ETH price is soaring on the market, as the next major Ethereum upgrade, Dencun, approaches. This and more news in this handy daily digest so you're always up to date with the latest events happening within the crypto world.
Ethereum is heading towards $4.000
📍Ethereum price is on the rise as Dencun upgrade approaches. Ethereum developers will implement Dencun on the mainnet on March 13. The proximity of this important upgrade, which will improve the scalability and efficiency of the blockchain, is driving the price of ETH upwards in the market.
At the time of writing this article, the second largest cryptocurrency on the market is trading at around $3.650, according to data from the CoinMarketCap platform.
According to the data, Ethereum has seen a 4,3% daily increase and a 14% weekly increase, while its daily trading volume has grown by more than 70%. On the other hand, with the price gain reflected by Ethereum, its market capitalization is currently getting closer to reaching half a trillion dollars. According to CoinMarketCap, the current market capitalization of ETH is $435.000 billion.
Source: CoinMarketCap
Tether's market cap surpasses $100.000 billion
📍For the first time, Tether (USDT) market cap reaches $100.000 billion. Amid the bull run of Bitcoin and cryptocurrencies, the world's largest stablecoin, USDT, has set a new milestone by registering over $100.000 billion in market capitalization.
The amount of USDT coins currently in circulation is 100.044.694.549 units, according to data from CoinMarketCap.
USDT's market cap has increased by 0,15% over the past month, and by 9% so far this year.
Source: CoinMarketCap
Its closest competitor, USDC, issued by Circle, has a current market cap of less than $30.000 billion. However, it remains the second most used centralized stablecoin in the world.
Hungarian banks to offer cryptocurrencies
📍A new bill introduced in Hungary seeks to allow banks and financial institutions in the country to offer access to cryptocurrencies. According to Bloomberg, the regulation of cryptocurrency services is part of the work plan that the country has implemented, both to adapt to the European Union regulation on crypto assets, and to adopt the innovation of new technologies.
According to report, the Hungarian Ministry of Economy was the entity in charge of presenting the new bill for the adoption of cryptocurrencies in the country. If approved, this bill will allow commercial banks, investment funds and asset managers to offer access to cryptocurrencies and digital assets to their clients.
The regulatory proposal, which could be approved by the end of June this year, will designate the Central Bank of Hungary as the entity responsible for regulating all cryptocurrency-related services in the country. Ironically, in 2022, György Matolcsy, the governor of the central bank, called on lawmakers to ban cryptocurrency activities across the region.
Decision on Ethereum spot ETFs delayed
📍Once again, the US Securities and Exchange Commission (SEC) has delayed its decision on Ethereum-based investment funds. Investors interested in Ethereum will have to wait a little longer to find out whether or not the SEC will approve Ethereum spot exchange-traded funds.
On March 4, the US securities regulator announced which had delayed its decision timeline on spot ETF proposals submitted by Fidelity Investments and BlackRock, the world's largest asset manager.
The most optimistic investors and experts believe that the SEC will issue a verdict in favor of these financial instruments, based on ether, at the end of May of this year, while others believe that the current regulatory landscape in the country could make their approval difficult.
In January, when the SEC authorized the listing of Bitcoin spot ETFs, agency chairman Gary Gensler emphasized that the actions applied only to Bitcoin and should not be taken as an indication that the SEC might approve other ETFs based on other cryptocurrencies.
Continue reading: Blast surpasses Arbitrum and Optimism on the first day of its mainnet activation
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