The hodler net position change metric has emerged as a critical barometer for assessing the confidence of those who've weathered the cryptocurrency's notorious volatility. On March 19, this metric plunged to a level not seen in three years, signaling a potentially pivotal shift in the behavior of Bitcoin's staunchest supporters. Amid a backdrop of fluctuating prices and market uncertainties, this dramatic change has sparked intense speculation about the future actions of long-term investors. But what does this shift reveal about their confidence and the broader market sentiment? Could this be a mere ripple in the pond, or is it a harbinger of a deeper sea change in investor sentiment? To answer these question, we delve into a comprehensive analysis that juxtaposes this alarming trend with other key market indicators and institutional behaviors, revealing a complex mosaic of factors at play.
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BTC (24h)
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+8.45%


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News ▸ Adoption

Coinbase secures CFTC approval to list Dogecoin futures

Each of the three tokens experienced above-average price gains following the news.
Mike Dalton
Mar. 21, 2024 at 12:50 am UTC
1 min read
Updated: Mar. 21, 2024 at 12:50 am UTC
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The Commodities and Futures Trading Commission (CFTC) has approved Coinbase Derivatives Exchange’s application to list futures contracts tied to Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC).
According to the filing, the listings will go live and begin trading on or after April 1, 2024. The CFTC’s website indicates that all three contracts were certified on March 7.
Each of the three tokens experienced above-average price gains as the news attracted publicity on March 20. As of press time, DOGE was up 16.1%, BCH was up 11.4%, and LTC was up 7.8%.
The overall crypto market was up 6.2% by comparison.
Coinbase Derivatives currently offers institutional and retail-sized contracts for Bitcoin (BTC) and Ethereum (ETH). It also offers crude oil contracts.

Regulation as commodities

Coinbase’s decision to pursue futures listings for DOGE, BCH, and LTC could have broader implications related to their origin.
Bloomberg ETF analyst James Seyffart suggested that the exchange may have chosen the three digital assets because each was originally based on the code of Bitcoin, which is now widely considered a commodity by most regulators.
According to Seyffart:

“This will force the SEC to delineate between Security and Commodity besides ‘we said so.'”

Meanwhile, Scott Johnsson, General Partner and General Counsel at Van Buren Capital, suggested that Coinbase’s applications could be the first of many. He wrote:

“The tidal wave commences. I was wondering when Coinbase would do something like this.”

Johnson said that a change in US leadership could attract more applications and implied that such futures listings are a “necessary prerequisite” for spot crypto ETFs.
The SEC was famously forced to approve the spot Bitcoin ETFs after losing a legal battle with Grayscale. The court ruled that the regulator’s decision to block the ETFs for years had been “arbitrary.”
MENTIONED IN THIS ARTICLEDogecoin
Bitcoin Cash
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Coinbase
Gary Gensler
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Dogecoin
DOGE (24h)
$0.15183
+20.08%


VOL: $3.2B
MCAP: $21.79B
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
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Bitcoin Cash
BCH (24h)
$409.141
+14.41%
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
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Litecoin
LTC (24h)
$84.8381
+7.24%
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
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Coinbase

Exchange Company in North America
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
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Chairman at U.S. Securities and Exchange Commission
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
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News ▸ US ▸ Regulation

US Lawmakers believe crypto regulation could become law by Election Day

Congressman McHenry and Senator Lummis both see crypto regulations passing into law sometime this year.
Mike Dalton
Mar. 20, 2024 at 10:48 pm UTC
2 min read
Updated: Mar. 21, 2024 at 12:41 am UTC
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Congressman Patrick McHenry and Senator Cynthia Lummis recently expressed optimism regarding the passage of critical crypto legislation before the upcoming election in November, according to media reports on March 20.
Speaking at a Coinbase event, McHenry highlighted the positive shift in legislative prospects, particularly in the wake of leadership changes within the House Republicans.
According to the MarketWatch report, he added that the removal of Kevin McCarthy as Speaker and the appointment of Mike Johnson has notably facilitated progress on contentious legislation.
McHenry said that Johnson had demonstrated that he could bring legislation into law and cited his role in arranging a spending deal to prevent a government shutdown as evidence of his strengths.

High hopes

According to the Congressman, there are increased opportunities to pass crypto legislation, which is unusual for an election year. McHenry further stated that he sees a “couple of opportunities” for legislation to become actual policy before elections end.
However, he did not elaborate on the opportunities or disclose a specific timeline. He said:

“I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane … We just don’t know when we’re going to land the plane.”

McHenry said he has high hopes for two pieces of legislation. The first is the Keep Innovation in America Act, a crypto market structure reform bill for which he is currently working to schedule a House vote.
Meanwhile, the second is his Clarity for Payment Stablecoins Act, which requires another vote. McHenry shat this bill could soon become law because of the Biden administration’s past calls for stablecoin legislation.
Biden’s 2022 executive order on digital assets notably mentioned the treatment of stablecoins.

