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🔚Lido Finance will close DOT and KSM steaking
It has become known that decentralized finance (DeFi) staking service Lido Finance will close its betting program for Polkadot (DOT) and Kusama (KSM). This will happen on August 1, 2023, as previously announced. This was announced by the developers of Lido MixBytes in their own blog on March 29.
MixBytes representatives said that this decision was not easy, but "it had to be made." They stressed that there were several reasons for stopping the service at once. Specialists assured: the introduction and growth in popularity of the product did not meet the "expectations of the business case for maintaining investment.
"Challenging macroeconomic factors and the related lack of liquidity in Polkadot's decentralized finance ecosystem have undermined the value proposition of liquid-stacking," MixBytes wrote. They noted that they will continue to develop new products and collaborate with Polkadot.
Lido Finance is a liquid-stacking protocol. It allows users to use staking ether (stETH) in other blockchain networks to simultaneously receive rewards for bets and have additional income.
Thus, representatives of the Lido Finance development team confirmed that all deposits are no longer accepted on the Polkadot and Kusama networks as of today. In addition, the assets will be automatically unlocked on June 22 of this year. According to analyst trackers, a total of $4 million worth of DOT tokens have been placed in the Lido protocol. As for the canary network, for it the figure was a modest $75 thousand.
As of 14:00 Moscow time on March 29, 2023, Polkadot cryptocurrency quotations were fixed at $6.24. The value of DOT coin increased by 6.7% over the past 24 hours. The market capitalization of the virtual asset stood at $7.3 billion.
⏳American got 4 years in prison for $21 million ICO fraud
A court sentenced the CEO of Titanium Blockchain Infrastructure Services (TBIS), Michael Alan Stollery, to four years and three months in prison. This was reported by the U.S. Department of Justice.
In July 2022, the California resident pleaded guilty to participating in a fraudulent ICO scheme that raised $21 million.
Between 2017 and 2018, the founder of TBIS promoted the platform as a "cryptocurrency investment opportunity."
According to the DOJ, Stollery was a "key figure" in the conspiracy. He lured investors to buy the BAR token through "a series of false and misleading statements."
The U.S. Securities and Exchange Commission (SEC) took TBIS to court in May 2018. The regulator charged Stollery and his company with violating anti-fraud regulations and federal securities laws.
American also failed to register a coin offering as required by the SEC. In addition, he posted fake customer reviews on the site and assured a business relationship with the Federal Reserve.
During the hearing, Stollery admitted to falsifying aspects of the white paper, including the purpose and technology of the coins, the differences from other tokens, and the profitability prospects.
The TIBS founder faced up to 20 years in prison in the case.
As a reminder, in July 2021, the founders of the cryptocurrency project Dropil pleaded guilty to nearly $1.9 million in ICO fraud.
In December 2022, the SEC charged the Thor Technologies project and its principals with an unregistered $2.6 million securities offering.
🏦Fed Board again rejects Custodia Bank's membership application
Federal Reserve (Fed) functionaries said that in reviewing Custodia Bank's next application for membership in the system and protesting the Federal Reserve Board's decision, it was found that Custodia's application was "inconsistent" in terms of financial, governance and corporate authority.
In particular, the Fed board was not satisfied with Custodia's approach to risk management and reinforced the regulator's concerns about a business plan focused on a narrow sector of the economy. According to the Fed, Custodia's reliance on cryptocurrencies means that the bank "does not have a substantially diversified business." The board believes that Custodia's business model does not meet the goals of the Federal Reserve Act.
In its opinion, the Federal Reserve Board explains that Wyoming's Board-accredited financial institutions are banks that accept deposits and engage in other banking-related activities with full backup and state insurance coverage.
However, in the case of Custodia Bank, insurance coverage for deposits and activities related to servicing cryptocurrency transactions is not available. Thus, the absence of guaranteed insurance coverage for Custodia's operations could increase the risk of "massive capital flight" and "firm contagion" in the event of a crisis in the digital asset market.
Earlier, Federal Reserve Deputy Chairman Michael Barr proposed the creation of a specialized group to develop regulation of crypto-assets. Michael Barr acknowledged that cryptocurrencies can transform the financial system, but the benefits of innovation can only be realized if there are rules governing the industry.
