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.

Biggest Gainers & Losers

Headlines

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.

Hot projects on the market

Uniswap DAO Approves Uniswap V3 Deployment on Avalanche

$ZYB Price Doubles as Zyberswap to Distribute $ARB Airdrop to Community

Other news in case you missed it:

Signum Digital Obtains Approval-In-Principle for First Security Token Platform in Hong Kong

Binance to Support Staked $ETH Withdrawals within 1 Week after Shanghai Upgrade

FTX Users Asset List: Over 1.39 Million Users, Highest Account Loss of Over $135 Million

Tokenized Diamond Trading Surged Amid Banking Crisis

Copper Gives Up Enterprise Business to Focus on Custody and Settlement Solutions

Fundraising

Bitcoin Opportunity Fund Seek to Raise $100 Million for Bitcoin-focused Fund