Lummis sees regulation this year

Meanwhile, according to a separate Coindesk report, Senator Cynthia Lummis spoke alongside McHenry. She said that advances in legislation have become more likely as the chances of reaching a compromise among lawmakers has increased amid heightened collaboration between the House and the Senate.
Lummis suggested that the Democratic party and its members, including Senate majority leader Chuck Schumer, are willing to consider a stablecoin bill. She called the stablecoin legislation “by far the most optimal portion of this to move forward” due to the Biden administration’s willingness.
McHenry and Lummis are both members of the Republican Party, which could potentially put their legislative efforts at odds with the current Biden regime. However, the issue of crypto regulations is widely considered bipartisan.
MENTIONED IN THIS ARTICLEPatrick McHenry
Cynthia Lummis
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Chair at House Financial Services Committee
Patrick McHenry is an American politician who has been serving as the U.S.
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Cynthia Lummis

Member, U.S. Senator for Wyoming at U.S. Senate
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.
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News ▸ Bitcoin ▸ Macro

Bitcoin rebounds to $68k after Fed decides to maintain rates as expected

The central bank also reaffirmed its intention to cut rates during 2024, driving the odds of a June cut to 70%.
Assad Jafri
Mar. 20, 2024 at 9:30 pm UTC
2 min read
Updated: Mar. 20, 2024 at 10:17 pm UTC
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The US Federal Reserve announced on March 20 that it would keep interest rates steady at 5.25% to 5.5% — aligning with market expectations and easing concerns of a more aggressive tightening of monetary policy.
Additionally, the Federal Open Market Committee (FOMC) maintained its projection for a rate cut within this year, signaling a cautious but optimistic outlook for the economy.
Fed chair Jerome Powell’s expected speech caused the crypto market to bounce back to near-yearly highs after days of heavy bleeding ahead of the FOMC meeting. The
Bitcoin (BTC) was trading at $68,032 as of press time — up 6.52% — after falling to a low of $60,800 earlier in the day, according to CryptoSlate data.
The wider market similarly rebounded from local lows, with most tokens posting gains between 5% and 15%. Meanwhile, some tokens — including the memecoin Pepe (PEPE) and Bitcoin Layer-2 Stacks (STX) — recorded gains of over 20% as the day’s biggest winners.
The bullish momentum could take the market back to the previous week’s highs much sooner than anticipated, despite prevalent bearish sentiment in the preceding days.

Rate cuts by June

The Fed’s decision arrives in the wake of unexpectedly high Consumer Price Index (CPI) and Producer Price Index (PPI) reports, which ignited concerns that inflation could gain momentum.
Such a scenario would have compelled the central bank to maintain stringent financial conditions, potentially delaying interest rate cuts and adversely affecting asset prices.
During the FOMC’s March meeting, policymakers forecasted a reduction in interest rates to 4.6% by the end of 2024, echoing the same median level projected in the December outlook. The affirmation has quelled fears among investors who were apprehensive about a potential hawkish pivot in the Fed’s strategy amid fluctuating economic indicators.
Prior to the FOMC’s latest announcement, market participants were largely anticipating the first rate cut to occur in June, with the odds at roughly 60%. However, the chances have increased post-announcement, with the market now assigning a 70% probability for at least one rate cut by June, based on the CME FedWatch Tool data.

Revised forecasts

Accompanying this rate decision, Fed policymakers have also revised their economic forecasts, notably uplifting the US growth outlook for this year to 2.1 percent from a previous forecast of 1.4 percent made in December. This upgrade highlights a more optimistic view of the economy’s resilience and potential for expansion.
However, the inflation outlook remains a complex challenge, with the headline inflation forecast holding steady, while the projection for annual “core” inflation, which excludes volatile items like energy and food prices, has been slightly elevated to 2.6 percent.
This decision comes after the Fed’s aggressive policy actions since March 2022, where a total of 5.25 percentage points increased the policy rate in response to rising price pressures. Since July 2023, the central bank has paused these increases, adopting a watchful stance as it navigates through economic uncertainties.

BITCOIN MARKET DATA

At the time of press 10:17 PM UTC ON MAR. 20, 2024, Bitcoin is ranked #1 by market cap and the price is up 7.06% over the past 24 hours. Bitcoin has a market capitalization of $1.34 trillion with a 24-hour trading volume of $68.48 billion. Learn more about Bitcoin ›

Bitcoin

10:17 pm UTC on Mar. 20, 2024

$68,002.16

7.06%

CRYPTO MARKET SUMMARY

At the time of press 10:17 PM UTC ON MAR. 20, 2024, the total crypto market is valued at at $2.56 trillion with a 24-hour volume of $171.73 billion. Bitcoin dominance is currently at 52.28%. Learn more about the crypto market ›
MENTIONED IN THIS ARTICLEBitcoin
Pepe
Jerome Powell
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AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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BTC (24h)
$67,846.23
+8.61%


VOL: $64.51B
MCAP: $1.33T
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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Pepe
PEPE (24h)
$0.00001
+23.99%
PEPE is a deflationary memecoin launched on Ethereum.
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Jerome Powell

Chair at Federal Reserve System
Jerome Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term.
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News ▸ Celsius ▸ Bankruptcy

