Daily Report | Binance Alpha Launches BMT; Solana Network Transaction Fees Hit 6-Month Low, Activity Down 85% Compared to TRUMP Issuance Period
March 11 News OverviewOrganizer: Jerry, ChainCatcher
Important News:
- El Salvador and Paraguay Sign Cryptocurrency Regulatory Agreement
- Trump May Sign Cryptocurrency-Related Executive Order This Week, Revoking Banking Restrictions on Crypto Companies
- Solana Network Transaction Fees Hit 6-Month Low, Activity Down 85% Compared to TRUMP Launch Period
- Arthur Hayes: Don't Rush to Buy the Dip, Wait for the Fed to "Loosen" Before Increasing Positions
- Cryptocurrency Market Loses $1.3 Trillion in Three Months, Largest Quarterly Decline in History
- Upbit to Launch ARKM KRW Trading Pair
- First Inflation Report During Trump's Term to Be Released Soon, Potentially Boosting Crypto Market if Inflation Slows
- Binance Alpha Launches BMT
- Zhao Changpeng: Preparing to Test and Invest in One of Three BNB/BSC-Based Payment Projects
"What Important Events Happened in the Last 24 Hours"
El Salvador and Paraguay Sign Cryptocurrency Regulatory Agreement
The Paraguayan Secretariat for the Prevention of Money Laundering (SEPRELAD) signed a memorandum of understanding with El Salvador's National Digital Assets Commission (CNAD) last Friday. This is the second such agreement signed in nearly three months, following a similar regulatory cooperation reached between El Salvador and Argentina's National Securities Commission (CNV) last December.
According to SEPRELAD's statement, both parties will work together to combat unlicensed cryptocurrency operations and strengthen anti-money laundering measures.
Sources revealed that Trump plans to sign an executive order as early as this week to overturn the Biden administration's restrictions on banking services for crypto companies, particularly "Operation Chokepoint 2.0." The order may involve the Federal Reserve's "master account" policy, easing access for crypto banks. However, as an independent agency, the Fed's policies are typically not directly influenced by the White House.
Additionally, the executive order may cover stablecoin regulation, clarifying that stablecoins should not be considered securities. Senior White House officials plan to meet on Thursday to assess potential legal obstacles to the executive order before submitting it for Trump's signature.
Solana Network Transaction Fees Hit 6-Month Low, Activity Down 85% Compared to TRUMP Launch Period
Last week, the total transaction fees generated on the Solana network amounted to only 53,800 SOL, marking the lowest weekly figure since September 2024.
Data shows that last week's total transaction fees decreased by 10% compared to the previous week, an improvement over the average weekly decline of 25% over the past six weeks. Notably, Solana's weekly transaction fees have dropped 85% from the historical peak of 361,000 SOL during the fourth week of January (when the $TRUMP and $MELANIA meme coins were launched).
Since the launch of $TRUMP, Jito validator tips have also significantly decreased, averaging only $11,300 per day last week, compared to $62,000 per day during the week of the $TRUMP launch. Similarly, the 7-day moving average of active addresses on the Solana network has also declined by 35% during this period. The decline in these fundamental indicators has impacted the price of the SOL token, which has fallen about 50% since January 20.
As a major revenue and token generation platform for Solana, Pump.fun has also experienced a similar decline. Last week, only 0.89% of tokens created on Pump.fun "graduated" to Raydium daily, compared to 1.6% in the third week of January. Given that Pump.fun creates hundreds of thousands of tokens daily, this 0.71% drop is relatively significant.
Arthur Hayes: Don't Rush to Buy the Dip, Wait for the Fed to "Loosen" Before Increasing Positions
BitMEX co-founder Arthur Hayes stated, "The plan is as follows: Be patient, don't rush. Bitcoin may bottom around $70,000, a 36% pullback from its all-time high of $110,000, which is very normal in a bull market. Then, we need a free-fall crash in the U.S. stock market, followed by the bankruptcy of major players in traditional finance.
Then, the Fed and central banks around the world will start to loosen monetary policy, and that's when you should go all in. Traders will try to buy the dip, and if you're risk-averse, you can wait until the major central banks start to loosen before increasing your positions. You may not hit the bottom perfectly, but you won't have to suffer through a long consolidation period and potential unrealized losses."
Cryptocurrency Market Loses $1.3 Trillion in Three Months, Largest Quarterly Decline in History
According to The Kobeissi Letter, since reaching an all-time high on December 16, 2024, the cryptocurrency market has lost $1.3 trillion in value, a decline of 33%, equivalent to an average daily loss of $15.5 billion over 84 consecutive days.
The Kobeissi Letter pointed out that this marks the largest three-month market cap pullback in cryptocurrency history, with the total market value now at its lowest level since November 6, 2024.
Upbit to Launch ARKM KRW Trading Pair
According to official news, Upbit will launch Arkham (ARKM) in the KRW market on March 11 at 16:00 (KST).
The U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) report on Wednesday, marking the first inflation report during President Trump's term. If signs of cooling inflation emerge, it could increase the likelihood of the Fed cutting interest rates and boost the confidence of investors in risk assets that have been hit hard recently.
Market predictions indicate that the overall inflation rate (CPI) will drop from 3% to 2.9%, while the core inflation rate, excluding volatile items like food and energy, is expected to decrease from 3.3% to 3.2%.
A slowdown in inflation typically increases the likelihood of rate cuts, thereby enhancing investor interest in risk assets such as stocks and cryptocurrencies. Over the past four months, the CPI has consistently accelerated. Recently, the S&P 500 index has fallen nearly 10% from its all-time high, while Bitcoin (BTC) has dropped about 30% from its peak to around $80,000.
Trump and Treasury Secretary Scott Bessent have both emphasized the need to lower the 10-year Treasury yield to facilitate a reduction in the federal funds rate. Currently, this strategy seems to be showing initial results.
Binance Alpha has launched BMT.
According to Web3 asset data platform RootData, Bubblemaps aims to replace traditional block explorers with cutting-edge visuals, allowing users to easily analyze complex patterns and connections, providing foundational data for millions of DeFi users.
Zhao Changpeng: Preparing to Test and Invest in One of Three BNB/BSC-Based Payment Projects
YZi Labs stated on X platform that if developers are building a minimum viable product (MVP) using Binance Smart Chain (BSC) as the primary payment option,
Zhao Changpeng mentioned that there are already three projects, and one will be selected for testing and investment.
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
What potential does this project, filled with big names, hide?
Finally, Shen Yu looked forward to the prospects of AI and Crypto integration, believing that AI Agents may play an important role in blockchain networks in the future, driving industry innovation.
Is the cryptocurrency market really turning bearish? What are the views of institutions and traders?
TON Tides: A Folded Narrative of VC, Trading Platforms, and Traffic Frenzy
When the TON ecosystem was starting, the author bought 32 TON, hoping to fully experience the rise of Telegram through these 32 TON, becoming a super app like WeChat in web3, allowing the wallet balance on the TON network to appreciate like gold.
Why Did the Crypto Market Evaporate $900 Billion While Stablecoin Market Cap Hits an All-Time High?
What factors are driving the stablecoin market cap to rise against the trend?
Meme Popularity Rankings
According to meme token tracking and analysis platform GMGN, as of March 11, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: COCORO, SPX, RAD, LINK, UNO
The top five popular Solana tokens in the past 24 hours are: BTRUMP, YODA, PIPE, WTFO, BAOBAO
The top five popular Base tokens in the past 24 hours are: SKITTEN, VIRTUAL, USDT, EURC, DRB
