Crypto Labs Market Watch for Mar. 29th
We, Crypto Labs, have 5 years experience in crypto industry.
We specialize in Incubation & Project Research & Media Promotion & CEXs Listing & Project Full-stack Operation & Software Development & Quantitative Strategy Services & Asset Management in Web3!
Blockchain Full-Stack Solution, Your Best Choice!
1. SBF memecoins pump and dump as FTX founder gets 25-year prison sentence
Memecoins based on Sam Bankman-Fried rocketed and then crashed as a U.S. court handed down more than two decades of jail time for the former FTX CEO.
Memecoin degenerates have once again put their money on a swathe of questionable tokens — this time amid the historic sentencing of Sam Bankman-Fried, which saw him wrapped with a 25-year prison sentence.
On March 28, Judge Lewis Kaplan sentenced Bankman-Fried to a total of 25 years in prison on seven counts of fraud, making the former CEO the first person from FTX to face prison for the collapse of the exchange in November 2022 — referred to as one of the biggest corporate collapses in United States history.
A few hours before Bankman-Fried’s sentence was handed down, however, a developer launched a memecoin dubbed Sam Baseman Fraud — humorously sporting the ticker FTX — on the Coinbase layer-2 network Base.
In just seven hours, the FTX memecoin rallied more than 23,300%, with market capitalization peaking to $1.5 million on March 28, per DexScreener data,
As many memecoins often do, the token proceeded to sell off harshly, dumping more than 85% within the span of three hours. At the time of publication, the memecoin’s price has leveled out and is trading around the $0.06 mark, still down 60% from all-time highs.
2. $7.5B AI crypto token merger scheduled for community vote on April 2
“We are extremely excited to move forward as an Alliance and bring our combined knowledge and expertise to bear,” the projects said in a statement.
A token merger to the tune of $7.5 billion consisting of artificial intelligence (AI) protocols SingularityNet, Fetch.ai and Ocean Protocol is scheduled for a community vote of approval on April 2.
According to the March 27 announcement, there will be three separate community votes for each individual protocol, with completion of all voting scheduled for April 16. If the union is approved, SingularityNet’s AGIX token, Fetch.ai’s FET (FET) token and Ocean Protocol’s OCEAN token will be replaced with the new Artificial Superintelligence Alliance’s ASI token.
As of March 26, the merged token would have a fully diluted market capitalization of $7.6 billion across 2.631 billion tokens. The three tokens’ current combined market cap is around $5.3 billion.
“If approved, it will then be possible to swap $FET for Artificial Superintelligence token at a rate of 1:1,” the teams wrote. “For example, if you hold 100 $FET, you will be able to swap it for 100 $ASI.” FET will be the reserve currency of ASI, while users will be able to convert OCEAN and AGIX into ASI at a new fixed rate.
3. MicroStrategy is trading at an ‘unjustifiable premium’ to Bitcoin: Analyst
Kerrisdale Capital claims MicroStrategy’ is no longer a “unique way to gain access to Bitcoin” but Michael Saylor has long argued his firm will remain an attractive option to investors.
There may be little reason left for investors to trade MicroStrategy stocks to gain exposure to Bitcoin after the approval of several spot Bitcoin exchange-traded funds (ETF) this year, argues investment firm Kerrisdale Capital.
MicroStrategy’s executive chairman Michael Saylor, would likely beg to differ.
“The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over,” Kerrisdale Capital explained in a March 28 analyst note, adding it believes MSTR price is overvalued.
The firm noted it had short positions on the MicroStrategy stock.
“We are long bitcoin and short shares of MicroStrategy, a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value.”
MSTR is currently trading at $1,704. Over the last month, it saw a growth of 66.65%, and over the past six months, it has experienced an increase of approximately 419%.
On the other hand, Bitcoin’s price currently stands at $70,849. It has had a one month increase of 15.8%, and soared 163.31% over the past six months.
“Shares of MicroStrategy have soared amid a recent rise in the price of bitcoin but, as is often the case with crypto, things have gotten carried away,” it stated.
4. Crypto ATMs to resurge once Bitcoin ‘FOMO’ hits full swing, says CEO
Crypto ATM installs declined in 2023, but a post-halving Bitcoin price growth spurt should see the space rebound, says Bitcoin Depot CEO Brandon Mintz.
Bitcoin ATMs will likely see a global acceleration in installations after the Bitcoin halving, a period when crypto FOMO (fear of missing out) typically hits a fever pitch, according to the boss of a major Bitcoin ATM operator.
In 2023, crypto ATM installs had their first-ever yearly decline in a decade, owing to a bear market likely exacerbated by the collapse of several crypto firms.
However, Bitcoin Depot CEO Brandon Mintz notes that 2024 has already started with a bang, with 1,469 crypto ATMs installed in just the first three months, compared to the over 3,000 removed by around the same time in 2023, according to data from CoinATMRadar.
“It’s looking really positive that the industry continues to see a lot of growth in kiosk count,” Bitcoin Depot CEO Brandon Mintz told Cointelegraph.
5. KuCoin’s desperate $10M airdrop, 1 tweet raises $37M for memecoin: Asia Express
KuCoin exchange shrugs off US criminal and civil indictments with $10M airdrop, Tencent Cloud expands to Sui, and more.
Cryptocurrency exchange KuCoin is airdropping $10 million in Bitcoin and its native token KCS to users to try to convince them to stick by the exchange after a criminal indictment by prosecutors of the U.S. Southern District of New York as well as civil charges filed by the U.S. Commodity Futures Trading Commission (CFTC).
“I would like to express my gratitude to all KuCoin users for your support, trust, and companionship during the past few days and the past seven years,” wrote Johnny Lyu, CEO of KuCoin: “We will absolutely ensure the security of user assets as always and comply with regulations to fulfill our trust.”
The announcement came a day after KuCoin users withdrew more than $1 billion after news of the charges against the exchange. Lyu stated:
Recently, on March 26th and 27th, some users experienced longer-than-expected wait times during the withdrawal process. As ‘People’s Exchange’ we feel a deep sense of responsibility for this inconvenience and would like to sincerely apologize.”
Crypto Labs Team
March 28th, 2024
Website: www.Crypto-Labs.VIP
X(CN):https://twitter.com/CryptoLabs_CN
X(EN): https://twitter.com/Crypto_Labs_EN
Bilibili:https://space.bilibili.com/1900415806