Investor Names Key Reason Behind Bitcoin Crash, Binance Quietly Tightens Token Listing Process, Shibarium Smashes New Milestone: Crypto News Digest by U.Today
Let's see what news the past weekend has brought with the summary of U.Today's top three news stories.
Investor names key reason behind Bitcoin crash
As the cryptocurrency market is swimming in a sea of red with Bitcoin leading the cruise, many in the crypto community started speculating about the reason behind the flagship crypto's plunge. Among those interested in what caused this sudden crash was renowned investor Fred Krueger, who offered his complex theory in a recent X post. The post reads that a large fund shorted MicroStrategy (MSTR) stock and purchased Bitcoin (BTC) at the same time, allocating $1 billion to each side of the trade. Then, on Friday, March 15, the fund was forced to stop out, which caused the sale of $1 billion worth of Bitcoin. This move has allegedly set off further market liquidations, exacerbated by sales from smaller investors, referred to colloquially as "shrimp, crabs and fish."
Yuri MolchanBinance quietly tightens token listing process
Aiming to bolster investor protection, Binance has moved to tighten requirements for token listings, Bloomberg reports. The decision to put more focus on investor protections rather than attracting coin listings follows Binance's money-laundering violations of last year, due to which the platform agreed to pay a $4.3 billion USD fine. From now on, crypto projects seeking listings on Binance are facing stricter conditions, including a prolonged "cliff period" during which the tokens cannot be sold, an increased allocation of coins for market makers and the necessity of a security deposit. According to the sources, these measures started being adopted late last year. The sources also added that Binance has communicated these changes verbally to stakeholders involved in token listings, and the specific requirements can vary from one deal to another.
Arman ShirinyanShibarium smashes major new milestone
Shiba Inu's layer-2 solution Shibarium continues to enthuse members of the SHIB community with its achievements. The latest milestone by the platform involves surpassing the 411 million level in terms of transactions. According to data provided by Shibariumscan, the total transaction count of Shibarum currently stands at 412,251,109, with more than three million transfers added within the past few days. The achievement comes despite the daily transaction throughput hovering around 1.03 million after a 4x decrease since Feb. 20, when it showed 4.2 million transfers per day. At the moment of writing, the number of daily transactions has dropped to lows of 593.68K. Meanwhile, Shibarium inked a strategic partnership with K9 Finance; K9 debuted its native coin KNINE on Shibarium, and Shiba Inu lead Shytoshi Kusama, together with SHIB lead developer Kaal Dhairya, have been appointed as K9's official advisors.
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