Top Crypto Stories This Week: From Cutting ETF Fees to Crashing a National Currency

Despite setting a new all-time high, Bitcoin's price has ended rather anti-climatically as we draw this week to a close. Falling more than 5% over the past 24 hours, Bitcoin is actually down almost 2% over the week in which it reached as high as $73,835.57.

Nonetheless, it was quite an exhilarating week for crypto traders, and even more so for Bitcoin ETF issuers. Setting a new record, Bitcoin ETFs have exceeded $100 billion in assets under management while BlackRock's IBIT has set its own daily trading volume record of $3.9 billion.

Ethereum's price chart is almost an exact replica of Bitcoin's too. However, the market is becoming increasingly doubtful about the SEC approving ETH ETFs. You'll have to stay tuned to Blockhead tomorrow to find out why...

Risk appetites on the Fear & Greed Index have edged up in the "Extreme Greed" bracket, up from 81 last week to 83.

The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.

Outside of Bitcoin mania, this week hasn't disappointed in industry updates. Governments and regulators across the world have been busy lining their ducks in a row to gear up for wider and safer crypto adoption.

Meanwhile, crypto companies are doing their best to play ball with regulators, resulting in varying degrees of success. cough Binance cough

Without further ado, here are our favourite stories emerging from the crypto scene this week.

Did Binance Just Destabilize an Entire National Currency?

As the world's largest cryptocurrency platform,?Binance?is the?Bitcoin?of exchanges. When Bitcoin makes a splash, the entire market rises with the tide. But when Binance makes a splash, markets start to drown.

Info has now been released about the two Binance execs detained in Nigeria as the government blames the exchange for crashing the country's national currency, the Naira.

“Pause, Breathe & Buy More” Is the Market Mantra

As Bitcoin breaks new boundaries, it still seems that more is better. "The path to $100,000 is clear. What we don't need is a catalyst in the form of a regulatory ruling or an unforeseen reason," said the chief investment officer at a large US fund house in Boston.

Now with the support of former President Donald Trump, cryptocurrency is proving to be a divisive tool for the Presidential race.

Why AI Tokens Don't Accurately Reflect the AI-Crypto Relationship

AI and Web3 could be the nerdy tech power couple no one asked for but like Kim and Kanye, their relationship is overvalued and not guaranteed to end well.

AI token prices have performed phenomenally well but they fail to represent an accurate reflection of the tech driving these projects.

Perhaps those looking to invest in long-term AI plays should resist the temptation of these tokens' seductive allure.

Bitcoin Mining Stocks: Boom or Bust? US Tax Proposal Casts Shadow on Recent Rally

The recent surge in Bitcoin prices has brought a welcome boost to publicly traded Bitcoin mining companies, but a quick reversal and a proposed US tax regulation threaten to dampen this newfound optimism.

Leading names like Marathon Digital (MARA.OQ) and CleanSpark (NASDAQ: CLSK) saw its stock price rise over 200% in the first two months of the year, spurred by the success of spot Bitcoin ETFs.

However, this rally has been short-lived.?

Bitcoin ETF Fee Cut Proves Effective as VanEck Sees Record Inflows

On Monday, VanEck said it would offer a 0% management fee from 12 March 2024 until 31 March 2025.?

The move seems to have worked. BitMEX data shows that HODL attracted $119 million in one day. Its highest day was previously on 19 January 2024, when the fund saw inflows of $14.2 million.

OKX Wins In-Principle Approval for MPI License in Singapore

OKX has received an in-principle approval (IPA) for a Major Payment Institution (MPI) licence in Singapore.

The global crypto exchange?said?on 13 March that it received the preliminary green light from the Monetary Authority of Singapore (MAS).

Its new status allows the firm to provide digital payment tokens and cross-border money transfer services in?Singapore.

Thailand Cuts Crypto Tax to Boost Investment Tokens

Thailand has greenlit a?crypto tax break?for investment token holders to encourage their use for fundraising.

Those holding investment tokens that have had the 15% capital gains tax withheld will now be exempt from personal income tax. The initiative is aimed at stimulating economic growth and providing firms with alternative fundraising methods. Investment tokens are expected to inject $3.7 billion into the Thai economy over the next two years.

Thailand's Securities and Exchange Commission (SEC) has also greenlit private funds for Bitcoin ETFs.

Events

Onchain 2024

Saison Capital, a Singapore-based venture capital firm and subsidiary of Saison International, has announced the inaugural launch of?ONCHAIN 2024, marking Asia's first RWA conference.

Taking place on 26 April 2024, 9 am - 5 pm (ICT), in SO/Bangkok Hotel, Bangkok, Thailand, the event features an impressive lineup of speakers and attendees from TradFi institutions including Citibank, Standard Chartered, SCBx, Woori Bank, and SBI Holdings, as well as real-world asset (RWA) leaders including Helicap Group, Evertas, HELIX, D3 Labs, OpenEden and Rakkar Digital.?

“The trend of?tokenizing?RWAs has gained momentum in 2023 despite depressed markets across traditional finance and crypto," said Qin En Looi, Partner at Saison Capital.?"The launch of ONCHAIN 2024 aims to bring more partners into the conversation to shape the financial ecosystem of the future."

Early bird tickets, priced at S$99, are available now. But as the exclusive supporting partner for ONCHAIN 2024, we've got an exclusive 20% discount on tickets for the Blockhead family. Simply use the promo code 'blockhead' at?checkout?to unlock this special offer.

ETH Seoul/BUIDL Asia 2024

The fifth edition of BUIDL Asia Week is set to take place on 27–31 March 2024 in Seoul, South Korea. This year's event, BUIDL Asia and ETH Seoul, is poised to unite a diverse group of visionaries, developers, and innovators, aiming to solidify South Korea's status as a global hub for digital innovation and collaboration in the Web3 space.

For more details on the event schedule and speaker lineup, interested parties are encouraged to visit the official BUIDL Asia 2024 and ETH Seoul 2024 websites.

Blockhead?is a media partner for the event. See you there!