Crypto Exchanges Double Volume In March | Key Points | Apr. 10, 2024

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Welcome to BitPinas Key Points: Easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours in the Philippines and abroad.

Crypto Price Update

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Market News

Bitcoin dropped below $69,000 as the cryptocurrency market experienced a downturn, undoing the previous day’s gains and sending prices down roughly 4%.
The decline was widespread, affecting other major cryptocurrencies like Ether, which fell below $3,500, and altcoins such as Solana and Dogecoin, which saw decreases of 6% to 7%.
This market movement triggered nearly $200 million in liquidations of leveraged positions, predominantly long bets, marking a significant shakeout in speculative trading.

Ton enters top 10 market cap

The Open Network (TON), affiliated with Telegram, has entered to the top 10 cryptocurrencies by market cap after a 35% price increase, overtaking Cardano as its total value locked (TVL) tripled in the last month.

This surge in value and activity follows the launch of a $120M incentive program aimed at attracting developers, boosting TON’s TVL to $437 million.

Feature News: Spot Volume in Crypto Exchanges Double in March

In March, centralized crypto exchanges saw their monthly spot trading volume more than double, reaching nearly $2.5 trillion for the first time since November 2021.

This surge was part of a broader increase in trading activity, with volumes rising steadily from a low of about $324 billion in September 2023 to over $1 trillion in December and January, before peaking in March.

The spike coincided with significant market movements, including Bitcoin surpassing its previous peak and record trading volumes in newly launched spot Bitcoin ETFs.

Binance led the market in spot trading volume with a 45.5% share, while the monthly volume for Bitcoin futures also soared to nearly $2.5 trillion, marking the second-highest in history. The trading surge reflects heightened market activity and investor interest, despite Bitcoin’s recent price fluctuations.

DeFi

Monad Labs secured $225 million in the largest funding round of the year, with Paradigm leading the investment alongside notable contributors like MakerDAO’s Rune Christensen and Coinbase Ventures.
Ethena Labs introduced its governance token, $ENA, and broadened the scope of its USDe stablecoin, gaining market traction and climbing to the 80th position in cryptocurrency value rankings, despite facing criticism over a deceptive press release and worries about protocol vulnerabilities.

Web3 Gaming

Kaidro Chronicle successfully minted 9,999 Kaidro Sparks suits in a minting event that happened the previous day.
- 2,400 crates in the Public Stage minted out under 10 seconds.
Saga Protocol, tailored for gaming and operating as a layer-1 blockchain, is scheduled to launch its mainnet and the SAGA token on April 9, providing developers the capability to launch individual or multiple chains for horizontal scaling and limitless project expansion. The platform has garnered attention with over 350 projects under development, appealing to both gamers and developers.

Upcoming: #CryptoPH Conversations – Your questions answered

We are currently running a Q and A on Facebook about Bitcoin halving, ahead of our upcoming event #CryptoPH Conversations.

This article is published on BitPinas: Crypto Exchanges Double Volume in March | Key Points | Apr. 10, 2024

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