Celsius looks to recover $2 billion withdrawn by 2% of accounts during its collapse

The initiative is part of its reorganization plan and targets individual accounts that withdrew more than $100,000 before its collapse.
Assad Jafri
Mar. 20, 2024 at 7:02 pm UTC
2 min read
Updated: Mar. 20, 2024 at 7:02 pm UTC
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Bankrupt crypto lender Celsius Network is seeking the return of over $2 billion withdrawn by major customers shortly before its bankruptcy declaration in July 2022, according to a release shared with CryptoSlate.
The initiative, led by a committee appointed during the company’s Chapter 11 proceedings, is part of the firm’s restructuring efforts and targets individuals who extracted large sums from the crypto platform to mitigate potential legal confrontations and ensure the remaining assets are distributed fairly among creditors.

Favorable rate

The efforts are specifically aimed at accounts that withdrew more than $100,000 during the critical period leading up to the company’s bankruptcy filing. Such a collective action intends to replenish the funds available to repay the creditors left behind.
The withdrawals have raised concerns due to their preferential nature, as they benefited a small percentage of users at the cost of the wider Celsius customer base.
The committee said it is prepared to contact these customers directly, offering them an opportunity to settle at a “favorable rate” to avoid potential litigation.
A Litigation Administrator appointed by Celsius will focus on a select group of customers who collectively withdrew more than $2 billion from the platform during the 90 days leading up to its bankruptcy filing, a period now referred to as the Preference Period.

2% of accounts

This move is set to impact only about 2% of Celsius users, who are responsible for withdrawing approximately 40% of the platform’s assets within the 90 days preceding the bankruptcy declaration.
Celsius bankruptcy filings show the firm held around $6 billion in assets before its collapse — with a user base comprising 1.7 million registered and 300,000 active users, each with account balances exceeding $100.
The legal framework of bankruptcy law enables entities like Celsius to reclaim funds dispensed just before filing for bankruptcy, irrespective of the recipients’ innocence. This provision aims to ensure fair treatment for all creditors, preventing those who withdrew funds prematurely from gaining an advantage over those who did not.
Cam Crews, a member of the Litigation Oversight Committee (LOC), an independent committee the Bankruptcy Court approved to oversee the Litigation Administrator’s efforts and other related activities, emphasized the settlement offer’s intention.
Crews said:

“This offer aims to correct the imbalances caused in the days before our bankruptcy filing. It presents an opportunity for those who disproportionately benefited to contribute to the relief of the creditors who were most affected.”

The settlement strategy aims to simplify the recovery process and offers a practical alternative to the potential complexities of litigation. Account holders who opt for the settlement can return a part of the assets they withdrew, which have since increased in value, rather than the original amount.
MENTIONED IN THIS ARTICLECelsius Network
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ANDJELA RADMILAC · 3 DAYS AGO
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Latest Press Releases

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A New Era of Social Deduction Gaming Debuts with the Launch of Castle of Blackwater

CHAINWIRE2 HOURS AGO

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CHAINWIRE9 HOURS AGO

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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Lending, Technology Company in Europe, North America
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
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News ▸ Terra ▸ Legal

Montenegro court rejects Do Kwon’s appeal, clears way for extradition to South Korea

The Montenegro Court said its decision was final and could not be appealed by any party.
Oluwapelumi Adejumo
Mar. 20, 2024 at 5:13 pm UTC
1 min read
Updated: Mar. 20, 2024 at 5:13 pm UTC
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The Appellate Court of Montenegro has declined Do Kwon’s appeal to halt his extradition to South Korea, according to a March 20 notice.
In its ruling, the Court affirmed the High Court’s decision to deport Kwon, the co-founder of now-defunct Terraform Labs, to face criminal charges in South Korea. These charges are linked to his alleged role in the collapse of Terra’s algorithmic UST stablecoin, which resulted in significant losses exceeding $40 billion for investors globally.
The Court added that its decision was final and cannot be appealed by any concerned parties. The notice did not provide a timeline for when Kwon would be extradited to his home country.
This decision marked a significant development in Kwon’s legal extradition battle. The process has garnered considerable international attention over the past year, with the United States and South Korea seeking custody due to his high-profile case.

Why South Korea?

A Montenegrin high court initially ruled to extradite Kwon to the US. However, the Appellate Court overturned the decision, citing procedural violations within the country’s criminal justice system.
Consequently, the Appellate Court ordered a retrial at the High Court of Podgorica.
In the subsequent trial, the High Court of Podgorica determined that Kwon should be extradited to South Korea, as their extradition request preceded that of the US.
Montenegro’s Appellate Court upheld this decision, stating:

“The panel of the Court of Appeals assessed that the first-instance court had correctly established that the request of the Republic of South Korea arrived earlier in the order of arrival compared to the request of the USA.”

Last month, the European country deported Terraform Labs’ chief financial officer, Han Chang-Joon, to South Korea to face criminal charges. Chang-Joon and Kwon were arrested in Montenegro last year for traveling with falsified official documents.