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• The Federal Reserve and five other central banks have announced they will introduce daily swap lines in order to provide additional liquidity.
• This move is intended to help distressed banks get access to dollars on a daily basis, increasing liquidity in the short-to-medium term.
• Bitcoin has been feeding off this increased liquidity, with its price hitting $28,000.

The Fed Has Capitulated – Daily Swap Lines Introduced

The Federal Reserve and five other central banks have announced that they will be introducing daily swap lines as part of an effort to provide additional liquidity. These other central banks include the Bank of England, the Bank of Canada, the European Central Bank, the Swiss National Bank and the Bank of Japan.

Benefits for Distressed Banks

The primary goal of these swap lines is to enable distressed banks to get access to dollars on a daily basis which can increase liquidity in the short-to-medium term. This could result in billions if not trillions being injected into the market over time.

Bitcoin Feeding Off Increased Liquidity

As a result of this increased liquidity, Bitcoin has been able to feed off it as evidenced by its price hitting $28,000 recently. It remains to be seen how much further prices can go with this additional liquidity providing support for Bitcoin’s long-term growth prospects.

Analysis From CryptoSlate Research Analyst

CryptoSlate research analyst James Van Straten commented on the news saying that he sees Bitcoin as „the greatest invention of the 21st century“. He believes that this move by central banks could open up more opportunities for Bitcoin and other cryptocurrencies in terms of adoption and usage going forward.

Disclaimer

CryptoSlate does not endorse any project mentioned or linked to in this article nor does it take responsibility should you lose money trading cryptocurrencies.

• Silvergate Bank announced it would begin winding down operations and undergoing voluntary liquidation due to „recent industry and regulatory developments“.
• Crypto market sentiment worsened after the announcement, with Bitcoin dropping to its January low of $19,680 and total crypto market cap dipping below $1 trillion.
• The decision has triggered a domino effect which will affect not only cryptocurrency companies in the U.S. but the entire banking sector in the country.

Introduction

Silvergate bank announced it would begin winding down operations and undergo voluntary liquidation due to „recent industry and regulatory developments“. The announcement sent shockwaves through the crypto market, as the U.S. bank served as the backbone for the crypto market, providing financial services to most large crypto companies and exchanges in the country. This news has caused a domino effect that will affect not only cryptocurrency companies in the U.S., but also have implications for the entire banking sector in the country.

How Silvergate Got Big

Silvergate got big when it became one of few banks willing to provide financial services to major players in the cryptocurrency space. In addition, their real-time settlement service – SEN (Silvergate Exchange Network) – made them attractive for many businesses looking for a reliable on-ramp into digital assets trading or custody solutions. This helped make Silvergate become one of few major banks catering to cryptocurrency businesses, a status which it enjoyed until recently when they had to halt SEN’s operations due to inquiries from US Department of Justice (DOJ).

Silvergate’s Quick And Painful Death

Since then, Silvergate’s stock price depreciated by more than 94%, with most significant 24-hour loss recorded between March 1st and 2nd when SI dropped 57%. The news caused an immediate downturn in sentiment within crypto markets – Bitcoin dropped back to its January low of around $19k while total crypto market cap dipped below $1 trillion mark at press time (March 10th). As investor sentiment is worsening daily with declining trading volumes and growing exchange withdrawals this brings us closer towards fear according to Crypto Fear & Greed Index (Alternative Me).

The Domino Effect

The sudden collapse of Silvergate has sparked worries about other banks that serve similar activities within crypto space such as Anchorage Digital Bank or Avanti Financial Group who might follow suit if faced with similar pressures from governments or other regulatory bodies. This could spell danger for whole banking industry if these entities are forced out of business due to lack of support from authorities or if existing regulations prove too restrictive for them as well as their customers who depend on them for reliable access into digital assets world .

Regulatory Blowback

It is clear that regulators are tightening grip over any actors involved with cryptocurrencies including traditional banking giants like JP Morgan Chase who recently shut down accounts belonging individuals dealing with cryptocurrencies citing “business reasons” without elaborating further on what those reasons were exactly . Such move does not bode well for anyone relying on big banks for providing them access into digital assets world especially since majority of available options so far come from smaller actors such as mentioned before Anchorage Digital Bank or Avanti Financial Group .

Conclusion

All things considered we can conclude that while demise of Silvergate was unfortunate event , it did bring attention onto risks associated with providing financial services related to cryptocurrencies by traditional banking giants . It remains unclear how this will play out but what we do know is that current situation looks grim both for those directly involved with cryptocurrencies but also traditional banks who might find themselves facing same fate if they decide disregard warnings signs given by recent events during past month .

