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13 Mar 2023 08:07

❌ Regulators are shutting down New York-based Signature Bank

And there's an interesting detail about Coinbase! The exchange had $240 million deposited with the bank.

However, it's been announced that all funds will be returned, according to the Federal Deposit Insurance Corporation.

🤝 @Cryptocurrency_Inside

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12 Mar 2023 19:36

BITCOIN ECOSYSTEM 👑
ㅤ
Friends, let's start with a brief introduction. Take this post not as a boring theory about project technologies, but as a notification with prerequisites for the future trend on projects built on Bitcoin.

➡️ Many are familiar with such an update of BTC as halving, but not everyone has heard of Bitcoin Taproot. This update, which took place in November 2021, is aimed at introducing smart contracts that can be used to eliminate intermediaries from transactions and build DeFi projects.

But when the update was introduced, everything went slightly off plan. Since Taproot allowed users to bypass the 80-byte limit, they started uploading various digital junk, clogging up the base level. In addition, the Bitcoin network is quite slow, which has a strong impact on BTC projects and the development of the ecosystem.

➡️ In an attempt to solve this problem, the Lightning Network project was implemented.

Lightning Network is a second-layer solution for making faster and more scalable payments. The project uses a network of bidirectional payment channels for conducting microtransactions without settlements in the chain.

In simpler terms, this allows users to transact with each other without waiting for slow block confirmations.

The update itself contributed to the increase in network performance. Thanks to Taproot, the network can group multiple digital signatures and verify them simultaneously. As a result, less space is required on each block, allowing the Bitcoin to support DeFi application development.

➡️ Bitcoin DeFi
DeFi on Bitcoin is possible thanks to the wrapped token (wBTC), L1 blockchain (Stacks), and sidechain (Rootstock). A sidechain is a blockchain scaling technology that creates a parallel network with a link to the main one.

wBTC is an ERC20 token backed 1:1 with Bitcoin. With the wBTC token, users can interact with Ethereum DApps.

One of the key players in the BTC ecosystem is the Rootstock project. Rootstock is an L2 solution attached to BTC via a bilateral binding. You send BTC to Rootstock (through a special address where it will be locked) and it becomes a "smart bitcoin living in Rootstock." As a result, the project "guarantees" faster payments and scaling up to 100 transactions per second.

Also, the Ordinals protocol played an important role in the development of DeFi and NFT on BTC.

🟠In the new infographic you can see the Bitcoin ecosystem.

❔ Are you want to know more about Ordinals protocol?

👍 - Yes
👎 - No

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12 Mar 2023 14:54

📈What is Bank run 🤔

The collapse of two second-tier banks Silvergate and Silicon Valley Bank in the U.S. in one week is an extremely unpleasant event, but not a reason for a banking crisis. And the possible bank run caused by them is a threat to the entire banking system📊

⚙️A bank run — is a mass withdrawal of deposits by depositors due to doubts over the bank solvency.

Due to the large number of requests for withdrawal of funds, the bank has drastically reduced its cash assets, which encourages even more customers to withdraw their money. One bank's problems could cast doubt on others and provoke a bank run throughout the system at once, which would escalate into a banking crisis

Bank runs wouldn't be dangerous if banks didn't use the partial reserve mechanism. This is when you give them $100, and they leave $10 in their account and for $90 they give a loan or buy securities📈

But then how will the banks make money ...

📌Save it so you don't forget

🤝 @Cryptocurrency_Inside

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11 Mar 2023 19:47

Eight of the top 10 stablecoins by market cap lost their $1 peg today, with Tether and Binance USD being the only two that held their peg during this turmoil.

🔹USD Coin (USDC): $0.91 (-9%)
🔹DAI: $0.9329 (-6.71%)
🔹True USD (TUSD): $0.9935 (-0.55%)
🔹Pax Dollar (USDP): $0.9842 (-1.22%)
🔹USDD: $0.9559 (-4.17%)
🔹Gemini Dollar (GUSD): 0.9676 (-2.66%)
🔹Fei USD (FEI): 0.9232 (-7%)
🔹FRAX: 0.9154 (-8.38%)


🔶USDT and 🔶BUSD are the only two currently sitting y or above $1 USD.

🤝 @Cryptocurrency_Inside

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11 Mar 2023 10:26

🚨 Coinbase and Binance  have temporarily stopped allowing USDC conversions due to the unstable nature of the dollar peg.