🗣Liquid Mining will launch global sales on April 1st, 2023.
The presale and beta testing phases of Liquid Mining are coming to a successful end!
💲The multimining technology showed annual 400% ROI to users. Impressive, isn’t it?
Taking into account that public sale start and beta testing end will happen in a same span of time, users will receive their rewards for participating in the referral system during April.
💬 Liquid Mining has already made waves in the cryptocurrency community, with a large and passionate user base spanning more than 10 languages:
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🇯🇵 Liquid Mining JP
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❗️However, we must also mention that the GPU capacity is selling out fast, and there is a limited amount available.
The CEO of Liquid Mining is also providing users with essential educational videos on basics of cryptocurrency mining. This means that even the newbie in crypto can easily access the platform and start getting profits!
🔊So, if you're interested in joining the Liquid Mining community and start earning from cryptocurrency mining, now is the time to act.
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💵Startup with WhatsApp and Amazon capabilities raises $28 million
Developers at startup OP3N have raised $28 million to create an app that will be the Web version of "WhatsApp and Amazon, or WeChat and Alibaba" for the Web3 industry. The artificial intelligence-based platform successfully completed a Series A funding round and was valued at $100 million, according to TechCrunch.
"I wanted to bring content creators, chat rooms and e-commerce together in one place," said OP3N CEO Jason Ma. He assures OP3N's chat-based product, Superapp, aims to bridge the gap between Web2 and Web3 by incorporating blockchain and decentralized technology into interfaces. The app allows audio, video and mixed-media content to be added to interactions on the Web.
The funding round was led by Animoca Brands. Dragonfly Capital, SuperScrypt, Creative Artists Agency, Connect Ventures New Enterprise Associates, Republic Crypto, Avalanche's Blizzard Fund, Galaxy Digital and Warner Music Interactive also participated. GSR Markets, The Spartan Group, BRV Capital Management and NBA player Russell Westbrook also invested.
"These are all long-term investors and people who are here to stay and bring us strategic synergy," Ma said. "We're here to create a product that in two years will be the decentralized Facebook, YouTube, Spotify and WhatsApp."
The new capital will be used to further develop the app, Ma said. The product is currently in beta testing mode.
In 2021, OP3N successfully closed an initial $10 million funding round, with Goodwater Capital, Soma Capital, 500 Global, WhaleShark, Twitch co-founder Justin Kahn and The Sandbox co-founder Sébastien Borge.
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🚪Former Ethereum Foundation developer joins Polygon
Former Ethereum Foundation developer and Zcash Open Major Grants committee member Hudson Jameson published a post on Twitter where he revealed that he had joined Polygon after a year-long hiatus. Previously, the expert worked at Flashbots, which specialized in reducing the impact of maximum extractable value on account-based blockchains.
Jameson emphasized that the Polygon startup has impressive potential. Despite health problems, the specialist noted that he is ready to fully immerse himself in the work. There is also information that Hudson Jameson actively advised Polygon representatives and even had several personal meetings with the startup's co-founder Mihajlo Bjelic.
At Polygon, Jameson is expected to lead the management and organization team. The expert said he is ready to help the startup achieve all of its strategic goals. Over the years, the company has not deviated from its vision of virtual ether machine (EVM) compatibility.
Polygon itself is positioning itself as a Layer 2 solution that can significantly increase Ethereum network capacity.
Earlier edition of CryptoRu reported: the experts of Cointelegraph expressed the opinion that the collapse of several large banks in the United States allowed the flagship of the crypto market to add significantly in value in a short time. They also noted that unfavorable conditions at the global market and serious miscalculations in the risk control system were the main reason of bankruptcy of credit institutions. Analysts suggest that in the future two to three weeks, the crypto market flagship will continue to confidently strengthen its position.
💵Ark Invest spent an additional $9 million to buy shares of Block
Three exchange-traded funds managed by Ark Invest have bought more than $9 million worth of Jack Dorsey's Block Company securities, according to a report from the management company.
The investments were distributed as follows: 104,480 shares were purchased by Ark Innovation ETF, 17,162 by Ark Next Generation Internet ETF and 905 by Ark Fintech Innovation ETF.
