What Happened on Mar. 16th | Factors Contributing to the Market Rally
The crypto markets started rallying despite the recent shut down of three crypto-friendly banks, leading to speculation about possible reasons for the sudden surge. Some plausible explanations include speculations about the Federal Reserve slowing or pausing rate hikes, a flight of safety from banks leading to trust in cryptocurrencies as safe havens, and buying pressure caused by Binance converting $1 billion BUSD into native crypto.
Furthermore, Ethereum finally set the exact date for Shanghai Update on April 12th, and Arbitrum announced airdrop. All these news lifted confidence to the crypto market.
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Arbitrum Launches Permissionless Solution for Developers to Build Layer 3 Chains：The Arbitrum Foundation has launched a new permissionless solution called "Arbitrum Orbit" that allows any developer to build a Layer 3 (L3) blockchain using the Arbitrum technology. With this announcement, developers now have access to Arbitrum's full suite of market-leading technology and can customize it to their needs.
One Wanes, Another Waxes - $USDT Market Cap Close to Twice That of $USDC: Although $USDC has come out of the shadow of depegging and is getting back on track, the recent banking crisis has undoubtedly hit Circle hard. Amid the series of catastrophic events, $USDT became the winner in the stablecoin market.
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