Gate.io Blog Daily News | Do Kwon's Release Breaks LUNA Beyond 1 USDT; The 2nd Round of EtherFi Points Activity Started; The EU Approves the Ban on Anonymous Crypto Trading

Daily News | Do Kwon's Release Breaks LUNA Beyond 1 USDT; The 2nd Round of EtherFi Points Activity Started; The EU Approves the Ban on Anonymous Crypto Trading

25 March 12:22

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## Crypto Daily Digest: Do Kwon's release enabled LUNA to break through 1 USDT; The second round of EtherFi points activity started; European Commission: anonymous crypto trading through custodial wallets is prohibited
First, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on March 22, Grayscale's GBTC funds continued to <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out significantly, reaching $169.9 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $18.1 million, Bitwise Bitcoin spot ETF (BITB) inflow was $16.3 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $5.4 million.

According to Bloomberg, on March 23, <a href="/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a> co-founder Do Kwon and CFO Han Chong-Joon will be granted bail for 400,000 euros while the Supreme Court of Montenegro is reviewing extradition requests from the United States and South Korea. After further consideration by the court, it is possible to deport Do Kwon to any country. According to the Montenegrin authorities, Do Kwon will be released from prison and will be placed under "house arrest" during the delay in extradition. After this news, LUNA also rose above 1 USDT in response.

Super <a href="/price/sushi-sushi" target="_blank" class="blog_inner_link">Sushi</a> Samurai, a member of the Blast ecosystem project, posted on the X platform stating that the issue of being hacked by hackers due to the "doubling of funds" vulnerability has been resolved. He has decided to reward White Hat hackers with a 5% ETH reward, which the SSS team themselves will provide. The remaining funds will be transferred to the following multi-signature addresses under the control of the SSS team. After analysis, it was found that there is a bug in the token contract, and transferring the balance to himself will double the balance. The funds are safe.

The <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Re-staking protocol ether.fi project announced that the second season of the points activity, StackRank, will begin from March 15 to June 30. Long-term staking users will receive a reward, accounting for 5% of the total supply of ETHFI.

The StackRank activity includes eight levels, encouraging participants to make long-term staking. Every 100 hours of staking, ETH will be upgraded by one level, with a higher loyalty point improvement rate for each level. The staking balance needs to exceed 0.1 eETH to be upgraded. Starting from Rank II, users participating in the first season will have a level increase range of 1x to 2x, holding Ether.Fan NFTT users automatically upgraded to Rank III.

To treat new stakers fairly, the accumulation rate of points in the second quarter will increase by ten times. All ETH and weETH, whether held in DeFi positions, will participate in re-staking activities equally.

The EU Anti Money Laundering Law has added a restriction on cryptocurrencies, prohibiting any value of crypto trading through custody of crypto wallets. Before this, the European Council and Parliament temporarily agreed to expand some of the EU's anti-money laundering (AML) and counter-terrorism financing laws to cover the crypto market.

According to the new regulations, anonymous cash payments exceeding 3,000 euros will be prohibited in commercial transactions, and cash payments exceeding 10,000 euros will be prohibited entirely in commercial transactions. The response of the crypto community to EU regulatory measures is inconsistent. Some people believe that new anti-money laundering laws are necessary, while others are concerned that they may infringe on privacy and restrict economic activities.

The decentralization principle of cryptocurrency allows many crypto networks to operate in a permissionless environment, allowing anyone to create crypto private keys and unrestricted anonymous access to the system. Therefore, the degree of limitation of this regulation is relatively apparent.

Sound Money Bitcoin podcast host Daniel “Loddi” Tröster emphasized the practical obstacles and consequences of recent legislation. He outlined the impact on donations and the broader impact on the use of cryptocurrencies within the EU, and expressed concerns about the potential inhibitory effects of these rules.

