Weekly Crypto Roundup: Latest Updates on Current News, Emerging Blockchain Trends, In-depth Analysis of Bitcoin and Stablecoins, and Additional Insights.
This detailed report provides an in-depth analysis of the latest developments in the Web3, Blockchain, and Crypto sectors. The information presented is supported by reliable data and covers various significant news and trends from the past week.
1. Breaking News This Week
– Apple’s Mac Security Vulnerability Exposed: Researchers have discovered a critical flaw in Apple’s M-series chips that poses a risk to users’ cryptographic private keys. While a workaround has been suggested, it may have a significant impact on device performance, highlighting the urgent need for a direct resolution to safeguard user data.
– Hackers Launder Funds Through Tornado Cash: Despite sanctions, hackers continue to move stolen assets worth $145.7 million through Tornado Cash. The platform’s role in obscuring fund ownership raises concerns and highlights the ongoing challenges in tracking illicit cryptocurrency transactions.
– Google Adds ENS Support for Ethereum Wallets: Google has extended its support to display Ethereum wallet balances using Ethereum Name Service (ENS) domains. This integration streamlines cryptocurrency transactions by replacing complex wallet addresses with human-readable domains, enhancing accessibility and usability for users engaging with Ethereum-based assets.
– Blockchain Game Exploited Before Launch: Super Sushi Samurai, a blockchain game, suffered a $4.6 million loss due to the exploitation of a smart contract bug just before its anticipated launch. This incident emphasizes the importance of rigorous smart contract auditing and testing to mitigate vulnerabilities and safeguard user funds in blockchain-based applications.
– OKX To Halt Services in India: OKX has announced the cessation of its services in India, citing regulatory concerns. This move follows a broader trend of regulatory crackdown on cryptocurrency exchanges by governments around the world.
– Tornado Cash Developer Accused of Money Laundering: Alexey Pertsev, the developer of Tornado Cash, faces accusations of laundering $1.2 billion through the platform. Despite denying involvement in breaching money laundering laws, the indictment from the Netherlands alleges over 30 illegal transactions on the platform.
– Binance Founder Launches Education Project: Changpeng Zhao, the former CEO of Binance, has initiated a non-revenue, free education project aimed at underprivileged children in developing countries. This philanthropic effort aims to bridge educational gaps and empower marginalized communities through access to knowledge and opportunities in emerging technologies.
2. Blockchain Performance
In this section, we will analyze the top-performing blockchains based on their 7-day change and the top performers among the top five blockchains with the highest Total Value Locked (TVL).
2.1. Top Blockchain Performers by 7-Day Change
The top blockchain performers based on their 7-day change are Xai, Bittorrent, Merlin, Filecoin, and TON. Xai leads with an impressive 6723% increase, followed by Bittorrent with a 227% growth. Merlin, Filecoin, and TON also demonstrate notable uptrends.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains with the highest TVL and market dominance. Among them, Ethereum exhibits the largest decline with -8.23% over 7 days. Arbitrum One, TRON, Solana, and BNB Smart Chain also experienced negative changes, indicating potential market corrections.
3. Crypto Market Analysis
The crypto market analysis focuses on the price and dominance of cryptocurrencies, as well as the top gainers and losers in the market.
3.1. Crypto 7-Day Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies based on market cap and dominance. Among them, ETH and BNB experienced significant declines of -10.6% and -10.4% respectively over 7 days. SOL and BTC also saw notable drops of -8.4% and -7.2% correspondingly. However, USDT showed minimal fluctuation with only a +0.1% change.
3.2. Top Gainers & Losers of the Week in Crypto Market
The top gainers of the week in the cryptocurrency market include Ondo, Toncoin, Stacks, Fantom, and JasmyCoin. The top losers of the week include Sei, Bonk, Injective, Algorand, and Helium.
3.3. Stablecoin Weekly Analysis
Tether dominates the stablecoin market with a 71.23% market share over 7 days. USDC follows with a 21.90% share, while Dai, First Digital USD, and Ethena USDe hold smaller portions. Among the top stablecoins, Ethena USDe experienced the highest 7-day price change with a modest increase of +0.3%.
4. Bitcoin ETF Weekly Analysis
Bitcoin Futures ETFs and Bitcoin Spot ETFs are analyzed separately. Among Bitcoin Futures ETFs, VanEck’s XBTF showed the highest gain with +0.33% over the period. In contrast, Global X’s BITS experienced the largest loss at -4.10%. In the Bitcoin Spot ETF category, Fidelity’s FBTC and Bitwise’s BITB both experienced a -2.00% decrease in price.
5. DeFi Market Weekly Status Analysis
In the DeFi market, Lido and Maker saw the largest decreases in Total Value Locked at -11.01% and -9.19% respectively. AAVE, JustLend, and EigenLayer also showed declines in TVL, indicating a possible shift in user funds within the DeFi ecosystem.
6. NFT Marketplace: A Basic Weekly Analysis
Cryptopunks exhibited a significant surge in volume, with a remarkable +228% change over the previous 7 days. Opensea, Gem, and Blur experienced a decrease in volume, suggesting a potential slowdown in trading activity. The top NFT collectible sales featured CryptoPunks #7804 as the highest-priced item at $16,382,444.00.
7. Web3 Weekly Funding Analysis
Among the major ICOs ending this week, Bowled raised $3,430,000, Oxya Origin received $2,310,000, and Dappad collected $1,720,000. These amounts signify investor interest and potential funding for blockchain projects.
8. Weekly Blockchain Hack Analysis
As of March 23, 2024, hackers stole a massive $7.69 billion, with most of it taken from decentralized finance platforms. The biggest hit this year was taken by FixedFlot, which lost $26.1 million to a hacking attack.
In conclusion, this comprehensive analysis provides valuable insights into the latest developments in the Web3, Blockchain, and Crypto sectors. Stakeholders in these industries can use this information to make informed decisions and navigate the ever-evolving landscape of decentralized technologies.