Daily News | BTC Exceeds $70K Again; ParaSwap Fixes Vulnerabilities and Returns User Coins; Avalanche Collaborates with ANZ Bank to Carry Out On-chain Asset Settlement

2024-03-26, 04:06

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## Crypto Daily Digest: BTC breaks $70,000 again; ParaSwap fixes vulnerabilities and returns user coins; Avalanche collaborates with Chainlink to carry out on chain asset settlement in Australia
Firstly, let's examine the trading activities of <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on March 25, Grayscale's GBTC funds continued to <a href="/pt/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out significantly, reaching $350.1 million. Meanwhile, the Fidelity Bitcoin spot ETF (FBTC) inflow was $261.8 million, and the Bitwise Bitcoin spot ETF (BITB) inflow was $14 million.

Bitcoin returned to its $70,000 level on March 25, reaching a 9-day high. This upward trend has recouped the losses from the previous week, making traders doubt whether it will hit a new historical high. The spot Bitcoin ETF market is dominated by a $2 billion outflow of funds from GBTC, with outflows exceeding inflows for the first time in 7 weeks. However, despite these outflows of funds, Bitcoin ETF spot inflows increased by $1.1 billion this week.

According to CoinShares data, institutional investors have invested $12.3 billion in the crypto sector in 2024. Regarding background, throughout 2021, crypto products recorded an annual inflow of $10.6 billion.

The DeFi aggregator ParaSwap resolved a critical vulnerability in the newly launched August V6 smart contract last week and is now returning cryptocurrency to users.

ParaSwap discovered this vulnerability in its newly launched Augustus V6 smart contract on March 20, just a few days after the August 18 contract was launched, aimed at improving token swaps and reducing transfer fees. After discovery, the platform suspended the application programming interface (API) and ensured financial security through white hat hacking attacks.

On March 24, the Paraswap team issued a statement on X stating that all assets had been returned to the wallet successfully recovered by the white hat hacker, and the permission to AugustusV6 had been revoked.

The Australian and New Zealand Banking Group (ANZ) and Chainlink Labs have released recent collaboration results aimed at connecting <a href="/pt/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> and the <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain network to provide on chain settlement solutions. ANZ utilized an interoperability solution provided by Chainlink called Cross Chain Interoperability Protocol (CCIP), which enables it to demonstrate how customers can access, trade, and seamlessly settle tokenized assets across networks in different currencies.

Through CCIP, ANZ simulates the purchase of tokenized assets on the Ethereum network at a price denominated in one stablecoin, and initiates and settles transactions on Avalanche using another stablecoin.

ANZ Bank stated that the project's goal is to deploy the solution on the blockchain mainnet, promoting a new era of blockchain asset settlement in the financial services industry.

This is also a step for Avalanche to shift its focus towards the RWA direction. For example, in February this year, Citigroup, a US investment bank and financial services provider, collaborated with Avalanche Network's developer Ava Labs to complete the concept validation of tokenizing private equity funds through the Avalanche blockchain.

## Market Trends: BTC returns to $70,000; RWA sector continues to soar
The overall crypto market shows a stable upward trend, especially with Bitcoin (BTC) returning above $70,000, indicating a relatively strong market. However, in terms of macroeconomics, there has been a collective decline in the US stock market, and the offshore RMB exchange rate has also fallen below 7.28, which may have a certain impact on the crypto market and require close attention.
### Market Hotspots
The RWA sector has shown strong performance: tokens in the RWA (Real World Assets) sector, such as POLYX, ONDO, OM, TOKEN, DUSK, RSR, TRU, etc., have seen substantial gains. This phenomenon may be related to BlackRock's announcement of establishing tokenized funds, indicating the market's attention and pursuit of digitalization of real-world assets.

In addition, there are multiple crypto projects with token unlocking this week, including:

1. Yield Guild Games (YGG) will unlock 16.69 million tokens worth approximately $16.89 million at 14:00 (UTC) on March 27th, accounting for 5.39% of the circulating supply;

2. SingularityNET (AGIX) will unlock 8.84 million tokens worth approximately $9.26 million at 0:00 (UTC) on March 28th, accounting for 0.69% of the circulating supply;

3. <a href="/pt/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> (OP) will unlock 24.16 million tokens worth approximately $84.32 million at 4:00  (UTC) on March 29th, accounting for 2.4% of the circulating supply;

4. EchelonPrime (PRIME) will unlock 1.66 million tokens worth approximately $37.53 million at 0:00 (UTC) on March 31st, accounting for 4.65% of the circulating supply;

5. Sui (SUI) will unlock 4 million tokens worth approximately $6.68 million at 0:00 (UTC) on March 31st, accounting for 0.32% of the circulating supply.
These unlocked data may impact market supply and prices, and market reactions must be monitored.

Based on the above analysis, the crypto market shows a stable upward trend overall. However, attention should still be paid to the impact of macroeconomic factors and the unlocking of specific projects on the market.

Especially with the continuous development of the digitalization trend of real-world assets, the attention of the RWA sector is gradually increasing, and investors can closely monitor investment opportunities in this field. Meanwhile, for the projects unlocked this week, it is necessary to carefully evaluate their impact on the market and develop investment strategies based on the actual situation.

## Macro: Wall Street fell before important data was released; Geopolitical tensions may drive up oil prices
The Federal Reserve decided last Wednesday to maintain key policy interest rates unchanged, and its "Policy Path Chart" still reflects the expectation of three rate cuts this year. Due to the relatively small amount of economic data this week, the market focus has shifted to the Personal Consumption Expenditure (PCE) report released on Friday. This may guide the direction of the outlook for US interest rates. It is expected that the core personal consumption expenditure (PCE) price index in the United States will rise by 0.3% in February, with an annual growth rate of 2.8%.

IG market analyst Tony Sycamore said, "At the beginning of this year, the Federal Reserve Chairman attempted to free the market from aggressive interest rate expectations, and he has always believed that this will be a bumpy road."

Last week, Federal Reserve Chairman Jerome Powell relaxed the inflation outlook, bringing interest rate cuts back on the agenda.

The predicted easing rate for June is 75%, a decrease from 55% a week ago. This rate has been included in the three to four interest rate cuts this year. Powell will preside over Friday's policy meeting, and Federal Reserve directors Lisa Cook and Christopher Waller will also attend this week.

Before the data was released, Wall Street closed lower, with the Dow Jones Industrial Average (.DJI) falling 162.26 points, or 0.41%, to 39,313.64 points, the S&P 500 index falling to 5,218.19 points or 0.31%, and the Nasdaq Composite Index (.IXIC) falling 44.35 points, or 0.27%, to 16,384.47.

In commodity trading, gold and oil prices remained relatively stable, with spot gold prices at $2,169 per ounce and Brent crude oil futures rising by 24 cents to $86.99 per barrel.

However, the global political situation is also likely to affect oil prices. Russia demands that its oil companies reduce production to achieve the Organization of the Petroleum Exporting Countries (OPEC) target of 9 million barrels per day (bpd). Russia's daily production was approximately 9.5 million barrels at the end of February. Meanwhile, Ukraine's attacks on Russian refineries continue. The Gubyshev refinery in Russia had to shut down half of its production capacity after a fire broke out on Saturday morning.

<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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