• NFT trading volume increased to $2 billion in February, reaching its pre-LUNA crash levels.
• Ethereum (ETH) was the top blockchain by NFT trading volume with $1.8 billion.
• Blur triumphed over OpenSea in terms of trading volume, accounting for 64.8% of the whole NFT market’s trading volume.

NFT Trading Volume Reaches Pre-LUNA Crash Levels

February saw a significant increase in non-fungible token (NFT) market trading volume, as it rose to $2 billion—the highest level since May 2022 and a 117% rise from January’s $956 million.

Top Blockchains by NFT Trading Volume

Ethereum (ETH) remained the top chain for NFTs, recording $1.8 billion in trading volume—a 174% increase from January’s $659 million and representing 83.36% of the entire NFT market. Solana (SOL) and Polygon (MATIC) followed ETH as second and third chains respectively, with SOL recording a 12% decrease from January’s $86 million to February’s $75 million and MATIC registering a 147% increase from January’s $16 million to February’s $39 million.

Blur vs OpenSea

In terms of trading volumes, Blur came out on top with over $1.3 billion facilitated throughout the month—representing 64.8% of the whole NFT market—while OpenSea came second at 28.7%, with only $587 million recorded in February. X2Y2 and LooksRare followed OpenSea as third and fourth respectively, with both chains recording 1.9% ($39 million) and 1.4% ($29 million).

User Base

Despite having lower overall trading volumes, OpenSea holds the greatest number of users at 316,199 compared to Blur’s 96 856 users looking to acquire digital assets or content within their respective ecosystems; however, this could change soon as Blur has been actively working on increasing their user base via promotional activities such as giveaways or discounts on collectibles or digital artworks offered through their platform.

Conclusion

The rise in non-fungible token (NFT) market trading volumes is indicative of an increasingly popular form of digital asset ownership that continues to attract more people into participating within its decentralized economy; however further research needs to be conducted into understanding what factors contribute towards driving these numbers up or down over time so that investors can make better informed decisions when purchasing virtual items or content for their own portfolios

• The former SEC chief, Lisa Braganca, has warned investors against using emojis for investment advice following a court ruling that classified DapperLabs’ use of emojis as investment advice.
• The lawsuit was filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering its NBA Top Shot Moments.
• Judge Victor Marrero ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice.

Former SEC Chief Warns Against Using Emojis for Investment Advice

The U.S. Securities and Exchange Commission (SEC) branch chief Lisa Braganca has recently issued a warning against the public from using certain emojis in promotional materials following a court ruling that classified DapperLabs‘ use of emojis as investment advice. This recent warning came after a lawsuit was filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering its NBA Top Shot Moments.

Court Ruling on Use of Emojis

Judge Victor Marrero ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice in the case between the plaintiffs and Dapper Labs. This ruling was based off of a tweet in which the company used these specific emojis to show market performance. The filing stated „… although the literal word “profit” is not included in any of the Tweets, the “rocket ship” emoji, “stock chart” emoji, and “money bags” emoji objectively mean one thing: a financial return on investment.“

NBA Top Shot Moments

NBA Top Shot Moments are non-fungible tokens (NFTs) that capture key highlights and video clips from NBA games. The plaintiffs accused Dapper Labs of promoting these moments as an investments opportunity through their marketing material with carefully selected emojis.

Dapper Lab’s Response

Dapper labs has argued that they used the emojis in their tweets to provide accuracy to market data rather than promote sales however several members of the crypto community have argued that Emoji’s could mean different things to different folks therefore having rules about it’s usage would impede freedom of speech

Conclusion

In conclusion, it is important for investors to take caution when viewing promotional materials related to investments opportunities especially when it contains potentially misleading symbols or icons like emoji’s . It is also important for companies who are marketing potential investments opportunities to be aware of legal restrictions so they don’t end up running into trouble with government agencies like what happened with Dapper Labs

Summary

• Glassnode data reveals that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022.
• As of Jan. 2022, Bitcoin miners held 36,003 BTC with mining firms like Core Scientific, Riot, Hut8, Marathon and Bitfarms holding over 30,000 coins.
• Mining BTC is currently cheaper as profitability is returning to the mining industry due to BTC’s price rise and hash rate hitting a new all-time high.

Public Bitcoin Miners in Better Financial Health Despite 12.1% YoY Drop in BTC Holdings

Glassnode data analyzed by CryptoSlate shows that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022.

Miners‘ Holdings Drop 12.1% YoY

As of Jan. 2022, Bitcoin miners held 36,003 BTC with mining firms like Core Scientific, Riot, Hut8, Marathon and Bitfarms holding over 30,000 coins. However, these figures have changed since then as Hut 8, Marathon and Riot are now dominant miners with 87% — 27 760 BTC — of the miner’s holdings according to CryptoSlate’s research.

