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◆ Markets // 1m read

Crypto Market Highlights: Coinbase Rejects Senate Bill, Zcash Cleared by SEC, and Major Altcoin Movements

By TheCryptoDesk Editorial

Crypto Market Highlights: Coinbase Rejects Senate Bill, Zcash Cleared by SEC, and Major Altcoin Movements

The broader cryptocurrency market experienced notable upward momentum this week, with Bitcoin (BTC) climbing to $96,750, marking a new two-month high. Ethereum (ETH) also saw gains, reaching $3,360. While some major altcoins like Solana (SOL) remained stable, others such as Decred (DCR), Dash (DASH), Internet Computer (ICP), and Zcash (ZEC) led the top movers with significant percentage increases. Monero (XMR) briefly touched a new all-time high of $800 before a slight retraction.

In regulatory news, Coinbase withdrew its support for the proposed Senate crypto market structure bill. The exchange cited serious concerns with the latest draft, leading to a delay in the bill's progression. Separately, the Zcash Foundation announced that the Securities and Exchange Commission (SEC) has concluded its investigation into the privacy-focused cryptocurrency, with no further action planned.

Business Developments and Innovations

Several companies announced strategic moves and technological advancements:

  • Ripple's European Expansion: Ripple secured a crucial license in Luxembourg, furthering its expansion efforts across Europe.
  • Pakistan's Stablecoin Exploration: Pakistan partnered with World Liberty Financial to investigate potential applications of stablecoins for remittances and cross-border payments.
  • Human Rights Foundation Grants: The Human Rights Foundation awarded nearly $1.3 million in Bitcoin grants to various projects focused on human rights and freedom-enhancing technologies.
  • Figure's Equity Network: Figure unveiled a new public equity network designed to facilitate the on-chain issuance of stocks and related assets.

Meanwhile, FTX prepared for another round of creditor payments, outlining the timeline for distributions scheduled for March 31. The Sui network also experienced a nearly six-hour outage before resuming normal operations, highlighting ongoing reliability challenges in some blockchain infrastructures.

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