PA Daily | Binance will launch RedStone (RED) spot; approximately $236 million XRP is proposed from OKX
Reprinted from panewslab
03/05/2025·1MToday's news tips:
The White House Crypto Summit will start at 2:30 am on March 8th Beijing time
U.S. Senate votes to repeal IRS cryptocurrency rules, yet to vote in the House
Binance will launch multiple spot trading pairs of RedStone (RED) on March 6
Standard Chartered Bank: Bitcoin’s recent price trend may test support in the $69,000-76,500 range
Regulatory/Macro
Metaplanet spends 6.616 billion yen to increase its holdings of 497 Bitcoins
Japanese listed company Metaplanet announced that it spent 6.616 billion yen to increase its holdings of 497 bitcoins, bringing its total holdings to 2,888.
The White House Crypto Summit will start at 2:30 am on March 8th Beijing time
According to Fox Business News reporter Eleanor Terrett, according to the invitation email of the White House's first cryptocurrency summit, the meeting will last from 1:30 pm on March 7 to 5:30 pm (2:30 AM to 6:30 AM on Saturday, March 8), and no other detailed information was disclosed in the email except for the time and place. Earlier today, executives from multiple companies including Coinbase and Robinhood confirmed that they will attend the White House crypto summit this Friday.
President El Salvador: Bitcoin purchase will not stop due to IMF agreement
According to CoinDesk, El Salvador, led by the country's President Nayib Bukele, clearly has no intention to stop accumulating Bitcoin, regardless of the International Monetary Fund (IMF). Bukele posted on X platform that El Salvador will not stop accumulating Bitcoin: "When the whole world excludes us and most of the 'bitcoin believers' abandon us, it has not stopped, it will not stop now, and it will not stop in the future. Proof of Work is greater than proof of complaint." Shortly after Bucker posted on social media, the International Monetary Fund announced more details of its $3.5 billion loan agreement with the Latin American country. The IMF claims that it has banned “voluntary accumulation of bitcoin in the public sector” as part of its loan package. Perhaps in response to the IMF post, El Salvador disclosed late Monday that it had purchased 19 bitcoins in the past seven days, and then on Tuesday afternoon, it announced that it had purchased an additional token on that basis. The El Salvador government currently holds 6101.15 bitcoins, which is worth about $530 million based on the current price of Bitcoin at about $88,000.
U.S. Senate votes to repeal IRS cryptocurrency rules, yet to vote in the House
On Tuesday, the U.S. Senate, with strong support from numerous Democrats, successfully passed a resolution aimed at repealing the Biden administration’s cryptocurrency tax rules, which may be the biggest obstacle to eliminating the new IRS broker rule, which was originally planned to cover decentralized finance DeFi. The Senate voted 70 to 27 to pass a resolution authorized under the Congressional Review Act, aiming to completely repeal the extension of the IRS broker rules. However, the House still needs to pass an identical resolution before U.S. President Trump can sign it into law. Once completed, not only will the rule be completely abolished, but the IRS will also be banned from implementing similar policies in the future. The House Financial Services Committee has passed an identical resolution and recommended approval in the House of Representatives' voting, which is still awaiting a vote. The White House said earlier today that the president may sign the resolution quickly.
According to The Block, the U.S. government disclosed in an announcement that it has added dozens of Bitcoin (BTC) and Monero (XMR) addresses to its sanctions list. On Tuesday, the U.S. Treasury Office of Foreign Assets Control (OFAC) confirmed 49 virtual currency addresses used by Iranian national Behrouz Parsarad, who is said to be an administrator of the dark web market Nemesis. A total of 44 Bitcoin addresses and 5 Monero addresses were included in the sanctions list. Parsarad becomes the target of international law enforcement actions by 2024. Nemesis reportedly had 30,000 active users before it was shut down and led to nearly $30 million worth of drug deals during its three-year operation. "Parsarad makes a profit by charging Nemesis users per transaction fee, and according to OFAC estimates he made millions of dollars during the market's existence. In addition to providing a trading platform for criminals, Parsarad launders money for drug traffickers and cybercriminals active on Nemesis," OFAC wrote in a statement. Nemesis provides a range of drugs, personal identification data, forged documents, ransomware, and cybercrime services such as phishing and DDoS tools.
