4 things happening in the crypto market right now, get insights.
BTC Price Drops as Long-Term Holders Sell Off
On-chain analytics platform Glassnode has blamed Bitcoin's (BTC) recent decline on a sell-off by long-term holders. On March 3, Glassnode released data on long-term holders' Bitcoin holdings according to the price of Bitcoin through its official X account, revealing that long-term holders began to sell Bitcoin after the price broke through $73,000. Meanwhile, Glassnode analyzed that the average price of Bitcoin itself increased as new Bitcoin holders bought Bitcoin at high prices.
Ethereum Layer 2 Market Cap to Top $134.5 Trillion in 2030
The market capitalization of Ethereum's Layer 2 protocols will surpass $1 trillion ($134.5 trillion) by 2030, VanEck claimed in a report on Wednesday, citing increased scalability and efficiency. Ethereum Layer 2 protocols are experiencing rapid growth in transaction prices, developer and user adoption, trust, and ecosystem growth, which will allow them to attract more funding by 2030 than they do today, according to VanEck.
Will US states adopt Cardano for voting systems?
A number of US states have proposed utilizing the Cardano blockchain in their state voting systems. Cardano CEO Frederick Gegag announced in an official statement on the 3rd that several US states have inquired about adopting Cardano blockchain for their voting systems.
SEC asks public for reasons to approve Ethereum spot ETF
The U.S. Securities and Exchange Commission (SEC) announced on its official website on May 3 that it is accepting public comments for 21 days on three applications for an Ethereum (ETH) spot exchange traded fund (ETF) that are expected to be approved in May. The applications submitted by Grayscale, Fidelity, and Bitwise are open for public comment, and the SEC is seeking specific comments from the public on the risks and benefits of the applications.
