Welcome to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.

Crypto Price Update

Market News

• After reaching the previous all-time high of $69,000 in last night, Bitcoin (BTC) experienced a correction, dropping below $59,000 with a decrease of around 10%.

• According to Coindesk, this is attributed to a large number of high volume sellers at the previous all-time high, causing the massive drop within seconds of reaching $69,000.
• The downturn led to a sharp decrease in the entire crypto market.
• Notably, $1 billion worth of long positions are liquidated along with the downturn.
• Read more: [Bitget Research] BTC & ETH Forecast for March 2024

Philippine Crypto News

• Not really a crypto news, but Facebook went down immediately after Bitcoin reached the previous all-time high. The Pinoy Facebook community switched to Twitter and Telegram to discuss the market downturn.

• YGG Pilipinas partners with Klaytn.

Can local exchanges keep up with demand and volatility?

• BitPinas has been receiving reports of users having issues (again) with local exchanges.
  • This has always happened during extreme price action.
  • BitPinas has a lot of articles about this in the last 6 years and have previously asked the both Coins.ph and PDAX about it in live webcasts.
• BitPinas has also reached out to exchanges about the issues.

Regulation News

• The U.S. SEC delays its decision on Ethereum ETF applications.
• Shapeshift settles with the U.S. SEC, which charged it of selling crypto securities.
• Terra’s Do Kwon avoids extradition to the U.S.

Noteworthy

• Binance delists Nigeria’s Naira after intense government scrutiny.
• Coinbase is now back in U.S. App Store’s top 100 apps.
• Tether (USDT) tops $100 billion in circulation.
• Eigenlayer’s total value locked surpasses $10 billion.

Upcoming BitPinas Webcast

Tune into the next BitPinas webcast where we sit down with Hedera Hashgraph’s Head of Fintech – Sabrina Tachdjian, together with PDAX’s Paolo Narciso and GCrypto’s Luis Buenaventura. We will be discussing the following topics:

1. AI & DLTs – how can they work together.
2. Blockchain and hashgraph applications in the Philippines and Asia.
3. A primer on Hedera. The web3 games, dexes, and applications on top of it. 

This article is published on BitPinas: Key Points | Mar. 6, 2024 | Bitcoin Drops 10% After All-Time High

Disclaimer:

• Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
• BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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• Source: https://bitpinas.com/feature/key-points-2024-03-06/