Fox Business News reporter Eleanor Terrett said that although the official invitation has not been sent yet, several important industry figures have confirmed that they will attend the cryptocurrency summit held at the White House this Friday. The guests who have confirmed to attend the summit include: Strategy founder Michael Saylor, Bitcoin Magazine CEO David Bailey, Paradigm co-founder Matt Huang, Exodus CEO JP Richardson, Multicoin managing partner Kyle Samani, Trump-related crypto project Zach Witkoff, Chainlink co-founder Sergey Nazarov, Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken CEO Arjun Sethi.
US SEC agrees to withdraw lawsuit against Cumberland DRW
Crypto trading company Cumberland DRW posted on X platform: "Today, we signed a joint document with the U.S. Securities and Exchange Commission (SEC) to revoke the lawsuit against Cumberland DRW. The document was agreed on February 20 by Cumberland DRW and SEC staff and is currently awaiting approval from the Commission. As a firm firm upholding the principles of integrity and transparency, we look forward to continuing to talk with the SEC to jointly promote a future that parallels technological progress and regulatory clarity, ensuring that the United States is always at the forefront of global financial innovation."
According to King Ship, US President Trump launched an action to impose tariffs on Canada and Mexico. Moody's chief economist Mark Zandi believes that the US economy may fall into stagflation. Recent data reflect that American consumers and business communities are already worried about economic prospects and reduce spending. The relevant effects will lead to a significant slowdown in the economy, and the tariff effect will lead to high inflation, so the US economy may fall into stagflation. If true, it will be the first time the United States has fallen into stagflation in 50 years. The Atlanta Fed's GDPNow model shows that the U.S. economy may shrink by 2.8% in the first quarter. If true, it will be the first contraction since the first quarter of 2022. Faced with stagflation, the Fed may raise interest rates, just like former Fed Chairman Volker launched a massive rate hike in the early 1980s, sacrificing the economy to curb inflation.
Viewpoint
According to the latest report from Matrixport, Google Trends data shows that Solana and Bitcoin have seen a rise in global search popularity over the past five years, while Ethereum and Memecoin are in a downturn, close to their all-time lows. It is worth noting that Memecoin's issuance and trading activity has dropped sharply after the launch of $TRUMP, while Google Trends data also reflects extremely low overall interest. The $TRUMP token has fallen 82% from its peak and currently shows no significant signs of recovery. The report notes that the sharp drop in search interest in history is often associated with a sharp drop in prices, a trend that is particularly evident in the Memecoin field. Analysis suggests that investors should focus on assets whose market momentum is increasing, such as Solana and Bitcoin, rather than those that are in a downturn.
"I don't think the criticism is completely wrong. If we could do it again and the team could start from scratch, we probably wouldn't have sold that much supply to venture capital firms. In fact, most of the supply was sold in the seed rounds in early 2022. At the time we thought it might be interesting, but we didn't expect it to grow to this size now. So I think these criticisms make sense. In fact, over time, we have been trying to buy back the supply of that part of the seed rounds and the A rounds afterwards, so we can minimize the dilution that the community has suffered from these shares."
Dragonfly General Partner Rob Hadick shared his views on current macroeconomic and market trends on social media. He believes the Trump administration may intend to push the economy toward a recession as an excuse to cut benefits, foreign aid, government spending and imports, even though these areas are the driving force for economic growth. In addition, he predicted that the government will stimulate the economy through large-scale tax cuts, quantitative easing (QE), golden visas and manufacturing subsidies in the later period. He pointed out that inflation is the key and the market has differences on expectations of the Fed's interest rate cut. If economic growth worsens, Fed Chairman Powell may be forced to cut interest rates, otherwise unconventional monetary easing may occur, but this will push up inflation and risky asset prices. In addition, he mentioned that the deterioration of US relations with allies and policies supporting certain regimes may increase the risk of "black swan events." Although AI investment will support the market, if companies such as NVIDIA perform weakly, the market may face greater pressure. Regarding the crypto market, he believes that despite the increasing fundamentals, macroeconomic uncertainty will curb token price performance. However, once the macro environment improves, the crypto market may rebound first. He is also optimistic about the rapid growth of stablecoins and recommends adopting a long-term volatility trading strategy under current uncertainty.