🤝 @Cryptocurrency_Inside

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10 Mar 2023 20:07

📆 Global crypto headlines of the day:

🛑The DaoMaker founder took on the challenge and created Degen Zoo in just 30 days, an NFT game derived from the abandoned Logan Paul’s project, Crypto Zoo.

🛑The U.S. unemployment rate rose to 3.6%, higher than the anticipated 3.4%.

🛑Lego and Epic Games team up to create their own metaverse.

🛑Exactly 6 years ago, the SEC rejected the first application for a spot Bitcoin ETF.

🛑Thailand intends to ban all crypto lending products and their advertising in the country.

🛑Blockchain com is closing its asset management subsidiary, citing the crypto winter.

🤝 @Cryptocurrency_Inside

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10 Mar 2023 18:28

U.S. bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.

Source

🤝 @Cryptocurrency_Inside

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10 Mar 2023 08:08

VARIANT FUND PORTFOLIO 💼

Friends, we have a column where we take apart crypto funds. But not everyone understands the value of such content.

If you consider the crypto market not just as a "topic" but as a further vector of your development, then understanding the funds is a fundamentally important aspect. It is an integral part of conducting your own DYOR on new projects.

So next up we have another VC with well-stocked bags ⬇️

Variant Fund is a young Tier-1 fund investing in the following sectors of the crypto industry:
- DeFi (40%);
- Blockchain Service (20%);
- Blockchain Infrastructure (20%);
- Decentralized social media (10%);
- GameFi (10%).

There is no exact date when the fund was founded, but it is known that the first investment was September 3, 2020 in the Cozy project.

➡️ Project founders Jesse Walden and Spencer Noon deserve special attention. Both have excellent experience in crypto, especially in the direction of fundraising.

Their experience is:
1. Jesse Walden:
- Worked at a16z in a program director role;
- was a development and innovation specialist at Spotify.

2. Spencer Noon:
- Funder of the OurNetwork project;
- Co-founder of DTC Capital;
- Experience with other non-crypto companies.

↪️ VC currently manages $560m in assets and has two active funds: Variant Fund II ($110m) and Cryptocurrency fund ($450M).

➡️ Variant is quite a young fund. It has only participated in 32 fundraising rounds, 10 of which it was the Lead Investor. Prominent investments include: Polkadot, Uniswap, Aleo and Syndicate.

🟠In the new infographic you can see the projects in which Variant invested.

❔Have you ever heard of this fund?

👍 - Yes
👎 - No

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09 Mar 2023 22:22

🧐 What’s going on with Huobi?

HT fell by 80% in a couple of minutes and then grew by 170%.

👉🏻 Keep the money on this exchange?

🤝 @Cryptocurrency_Inside

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09 Mar 2023 20:05

📆 Global crypto headlines of the day:

🛑Arthur Hayes has come up with the idea of a new stablecoin called NakaDollar (NUSD) backed by bitcoin.

🛑Alameda Research to sell its share in Sequoia Capital for $45 million to the Abu Dhabi government's fund.

🛑Crypto com exchange has ceased processing USD payments due to the Silvergate shutdown.

🛑Biden proposed to raise the tax on cryptocurrency trading revenues.

🛑Gate io is to launch a Visa cryptocurrency debit card in Europe.

🛑Safeheron developer claims that some multi-signature wallets have a vulnerability in the Starknet protocol.

🤝 @Cryptocurrency_Inside

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09 Mar 2023 15:01

❗️ Binance has closed the ability for Russians to buy and sell dollars and euros through its p2p service. The exchange explained the measure by the introduction of the tenth package of 🇪🇺 EU sanctions against 🇷🇺 Russia.

🤝 @Cryptocurrency_Inside

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09 Mar 2023 08:31

❗️Silvergate bank to be liquidated

Silvergate is the second-largest bank in the US that deals with cryptocurrency companies, ranking only after Signature. It acts as a crucial link between the crypto world and traditional fiat currencies.

🔍Recently, Silvergate has decided that the best course of action, given the regulatory changes in the industry, is to gradually wind down its operations and voluntarily liquidate. The closure plan guarantees full repayment of all deposits.

In early March, Silvergate had already announced that it would discontinue the Silvergate Exchange Network (SEN).

💭 Several crypto exchanges have already confirmed that they have not been affected by their association with Silvergate and that their clients' funds are safe.

🤝 @Cryptocurrency_Inside

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08 Mar 2023 20:31

📆 Global crypto headlines of the day:

🛑Liquid staking protocol Liquid Collective launched on Coinbase Prime and Bitcoin Suisse.

🛑Coinbase filmed a 12-minute documentary episode about Ukraine.

