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Good Morning,

Here's a quick preview of today’s content: After years of battle Tornado Cash sanctions lifted in the U.S., a well-known crypto fraudster made millions with derivatives trades, Pectra upgrade is delayed yet again, Coinbase is getting close to making a market-changing acquisition, Kathryn Haun continues to lead the crypto venture world, and so much more.

Another Monday, another day to get after it. Let’s dive in.

Market Snapshot

As of 3/23/2024. Data per CoinMarketCap.

  • TRUMP token pops +12% after President Trump calls it 'The greatest of them all' in a post on Truth Social – see here

    • Market data shows that in the minutes after Trump made the post, his eponymous cryptocurrency went from around $10.93 to approximately $12.25, for a +12% rise.

    • After a brief sell-off, the $TRUMP token is trading at $11.91, or, up around +9%

  • Crypto steadily climbed across the board last this weekend

    • Bitcoin, Ehtereum, and Solana all made gains since Friday’s close

  • Bitcoin's market capitalization has reached $1.7T, accounting for 1.3% of the global money supply, which is estimated at $128T

    • The global money supply is predominantly fiat currency, making up 84%, while gold constitutes 15%

Headline Roundup
The major headlines driving crypto markets

  • U.S. treasury lifts sanctions on Tornado Cash after legal setbacks, see the full timeline here

  • Paul Atkins, Trump’s SEC Chair nominee, set for Senate confirmation hearing on March 27 (BL)

  • Metaplanet appoints Eric Trump to strategic board to boost bitcoin adoption (BM)

  • Ripple & Mt. Gox co founder Jed McCaleb bets $1B on creating a successor to the International Space Station (DC)

  • Senator Cynthia Lummis proposes selling U.S. gold reserves to buy 1 million Bitcoin (TD)

  • HK Asia Holdings buys 10 more Bitcoin as hedge against fiat currency depreciation (CD)

  • Strategy raises $711M from upsized stock sale, likely to make more bitcoin purchases (CD) 

  • Bakkt names Akshay Naheta co-CEO and partners with his startup DTR to explore new revenue streams (CD) 

  • Crypto trader who made millions in derivatives revealed as convicted fraudster William Parker (CD) 

  • Titan’s meta DEX aggregator moves to private mainnet, promises better prices than Jupiter 80% of the time (BW) 

  • Tether in talks with Big Four accounting firm for independent audit (DC)

  • LG to shut down NFT marketplace Art Lab on Smart TVs by June amid market downturn (DC) 

  • CSC Delaware Trust registers new entity named Fidelity Solana Fund (TB)

  • Ethereum developers delay Pectra network upgrade launch until after Hoodi testnet tests (TD) 

  • Sol trading platform Jupiter hits record $33M in February revenues (TD) 

  • Bubb memecoin on BNB Chain surges 1,000% following Binance co-founder Yi He's endorsement (TD)

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M&A Announcements

  • Crypto optimism grows as Coinbase eyes Deribit acquisition (CD)

Launches

  • Farcaster launches Snapchain protocol alongside new Airdrop Offers program (TB)

Venture Capital

  • Haun Ventures raises $1B for two new crypto funds, aiming for largest venture deal since Trump's second term (TB)

  • Waterdrip Capital, Bo Shen, and others back AI-agent L1 startup Hibit with $5M investment (CH)

  • Redacted coin raises oversubscribed $3M financing via public token sale (CC)

  • BetterX pulls in $1.7M Series A from Aument Capital and angels (CH)

  • Stoffel MPC secures 1.6M pre-seed funding co-led by Eterna Capital and Robot Ventures (BI)

Regulation

  • South Korean authorities plan sanctions on illegal crypto exchanges (CD) 

  • BaFin identifies serious deficiencies in Ethena's USDe token, bans public offering (CD)

  • SEC crypto task force hosts first ever SEC crypto roundtable (NB)

  • Ripple urges SEC to stop enforcement-based crypto regulation (DD)

  • Former SEC official John Reed Stark opposes regulatory reform at first SEC crypto roundtable (CT)

Cybersecurity

  • Ethereum platform Zoth loses $8.85M in second hack within a month, likely due to private key leak (DC)

  • Cyrpto news site Watcher Guru has X account hacked to spread fake Ripple x SWIFT partnership (CS)

  • Former sound engineer charged with selling Eminem's unreleased songs for $50,000 in Bitcoin (DC)

Extra Reads

Chart of the Day

Bitcoin adoption across the world is still below 4%

Meme Dump

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