By Shikha Singh
By Shikha Singh ETH Prices Fall Below $1,800 Price Crash Amid Testnet Attack
The crypto market is facing a significant sell-off, with $240 billion wiped out in 24 hours, causing Ethereum (ETH) to take the hardest hit. ETH dropped 16%, falling from around $2,140 to below $1,800, and is currently struggling to recover at $1,860. If it loses current support levels, ETH could drop to as low as $1,200, revisiting bear market lows. Ethereum is down 62% from its all-time high in 2021, and its ETH/BTC ratio has hit its lowest point since December 2020. The sell-off is believed to be driven by large holders (whales) trying to avoid liquidation, further fueling fear in the market. Additionally, Ethereum faced issues with its testnet, where an attacker caused empty blocks by sending zero-token transfers. While the issue has been fixed, it added to the growing anxiety surrounding Ethereum.
Strategy Announces Preferred Stock Offering to Fund Additional BTC Purchases
Strategy, led by Michael Saylor, has announced plans to raise $21 billion through the sale of 8% Series A Perpetual Strike Preferred Stock. The funds will be used for general corporate purposes, including acquiring more Bitcoin and covering business expenses. The shares, which are convertible into the company’s class A common stock, will be sold over time through an at-the-market offering program. Despite this announcement, Strategy’s stock (MSTR) has fallen over 12%, trading near $252.
Pump.fun Tokens Drop to September 2024 Lows
Meme coins, including those generated by the Pump.fun platform, have seen a significant decline in interest amid broader bearish trends in the crypto market. Pump.fun, which allows users to create meme tokens on the Solana blockchain with minimal technical expertise, has seen its token creation numbers drop to levels not seen since September 2024. The platform peaked in January 2024 with over 71,700 tokens launched in a single day, but interest has waned since then. Meme tokens like TRUMP and LIBRA saw initial popularity but failed to sustain long-term growth, with TRUMP dropping 82% from its all-time high. The decline in these tokens, coupled with legal issues surrounding Pump.fun, has led to reduced user engagement and token generation on the platform.
USDC Gains Ground on Binance as Regulatory Changes Challenge Tether’s Dominance
USDC’s dominance on Binance is rising rapidly, challenging Tether’s (USDT) market position, especially amid the changing regulatory landscape in the European Union. Over the past year, USDC’s share on Binance has surged by 1,621%, from just 0.48% to 8.26%. This shift is driven by the EU’s MiCA regulations, with Binance planning to delist USDT for EU users by March 31st, further boosting USDC’s presence. The regulatory push in Europe is expected to accelerate USDC’s growth, as it adapts better to the new frameworks, while USDT faces challenges. Meanwhile, Japan has also approved USDC for use, marking a significant milestone.
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