Including recent transactions, the former Twitter CEO's total purchases of securities exceeded $30 million - $13.7 million on March 14 and $6.4 million the day before.
Recall that Ark Invest raised $16.3 million in two private crypto funds based in the U.S. and the Cayman Islands.
Earlier, the structures of the company added securities Coinbase and online broker Robinhood for $3.44 million and $ 9.97 million, respectively. Later, the funds added more shares of the U.S. cryptocurrency exchange to their portfolios for $20 million.
😀Bitcoin broke the $26,000 mark
Bitcoin is breaking through the $26,000 mark thanks to a daily gain of more than 17 percent. The last time this happened was in June of last year. Bitcoin is currently trending upward and has not only surpassed the psychologically important $25,000 mark, but also briefly surpassed $26,000.
The last time bitcoin broke the $25,000 mark was about three weeks ago. However, the bears quickly reasserted themselves and pushed the price down. According to Cheds, a Twitter trading channel, the price doesn't need to fall below $25,500 to confirm its bullish tendencies.
Bitcoin, the largest cryptocurrency by market capitalization, is up about 25% since last Friday. Given the collapse of SVB and Signature Bank, which were considered cryptocurrency friendly, this rally was quite unexpected.
🏦Regulators rush to sell Silicon Valley Bank (SVB) assets
Regulators are rushing to sell the assets of bankrupt Silicon Valley Bank (SVB) this weekend and hope to make 30% to 50% of uninsured deposits available for withdrawal Monday, Bloomberg reports.
Regulators closed SVB on Friday because of massive withdrawals from banks and the Federal Deposit Insurance Corp. acted as liquidator of the bank. The bank is popular with tech companies and startups.
More cash may become available if the FDIC can sell assets by Sunday evening before banking activity resumes Monday morning. As of Dec. 31, 2022, Silicon Valley Bank had about $209 billion in total assets and $175.4 billion in total deposits. Deposits of up to $250,000 are insured by the FDIC.
Silicon Valley Bank is the largest U.S. bank to collapse in the past decade. Last weekend's collapse sent shockwaves through the technology industry. The USDC Circle issuer has $3.3 billion in cash reserves for the stable coin stuck at Silicon Valley Bank.
💲Marathon Digital closed its credits at Silvergate
On March 8, the company completed an early loan repayment, reducing its debt by $50 million, the statement said. The repaid debt also increased the company's bitcoin holdings by 3,132, as the cryptocurrency was held as collateral. The collateral has now been repaid.
"We are actively building a more robust balance sheet with more fiat and unlimited BTC. Given the current environment, we have decided that early repayment of the loan and a waiver of the line of credit is in the best interest of the firm," said Marathon Digital CFO Hugh Gallagher.
As a reminder, Silvergate previously announced the start of its liquidation process. The plan includes a full repayment of all deposits, after which the bank will be shut down. After Silvergate reported uncertainty about the viability of its business, many cryptocurrency exchanges and companies, such as Coinbase, Paxos, Circle and Gemini, began refusing to work with the bank.
In February, Marathon Digital reported the sale of 1,500 BTC. This is the first BTC sale in two years. Marathon Digital CEO Fred Thiel said the decision to sell bitcoins was not related to any company issues, but was made to grow the business and support business operations.
⚖️Missouri lawmakers are going to pass a law to protect mining
Under the provisions of the Missouri Digital Asset Mining Protection Bill, state and political subdivisions must be prohibited from preventing digital asset mining nodes from launching at home. The bill limits the prohibitions the state will be able to impose on mining companies.
According to the bill's proponents, legal support for mining in Missouri would protect cryptocurrency mining businesses by ensuring that the state only imposes requirements on regulated data centers, without allowing state regulators to unilaterally change mining zoning requirements, without "adequate notice to all interested parties."
Since the beginning of the year, lawmakers in three U.S. states at once, Missouri, Mississippi and Montana, have approved bills in one form or another that support the cryptocurrency industry and legalize crypto mining in the home, while allowing mining companies to operate in zones approved for industrial use.
