Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
The cryptocurrency market didn’t experience any notable price changes. Bitcoin (BTC) and Ethereum (ETH) saw decreases of -3.23% and -6.20%, respectively, over the past seven days.
All of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.
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Top Crypto Market News
Cardano and Mehen Finance Launched a New Stablecoin USDM
In a bold move that expands the stablecoin landscape on the Cardano blockchain, Mehen Finance has rolled out USDM, a stablecoin pegged to the US dollar. This development marks a significant milestone for Cardano, diversifying its stablecoin offerings beyond the existing algorithmic Djed and synthetic iUSD. USDM sets itself apart by enabling users to directly issue and redeem assets in exchange for dollars, promising a more straightforward and stable mechanism.
Matthew Plomin, a founding partner of Mehen Finance, highlighted the robust support for USDM, noting that over 2,000 partners, including decentralized exchanges and lending protocols, are poised to integrate the new stablecoin.
Reddit’s MOON Token Hits Record High
The MOON token, associated with the r/CryptoCurrency subreddit, has seen a remarkable surge, reaching a new all-time high of $0.79 on March 17.
The recent spike in MOON’s value can be attributed to several key developments, including the subreddit’s collaboration with the cross-chain protocol Celer. This partnership aims to introduce a bridge facilitating seamless token transfers to Arbitrum One’s Layer 2 solution, thereby broadening MOON’s accessibility and utility across multiple platforms.
The upcoming Reddit IPO and the anticipated increase in the company’s valuation to $6.5 billion have also contributed to heightened interest in MOON, showcasing the growing impact of community-driven digital assets.
Crypto Investment Products Witness Record Inflows
The crypto investment landscape is witnessing a remarkable phase of growth, as evidenced by the latest data from CoinShares. Between March 9 and March 15, cryptocurrency investment products saw an influx of $2.92 billion, surpassing the previous week’s $2.69 billion. This trend of increasing inflows, now in its seventh consecutive week, reflects a burgeoning confidence among investors in the potential of digital assets.
Notably, the trade turnover in this period matched a historic high of $43 billion, while the total assets under management in the crypto space soared to an all-time peak of $96.65 billion, eventually crossing the $100 billion threshold. Bitcoin-related investment instruments, in particular, attracted substantial interest, accounting for 97% of the total inflows.
Stay tuned for more updates and insights into the world of cryptocurrency!