The first quote | The release of Do Kwon puts LUNA above 1 USDT, the second phase of EtherFi points campaign opens, and the European Commission: ban anonymous cryptocurrency transactions through custodial wallets

Crypto Daily Digest: Do Kwon's release makes LUNA exceed 1 USDT, EtherFi Phase 2 Points Campaign Launched, European Commission: Ban Anonymous Cryptocurrency Trading through Custodial Wallets

Let's start with the trading activity of Bitcoin ETFs, according to Farside Investor data, Grayscale's Bitcoin Spot ETF (GBTC) continued to see large outflows of $169.9 million on March 22, while the Fidelity Bitcoin Spot ETF (FBTC) saw inflows of $18.1 million, Bitwise Bitcoin Spot ETF (BITB) saw inflows of $16.3 million, and ARK 21Shares Bitcoin spot The ETF (ARKB) saw an inflow of $5.4 million.

According to Bloomberg, on March 23, Terra co-founder Do Kwon will be released on €400,000 bail with the company's chief financial officer, Han Chong-Joon, as Montenegro's Supreme Court considers extradition requests from the United States and South Korea. His extradition to any country is only possible after further consideration by the court, and according to the Montenegrin authorities, Do Kwon's release from prison will result in a state of "house arrest" during the postponement of the extradition. After this news, LUNA also rose above 1 USDT.

Blast ecological project Super Sushi Samurai posted on the X platform that the problem of being hacked because of the "doubling of funds" vulnerability has been solved, and it was decided to reward white hat hackers with 5% ETH reward, the bonus is provided by the SSS team itself, and the remaining funds will be transferred to the following multisig address under the control of the SSS team.

The project team of the Ethereum re-staking protocol ether.fi announced that it will open the second quarter of the points event StakeRank from March 15 to June 30. Long-term staking users will be rewarded with 5% of the total ETHFI supply.

The StakeRank campaign consists of 8 tiers that encourage participants to stake for the long term. Every 100 hours of ETH staked will be upgraded by one level, and each level will have a higher loyalty point increase rate, and the staking balance needs to exceed 0.1 eETH to upgrade the level. Users who participated in the first season started with Rank II, and the level increase ranged from 1x - 2x, and users who held Ether.Fan NFTs were automatically upgraded to Rank III.

In order to treat new stakers fairly, the points accumulation rate will be increased by 10x in Q2, and all ETH and weETH, regardless of whether they are held or deposited in DeFi positions, will be treated equally when participating in re-staking in the event.

EU anti-money laundering law adds a new restriction on cryptocurrencies that prohibits cryptocurrency transactions of any value through custodial crypto wallets. Prior to this, the European Council and Parliament tentatively agreed to expand parts of the EU's anti-money laundering (AML) and counter-terrorism financing laws to cover the cryptocurrency market.

According to the new rules, anonymous cash payments of more than €3,000 will be prohibited from being made in commercial transactions, and cash payments of more than €10,000 will be completely prohibited from being made in commercial transactions. The cryptocurrency community has had mixed reactions to the EU's regulatory measures. Some argue that new anti-money laundering laws are necessary, while others worry that they may invade privacy and restrict economic activity.

The decentralized nature of cryptocurrencies makes many cryptocurrency networks permissionless, allowing anyone to create encrypted private keys and unrestricted anonymous access to the system. Therefore, the degree of restriction of this provision is more obvious.

Daniel "Loddi" Tröster, host of the Sound Money Bitcoin podcast, highlighted the practical obstacles and consequences of recent legislation. He outlined the impact on donations, as well as the broader impact on the use of cryptocurrencies within the EU, and expressed concern about the possible deterrent effect of these rules.

Market Analysis: The overall market rebounded but remained in the market shock range

Today, the cryptocurrency market as a whole is rebounding, but the market is still in a volatile range. In particular, Bitcoin spot ETFs have shown net outflows for five consecutive days. Although Bitcoin broke through all-time highs, spot ETF buying has subsequently weakened, although outflows have gradually slowed, suggesting that market sentiment is stabilizing. On the macroeconomic front, U.S. stocks were mixed, while the U.S. dollar index showed signs of rebounding.