📜EOS developers report on network development
EOS cryptocurrency developers have planned new network development initiatives ahead of the April launch of EVM (Ethereum Virtual Machine). Earlier, the EOS Foundation announced the launch of a new ecosystem fund that will provide cash and technological support for applications based on the sought-after blockchain.
EOS Foundation CEO Yves La Rose assured that through the efforts of the updated consensus engine, the Ethereum Virtual Machine (EVM) solution and the overall updated growth strategy, the company expects to take one of the leading roles in the digital currency market. He reminded that the release of the core EVM network is scheduled for April 14, 2023, with numerous updates taking place in the coming weeks and months.
"Combining the performance of EOS with Ethereum, Solidity developers will have fun," Rose wrote on Twitter. "At more than 800 swaps per second, EOS EVM will be the fastest product on the market, overtaking key competitors."
In addition, Foundation officials assured that "many of the developers who left EOS did so not because they wanted to, but because Ethereum is in the spotlight." They stressed that the grant program will fund developers working on new applications. They will be able to get from $10k to develop their own product. The grants will also be able to fund maintenance and upgrades to existing tools.
Representatives of the firm said that network improvements, the grant program and compatibility with other blockchains can increase the price of the EOS cryptocurrency. In addition, the total blockchain value (TVL) of network-based decentralized finance (DeFi) applications is expected to grow. As of March 6, 2023, it was $125 million.
According to analyst trackers, the value of EOS has locked in at $1.21. The market capitalization of the asset was $1.31 billion. Trading volumes in the past 24 hours exceeded $198 million.
🇮🇳Details of CBDC testing in India
Representatives of the Reserve Bank of India (RBI) said they are evaluating the potential of the central bank's digital currency (CBDC) for cross-border transactions and linking with legacy systems in other countries. The recently launched e-rupi has been tested for offline functionality. RBI chief executive Ajay Kumar Choudhary said.
Talking to CNBC-TV18, the specialist stressed, "We are looking forward to private sector and financial technology participation in CBDC. We will see their contribution, especially in offline and cross-border transactions of the central bank's digital currency." He also added that CBDC will soon become a medium of exchange and it will need all the functions of physical currency as well as anonymity.
India's motivation for launching CBDC was to improve financial inclusion in the region and become a leader in the digital economy. Choudhary also said that CBDC's digital currency would be a replacement for all cryptocurrencies.
Earlier, on Feb. 21, 2023, India's national payment network expanded its services to Singapore. The integration of the UPI-PayNow service allowed citizens of these countries to quickly send money abroad.
Ajay Kumar Choudhary recalled that 4 major Indian banks - State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank - will facilitate outbound money transfers. Axis Bank and DBS Bank India will facilitate incoming remittances, while Singapore's DBS Bank and Liquid Group will offer services to users in the region.
RBI is India's central bank and regulator. Earlier, on Nov. 1, 2022, it launched a wholesale digital rupee pilot and connected 50,000 users as well as 5,000 merchants for real-world testing. As of the end of last month,about 800,000 transactions worth $134 million had been made through wholesale CBDCs.
📽️Near introduced an operating system for blockchain
Near introduced an OS for blockchain developers. It is used to create decentralized interfaces.
The Near team unveiled bOS. This is an operating system for blockchain developers. A developer from any blockchain can use it.
In a blog post, the Near team explains: Blockchain OS (bOS) will be the entry point to the free Internet for developers and users. It will make navigating Web2 and Web3 easier. Developers will be able to identify and view open web interfaces on all networks.
The team is launching alpha.near.оrg - it will allow users to navigate Web3 seamlessly. Developers will begin creating interfaces in a single environment. They will be compatible with the selected blockchain. With the addition of compliant interfaces to the technology stack, Near will become the Blockchain Operating System.
🇪🇺Damien Karem: Amendments to EU law on money laundering do not imply a ban on cryptocurrencies
Damien Carême, a member of the European Parliament and one of the initiators of the bill, told reporters that the proposed amendments are not intended to completely block cryptocurrency transactions. Limits on the amount of a single transaction of 1,000 euros (about $1080) are introduced for anonymous payments.
"We absolutely do not prevent cryptocurrency transactions, but we limit their volume for cases where user identification is not possible," said Damien Karem.
