ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 90

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 Ethereum Rockets to $3K Milestone: First Time Since 2022

Ethereum surged past $3,000 on Feb. 20, hitting its highest level since April 2022. The climb from $2,881 on Feb. 19 marks a 4% surge in 24 hours and about a 74% increase over the last year.

This trend coincides with anticipation surrounding a potential spot Ether exchange-traded fund (ETF) approval and the impending Ethereum Improvement Proposal (EIP) 4844 called the Dencun upgrade. In addition, Ethereum's upcoming Dencun upgrade on March 13 promises efficiency improvements, driving increased interest in ETH futures and derivatives.

 Optimism Generously Airdrops $40.8M Rewards to NFT Artists

Optimism's fourth airdrop, valued at over $40.8 million, celebrates web3 artists' contributions with token rewards. Artists who created NFT art on the Ethereum mainnet or Optimism's Superchain between Jan. 10, 2023, and Jan. 10, 2024, can claim tokens until Feb. 13, 2025.

With previous airdrops, Optimism continues to foster community building. The OP token, powering Optimism's ecosystem, has a current trading value of $3.63 and a circulating supply of 957.4 million tokens with a market cap of $3,473,771,547 at this time of writing.

 Euro-Traders Rejoice: CME Group Launches Bitcoin, Ethereum Futures in Europe

CME Group is set to meet the rising demand for cryptocurrency derivatives with the launch of Euro denominated micro Bitcoin and Ethereum futures in March. Following the success of its U.S. dollar denominated counterparts, the move targets the European market.

Pending regulatory review, the futures will be available on March 18, offering smaller slices of the underlying assets at reduced fees and increased liquidity. This expansion underscores CME Group's commitment to providing hedging tools for crypto investors and capitalizing on market opportunities, following a significant increase in crypto trading volume in the past couple weeks.

 Hong Kong's New Crypto Custody Rules: What Traders Need to Know About the Revamp and Compliance Impact

Hong Kong's financial regulatory bodies, including the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), have issued critical directives aimed at improving security and regulatory compliance in the burgeoning crypto sector.

The Hong Kong Monetary Authority mandates authorized institutions to follow comprehensive guidelines for digital asset custodial services, emphasizing risk assessment, segregation of assets, and adoption of international security standards.

Simultaneously, the Securities and Futures Commission (SFC) deadline for crypto exchanges to obtain or apply for a virtual asset trading platform license highlights the push for a regulated environment. These measures position Hong Kong as a safe digital asset hub in alignment with global standards.

 Avalanche Makes a Power Move: Buys Stake in Sports Illustrated Tickets

Avalanche has bought a stake in Sports Illustrated Tickets, making it the blockchain platform for its NFT enabled ticketing service, Box Office. Box Office offers NFT tickets, featuring exclusive benefits and NFT videos.

Since its launch in May 2023, around 300,000 tickets have been issued through Box Office. Initially launched on Polygon, tickets later switched to Avalanche due to the promising technology. Avalanche views NFT ticketing as a significant opportunity because it highlights the advantages of blockchain technology for event verification and memorabilia.

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