| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Short term Bitcoin [BTC] holders key to bull run
|  | - Possibility arises if short-term holders spend less and accumulate more
- 'Exit of weak hands' over the last few days
After a period of very bullish movement, Bitcoin's price action has stalled on the charts of late. However, an assessment of key on-chain metrics revealed that a bull run isn't too far off for the world's largest cryptocurrency. In fact, according to a CryptoQuant analyst, BTC holders could be instrumental for the same if they spend less and accumulate more.
According to the SOPR, ASOPR, and STH-SOPR metrics, short-term holders have been spending their profits. This has led to a surge in BTC accumulation and a reduction in selling pressure over the last few weeks.
"These factors usually lead to short-term holders becoming long-term holders, according to bitcoin's past price cycles."
The aforementioned development should be read together with the findings of the network Profit/Loss Ratio. The same confirmed sell-offs by 'weak hands' over the past few days. The observation also implied that there has been a resurgence of 'smart money' across the market.
| | Learn More | | Lido Protocol logs largest daily stake inflows |  | - According to Lido, over 150,000 ETH were staked
- Hike in staked ETH contributed to the activation of new safety feature
According to a tweet by Lido Finance, the project registered its highest ever daily staked inflows, with over 150,000 ETH being staked. In fact, a detailed report by LookOnChain revealed that the said 150,000 Ether tokens had been staked by Tron Founder Justin Sun.
That's not all though, with Sun going on to additionally stake another 10,000 ETH. Cumulatively, the exec has now staked over 200,100 ETH - worth over $320M.
The hike in staked ETH in a single-day trade led to the activation of the protocol's safety feature known as the Staking Rate Limit. The aforementioned feature is deployed as a dynamic mechanism to ensure the protocol's safety and prevent rewards dilution caused by large inflows of stake. It is operated by limiting the total amount of stETH that can be minted, in light of recent staking deposits.
| | Learn More | | OpenSea faces rough waters as BLUR storms on
|  | | OpenSea has been struggling lately in the face of stiff competition from the likes of Blur. In fact, according to a recent finding, a total of 13.6K wallet addresses have canceled their OpenSea orders over the past week. This, largely owing to Blur's loyalty program which is almost 5-6 times the historical average.
Under the aforementioned program, more than 300M tokens would be distributed to community members who will prefer Blur over other marketplaces.
The hike in Blur's recent numbers make for particularly interesting reading, especially since the last few days saw the likes of OpenSea introduce policies such as the scrapping of service fees - A move that didn't retain users' confidence.
OpenSea's share in the total trading volume across marketplaces plunged from 44% before the launch of the BLUR token to a little over 14% on 24 February. Blur's market share of total no. of trades was as high as 56% too, with the same for OpenSea found to be just 35%. | | Learn More | | GBTC's approval as spot Bitcoin ETF would fill pockets with…
|  | On the latest edition of the 'What Bitcoin Did' podcast, Grayscale investments CEO Michael Sonnenshein revealed that he cannot figure out why the SEC wouldn't want to protect Grayscale's investors by returning its true value to them.
Here, the exec was speaking in context of the SEC's repeated rejection of Grayscale's proposal to convert GBTC to a spot Bitcoin ETF.
According to the exec, the agency's repeated rejections violate 'administrative procedures,' while also underlining how 'arbitrary' it is in its operations. This, in complete contrast to Sonnenshein's views when the SEC first started approving Bitcoin ETFs. At the time, he believed the agency was 'changing its attitude towards Bitcoin.'
If Grayscale's application is approved, a "couple billion dollars" of capital would immediately go back into investors' pockets on an "overnight basis," he went on to add. | | Texas objects to Voyager-Binance.US deal |  | Texas State Securities objected to a proposed deal between Binance.US, Voyager Digital
Company's disclosure statement discriminates against Texas consumers, it said
The Texas State Securities Board and the Department of Banking have objected to a proposed deal between Binance.US and Voyager Digital.
According to a recent court filing, the company's disclosure statement "unfairly discriminates against Texas consumers as holding the Texas consumers' coin for six months accomplishes nothing. As Texas is unsupported by Binance.US., customers would need to have their digital assets held by Voyager for six months while Binance.US seeks to license. Binance.US's terms of service also contain several "inadequate" disclosures, the Board claims.
The filing comes a few days after the Securities and Exchange Commission (SEC) proposed a filing to a court in New York "alleging securities law violations in some aspects of the restructuring plan."
Binance.US is being investigated by the SEC for anti-fraud and other violations of federal securities laws. | | Ukraine: $70M in crypto-donations since start of conflict |  | Ukraine has received $70M in cryptocurrencies Most of the funds came in the form of Ether, Bitcoin, and NFTs
Ukraine has received $70 million in cryptocurrencies since the start of the Russian-Ukrainian conflict, out of which 80% was donated in the first few months of the Russia-Ukraine war. Blockchain data platform Chainalysis reported that most of the funds came in the form of Ether, Bitcoin, and NFTs such as the Ukrainian flag which sold for $6.1 million.
Ukraine's Deputy Digital Minister Alex Bornyakov claimed that the donations that came through and the ease at which the digital ministry could access those funds for Ukraine's defense was pleasantly surprising.
According to Ukraine's Minister of Digital Transformation Mykhailo Fedorov, most of the cryptocurrency payments to the digital ministry have been used to fund the country's military equipment, armor clothing, and a range of vehicles and medicine.
However, pro-Russian military groups have also used cryptocurrencies to crowdfund their war efforts, including using crypto-donations to fund military purchases, spread disinformation, and create pro-invasion propaganda, according to Chainalysis. | | G20: FSB and IMF establish global crypto framework |  | BIS, IMF, and FSB establishing standards for a global crypto-regulatory framework FSB will release first set of recommendations by July
G20 recently announced that the Bank for International Settlements, International Monetary Fund, and Financial Stability Board are establishing standards for a global crypto regulatory framework.
According to the G20's statement, FSB will release by July recommendations on the oversight of crypto-assets activities, global stablecoins, and markets. By September, the FSB and the IMF will jointly submit "a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets." The IMF will also make statements on the "potential macro-financial implications of the widespread adoption" of central bank digital currencies (CBDCs). The BIS will also report on conceptual issues related to crypto assets.
"We look forward to the IMF-FSB Synthesis Paper which will support a coordinated and comprehensive policy approach to crypto-assets, by considering macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets," the G20 wrote in the statement. | | Bitcoin & co. inch into the green |
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