Karem explained to reporters that the provisions of the updated EU law on money laundering will affect the entire spectrum of cryptocurrency transactions, including payments for goods and services in metacities. According to the MEP, it is crucial to prevent "the flow of dirty money, prohibited by banking laws, into other areas of the crypto-economy.
Earlier, the Council of the European Union agreed on an amendment to the data law, according to which smart contracts should provide for the possibility of compulsory termination. By doing so, lawmakers intend to enable data and event management similar to the control of Internet of Things (IoT) consumer electronics software.
🥇XRP tops on two South Korean exchanges, Upbit and Bithumb
According to CoinMarketCap, XRP has taken the lead in trading volume on South Korea's two largest exchanges, Upbit and Bithumb. In the last 24 hours, XRP's combined trading volume on the two platforms reached nearly $348 million.
That figure was achieved when paired with the South Korean Won. As a result, the volume of XRP traded on Upbit exceeded the volume traded on the Binance cryptocurrency exchange by nearly 100 million tokens.
This fact did not go unnoticed by members of the XRP community, especially amid a reddened crypto market, the token's price rose 9%.
Clearly, the rise in XRP's price and trading volume was the result of increased interest from Korean investors. However, the reasons for this behavior are difficult to explain.
South Koreans may have seen an opportunity to cash in on XRP after the token's price corrected after a 26 percent rise on Tuesday.
📈MASK cryptocurrency rate jumped 15% in 24 hours
As of 12:00 Moscow time on March 24, 2023, cryptocurrency market capitalization rose 2% in the past 24 hours. All leading digital coins and tokens increased in value over the past 24 hours, with a few exceptions. The leader of the day was the Mask Network (MASK), which quotations jumped 15%. The virtual token was trading at $6.15, climbing to 89th place in the top ranking. In total, MASK rose by 43% over the week.
The cryptocurrency's total capitalization reached $467.79 million. Market participants completed transactions with the digital token worth $374.08 million during the last 24 hours. This indicator increased by 76.5% during the reporting period.
In addition, quotations of several other well-known cryptocurrencies also grew quite well. For example, Dash (DASH) gained 6.87% over the last day. It was available for purchase on exchanges at an average price of $61.69. The total supply of coins was fixed at the value of $689.75 million. Trading volumes amounted to $186.89 million for the past day.
The well-known Chinese blockchain project Neo (NEO) also pleased its investors. The native cryptocurrency became more expensive by 6.6% in the reporting time period. The crypto-asset was available for purchase at $13.01. Market capitalization was $917.86 million, and daily trading volumes were $112.2 million.
Traders and investors were pretty calm after the speech from the U.S. Federal Reserve. Jerome Powell's speech gave them a certain amount of optimism, while the quotations of the leading cryptocurrencies neither jumped nor fell after his words.
Analysts noted that the growth of bitcoin (BTC) by 40% over the past 2 weeks has already won back all sorts of positive sentiments of market participants. Many industry researchers were waiting for the correction of the rate.
🏆Justin Sun talks about a record milestone for USDT on the Tron network
Justin Sun, a well-known entrepreneur and founder of blockchain Tron, spoke about an important milestone in the history of the Tether (USDT) stabelcoin. He noted that there is a new record for USDT based on the TRC-20 standard. According to his assurances, the circulating supply of the stable coin based on the sought-after network reached $43.1 billion.
According to the Asian businessman, USDT TRC-20 took the first place among all Stablecoins in terms of issuance in one network. According to the entrepreneur, the stable blockchain-based Tron coin served as the most important gateway for people. He emphasized: it opened access for users to new technology and the decentralized finance sector. Sun noted that Stablecoin was necessary for it to continue to change and improve everyday life around the world.
There has been a lot of talk recently about this cryptocurrency asset class. Excitement stirred in the market a few weeks ago. It came after the collapse of several traditional banks in the U.S. Silicon Valley Bank (SVB) was holding some of the collateral for another USD Coin Stablecoin (USDC). Because of this, it temporarily lost its peg to the value of the U.S. dollar (USD), which caused panic among investors and traders.
However, as of March 22, 2023, the situation has calmed down. Leading stable coins were available on the market at a value of $1. The market capitalization of USDT was $77.56 billion, and trading volumes with the stable coin were equal to $46.88 billion in the past 24 hours.
