Crypto Market Takes a Hit as Red Dominates: Daily Crypto News Roundup

Thai SEC Approves USDT, NodeOps Unveils Proof-of-Conviction, and HashKey Expands Compliance Efforts

Crypto Market Sees Red as Major Coins Tumble

The cryptocurrency market remains in a downward trend, with global market capitalization dropping by 3.4% in the past 24 hours, now standing at $2.84 trillion. Trading activity has also seen a notable dip, with daily volume reaching $137 billion.

Out of the top 100 cryptocurrencies by market capitalization, only about 15 are in the green. Ethena (ENA) emerged as the top performer, climbing 6.6% to $0.4518. However, Maker (MKR) saw the steepest decline, plunging 9.6% to $1,183, followed closely by Kaspa (KAS), which fell 8.8% to $0.06338.

Among the top 10 cryptocurrencies, none managed to stay in the green. Solana (SOL) took the biggest hit, sliding 4.8% to $129, while Dogecoin (DOGE) dropped 4.6% to $0.1759. Ethereum (ETH) held relatively steady, losing only 1.2% and currently trading at $2,116. Meanwhile, Bitcoin (BTC) fell by 1.8%, now priced at $82,938.

Thailand SEC Officially Approves USDT for Trading and Payments

In a landmark move for Thailand’s cryptocurrency industry, the Securities and Exchange Commission (SEC) has officially approved the use of Tether (USDT) as a regulated digital asset. This decision allows USDT to be traded on licensed exchanges and even accepted for payments, strengthening Thailand’s position as a hub for digital asset innovation.

Tether CEO Paolo Ardoino welcomed the decision, calling it a significant step toward regulatory clarity in the region. "We are committed to supporting the long-term success of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem," Ardoino stated.

The updated regulations will take effect on March 16, giving businesses and investors more flexibility in utilizing stablecoins within Thailand's evolving crypto landscape.

NodeOps Introduces ‘Proof-of-Conviction’ Mechanism to Counter Whale Dominance

NodeOps Network, an AI-driven decentralized infrastructure platform, has unveiled a groundbreaking "proof-of-conviction" mechanism aimed at ensuring fair participation in NFT sales.

This new system allows users to either commit the full amount to purchase a non-fungible token (NFT) outright or deposit a conviction amount to secure a spot in a raffle. The goal is to prevent large-scale investors, known as whales, from dominating NFT allocations, while also reducing the impact of sybil attacks.

Additionally, all NFTs purchased under this mechanism will be locked for a year, preventing immediate resale and fostering a more stable market.

The first NFT collection under this system launches today, featuring 10,000 high-quality 3D profile picture (PFP) NFTs. Holders will enjoy perks such as a 20% discount on NodeOps platform purchases and a minimum 2% revenue share. The NFTs will also grant governance rights and allowlist access for future ecosystem projects.

HashKey Expands Global Compliance with VerifyVASP Partnership

In a move to strengthen anti-money laundering (AML) measures, HashKey Global has announced a partnership with VerifyVASP, a leading provider of Travel Rule compliance solutions. The collaboration aims to align HashKey’s international network of licensed exchanges with evolving Financial Action Task Force (FATF) regulations.

Since integrating with VerifyVASP’s Virtual Asset Service Providers (VASPs) network last year, HashKey Global has processed thousands of verifications. This latest partnership further solidifies its commitment to regulatory compliance.

"As global enforcement of the Travel Rule accelerates, we are proactively enhancing our infrastructure to ensure seamless and compliant virtual asset transactions," said Tim Xing, Board Director at HashKey Global.

In a further expansion move, HashKey Global has now integrated with three additional exchanges—Korbit, LBank, and HTX—making same-name deposits and withdrawals more accessible for users.