Daily Crypto Signals: Bitcoin Reacts to Trump’s Crypto Remarks, Ethereum Sees Coinbase Node Dominance
The cryptocurrency market experienced a mixed day as Bitcoin briefly rallied following positive comments from Donald Trump before retracing, while Coinbase emerged as the largest node operator on the Ethereum network. Elsewhere, venture capital poured into The Open Network (TON), and memecoin platform Pump.fun launched its own decentralized exchange.
Crypto Market Developments: ETF Filing, Node Dominance, and VC Investment Highlight Activity
Today the crypto realm witnessed some interesting events. Potential Pudgy Penguins NFTs and other digital assets including SOL and ETH could be housed in the Pengu (PENGU) ETF filed for by Asset Manager Canary Capital.
Comprising 11.42% of staked Ether with 3.84 million ETH, Coinbase declared its status as the biggest node operator on the Ethereum network. Anatoly Yakovenko, CEO of Solana Labs, openly apologized for a divisive Solana advertisement. The Open Network (TON) Foundation also revealed that several venture capital companies had invested over $400 million.
Bitcoin Price Swings After Trump’s “Bitcoin Superpower” Statement
Originally rising to an intraday high of $87,453 following rumors of a pro-Bitcoin announcement from former US President Donald Trump at the Digital Asset Summit, Bitcoin’s price showed notable volatility today. After Trump’s video appearance, where he reaffirmed his dedication to make the US a “Bitcoin superpower” and demanded clear stablecoin legislation but made no specific announcements regarding capital gains taxes or a strategic Bitcoin reserve, the price rapidly reverted to about $83,655.
This “buy the rumor, sell the news” reaction is common in the crypto market. Bitcoin BTC/USD had earlier responded favorably to the publication of FOMC minutes and Federal Reserve Chair Jerome Powell’s projection of a slower pace for quantitative tightening and the prospect of two interest rate cuts in 2025 despite the retracing.
While BitMEX co-founder Arthur Hayes pointed out the possible conclusion of quantitative tightening but advised about ongoing volatility in both equities and Bitcoin, market technician Aksel Kibar proposed the probability of a dip to $73,700. Especially the BTC Coinbase premium has resurfaced, maybe indicating a comeback of spot demand.
Coinbase Becomes Top Ethereum Staking Node Operator Amid ETF Discussion
With 11.42% of the overall staked Ether, or 3.84 million ETH valued roughly $6.8 billion as of March 3rd, Coinbase has grown to be the biggest node operator on the Ethereum network. This denotes Coinbase’s important part in maintaining the Ethereum ETH/USD network.
Robbie Mitchnick, BlackRock’s head of digital assets, said their possible Ether ETF was “tremendous success” but highlighted its absence of staking capabilities made it “less perfect,” since staking yield is a major factor of investment returns in the field. He admitted the difficulties of including staking to ETH ETFs.
Compared to the internet protocols and underlining its capacity to support several applications like social networks and distributed identification, Ethereum co-founder Joseph Lubin underlined the great potential of the Ethereum network to institutional investors. Though they have suffered recent withdrawals of $358 million over the past 11 days, data from SoSoValue shows that ETH ETFs now have a total value of $7 billion with cumulative inflows of $2.5 billion.
Venture Capital Firms Pump Over $400 million in The Open Network (TON)
With multiple venture capital companies including Sequoia Capital and Benchmark spending over $400 million by buying Toncoin (TON), the Open Network (TON) blockchain has gained notable attention. This investment reflects increased interest in the TON ecosystem, which helps Mini Apps for the Telegram messaging platform—which claims one billion monthly active users—to flourish.
Within the next three years, the TON Foundation wants thirty percent of current Telegram users onboarded to the blockchain. With native accounts rising from 4 million to 41 million in the previous year and Toncoin apparently having over 121 million individual holders, TON blockchain has seen significant expansion.
Pump.fun Launches PumpSwap DEX, Intensifying Solana Memecoin Competition
Popular memecoin launching platform Pump.fun on the Solana SOL/USD blockchain has also developed its own distributed exchange (DEX) PumpSwap. Replacing Raydium, this new DEX will become the main trading platform for memecoins bootstrapping liquidity on Pump.fun.
Aiming to generate a more frictionless trading environment by removing the prior migration process to Raydium, Pump.fun said that PumpSwap performs similarly to Raydium V4 and Uniswap V2. Given Raydium’s recent announcement of its own memecoin launchpad, this action fuels more competitiveness inside the Solana memecoin ecosystem.
Like competing GoFundMeme, Pump.fun will similarly follow a revenue-sharing arrangement with memecoin authors. This evolution coincides with a drop in memecoin trading volume on Solana relative to January peaks.
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