Crypto News Asia: Bitcoin, Altcoin Trade Flat, When will the Tokens Break the Consolidation?

Good Morning Asia: Here’s an insight into the markets and the major events around the crypto space.

After a dull weekend, the crypto space was believed to recover with the start of the fresh week. But instead, the prices remained largely consolidated as Bitcoin price failed to rise beyond $23,500 and continues to trade at $23,376 at the moment. While the other popular altcoins are also following a narrow trend. Ethereum price is trading at $1626.21 while Cardano’s price is at $0.365, and XRP’s price is trading at $0.3774. 

Besides the DeFi space has also remained consolidated but the Lido DAO (LDO) price, UMA, Convex Fianance (CVX), etc have managed to keep up the bullish momentum. While some of the popular NFTs like Decentraland, Stacks are trying to hold a fine upswing, meanwhile, Apecoin (APE), Internet Computer (ICP), Flow (FLOW), Theta Network(THETA), etc have been stuck under the significant bearish influence. 

Here’s the crypto market insight for today:

Apart from the markets, a couple of events also made their presence harder,

• Coinbase to suspend Binance’s BUSD after carrying out an internal review. 

The popular US-based exchange halted the trading of BUSD following an internal audit carried out after the recent crackdown of the SEC over Paxos, restricting it from issuing new BUSD tokens.

• The newcomer Blur (BLUR) surpasses the Popular metaverse platform Opensea 

The NFT space is becoming more fascinating day by day in the times when the bearish clouds are hovering over the crypto space. The BLUR token gained immense attention due to its meteoric rise. The platform’s overall trading volume for February has surpassed $450 million marking a 150% rise from November 2020.

• Binance may also have followed FTX’s Footsteps and utilized customers’ funds

According to a report, Binance is accused of transferring $1.78 billion in customer funds to various hedge funds. Moreover, the exchange’s collateral has been reportedly emptied completely for Binance peg USDC without reducing its supply.

• SEC investigates Robinhood regarding the company’s listing and custody of crypto assets 

Robinhood currently lists nearly 18 cryptos including Bitcoin, Ethereum & Dogecoin, etc. The platform was subpoenaed by the SEC in December and hence it said that it is cooperating with California’s investigation.