(Note: Bitfarms & Core Scientific dropped off due to bankruptcy & debt obligations)

Bitcoin Distribution from Miners Lower This Year

CryptoSlate analysis showed that there has been less bitcoin distribution from miners this year compared to the previous year. However several miners’ stocks have increased significantly on the YTD metric; such as Hut8 (over 100%), Riot (over 100%), Iris (over 100%) & Marathon (over 100%).

Miners Selling Their Bitcoins at “Extremely Low Levels”

According to Glassnode’s data analyzed by CryptoSlate; miners appear to be in a healthier position this year compared to last year. Miners are selling their bitcoins at extremely low levels compared to previous years due an increase in bitcoin prices and hash rate which hit a new all time high of 300 TH/s.
< h3 >Mining Bitcoin Cheaper Now Than Ever < p >The Difficulty Regression Model used for measuring cost of mining bitcoin suggests it is cheaper now than ever before as profitability returns back into the mining industry thanks for for an increase in bitcoin prices.

• SEC Chair Gary Gensler discussed staking rules and their importance for protecting investor funds during a recent video.
• Gensler said that investors should be wary of centralized services as they may not be truly staking deposited assets or providing fair returns.
• SEC Commissioner Hester Peirce expressed concerns that the SEC’s regulations could amount to a de facto ban on staking services.

SEC Chair Discusses Staking Rules

Gary Gensler, chair of the U.S. Securities and Exchange Commission, discussed new restrictions on staking in a video on Feb. 9th. He emphasized the need to protect investor funds by ensuring that companies comply with securities laws via disclosures regarding their staking programs, products, and services. These include earn, reward, and APY programs offered by exchanges and other companies.

Protecting Investor Funds

Gensler warned investors about being cautious when depositing funds on centralized exchanges due to the risk of restricted access to one’s funds. He stated that similar concerns should also extend to staking services as some may lend out deposited assets or co-mingle them with other businesses while failing to provide fair returns or diluting an investor’s existing holdings value.

Lack of Proper Disclosure

The regulatory leader noted that there is currently no way for investors to find answers to these questions due to a lack of proper disclosure from crypto companies and services offering staking products and programs. This is why the SEC wants companies to comply with securities laws in order to benefit investors and ensure their protection.

Possible De Facto Ban?

SEC Commissioner Hester Peirce raised concerns about a possible de facto ban on staking services due to unclear regulations imposed by the SEC after Kraken announced it was shutting down its U.S.-based service as part of an SEC settlement agreement. She questioned whether such applications would even make it through the registration process at all given these conditions.

Conclusion

While Gensler suggested that crypto companies can still comply with regulations, there are still serious doubts about what this will mean for existing providers who have been operating in good faith until now but may not be able meet all required standards going forward..

• The Indonesian Trade Ministry is aiming to set up a national crypto exchange before June 2023, as part of the regulatory reforms adopted by the Indonesian House of Representatives in December.
• Five out of the 25 registered crypto exchanges in the country are in the running to be part of the national bourse.
• The government had placed a moratorium on the issuance of new crypto exchange licenses, but it has recently been lifted.

The Indonesian Trade Ministry is aiming to have a national crypto exchange up and running before June 2023. This is part of the regulatory reforms adopted by the Indonesian House of Representatives in December, which are designed to ensure the safety and security of the crypto space.

The ministry is currently reviewing the crypto exchanges that will be part of the national bourse. Out of the 25 exchanges that are registered with the Commodity Futures Trading Regulatory Agency, five are in the running to be part of the national bourse. Trade minister Zulkifli Hasan says that all five exchanges might be part of the ministry’s crypto exchange.

However, the establishment of the crypto exchange was delayed since the Indonesian government had placed a moratorium on the issuance of new crypto exchange licenses. This moratorium had attracted criticism from people who believed that the government was unnecessarily „making things difficult,“ according to Hasan. But the moratorium was needed to „clear the regulations,“ he added.

The Indonesian government is now working to ensure that the national crypto exchange is set up without any further delays. Hasan says that the government does not want the public to be taken for a ride, as many people may not have a good understanding of crypto trading.

The Trade Ministry is confident that the national crypto exchange will be up and running before June 2023. This will be a major milestone in the development of the crypto space in Indonesia, and it will provide a secure platform for traders and investors alike.

• Over 1,000 early crypto adopters participated in a survey to determine what the industry may look like in 2023.
• DeFi was the most in-demand category of projects requested on CoinList, followed by layer-1 and layer-2 blockchains, gaming, cross-chain infrastructure, NFTs, DAOs, and governance tokens.
• These findings confirm the current market sentiment, with DeFi being one of the main driving forces of the crypto market and potentially poised for a recovery in 2023.

