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The crypto market has seen significant developments in recent days, with Bitcoin’s price experiencing fluctuations and stablecoin supply reaching $315 billion in Q1. According to reports, USDC has risen while USDT has declined. Meanwhile, regulatory efforts are underway, with the CFTC suing several states over sports prediction market efforts and Coinbase winning initial approval for a trust charter. Additionally, the Solana network has been exploited, resulting in the loss of over $270 million from Drift. As the market continues to evolve, it’s essential to stay informed about the latest developments.

Markets

Bitcoin’s price has been a topic of discussion, with some analysts suggesting that new lows may be on the table until $76,000 becomes a support level. The cryptocurrency’s drop below $68,000 has raised concerns about a potential crash under $60,000. Meanwhile, stablecoins have flipped automated clearing house volume in February, with the supply reaching $315 billion in Q1. For more information, visit CoinTelegraph and CoinDesk.

Regulation

The CFTC has sued several states, including Illinois, Arizona, and Connecticut, over their sports prediction market efforts. The regulator argues that it has exclusive jurisdiction over all swaps, including prediction markets. Meanwhile, Coinbase has won initial approval for a trust charter, moving it closer to operating as a federally regulated crypto custodian. For more information, visit CoinDesk and CoinDesk.

DeFi and Security

The Solana network has been exploited, resulting in the loss of over $270 million from Drift. The exploit used a legitimate Solana transaction feature called “durable nonces” to pre-sign administrative transfers. Meanwhile, Elon Musk’s X platform is deploying a scam kill switch to auto-lock first-time crypto mentioners. For more information, visit CoinDesk and CoinDesk.

Sources: CoinTelegraph, CoinDesk

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