As for USDC, this token traded at $0.998 The total supply of coins in circulation amounted to $35.2 billion. Market participants executed $4.81 billion worth of transactions with stablcoin during the reporting period.
In the last few years, steiblocoins have gained a lot of popularity around the world. Many experts have said that this digital asset class will become very important for the future development of the global economy and financial sector
💢DefiLlama faces a scandal over the launch of a native token
There is a split at DefiLlama, as the project team argues about launching
Blockchain data analytics platform DefiLlama is facing problems within the project after employees rejected a plan to launch a native token.
The platform hinted at plans to launch a token giveaway after its trading volume reached $5 billion a few days earlier.
Some DefiLlama employees disagreed with the plan to launch the platform's native token, calling it "fraudulent." This led to a split within the organization. According to a project employee under the pseudonym 0xngmi, the founders of the platform want to launch the token without proper support. In addition, he said that the unnamed person promoting the token controlled the website and Twitter account.
"Someone planned to launch the LLAMA token without the approval of a single person on the DeFiLlama team," said user nicknamed Tendeeno, a project member of parent company DefiLlama Llama Corp.
However, Llama Corp denied there were problems within the team and described 0xngmi's actions as independent. According to The Block, the parent company is now going to "resolve the situation privately." In addition, there was confusion on Discord DefiLlama as a result of publishing a link to 0xngmi's statement, and community members suspected hacking of the platform.
"0xngmi and several team members have become rogue and are actively seeking to take over the DefiLlama IP and community, falsely claiming that the legitimate owner of the project is conducting a hostile takeover," a recent post on the DefiLlama Round Up Telegram account reads.
😶Gemini co-founder comments on $300 billion Fed bailout of banks
Gemini co-founder Cameron Winklevoss commented on the Fed's $300 billion loan to banks, saying the regulator gave everyone another $300 billion to buy bitcoins.
About $143 billion, or nearly half of the amount disbursed, was allocated to holding companies for two major banks, Silicon Valley Bank and Signature Bank, which went bankrupt last week.
The Fed preferred not to disclose the names of the other recipients, as well as their numbers. One way or another, the amount of funds allocated is huge.
After this news, or simultaneously with it, the cryptocurrency market began to rise, and on March 17, the price of bitcoin, the main heavyweight, broke through the level of $27,000.
This does not mean that organizations started pouring money into bitcoin en masse (in this case, its price would have risen several times), but investors who were denied compensation may well have invested in the cryptocurrency.
In addition, people may have been disturbed by regulators' statements that all Proof-of-Stake altcoins are securities, forcing them to convert crypto-assets into BTC. At any rate, this explains the noticeable growth of its market share.
🪙Crypto exchange Huobi announced the listing of a new token Arbitrum
Crypto exchange Huobi announced the listing of ARB token Arbitrum protocol. The platform will add the cryptocurrency on March 23, after an airdrop by the project's developers, Offchain Labs.
Arbitrum is one of the leading layer 2 (L2) protocols on the Ethereum blockchain. It offers two networks: Arbitrum One and Arbitrum Nova. The first one is usually used by those who need a special level of reliability in DeFi-protocols and are ready to lose the speed and cost of transaction processing for the sake of it. Arbitrum Nova is more suitable for gaming and social applications, as it has a high transaction speed with minimal fees.
On March 23 the creators of Arbitrum will distribute ARB tokens to community members who have been using the network within the last year. New token holders will be able to vote on changes to Arbitrum One and Arbitrum Nova.
A total of 10 billion ARB tokens will be issued. 11.62% will go to protocol users, 1.13% to DAOs in the Arbitrum ecosystem. 42.78% will go to the treasury, with the remaining 44.47% going to investors and Offchain Labs employees.
A points system was used to determine the number of tokens that participants in the eirdrop can claim. They are awarded for a user's activity in the ecosystem, taking into account the number of transactions or the amount of funds on transactions. A snapshot of the network was taken on February 6.
Amid reports of the ARB token giveaway and its listing on Huobi, the price of a similarly named ARB Protocol token with the ticker ARB, but unrelated to the Arbitrum protocol, soared 760% overnight, according to CoinMarketCap.
