monumental increase that throws a spotlight on the intricate web of relationships and financial turmoil within the crypto industry. Let’s dive into the details of this explosive development and understand what it signifies for everyone involved. Why is the FTX Claim Soaring for Three Arrows Capital? The initial FTX claim of $120 million from 3AC seemed substantial enough, but the revised figure of $1.53 billion is truly eye-opening. What fueled this massive increase? According to reports, 3AC alleges that FTX engaged in deliberate actions that led to significant losses for the now-bankrupt hedge fund. Specifically, 3AC claims that FTX prematurely and aggressively liquidated their positions a mere two weeks before 3AC itself filed for bankruptcy. This alleged premature liquidation, according to 3AC, resulted in a colossal $1.33 billion in losses. Adding this loss to their initial claim brings us to the newly approved $1.53 billion FTX claim . This isn’t just about recovering lost funds; it’s about accusing FTX of actions that directly contributed to 3AC’s downfall. To break it down simply: Initial FTX Claim: $120 million Alleged Losses due to FTX Liquidation: $1.33 billion New Approved FTX Claim: $1.53 billion This development is a significant escalation in the legal proceedings surrounding both FTX and Three Arrows Capital . It transforms what was already a complex bankruptcy case into an even more contentious battle with potentially far-reaching implications. The Backstory: Unpacking the 3AC Bankruptcy and FTX Collapse To fully grasp the significance of this increased FTX claim , we need to rewind and understand the context of both the 3AC bankruptcy and the FTX collapse. Both events sent shockwaves through the crypto market and exposed vulnerabilities within the seemingly invincible digital asset ecosystem. Three Arrows Capital (3AC): From Crypto Star to Bankruptcy Three Arrows Capital , once a prominent crypto hedge fund, was known for its aggressive investment strategies and substantial holdings in various cryptocurrencies and related ventures. Founded in 2012, 3AC managed billions of dollars in assets and was considered a major player in the crypto space. However, the firm’s fortunes took a dramatic turn in 2022. Several factors contributed to the 3AC bankruptcy , including: Exposure to Terra/Luna Collapse: 3AC suffered significant losses from the dramatic collapse of the TerraUSD (UST) stablecoin and its sister token Luna in May 2022. This event triggered a domino effect across the crypto market. Over-Leveraged Positions: Like many firms in the bull market, 3AC reportedly employed high leverage, magnifying both gains and losses. When the market turned bearish, these leveraged positions became liabilities. Contagion Effect: The Terra/Luna collapse and subsequent market downturn led to a liquidity crisis in the crypto lending space. Firms like Celsius Network and Voyager Digital also faced severe difficulties, further impacting 3AC. In June 2022, Three Arrows Capital defaulted on a loan from Voyager Digital and subsequently filed for Chapter 15 bankruptcy in July 2022 in the U.S. Virgin Islands. The 3AC bankruptcy marked a turning point, highlighting the risks associated with leveraged crypto investments and the interconnectedness of the crypto ecosystem. FTX: The Fall of a Crypto Empire While the 3AC bankruptcy was a major blow, the collapse of FTX in November 2022 was arguably an even more devastating event for the crypto industry. FTX, led by Sam Bankman-Fried (SBF), was once the second-largest cryptocurrency exchange in the world, valued at billions of dollars. It was seen as a reputable and innovative platform, attracting both retail and institutional investors. However, behind the facade of success, FTX was allegedly engaged in fraudulent activities. Key issues that led to the FTX collapse include: Misuse of Customer Funds: It is alleged that FTX improperly used customer funds, transferring billions of dollars to its affiliated trading firm, Alameda Research. Lack of Transparency and Risk Management: FTX lacked proper internal controls and risk management practices, allowing for the commingling of funds and risky trading activities. Alameda Research’s Role: Alameda Research, also founded by SBF, played a central role in the FTX collapse. It allegedly received preferential treatment and access to customer funds from FTX. The revelation of these issues led to a rapid loss of confidence in FTX. A liquidity crunch ensued, and FTX was unable to meet customer withdrawal requests. The exchange filed for bankruptcy in November 2022, and SBF was subsequently arrested and charged with multiple counts of fraud and conspiracy. The FTX collapse erased billions of dollars in value and further eroded trust in the crypto industry. What Does This Increased FTX Claim Mean for the Crypto World? The approval of 3AC’s increased FTX claim to $1.53 billion has several significant implications for the crypto industry: Heightened Scrutiny on FTX Bankruptcy Proceedings This development intensifies the spotlight on the already complex and closely watched FTX bankruptcy proceedings. The increased FTX claim from 3AC adds another layer of complexity and potential legal battles. It signals that creditors are aggressively pursuing all possible avenues to recover their losses from the FTX debacle. Potential for Further Legal Battles The allegation that FTX deliberately liquidated 3AC’s positions is a serious accusation. If 3AC successfully argues this point, it could lead to further legal battles and potentially influence the outcome of other FTX claim s. It could also set a precedent for how exchanges are expected to handle liquidations, especially in situations involving large institutional clients. Implications for Creditor Recoveries The total amount of creditor claims against FTX is already enormous. The increase in 3AC’s FTX claim further inflates this figure. While it’s unlikely that all creditors will recover 100% of their funds, a successful claim by 3AC could improve their chances of recovering a larger portion of their losses. However, it could also potentially reduce the recovery amount for other creditors if the total assets available for distribution are limited. Reinforces the Need for Regulatory Clarity The FTX collapse and the 3AC bankruptcy , along with other crypto failures, have underscored the urgent need for clearer regulatory frameworks for the digital asset industry. Issues such as customer fund protection, exchange transparency, and risk management need to be addressed comprehensively by regulators worldwide. Cases like the FTX claim highlight the potential for abuse and the lack of adequate investor protection in the current environment. Navigating the Aftermath: Lessons Learned and Moving Forward The explosive increase in 3AC’s FTX claim serves as a stark reminder of the inherent risks and volatility within the cryptocurrency market. While the industry continues to innovate and evolve, it’s crucial to learn from past mistakes and build a more resilient and trustworthy ecosystem. Here are some key takeaways: Due Diligence is Paramount: Investors, both institutional and retail, must conduct thorough due diligence before investing in crypto projects or platforms. Understanding the risks, business models, and regulatory compliance of entities is essential. Risk Management is Non-Negotiable: Crypto firms, especially those managing large amounts of assets, must prioritize robust risk management practices. This includes diversification, leverage control, and transparent reporting. Regulatory Oversight is Necessary: While the crypto industry values decentralization and innovation, a degree of regulatory oversight is necessary to protect investors and maintain market integrity. Clear rules and enforcement are crucial for fostering sustainable growth. Transparency and Accountability are Key: Crypto exchanges and financial institutions must operate with transparency and be held accountable for their actions. Regular audits, transparent reporting, and ethical conduct are essential for building trust. Conclusion: A Long Road to Recovery The approval of 3AC’s $1.53 billion FTX claim is a significant milestone in the ongoing saga of crypto bankruptcies. It underscores the immense financial losses and legal complexities stemming from the FTX collapse and the broader market downturn. While the road to recovery for creditors and the crypto industry as a whole is likely to be long and arduous, these events serve as crucial lessons. By learning from the failures of the past, the crypto industry can strive to build a more robust, transparent, and trustworthy future. The FTX claim saga is far from over, and its unfolding will continue to shape the narrative of the crypto world for months and years to come. To learn more about the latest crypto market trends, explore our article on key developments shaping crypto price action.
Hyperliquid , a decentralized exchange (DEX), is making changes to its trading rules after a major Ethereum ETH liquidation caused a $4 million loss in its liquidity pool.