The first quote | Several well-known AI projects conduct "token merges"; Linea runs the Surge campaign, the Munchables hack returns funds, and the global market is muted

Crypto Daily Summary: Linea Network Launches Surge Activity, Several Well-known AI Projects Conduct "Token Merge"; The Munchables hack returns the funds

Let's start with the trading activity of Bitcoin ETFs, according to Farside Investor data, Grayscale's GBTC outflows on March 27 were $299.8 million, while the Fidelity Bitcoin Spot ETF (FBTC) saw $1.5 million inflows, the ARK 21Shares Bitcoin Spot ETF (ARKB) saw $201.8 million inflows, and the WisdomTree Bitcoin Spot ETF (BTCW) saw net inflows of $1.5 million.

Linea, an Ethereum L2 network, has announced a new campaign called The Linea Voyage: Surge, which is expected to go live in April with the aim of attracting liquidity to the network.

The campaign will run for 6 months, or until the TVL reaches $3 billion, and Surge will energize the ecosystem by bringing TVL to the network and turning the strategic deployment of assets into gamification.

The $7.5 billion "Token Merge Plan," consisting of AI protocols SingularityNet, Fetch.ai, and Ocean Protocol, will be approved by community vote on April 2.

According to the March 27 announcement, there will be three separate community votes for each protocol, all of which are scheduled to be completed on April 16. If approved, SingularityNet's AGIX token, Fetch.ai's FET (FET) token, and Ocean Protocol's OCEAN token will be replaced by a new token, the ASI token, which belongs to the Super AI Alliance.

As of March 26, the three tokens currently have a combined market capitalization of approximately $5.3 billion, and the fully diluted combined tokens will have a market cap of $7.6 billion, involving 2.631 billion tokens.

FET will become ASI's reserve currency, while users will be able to convert OCEAN and AGIX to ASI at the new fixed exchange rate.

"If approved, $FET will then be able to swap \ for super AI tokens at a 1:1 ratio," the team said. "For example, if you hold $100 in FET, you can swap it for $100 in AI tokens. "

On March 26, Munchables, an Ethereum-based NFT game, reported a hack that stole more than 17,400 ETH. Munchables, along with blockchain investigators such as PeckShield and ZachXBT, began tracking the movements of the stolen funds in an attempt to intercept them.

ZachXBT claims that the vulnerability stems from the Munchables team hiring a North Korean developer under the pseudonym "Werewolves0943." On March 27, Munchables identified the hacker as one of its developers. After an hour of negotiations, the other party agreed to return the hackers' funds.

The Munchables developer has shared all relevant private keys to assist in retrieving user funds. The creator of Blast, who goes by the pseudonym Pacman, thanked ZachXBT for his support, declaring: "The former Munchables developer finally chose to return all the funds without any ransom. "

Market Analysis: Market Speculation New Coin Market May Usher in a Correction?

Market Trend

Yesterday, the BTC price fell sharply after hitting above $71,000, causing a general decline in the entire altcoin market. At the same time, U.S. stocks rose, but Nvidia, a leader in the AI space, fell. This indicates that there is a certain level of uncertainty in the market, especially in the cryptocurrency market.

MARKET HOTSPOT

1. GT: Today's GT soared nearly 20%, breaking through the $10 mark, just one step away from a new all-time high. The strong performance of the GT is likely to be sought after by market funds.

2. ETHERFI AND AEVO: BOTH ROSE SHARPLY YESTERDAY, ESPECIALLY ETHERFI ONCE EXCEEDED $8.5. Etherfi was valued at $200 million two months ago, and now its market value has risen more than 42 times in two months. The negative rate of AEVO contract market is as high as -1%, and the short squeeze is obvious. At present, the market is speculating on this type of new currency because of its good chip structure and low circulation in the market. This may be a precursor to an imminent correction in the market.

