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Key Points | March 23, 2024 | Market Struggles To Maintain Momentum

Photo for the Article - Key Points | March 23, 2024 | Market Struggles To Maintain Momentum

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

Photo for the Article - Key Points | March 23, 2024 | Market Struggles To Maintain Momentum

Market News

  • Bitcoin experienced significant volatility, dropping from the $67,000 area to below $63,000 before slightly recovering to $64,000, marking a 3.7% decrease over the last 24 hours.
  • The sell-off impacted the broader market; Solana declined by more than 10% at one point.
  • After reaching an all-time high of over $73,000, BTC and other crypto assets entered a correction phase.
  • Despite a hopeful 10% rally last Thursday following the Federal Reserve announcement, the market has struggled to maintain recovery momentum.

Feature News: YGG

Photo for the Article - Key Points | March 23, 2024 | Market Struggles To Maintain Momentum

YGG has a number of announcements in the last few days.

  • YGG’s utility token is now listed on the Ronin Blockchain, aimed at enticing gamers and games to join its ecosystem.
    • YGG tokens will be listed on Katana, Ronin’s decentralized exchange, facilitating liquidity pairings and providing access to exclusive quests and potential future benefits within the Ronin community. 
    • YGG tokens are also airdropped to wallets staking RON on the YGG validator, with bonuses for longer staking durations.
  • YGG and Coins.ph announced a partnership that is expected to allow $YGG owners to have a “faster, easier, and cheaper” transfer process to the Ronin network.
    • In a statement, both the guild and the exchange emphasized that the partnership seeks to bring benefit to the 92,700 members of YGG Pilipinas. 
    • According to Coins.ph, $YGG owners will be able to avoid a long double-bridging process by using its in-app Ronin integration.

Regulation

  • The Estonian government has passed a bill aimed at regulating cryptocurrency service providers, aligning its oversight with European Union regulations such as the Markets in Crypto-Assets (MiCA) rules.

DeFi

  • Cryptocurrency exchange Okx announced its decision to cease operations in India, citing “local regulations” as the reason. Users have been instructed to withdraw all funds from their accounts by April 30th, with additional requirements to close margin positions and redeem funds from certain products. 
  • MonkeysLIST ($MLIST) makes its debut on major DeFi platforms including Uniswap, PancakeSwap, and Raydium, introducing new liquidity pools and trading avenues. 

Web3 Gaming

  • Japanese game company Square Enix’s Ethereum-based game, Symbiogenesis, will join HyperPlay after the publisher invested in the platform.
  • Immutable, a web3 gaming platform, has entered a strategic partnership with crypto exchange OKX, with plans to launch a gaming launchpad on OKX’s NFT marketplace.
  • Immutable and blockchain infrastructure contributor Polygon Labs also partnered to establish a $100 million fund named the Inevitable Games Fund (IGF), dedicated to nurturing Web3 gaming startups.

Noteworthy 

  • Tensorplex Labs, a Web3 and artificial intelligence (AI) startup, has secured $3 million in seed funding led by Canonical Crypto and Collab+Currency. The investment, which includes participation from prominent crypto investors like Digital Currency Group (DCG), Quantstamp, and Amber Group, will be utilized to expand the infrastructure for decentralized AI networks. 
  • Alpha MBM Group, a pan-African organization, completed a $4 billion oil refinery project in Uganda and is now partnering with Venom Blockchain. Together, they plan to develop stablecoins, CBDCs, cryptocurrency exchanges, and real-world asset tokenization projects in specific regions.
  • ChainGPT, an AI-driven Web3 infrastructure provider, partners with Polygon Labs to streamline AI-powered NFT generation and on-chain minting.

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Upcoming BitPinas Event: CryptoPH Conversations: Bitcoin Halving Edition

Photo for the Article - Key Points | March 23, 2024 | Market Struggles To Maintain Momentum

#CryptoPH Conversations Returns with Bitcoin Halving Edition Meetup, the event is scheduled for April 19, 2024, from 6pm to 10pm. 

Limited slots are available, so register promptly at https://bit.ly/cryptoph-apr19 to secure your spot. The exact location will be disclosed upon registration. 

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The event will feature engaging discussions led by industry experts, including Luis Buenaventura, head of crypto at GCash, who will provide insights into the future market outlook in light of the Bitcoin halving. Topics will include Bitcoin, ETFs, and the potential adoption of Bitcoin as a reserve currency for the country.

Stay tuned for a special guest announcement on Monday. 

This article is published on BitPinas: Key Points | March 23, 2024 | Market Struggles To Maintain Momentum

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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