🛑Ark Invest bought $3.4 million worth of Coinbase shares and $9.9 million worth of Robinhood shares.

🛑Crypto exchange Bitget announced a partnership with Italian women's football team Juventus.

🛑The U.S. government start moving bitcoins seized by law enforcement agencies to Coinbase.

🤝 @Cryptocurrency_Inside

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08 Mar 2023 12:22

🙋🏻‍♂️ Tell me you are in El Salvador without actually saying you are in El Salvador.

💁🏼‍♀️ I can buy an ocean-view condo directly with Bitcoin, no need to cash it out first.

🤝 @Cryptocurrency_Inside

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07 Mar 2023 20:04

📆 Global crypto headlines of the day:

🛑Rollkit introduces "Sovereign Rollups" for bitcoin and their own dev environment.

🛑Chinese social media platform WeChat enabled digital yuan for its payment app.

🛑Lido Finance suspends the staking and withdrawal feature for MATIC tokens.

🛑FTX filed a lawsuit against Grayscale Investment and its parent company Digital Currency Group.

🛑U.S. lawmakers are planning to resubmit a draft law that would overhaul the taxation of cryptocurrencies.

🤝 @Cryptocurrency_Inside

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12 Mar 2023 22:37

📆 Global crypto headlines of the day:

🛑US Treasury Secretary Janet Yellen stated that federal aid to Silicon Valley Bank is not currently planned.

🛑The federal government is exploring options to protect all uninsured deposits in SVB.

🛑Liquidity Group is planning emergency loans of $3 billion to assist startups affected by the collapse of SVB.

🛑Justin Sun has proposed creating a "reliable bank capable of meeting the needs of the entire crypto industry."

🛑South Korea is launching a fund to accelerate domestic initiatives in developing metaverses.

🤝 @Cryptocurrency_Inside

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12 Mar 2023 14:57

⚡️Elon Musk about the current situation

🤝 @Cryptocurrency_Inside

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11 Mar 2023 22:41

❗️Circle (USDC) made an important announcement.

On Thursday, Circle requested funds from SVB bank, and the deposit insurance policy should process the payment on Monday.

👉🏻 If they are not able to retrieve the full amount, they will use other company assets ⚡️

🤝 @Cryptocurrency_Inside

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11 Mar 2023 15:48

👎 Is BitMEX profiting from the crypto community's misfortune?

The derivatives trading platform BitMEX has announced the launch of perpetual USDT/USDC swaps.

Now the exchange will earn from traders speculating on the depegging of stablecoins from the US dollar.

🔍 Bitcoin will be used to pay margins, and the maximum leverage will be 10x.

Maker fee: -0.01%
Taker fee: 0.075%

Some people may consider BitMEX's actions to be unethical, but at the end of the day, money talks.

🤝 @Cryptocurrency_Inside

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11 Mar 2023 08:36

USDC depegged after Circle confirms that they kept $3.3 billion dollars in insolvent SVB bank.

🤝 @Cryptocurrency_Inside

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10 Mar 2023 19:53

JUST IN: Circle $USDC holds an undisclosed amount of cash in Silicon Valley Bank $SIVB.

🤝 @Cryptocurrency_Inside

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10 Mar 2023 16:19

🚨🚨🚨 Are we witnessing a banking crisis?

• Silicon Valley Bank (SIVB) -60%
• First Republic Bank (FRC) -60%

And more….

Banks across the board have been selling off.

🤝 @Cryptocurrency_Inside

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10 Mar 2023 08:02

JUST IN: 🇺🇸 President Biden calls for a 30% tax on all electricity used to mine Bitcoin and cryptocurrency.

🤝 @Cryptocurrency_Inside

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09 Mar 2023 20:50

⚡️Is it time to buy altcoins?

Analytics platform Santiment notes, if you've been waiting for the moment to buy altcoins when "blood will be pouring in the streets," that time has come, based on their MVRV model numbers. But analysts warn that prices could fall even lower📊

💭Do you think it's time to buy alts or are the analysts wrong?

Yes - 👍
No - 👎

🤝 @Cryptocurrency_Inside

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09 Mar 2023 18:59

🗣 Biden intends to collect $24 billion in taxes from the crypto industry!
ㅤ
➡️The head of the U.S. proposed changes to the taxation laws of "crypto". In particular, it is proposed to increase the tax on capital gains to 39.6% on income of $1 million or more - a two-fold increase in tax.

Also, the law would prohibit the sale of unprofitable assets and their subsequent redemption to reduce the tax base. Such transactions are already prohibited with stocks and bonds in the United States.