3. OCEAN, FET, AGIX in the AI sector: The above tokens rose after the news of the merger of the three projects was announced on the Bloomberg terminal. The proposed merger may bring arbitrage opportunities to the market, but it is also necessary to pay close attention to the progress of the merger and the market reaction. In April 2021, Keep Network and Nucyher also announced a merger project, and the combined token will be named T. But the merge actually took place 8 months later, during which it was a bull market for the entire cryptocurrency, and KEEP and NU also ushered in several times the increase. T has been Gate.io online.

4. Public chain SUI: The price of SUI has risen sharply and hit a new high, and its ecological projects have also risen. SUI is about to hold a conference on April 10, and the recent subsidy on the chain ecology shows that its ecological development momentum is strong.

Macro: Wall Street was higher on Wednesday, Asian markets were flat, and commodities were slightly volatile

On 28 March, Reuters reported that markets were largely ahead of Friday's highly anticipated US core personal consumption expenditures (PCE) price index data, the Federal Reserve's preferred inflation gauge. However, given the long Easter weekend in many countries, few markets can digest new readings.

This year's unexpected inflation has raised doubts about the Fed's ability to deliver on its forecasts. Fed officials are waiting to see if recent data reflects a temporary setback in efforts to reduce price pressures, which could mean a downward revision of interest rate cut expectations this year.

In a press conference following last week's policy meeting, Fed Chair Jerome Powell said the current policy risks are "two-sided".

"We're in a situation where if we loosen too much or too quickly, we could see inflation come back, and if we relax too late, we could do unnecessary harm to employment and people's working lives. He added that "we have to be careful" and that the strength of the economy gives the Fed room to watch the data before deciding on interest rate policy.

U.S. stocks were higher on Wednesday, with the Dow leading the pack and the S&P 500 hitting a record close, as investors awaited inflation data and signals from the Federal Reserve commenting on the path of interest rates. The Dow Jones Industrial averaged 1.22% higher at 39,760.08, and the S&P 500 (. SPX) 0.86% to 5,248.49; The Nasdaq Composite Index (. IXIC) rose 0.51% to 16,399.52.

The increase marks the largest daily percentage increase for the Dow Jones since Dec. 13. All three major U.S. stock indexes are poised for quarterly gains, with the S&P on track for its largest percentage increase in the first quarter since 2019.

In Asian markets, the yen was near its lowest point in decades on Thursday, while Asian stocks fell to key U.S. inflation levels, even as the threat of intervention by the Japanese authorities made investors cautious about pushing the currency to new lows.

The yen's exchange rate slipped against Japan's Nikkei (. N225), which is up about 3% so far this month. Nikkei (. N225) is down 1% in the last month, but it's still not far from an all-time high.

In China, the strong sell-off by foreign investors has put pressure on the stock market, which is in the red. Blue-chip CSI 300 Index (. CSI300) fell to a one-month low in early trade, while the Shanghai Composite Index (.SSEC) struggled to break below the psychological barrier of 3,000 points, falling 0.1%.

With no rush to ease interest rates, the US dollar continues to lead the way on the monetary front, with traders making bigger bets for similar moves by the ECB and the Bank of England that month. The euro fell 0.1% to $1.0816 against the dollar, and the pound fell 0.12% to $1.26255. The New Zealand dollar fell to its weakest level in four months at $0.5981.

The Riksbank said on Wednesday that if inflation continues to fall to its 2% target, it is likely to start a series of rate cuts starting in May.

Thierry Wiezman, global FX and rates strategist at Macquarie, said: "[The dollar] remains under the influence of the Fed's relative hawkishness, bringing together all 19 policymakers and other central banks, which have recently leaned more dovish in tone. ”

In commodities, oil prices edged higher, with Brent up 36 cents to $86.45 a barrel, while U.S. crude rose 44 cents to $81.80 a barrel.

The renewed strength of the dollar pair halted a strong rally in gold, which edged down to $2,189.81 an ounce.

Author:Sherry S. & Icing. *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.