Global crypto market capitalisation remained above $1.2 trillion, with an increasing fear and greed index of 63 tilting towards greed, as of April 03, Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, said in an analysis shared with NewsFirstLine.
The Ethereum L2 scaling protocol Arbitrum has announced that it will rewrite a governance proposal aimed at allocating $1 billion in ARB tokens to the foundation. The decision came into effect after the project’s community highlighted concerns over the weekend over decentralisation. Amidst these developments, ARB price dipped by 15%, to $1.18 on April 03, around 3PM IST.
In another news, SVB fallout continues to impact crypto markets at large. The adoption rate of USDC, the second-largest stablecoin with a market worth of $32.5 billion, has been progressively declining as the Circle-issued token’s redemptions have increased. Meanwhile offshore stablecoin giant, USDT continues to fill this void!
Since Binance CEO Changpeng Zhao denied all charges by the US commodities regulator CFTC, it will be noteworthy to observe the drop in liquidity and trading volumes on the platform. Such conditions can be accompanied by high price volatility on either side, as large orders can sway prices rapidly. The regulatory fallout, too, is likely to keep the market on shaky ground.