Arbitrum's real ARB token has not yet gone on sale. Arbitrum DAO emphasize in the drop description that the only official site where ARB tokens will be distributed is their official website and there will be no pre-sale.
🚀Several cryptocurrencies became more expensive by a third overnight
As the cryptocurrency market grew after the U.S. economy stabilized, several digital tokens, from a list of the top one hundred in terms of total coin supply, rose in value by a third or more. The market capitalization of the entire industry was $1.15 trillion, as of 11:00 a.m. Moscow time on March 15, 2023. That figure was up 2.38% in 24 hours.
The leader of the day was SingularityNET (AGIX), a cryptocurrency that made headlines earlier this year. Its quotations soared 43.6% at once. It was traded at $0.552, while the total supply was fixed at $668.66 million. Thus, traders concluded deals with the digital token for a total amount of $700.6 million.
The second line in the rating of cryptocurrencies by daily yield remained for Stacks (STX). This token became more expensive by 34.19%. The value reached $1.08, and the capitalization froze at the cutoff of $1.47 billion. Market participants secured $735.74 million in transactions with STX over the past 24 hours.
Finally, Conflux (CFX) continued to rise in value. Its rate reached $0.3 and capitalization reached $905.08 mln. This figure jumped 32.7% during the reporting period. Traders made transactions in CFX totaling $1.45bn over the past 24 hours. It should be noted that the quotation of the digital token has soared by 533% in the past 30 days.
Experts stressed that these digital tokens have been extremely volatile in recent months, which is why their value has changed so dramatically. For example, AGIX rose in value by more than 10 times at the beginning of this year on a haip related to the popularity of artificial intelligence (AI) technology. Stacks became interesting to investors because of the launch of the Ordinals protocol for Bitcoin, and Conflux because of news about the development of a blockchain-based SIM card in China.
🛍️Kiyosaki again urged to buy bitcoins
Robert Kiyosaki, the author of the business bestseller "Rich Dad, Poor Dad," once again urged investors and traders to study the risks of a "sick economy" and "hedge". He noted that people should actively invest in gold, silver and bitcoins (BTC).
Kiyosaki's reaction was prompted by the news that the Federal Reserve (Fed) would provide additional funding to help regional U.S. banks meet the needs of depositors. According to the writer, more counterfeit money, i.e., U.S. dollars (USD), will flood the economy. In his opinion, this is very bad, as it is already in a pre-crisis, if not recessionary state.
Previously, Kiyosaki has repeatedly explained that real assets with a definitive supply, such as gold, silver and bitcoin, are the best assets to invest in at this time. The entrepreneur said that the dollar bubble would burst in the next few years and predicted the collapse of the global economy. The businessman assured: the same hard times ahead as were experienced during the "Great Depression of 1929.
Meanwhile, over the past 24 hours, the cryptocurrency market has regained its positions. As of 12:45 Moscow time on March 13, 2023, the total capitalization of the industry jumped 7% to $1.05 trillion. Bitcoin (BTC) quotations rose 7.5% to $22,096.
Earlier, two major regional banks in the U.S. Silicon Valley Bank and Silvergate were on the verge of bankruptcy because of the inability to meet the demands of its depositors. Signature Bank (SBNY) and First Republic Bank suffered later. All of these institutions were cryptocurrency friendly. This caused a wave of sales in the cryptocurrency market, amid fears of liquidity problems due to the collapse of financial institutions.
🤔Is there any impact on Ripple from collapsed SVB
Ripple Chief Technology Officer David Schwartz said the company will release an official statement in response to inquiries about whether it had anything to do with the collapsed Silicon Valley Bank.
Ripple's CEO tweeted today that he would not be able to speak on the matter until after the firm releases an official statement.
"We're going to issue a statement," Schwartz wrote. "I can't say anything until we make it official."
As Schwartz pointed out in an earlier tweet, less than a month ago Forbes ranked the bank as the 20th best bank in the United States. It served as a major lender to the technology industry.
According to the Federal Deposit Insurance Corporation (FDIC), SVB had about $209 billion in assets at the end of last year. Earlier this week, however, it ran into problems that forced regulators to step in.