➡️According to the president's calculations, the measures will bring in $24 billion in taxes and reduce the budget deficit by $3 trillion over 10 years. The law will be considered by the U.S. Congress and Senate.

I wonder if Biden knows that there is a tax fraud case against his son? 🤔

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09 Mar 2023 09:56

ℹ️ UPD: Mt. Gox repayment registration deadline has been pushed back once again to April 6th

Payouts, which were originally scheduled for September, have now been delayed until October 31st.

It seems like this never-ending game continues. Instead of admitting they won't pay out, they keep pushing back the deadline. Brilliant plan!

🤝 @Cryptocurrency_Inside

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08 Mar 2023 20:36

Theses from 2 speeches by Jerome Powell 🦅
⠀
Jerome Powell is the chairman of the Federal Reserve System.

➡️ Yesterday's speech:
• We're watching the crypto space;
• The effects of a rate hike have yet to be felt;
• The Fed is poised to accelerate rate hikes if the data comes in strong;
• The rate hike is likely to be higher than many expect;
• Further rate hikes are appropriate;
• Premature easing is undesirable at this point;
• It is appropriate to hold rates higher for a period of time;
• Core inflation is not falling as fast as we had hoped, there is more work to be done;
• We are still a long way from meeting the price stability mandate.

FedWatch: the futures market is now pricing in a 0.5% rate hike in March, (instead of the expected 0.25%) and swap markets are forecasting a peak rate of 5.61%.

➡️ Today's speech:
Key talking points from the speech:

• "I emphasize that a decision on the pace of rate hikes has not yet been made; it will all depend on incoming data";
• The final rate could be higher than expected;
• We should not expect the Fed to be able to protect the economy in the event of a default if Congress does not raise the national debt limit.
• The U.S. will run out of credit until about September 2023 unless action is taken.
• The dollar is currently the only serious option for the world's reserve currency.

❔Are you interested in reading about macroeconomic events?

👍 - Yes
👎 - No

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08 Mar 2023 17:38

Approximately 40k $BTC from wallets associated with US Government law enforcement seizures are on the move.

Of these, the majority appear to be internal transfers (so far), however approximately 9,861 $BTC seized from the Silk Road hacker have been sent to our Coinbase cluster.

🤝 @Cryptocurrency_Inside

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07 Mar 2023 21:23

Blur beat OpenSea? 🆚

The battle for trading supremacy between the NFT-platforms OpenSea and Blur is beginning to take on new proportions. By the numbers, Blur captured ~82% of all trades last week, despite OpenSea's best efforts and the introduction of zero commission.

➡️ Everything culminated on February 22, when Blur recorded a trading volume of $111.5 million. $111 MILLION! OpenSea, in turn, had a more disappointing result of $14.2 million.

In addition, the position of Blur on the market is gradually beginning to strengthen. Another round of token distribution contributes to this. On February 21, Blur said that in the second season it will give away more tokens to users, namely $300 million BLUR.

➡️ But there is a downside not everyone knows about. There is information that a large number of deals on Blur last year were fictitious. This "illegal" trading activity accounted for ~53% of all transactions, with about 500 wallets responsible. This may point to possible problems in the long term with Blur's "mission" to push OpenSea out of the market. Believe it or not, it's up to you to decide.

Interesting fact: Not many people know, but Blur has offered to block OpenSea to its users. Not long ago, the zero-commission marketplace updated its royalty policy. According to the rules, jpeg creators will receive full royalties for their collections if they block their collections on OpenSea.

➡️ ️You can talk a lot about the advantages/disadvantages of this or that site, but the statistics speak for themselves. At the moment platforms have approximately equal shares on the market. Even in spite of the rabid volumes of Blur.

🟠In our new infographic you can see the comparison of OpenSea and Blur metrics.

❔ What do you think: can BLUR beat OS in all metrics through 2023?

👍 - Yes
👎 - No

🤝 Cryptocurrency Inside | Telegram | Chat | Partner

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07 Mar 2023 18:12

⚡️ 29% left until the Bitcoin halving!

Therationalroot has once again provided a comparison of the price dynamics of the first cryptocurrency in different periods. This time, the graph displays the behavior of the price when the progress towards the next halving is at 71%.

According to this fractal, further growth of BTC looks quite logical. There is a high probability of an upward trend continuation, as it was in previous years.

Many fundamental factors indicate the continuation of the bullish trend. In principle, this corresponds to the trends on the chart.

🤝 @Cryptocurrency_Inside