Market Hotspots

1. Hong Kong concept tokens rose sharply: Today's hot spots are mainly focused on the hype at the Hong Kong Web3 Conference, and the Hong Kong concept series tokens have risen gratifyingly. Tokens such as ACH and CFX were particularly outstanding, with news from the Hong Kong Web3 Conference in April. Previously, during the 2023 Hong Kong Web3 Conference, Hong Kong concept tokens have shown outstanding performance, with ACH, CFX, KEY and other tokens all achieving several times increases. This indicates that investors have high expectations for the Hong Kong Web3 Conference, and the performance of the related tokens has also been actively sought after by the market.

**2. The concept of public chain has risen well: ** The concept of public chain is also one of the hot spots in the market, and tokens such as ICP, NEAR, RUNE have all risen. In particular, TON rose by 25% over the weekend, drawing attention from the market. Telegram has more than 800 million cumulative users, while the Ton blockchain has only 300,000 active addresses, which shows that the project has great potential on the user base. Affected by the news of Telegram's possible IPO in the future, the recent performance of the Ton public chain has also been very eye-catching, and the price has doubled in the past month. This shows that the market favors public chain projects with strong background support, and related tokens are favored by investors as a result.

3. Bankruptcy Concept Token LUNA Rises:** Another hot spot is the rise of Bankruptcy Concept Token LUNA, which rose nearly 50% on the 7th. The news of this rally, which came from rumors that there may be a turnaround in the DK case, has sparked concern in the market. Although the specific outcome of the case is still unclear, the market has shown a positive attitude towards the potential good news, driving the LUNA token higher.

Conclusion: Overall, the market is showing a rebound pattern today, but it is still in a volatile range. Investors should remain cautious and pay close attention to further market movements in order to adjust their investment strategies according to the actual situation. The hype of the Web3 conference in Hong Kong, the popularity of the concept of public chains, and the trend of bankrupt concept tokens are all important factors to pay attention to.

Macro: Accommodative policy is more likely, and global markets are flat

Reuters reported that many markets are closed on Friday for Easter, when PCE data will be released, so the full reaction will have to wait until next week. Fed Chair Jerome Powell was dovish enough last week to hint at easing in June.

Powell will participate in the moderated discussion of Friday's policy meeting, which will also be attended by Fed Governors Lisa Cook and Christopher Waller this week. According to the CME's FedWatch tool, traders are currently pricing in a roughly 71% chance of a first rate cut in June, compared to a 56% chance at the start of the week.

Expectations of lower global borrowing costs were a boon for equities, with the Nikkei falling and S&P 500 futures flat, which is up nearly 10% year-to-date. S&P 500 futures and Nasdaq futures were trading little changed on Monday. On March 22, the Nasdaq index and the semiconductor index (. SOX) closed slightly higher, with the semiconductor index also rising sharply this week on continued optimism about artificial intelligence. The Dow Jones closed the day lower.

On the currency front, USDJPY edged lower to 151.23 yen on Monday, up 1.6% last week to peak at 151.86.

The market is cautious about testing 152.00 as the level has provoked Japanese intervention in the past. Indeed, Japan's chief monetary officer warned on Monday that the yen's current weakness does not reflect fundamentals and that excessive volatility is unwelcome. Even if the Bank of Japan abandons its super-loose policy, it will not be able to weaken the dollar, as investors believe that this is not the beginning of a series of interest rate hikes.

On the commodity front, oil prices rose in early Asian trading on Monday on fears that the Middle East and the escalation of the conflict between Russia and Ukraine could tighten global supply, while the shrinking number of U.S. rigs also added to the upward pressure on oil prices.

Brent crude futures rose 24 cents to $85.67 a barrel. U.S. crude futures rose 25 cents to $80.88 a barrel. Both benchmarks changed less than 1% last week compared to the previous week.

After hitting an all-time high of $2,217.79 last week, gold edged up again to $2,174 an ounce.

Authors: Sherry S. & Icing., Gate.io Researcher · This article represents the views of the author only and does not constitute any trading advice. · The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.