Bridgewater Fund founder Dalio recently said that the current global monetary system is based on debt, and governments may cause local currencies to depreciate through inflation or low interest rate policies. Investors should think about whether there is a relatively stable alternative currency that does not rely on debt. He believes that Bitcoin may be one of the candidates and may even play an important role in the future, but emphasizes that "money is essentially debt", and the real alternative currency still needs further discussion. Dalio pointed out that the advantage of Bitcoin as a safe-haven asset is that it has strong liquidity and is not fixed in a certain place, so it is more difficult to be taxed or confiscated. However, he also emphasized that the diversity and robustness of investments are more important. When asked about his opinion on gold, Dalio said he was more optimistic than before, but advised investors to remain restrained. He believes that the future is full of uncertainty and investors need to build a diversified investment portfolio to deal with it. He suggested that the "cautious" gold allocation ratio is 10% to 15%, which can not only protect and avoid excessive reliance on a single asset. He stressed that reasonable asset allocation is an important strategy to deal with future uncertainty.
Standard Chartered Bank: Bitcoin’s recent price trend may test support in the $69,000-76,500 range
Standard Chartered's Geoff Kendrick expressed concerns about the near-term outlook for Bitcoin and MicroStrategy (MSTR), believing that Bitcoin prices may face volatility near a key support level. He pointed out that the price range ($69,000 to $76,500) on November 6, 2024 (the day after the U.S. election) is a key potential support area for Bitcoin, and the trend of this range may determine its short-term trajectory. Kendrick said that if the Bitcoin price falls to the $69,000 to $76,500 range, it will be closer to the average purchase price of MicroStrategy at $65,000, so it is a key level to keep an eye on. He mentioned that MicroStrategy is currently in this price range and has been hovering around that level for several days, but has not fallen below it. He stressed that while it is unlikely to hit $65,000 in the near term, this price level is still worth noting. In addition, Kendrick also pointed out that Bitcoin has a stronger correlation with major stock indexes, and broader market trends will affect the price of cryptocurrencies. Although former President Donald Trump’s recent post on Truth Social about U.S. cryptocurrency reserves has sparked some speculation, Kendrick believes that a 5% drop in Nasdaq futures has had a bigger impact on Bitcoin’s decline since the last U.S. market opened.
Project News
Binance will launch multiple spot trading pairs of RedStone (RED) on March 6
Binance announced that it will end RedStone (RED) pre-sale at 17:00 Beijing time on March 6, 2025, and launch the following spot trading pairs: RED/BTC, RED/USDT, RED/USDC, RED/FDUSD and RED/TRY at 21:00 on the same day. Binance announced that it will end RedStone (RED) pre-sale at 17:00 Beijing time on March 6, 2025, and launch the following spot trading pairs: RED/BTC, RED/USDT, RED/USDC, RED/FDUSD and RED/TRY at 21:00 on the same day. Users can start recharge RED from 18:00 Beijing time on March 6 to prepare for transactions, and the withdrawal function will be open at 21:00 on March 7. In addition, the transfer function will be restored before 18:00 on March 6. Previous news, Binance Launchpool launched RedStone (RED).
zkLend: Asset Recovery Portal is now online
Starknet on-chain lending protocol zkLend posted on the X platform: "The Asset Recovery Portal is now online, please stay alert - always interact with the official channels and verify communications through verified social media." According to its previous introduction, users can directly access their claims through the portal by connecting to the affected wallet. Previous news: zkLend was attacked since February 11, resulting in a loss of about $9.6 million in funds.
Bithumb will launch PLUME and COW tokens in the Korean won market
According to the official announcement, South Korean crypto exchange Bithumb will launch PLUME and COW tokens in the Korean won market.
Upbit will launch KAITO tokens in Korean won, BTC and USDT markets
According to the official announcement, South Korean crypto exchange Upbit will launch KAITO tokens in the Korean won, BTC and USDT markets.
Asset management company VanEck said Solana's planned protocol upgrades are crucial to the long-term healthy development of the network, but could hit validators' revenues. In March, Solana's validators will vote on two blockchain protocol upgrade proposals (SIMDs) that aim to ensure stakeholders' rewards and adjust inflation rates for network native token SOL. Matthew Sigel, head of digital assets research at VanEck, said in a March 4 X post that the two proposals sparked "significant controversy" as they could cut validators' revenue by up to 95%, potentially endangering small operators. "While these changes may reduce staking rewards, we believe that reducing inflation is a worthwhile goal that can enhance the long-term sustainability of Solana," Sigel said. Sigel introduced that the first proposal, SIMD 0123, will introduce an in-protocol mechanism to allocate Solana's priority fees to validator stakers. Traders can pay additional fees to speed up transaction processing, with priority fees accounting for 40% of network revenue, but currently validators do not need to share with stakers. The proposal voted on March 6 to increase pledge rewards, and to prevent off-chain transaction agreements and strengthen on-chain execution. Sigel said the second proposal, SIMD 0228, is the "most influential" proposal, which will adjust SOL inflation rate to inversely proportional to the percentage of pledged token supply, which may reduce dilution and reduce selling pressure from pledgers. As of February, Solana inflation was 4%, lower than the initial 8%, but still well above the 1.5% terminal target, and is currently declining at a rate of 15% per year, according to Coin Metrics.
