Source: Talk Outside
We have witnessed some history these past few days.
On the morning of March 3 at 9:30 am (Eastern Time), the S&P 500 index opened with an increase of about 30 points, and the TOTAL (Cryptocurrency Total Market Cap) also reached the highest point of the trading session (stage). However, by 2:30 pm, the market capitalization of the S&P 500 index had evaporated about $1.5 trillion, and the cryptocurrency market capitalization had evaporated about $300 billion.
The market once again felt the "power" of Trump. Of course, the market today (March 5, Beijing time) is not much better, as it continues to suffer from Trump's "onslaught", including:
Trump officially announced the imposition of a 25% tariff on Canada and Mexico. Although the market hoped that the tariffs could continue to be postponed, it is clear that Trump still wants to use the tariffs, so the market's reaction is to continue to decline.
At the same time, there is a plan to stop selling weapons to Ukraine and ease sanctions on Russia.
Of course, there is also the tariff policy against a certain major Asian country, which will start to take effect with the tariff rate increased to 20%. This also shows that Trump is determined to continue the tariff war, as it took him two years in his previous term to raise the tariffs on a certain major Asian country to this level, while this time it only took him more than a month.
Turning to the Altcoin market. Let's look at the liquidation data, in the past 24 hours alone, there have been over 160,000 liquidations, with a total liquidation amount of $491 million, of which $270 million were long positions and $220 million were short positions.
We continue to look at the capital flows, the Altcoin market has been experiencing capital outflows for 3 consecutive weeks, and last week even set a record for the largest weekly capital outflow (a total of $2.9 billion). In terms of capital outflows by coin, Bitcoin saw an outflow of $2.59 billion last week, Ethereum $300 million, Solana $7.4 million, and Ton $22.6 million. Sui and XRP, on the other hand, performed relatively well, with inflows of $15.5 million and $5 million respectively. In terms of capital outflow regions, the most obvious last week were the United States (capital outflow of $2.87 billion), Switzerland ($73 million) and Canada ($16.9 million), in contrast to Germany, which saw an inflow of $55.3 million (perhaps German investors saw last week's volatility as an opportunity to buy in).
Finally, let's take a look at some other interesting events in the past few days:
- Binance will delist some stablecoins like USDT
To comply with the MiCA regulations, Binance will delist non-MiCA compliant stablecoins such as USDT, TUSD, DAI, etc. for EEA (European Economic Area) users on March 31.
- Is SEC regulation easing?
On March 4, Yuga Labs announced that after more than 3 years, the SEC has officially concluded its investigation (the SEC sued Yuga Labs for violating securities laws in October 2022), which is a huge victory for Non-Fungible Tokens (NFTs), as they are not considered securities.
In the past two weeks, the SEC has frequently abandoned litigation investigations against some Altcoin projects, such as withdrawing investigations against Robinhood, Gemini, UniSwap Labs, MetaMask and OpenSea, and reaching settlements with Coinbase and Kraken. So can we understand that the SEC is paving the way for easing regulation on the Altcoin industry?
However, it is interesting to note that the SEC has not abandoned the lawsuit against Ripple, and they are still seeking a resolution to the charges against TRON founder Justin Sun. Combining the recent relationship between Justin Sun and WLFI (a project supported by the Trump family), as well as the things Justin Sun has done behind the scenes to get close to Trump, this is quite intriguing.
Other news briefly listed:
- The U.S. Senate will vote this week to repeal the cryptocurrency tax provisions of the Biden era.
- The U.S. has established a new Cryptocurrency Core Group to help support U.S. Altcoin innovation.
- Nasdaq has submitted a 19b-4 application to the SEC for the listing and trading of Grayscale's Hedera ETF (an ETF product targeting Altcoins).
- Aave has deployed a lending market on Sonic, and the Aave DAO has also proposed a plan to allocate $1 million per week from excess revenue to buy and distribute AAVE, which may be one of the reasons for the rise of AAVE today (March 5).
- It seems that many projects will be conducting TGEs (Token Generation Events) starting this month (March), such as Nillion, Tabi, Corn, 0G, StakeStone, Mezo, Elixir, Blackwing, Redbrick, Kelpdao, Nubit, Milkyway, Karak, Blum, Resolv, Wizzwood, MINT, GUNZ, etc. We have mentioned in previous articles about the rush of many projects to launch tokens, not sure if they see new market opportunities or are just trying to milk the last drop before the opportunity is gone.