## Market Trends: The overall market rebounds but is still in a volatile range
Today, the overall crypto market is showing a rebound trend, but the market is still in a volatile range. Especially, Bitcoin spot ETFs have shown net outflows for five consecutive days. Although Bitcoin once broke through historical highs, spot ETF buying gradually weakened, but the outflow gradually slowed, indicating that market sentiment is slowly stabilizing. Regarding macroeconomics, the US stock market fluctuated, while the US dollar index showed signs of rebound.
### Market Hotspots
Hong Kong concept tokens have surged:
Today's hot topics mainly focus on exciting the Hong Kong Web3 conference, with the Hong Kong concept series tokens showing promising growth. ACH, CFX, and other tokens have demonstrated outstanding performance, with news from the April Hong Kong Web3 Conference. Before the 2023 Hong Kong Web3 Conference, Hong Kong concept tokens had already shown impressive performance, with ACH, CFX, KEY, and other tokens achieving severe increases. This indicates that investors have high expectations for the Hong Kong Web3 conference, and the market has actively pursued the performance of related tokens.

The concept of public chain has seen good growth:
The concept of public chain is also one of the hot topics in the market, with tokens such as ICP, NEAR, and RUNE all showing an increase. Especially TON rose 25% over the weekend, which attracted market attention. The cumulative users of Telegram have reached over 800 million, while the active addresses of Ton blockchain are only 300,000, indicating that the project has enormous potential on the user base. Affected by the news of Telegram's possible IPO in the future, Ton Public Chain's recent performance has also been very impressive, with prices doubling in the past month. This shows the market's favor for public chain projects with strong background support, and investors, therefore, favor the related tokens.

Bankruptcy concept token LUNA rising:
Another hot topic is the rise of the Bankruptcy concept token LUNA, which rose nearly 50% on the 7th. The news of this upward trend comes from rumors that there may be a turning point in the DK case, which has attracted market attention. Although the specific progress of the case is not yet clear, the market has shown a positive attitude towards potential good news, driving the rise of LUNA tokens.

Overall, the market has shown a rebound pattern today, but it is still in a volatile range. Investors should remain cautious and closely monitor further market trends to adjust their investment strategies based on actual circumstances. The hype of the Hong Kong Web3 conference, the popularity of the public chain concept, and the trend of Bankruptcy concept tokens are all important factors that need attention.

## Macro: The possibility of loose policies increases, and the global market trend remains stable
Reuters reported that many markets will be closed on Friday due to Easter, and PCE data will be released then, so a comprehensive response must wait until next week. Federal Reserve Chairman Jerome Powell appeared sufficiently dovish last week, hinting at loose policies in June.

Powell will attend the presiding discussion of Friday's policy meeting, and Federal Reserve directors Lisa Cook and Christopher Waller will also attend this week. According to CME's FedWatch tool, traders believe the likelihood of the first interest rate cut in June is about 71%, compared to 56% at the beginning of this week.

The expectation of a decrease in global borrowing costs is positive for the stock market, with the Nikkei index falling and S&P 500 index futures remaining unchanged. The S&P 500 index has risen nearly 10% so far this year. On Monday, the trading of S&P 500 index futures and NASDAQ futures remained largely unchanged. On March 22, the NASDAQ Index and Semiconductor Index (.SOX) closed slightly higher, and due to continued <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about artificial intelligence, the Semiconductor index also rose significantly this week. The Dow Jones index closed lower on the day.

In terms of currency, on Monday, the US dollar fell slightly against the Japanese yen to 151.23 yen, and rose 1.6% last week, reaching a peak of 151.86 yen.

The market is cautious about testing 152.00, as this level has previously caused Japanese intervention. In fact, Japan's Chief Monetary Officer warned on Monday that the yen's current weakness does not reflect fundamentals, and excessive volatility is unwelcome. Even if the Bank of Japan abandons its super-loose policy, it cannot weaken the US dollar, as investors believe that this is not the beginning of a series of interest rate hikes.

In terms of commodities, oil prices rose in early Asian trading on Monday due to market concerns that escalating conflicts between the Middle East, Russia, and Ukraine could lead to a tightening of global supply, while the reduction in the number of US drilling platforms also added pressure to the rise in oil prices.

Brent crude oil futures rose 24 cents to $85.67 per barrel. US crude oil futures rose 25 cents to $80.88 per barrel. Both benchmarks showed a change of less than 1% compared to the previous week.

After hitting a historic high of $2,217.79 last week, gold prices have risen slightly to $2174 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | Do Kwon's Release Breaks LUNA Beyond 1 USDT; The 2nd Round of EtherFi Points Activity Started; The EU Approves the Ban on Anonymous Crypto Trading

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