According to The Block, trading volumes of Pump.fun tokens that have "graduated" since the beginning of the year have dropped significantly, reflecting the cooling of the wider market and the evolution of trader sentiment. Daily trading volume has plummeted from its peak of $3 billion in January to about $170 million at the time of writing, a drop of 94%, consistent with a slowdown in platform token graduation rates, which has dropped from 1.85% per week to 0.83%, indicating a decrease in the number of new tokens that meet the $100,000 market cap threshold and thus qualify for upgrading to Raydium. The shrinking volume points to the potential fatigue that traders in the Solana meme coin ecosystem. After months of fanatical activities, many participants seemed to be tired of the dark side of the field. Factors such as fraud, suspicious Internet celebrity promotion and insider trading groups have led to a general reduction in people's trust in Meme coins. Despite the current market downturn, Pump.fun's overall influence remains significant since its launch on January 19, 2024. In just over seven months, the platform has generated $570 million in revenue.
Coinbase International Station will launch CAKE, BRETT, AI16Z perpetual contracts
Coinbase International Station announced that it will launch Perpetual Contract (PERP) transactions of PancakeSwap (CAKE), Brett (BRETT) and ai16z (AI16Z) at 9:30 UTC or later on March 6, 2025, supporting the Coinbase International Exchange and Coinbase Advanced platforms.
Important data
Kaito's team is suspected of selling 2 million tokens, about $4.1 million
According to @ai_9684xtpa monitoring, the Kaito team suspected to have sold 2 million tokens worth about $4.1 million two hours ago. Data shows that the address 0x8D0...4afA9 received 25 million tokens from the multi-sign address two weeks ago, and transferred 5 million to the new address 22 hours ago, of which 2 million have been recharged into Binance.
According to Whale Alert monitoring, 95,254,697 XRP (approximately US$236 million) were transferred from crypto exchange OKX to an unknown wallet at 16:37.
BNB breaks through $600, up 5.71% in 24 hours
According to Binance market data, BNB broke through $600, rising 5.71% in 24 hours, and is now quoted at $600.09.
AAVE breaks through $220, up 26.25% in 24 hours
According to OKX market data, AAVE broke through US$220, up 26.25% in 24 hours, and is now quoted at US$220.04. Previous news, Aave updated its token economic model and initially planned to repurchase $1 million in AAVE per week.
Data: About $102 million USDT transferred from Binance to unknown wallet
According to Whale Alert monitoring, 101,913,695 USDTs (about $102 million) were transferred from Binance to an unknown wallet at 15:37.
According to Lookonchain monitoring, another 58,964 SOLs ($8.52 million) of FTX/Alameda's unstaken SOLs ($431.3 million) have just been deposited into Binance.
According to Lookonchain monitoring, a giant whale is shorting the ETH/BTC trading pair. The giant whale extracted 2,770 cbBTC (about $243 million) from Coinbase, deposited 2,219 cbBTC (about $194.6 million) into Aave, and borrowed 45,441 ETH (about $99 million).
According to Spot On Chain, the two wallets associated with Ethena Labs have deposited 29.87 million ENAs ($11.52 million) into Binance for about $0.386 in the past hour. It is worth noting that both wallets received ENA from Ethena Labs' multi-signature wallet on July 20, 2024, at the time the price was $0.487. Currently, one of the wallets still holds 53.6 million ENAs (worth $20.2 million). Update: Lookonchain monitored three wallet addresses, saying that the three wallets related to the Ethena team had deposited 38.36 million ENAs (about 14.4 million US dollars) into Binance in the past hour.