For context, it's worth mentioning that Ripple is a technology company also registered in Silicon Valley. Consequently, it is not surprising that investors might be concerned about the potential risk as companies in that region have favored SVB.
Circle, stable USD Coin (USDC) issuers today confirmed $3.3 billion in exposure to the collapsed bank. The ensuing panic has led to Stablecoin canceling its peg as USDC holders dump their holdings en masse for fear of potential insolvency. Circle said it is now seeking guidance from regulators on how to proceed.
The FDIC said insured depositors will have access to their assets by Monday, while uninsured depositors will be paid an advance dividend.
As reported today, Twitter CEO Elon Musk said he was interested in acquiring the bank so that Twitter could offer digital banking services. Notably, this would be in line with his vision of turning the microblogging platform into a behemoth in the financial sector.
🧪Experts named the top 5 trends in the world of cryptocurrencies in 2023
Asia's largest cryptocurrency company VC HashKey Capital studied the potential of the cryptocurrency market and released a report on the sector. The company's researchers talked about 5 key trends, which, in their opinion, will be the most popular in 2023.
They told: among the technological innovations, the key attention will be paid to the next chain of updates in the Ethereum network. According to the experts, Shanghai and Cancun will be very discussed and popular. The success of their integration will play an important role in how the cryptocurrency sector will develop.
In addition, according to analysts, a lot of attention of industry participants will be focused on steaming products. Interest will be attracted by the development of this technology, as well as new products and platforms. In addition, modular blockchains and Layer 30 solutions are gaining popularity.
The fourth point in HashKey Capital's VC is non-scalable applications related to ZK (zero-disclosure proof) technology. Finally, the last aspect is the iteration of AA technology (smoothing) and MPC (confidential computing protocols).
Earlier edition of CryptоRu told that the expert of CoinDesk Sam Kessler, told the public about the key trends in the cryptocurrency sector this year. The expert assured that the community is very interested in zero-disclosure (ZK) proof mechanisms, the topic of rates and deriving benefits from maximum extractable value (MEV).
The analyst added that ZK crypto solutions will be the most popular and developers will receive huge sums as investments, as this technology is in great demand. It allows for the greatest level of decentralization, which is a hot topic for community members this year.
😀ETH founder Vitalik Buterin launches memcoin sale
Ethereum co-founder Vitalik Buterin has caused concern in the cryptocurrency community with a memcoin sale. Analyst portal Lookonchain and cybersecurity company PeckShield report numerous transactions. The Ethereum co-founder sold 50 billion "MOPS" for 1.25 ETH (about $2,000), 10 billion "CULT" for 58 ETH (about $91,000) and 500 trillion "SHIK" for 380 ETH (about $600,000).
PeckShield Alert also reports via Twitter that since Buterin sold the coins, CULT (Cult DAO) has fallen 13.7%, and SHIK (Shikoku) has suffered even more, losing 95.8%. SHIK, affiliated with Vitalik Buterin, received about 164 ETH (about $260,000) and transferred 214 ETH (about $337,000) to EthDev. Buterin did not sell all of his CULT tokens. He still owns 10 billion CULT.
The cryptocurrency community on Twitter is greatly disappointed by Vitalik Buterin's actions. Since altcoins are mostly illiquid cryptocurrencies - the dump has a huge impact on low-value projects and the investors who own them. Many are unhappy that projects are sending free tokens to Buterin. Buterin's motives for selling altcoins are still unknown.
🥇Whale Alert: Tron network sets record for processed transactions
Cryptocurrency transaction analysts Whale Alert on March 5 recorded a new record of total processed transactions, set by the Tron network. The specialists reported about it in social networks:
"Tron has reached a new milestone: 5,000,000,000 transactions completed!".
The cryptocurrency Tron (TRX) is a decentralized platform created by entrepreneur and developer Justin Sun in 2017, which allows the organization of decentralized applications (dApps). The cryptocurrency is now in the top 15 in terms of capitalization, strongly inferior to the competing solution, Etherium (about $6 billion versus approximately $192 billion in terms of asset value).
TRX is currently trading at $0.06743, according to the cryptocurrency exchange Binance. Earlier, TRX and a number of other cryptocurrencies began to decline in price amid the situation with Silvergate.
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