Welcome to our weekly crypto news recap. This week, Bitcoin hit a record of $73,750 but faces a 5% drop amid concerns of overheating. Despite this, $BTC maintains momentum, with over 2,100 whales indicating confidence in the uptrend as they hold their holdings tight. The rally further uplifts sentiment in the Decentralized Finance (DeFi) domain, with TVL surpassing $100 billion.
However, a recent correction saw Bitcoin's price drop 4.6% in weekly charts, triggering a 4.2% dip in the global crypto market cap. Ether and other top tokens follow suit, with significant losses.
This week saw a mix of major developments, including legal battles, regulatory challenges, and exciting upgrades. Read more as we delve into the latest insights driving the crypto market forward.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melega_swap) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (March 10–16, 2024)
● Former FTX CEO Faces 40–50 Years in Prison: Prosecutors Urge Severe Sentence
● Senators Push SEC's Gensler Against Further Crypto ETF Approvals
● Court Rejects Craig Wright's Claim to Bitcoin Creator Status
● PancakeSwap Unveils Version 4 with Custom Pools and Gas Cost Reduction
● Elon Musk Hints at Dogecoin Adoption for Tesla Payments
● Ethereum Dencun Upgrade Goes Live on Ethereum Mainnet
Former FTX CEO Faces 40–50 Years in Prison: Prosecutors Urge Severe Sentence
Prosecutors are pushing for a 40–50-year sentence for Sam Bankman-Fried, former CEO of bankrupt cryptocurrency exchange FTX, convicted of fraud. The government's 116-page memo outlines Bankman-Fried's illegal activities, including political contributions, bribery attempts, banking misconduct, and obstruction of justice.
Despite not being charged for some offenses, prosecutors likened him to Bernie Madoff and emphasized the severity of his crimes, advocating for a $11 billion judgment.
Senators Push SEC's Gensler Against Further Crypto ETF Approvals
Democratic senators Jack Reed and Laphonza Butler urge SEC Chair Gary Gensler to halt approvals for crypto exchange-traded funds (ETFs), citing the risks of fraud and manipulation.
They emphasize concerns over thinly traded markets, advocating for tighter oversight, especially for altcoins. With mounting political pressure on Gensler, the approval prospects for an Ether ETF in May appear dim, affecting market sentiments and regulatory dynamics in the crypto space.
Court Rejects Craig Wright's Claim to Bitcoin Creator Status
In a landmark ruling on March 14, 2024, Judge James Mellor dismissed Craig Wright's decade-old claim of being Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The Crypto Open Patent Alliance (COPA) lawsuit accused Wright of extensive document forgery to support his assertion.
COPA sought injunctive relief to prevent Wright from further asserting his identity as Nakamoto, aiming to safeguard Bitcoin's core intellectual property. The ruling signifies a victory for Bitcoin's decentralized ethos and reinforces the cryptocurrency's community-driven development. It also warns against fraudulent claims that could undermine the industry's integrity, paving the way for its continued innovation and adoption.
PancakeSwap Unveils Version 4 with Custom Pools and Gas Cost Reduction
PancakeSwap, the third-largest decentralized exchange, unveiled its version four (V4) codebase, featuring customizable liquidity pools and flash accounting. The upgrade aims to reduce gas costs for users and prevent impermanent losses for liquidity providers.
Additionally, PancakeSwap announced a development fund to support further protocol enhancements. The release is scheduled for the third quarter of 2024, integrating "hooks" for additional features and supporting liquidity book pools to eliminate impermanent losses.
Elon Musk Hints at Dogecoin Adoption for Tesla Payments
Elon Musk has suggested that Tesla might accept Dogecoin (DOGE) as an official payment method for its cars, following requests from employees and visitors at Tesla and SpaceX facilities.
Musk's positive response during an interaction at the Berlin Gigafactory sparked enthusiasm among investors, leading to a surge in Dogecoin's market price. This move aligns with Musk's previous endorsements of Dogecoin and his desire to support a cryptocurrency the general public favors.
Ethereum Dencun Upgrade Goes Live on Ethereum Mainnet
The much-anticipated Ethereum Dencun upgrade went live on March 13th, 2024. Launched on Ethereum's mainnet, Dencun aims to reduce layer-2 transaction fees and enhance scalability. However, Arthur Breitman of Tezos notes that while it's a step forward, Ethereum's rollups still face throughput constraints and centralization issues.
Featuring nine Ethereum Improvement Proposals, including proto-dank sharding, the upgrade focuses on data management and consensus layers. Despite high gas fees on the mainnet, users may need to accept trade-offs for fee reductions via layer-2 solutions.
NEWS FROM MELEGA ECOSYSTEM
4DCoin (4DC) Farm & Pool Listed on MelegaSwap
The 4D Coin is more than a cryptocurrency. It's a bridge between realities, a universe where imagination meets technology. The platform was created with the vision of uniting existing realities with a digitally enriched world, allowing users to explore, create, and interact in a new spectrum of experiences.
#MEMEMINT Becomes Featured Project of the Week on MelegaSwap
MEMEMINT is a project that emerged from the collective passion of early adopters who saw the potential of combining the internet’s meme culture with blockchain technology. This innovative cryptocurrency project is more than just a financial investment; it is a celebration of the limitless world of memes and the power of decentralized networks.
Strategic Partnership: XEX (XEX) Fair Launch Coming Soon on Gempad
MelegaSwap has forged a partnership with XEX Exchange for its upcoming fair launch scheduled for March 20th on the Gempad platform. This collaboration will enable users to effortlessly earn crypto through XEX Exchange's various offerings, including fair launch bonuses, referral programs, deposit bonuses, and participation in events hosted on TaskOn or QuestN. Additionally, Farm and Pool services will be accessible on MelegaSwap from the launch day, providing users with even more earning opportunities.
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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.