According to on-chain analyst Ember Monitor, the giant whale/institution that received the most ETH compensation in Genesis Trading liquidation compensation in August last year has sold 40,000 ETH (US$89.2 million) through broker OTC in the past two days. In the past two days, he transferred 30,000 ETH to Galaxy Digital and 10,000 ETH to FalconX. Then it received USD 20 million from Galaxy Digital and USD 19.49 million from FalconX. The ETH at this address comes from liquidation compensation from bankruptcy agency Genesis Trading in August last year. 114,500 ETH (US$358 million) were received, which was the address with the largest amount of ETH compensation at that time. The ETH price was $3,128 when he received the compensation last year. And now the ETH price has fallen by 30% compared to that time. The value of the 114,500 ETH paid was reduced by US$110 million.
Financing
Reddit Lianchuang joins the bidding team to acquire TikTok, planning to "open" the social app
According to The Block, Reddit co-founder Alexis Ohanian is seeking to acquire TikTok to "open" the social media app. The app plans to integrate the Frequency blockchain, a "decentralized social media protocol" designed to give users control over their web content. "This is exciting news in the digital world. I am now officially one of the people trying to acquire TikTok's U.S. business and put it on the chain. TikTok is a game changer for creators, and its future should be shaped by them. Users should have their data. Creators should have their audience." Ohanian joined Project Liberty, a bidding team for the acquisition of TikTok's U.S. business, which was previously announced by Frank McCourt, the Los Angeles Dodgers boss, and will serve as a strategic consultant focused on social media.
Blockstream receives billions of dollars in investment to launch three crypto funds
Bitcoin development company Blockstream Corp. has received a multi-billion dollar investment to launch three funds, two of which will support cryptocurrency lending, according to Bloomberg, people familiar with the matter said. The investment shows that the once-out-of-favored cryptocurrency lending business, which was once out of favour after Sam Bankman-Fried's FTX exchange collapsed at the end of 2022, will benefit the business as well. Blockstream said in January that it plans to launch a fund that guarantees Bitcoin-backed loans, another fund will support cryptocurrency lending with US dollars as collateral, and a third fund will adopt a hedge fund strategy. All three funds will be available for borrowing on April 1, and two of the lending funds will be available for borrowing, according to a person familiar with the matter who asked not to be named. The company plans to accept additional external funding starting July 1. Blockstream declined to comment further besides confirming the date of its planned launch.
Berachain liquid pledge agreement Infrared completed a US$14 million Series A financing led by Framework Ventures, with Citizen X, Halo Capital, No Limit Holdings, NGC Ventures and Selini Capital participating. This round of financing is carried out using the SAFT (Future Token Simple Agreement) model. After a $2.25 million strategic round and a $2.5 million seed round led by Binance Labs , Infrared's cumulative total financing amount reached US$18.75 million. Infrared was incubated by the Berachain Foundation and launched two liquid pledged tokens: iBGT and iBERA, which correspond to Berachain's governance token BGT and Gas token BERA. Currently, the agreement TVL exceeds US$1.7 billion, making it the largest agreement for the Berachain ecosystem. The Berachain main network was officially launched in February, but due to controversy over the proportion of investors and internal holdings, the BERA token has fallen 57% since its issuance on February 6.
Cross-chain protocol Across completes US$41 million financing, led by Paradigm
Across Protocol, which focuses on cross-chain interoperability, completed a US$41 million token financing, led by Paradigm, with Bain Capital Crypto, Coinbase Ventures, Multicoin Capital and angel investor Sina Habinian. This round of financing was carried out in two phases, completed in Q2 and Q4 in 2024, with a total financing amount of US$51 million. Across focuses on intention-driven cross-chain transactions, and supports users to transfer cross-chain assets through a single request, with an average transaction time of less than 5 seconds. Its technology is based on the ERC-7683 standard, which has been adopted by more than 50 protocols such as Base, Arbitrum, Polygon and Optimism, and is used for the cross-chain bridging function of Uniswap. As of now, Across has processed a cumulative transaction volume of US$19 billion, of which the monthly transaction volume in January 2025 exceeded US$1 billion.
According to the official announcement of Acki Nacki, its network node pre-sale has been successfully completed, with a financing amount of more than US$6 million. Investors include Kingsway Capital, K5 Global, Blockchain.com, Original Capital and Hack VC. Acki Nacki adopts the "Bitcoin for Proof of Stake" design, without pre-mining, airdrop, and token allocation, and the $NACKL token will be released within 60 years. Its Gossip Ignite decentralized launch protocol was launched on January 29, 2025, and the main network will be officially launched after 75% of validators join. Currently, the network test network has more than 5 million users, with the goal of promoting a truly decentralized "world computer" vision.
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