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.
Binance Bans Market Maker for GPS and SHELL After Trading Irregularities
Binance has taken action against a market maker involved in irregular trading activities for GoPlus Security (GPS) and MyShell (SHELL), following an internal investigation.
The exchange has offboarded the market maker, permanently banned them from market-making activities, and confiscated their proceeds to compensate affected users.
Binance stressed that market makers must adhere to strict guidelines, including avoiding manipulative practices like high-frequency trading.
Amid rumors about the identity of the market maker, Animoca Brands and GSR have denied any involvement in the scandal.
Animoca clarified it does not engage in market-making for GPS or SHELL, while GSR, an investor and partner of GoPlus Security, stated it was not the market maker referenced by Binance and reaffirmed its commitment to transparency and integrity.
Coinbase Returns to India
Coinbase has received approval from India’s Financial Intelligence Unit (FIU) to re-enter the Indian crypto trading market after halting operations in 2022 due to regulatory challenges.
Coinbase’s return follows Binance’s registration with FIU-IND in 2023. Indian exchanges like WazirX, which suffered a major security breach, and Coinbase-backed platforms like CoinSwitch and CoinDCX, also operate in the market.
$12.2 bn in BTC & ETH Exits Exchanges in 2025
Since January 1, 2025, approximately 121,000 BTC worth $10.46 bn & 790,000 ETH ($1.74 bn) have exited centralized exchanges, totaling a $12.2 bn liquidity outflow.
This mass withdrawal reduces selling pressure, increases self-custody adoption, and strengthens long-term asset retention.
Bitcoin reserves on exchanges are now at their lowest since July 2018, while Ethereum reserves have dropped to levels last seen in 2016.
Meanwhile, Bitcoin miners have increased their holdings by 1,000 BTC ($86.5M), reducing their need to sell newly minted coins, which supports market stability.
VanEck Registers The VanEck Avalanche ETF in Delaware
VanEck has officially registered the VanEck Avalanche ETF in Delaware, marking a significant step toward integrating digital assets into traditional finance.
The ETF is designed to track Avalanche (AVAX), known for its high transaction speeds and scalability.
The registration highlights increasing institutional interest in AVAX and suggests a shift towards greater regulatory acceptance of crypto investment products in 2025.
The SEC has been reviewing more crypto-related proposals following the launch of Bitcoin ETFs in January 2024.
VanEck believes the ETF will provide investors with a regulated way to gain exposure to Avalanche, potentially increasing liquidity and adoption.
Thailand Approves USDT, USDC for Trading On Crypto Exchanges
Thailand’s Securities and Exchange Commission (SEC) has approved Tether’s USDT and Circle’s USDC for trading on digital asset exchanges, with trading set to begin on March 16, 2025.
This move reflects growing global stablecoin adoption, particularly for cross-border transactions and remittances.
The Thai government has been positioning the country as a crypto-friendly hub, previously regulating BTC, ETH, XRP, XLM, and other assets through the Bank of Thailand’s sandbox.
Officials are also exploring crypto-friendly initiatives like the “Phuket sandbox,” which would allow tourists to make purchases using digital assets.
The global stablecoin market has grown to $227 billion, up 22% in two years, according to DeFi Llama. Thailand joins a growing list of nations embracing stablecoins, alongside El Salvador and the U.S., where lawmakers are working on stablecoin regulations.
SEC Drops Crypto Exchange Rule, Signals Regulatory Shift
The SEC is withdrawing a proposed rule that could have expanded its oversight of crypto exchanges, marking a major policy shift under acting Chair Mark Uyeda.
The rule, introduced by former Chair Gary Gensler, aimed to redefine exchanges but faced criticism for its broad scope.
Under new leadership appointed by President Donald Trump, the SEC has also dropped at least six enforcement cases against major crypto firms, including Kraken, Coinbase, Robinhood, and MetaMask, signaling a less aggressive regulatory approach.
Additionally, the SEC Crypto Task Force, now led by Hester Peirce, is focusing on industry collaboration, launching roundtable discussions starting March 21 to improve regulatory clarity.
This policy shift suggests a move toward a more open, innovation-friendly regulatory environment, though the long-term impact on crypto regulation remains uncertain.
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