Cryptocurrency is a quickly evolving technology, and as such, staying on top of the trends can be a daunting task. To get a better understanding of the industry’s current state and what could be in store for the near future, CryptoSlate recently surveyed over 1,000 early crypto adopters. The survey was conducted in order to gain insights into the most popular trends and projects in the crypto space.

The results showed that DeFi was the most in-demand category of projects requested on CoinList, with more than half of the respondents indicating it as their top choice. Layer-1 and layer-2 blockchains were the second most in-demand category, with gaming coming in as the third most requested project. Cross-chain infrastructure was the fourth most popular choice, with around 37% of respondents selecting it. NFTs, DAOs, and governance tokens followed at 26%, 20%, and 15%, respectively.

These findings confirm the current market sentiment, with DeFi being one of the main driving forces of the crypto market and potentially poised for a recovery in 2023. The survey also revealed that the crypto community is expecting big things in the coming year, with many participants indicating that they are looking forward to the potential of new use cases and applications.

The survey results also suggest that the industry is still trying to find its footing and determine the best path forward. Despite its massive slump last year, DeFi remains one of the most popular projects in the crypto space and could be the key to the industry’s recovery. Layer-1 and layer-2 blockchains, gaming, cross-chain infrastructure, NFTs, DAOs, and governance tokens are all areas that could benefit from further exploration and development.

2023 is set to be an exciting year for the crypto industry, and with so many projects and opportunities on the horizon, industry veterans and early adopters are eager to see what’s in store. CoinList’s survey results provide valuable insights into the current market sentiment and the projects that the community is most interested in. As the industry continues to evolve and progress, there’s no telling what could be in store for the crypto space in the coming years.

Bullet Points:
• Fox News host Tucker Carlson speculated that the recent bullish Bitcoin market move was due to the U.S. government buying Bitcoin to pay ransomware attackers.
• The Federal Aviation Administration (FAA) halted nationwide departures on Jan. 11 due to a “computer outage”.
• Bitcoin has recorded a 29% growth in price since the beginning of the year, with a significant 4% upswing on the same day as the FAA notice.

Fox News host Tucker Carlson recently speculated that the recent bullish Bitcoin market move was due to the U.S. government buying Bitcoin to pay ransomware attackers. The Federal Aviation Administration (FAA) halted nationwide departures on Jan. 11 due to a “computer outage”, and Carlson linked this to a cyber attack. He suggested that “almost all ransoms like this are paid in Bitcoin”, and noted that the notice occurred right around the time BTC began pumping.

This surge in Bitcoin prices has been notable, with the leading cryptocurrency recording a 29% growth in price since the beginning of the year. On the day that the U.S. flights were grounded, Bitcoin posted a significant 4% upswing to close the day at $17,930. This was accompanied by an increase in trading volume of over $50 billion on the same day.

Despite the speculation surrounding why the market is so bullish, there are a few other factors that could have contributed. Firstly, the new stimulus package proposed by the Biden administration has increased optimism for a stronger U.S. economy. This is likely to have a positive effect on Bitcoin prices, as investors are now more confident in the future of the U.S. dollar.

In addition, the news that PayPal is now accepting payments in Bitcoin has also likely had a positive impact on the market. This move is likely to further increase the retail adoption of Bitcoin, and could lead to more investors entering the market.

Finally, the heightened interest in Bitcoin from institutional investors has likely been a major factor in the recent price surge. With more large institutions entering the market, there is an increased demand for Bitcoin, which drives up the price.

Although speculation surrounding the U.S. government’s involvement in the recent Bitcoin pump is unverified, the increased interest in Bitcoin from both retail and institutional investors is likely to be a major factor in the current bullish market.

• Binance reportedly failed to follow the required procedures for their BUSD reserves from 2020 to 2021.
• This mismanagement led to Binance-peg BUSD being undercollateralized three times, with collateral gaps exceeding $1 billion per incident.
• A Binance spokesperson confirmed that currently, Binance-peg BUSD is fully backed, and there was no impact on Paxos’s BUSD.

Binance, the leading cryptocurrency exchange, reportedly failed to follow the required procedures for their BUSD reserves between 2020 and 2021. This mismanagement led to Binance-Peg BUSD being undercollateralized three times, with collateral gaps exceeding $1 billion each incident.

According to data shared by Jonathan Reiter, co-founder of blockchain analytics company ChainArgos, the amount of Binance-Peg BUSD issued on Binance’s BNB Smart Chain network indicated that the exchange issued new Binance-Peg BUSD tokens over the period without locking up the equivalent amount of Paxos-issued BUSD tokens in its Ethereum wallet as collateral.

When users purchase Binance-Peg BUSD, Binance buys BUSD from Paxos and then mints the equivalent amount of Binance-Peg BUSD tokens on the blockchain they selected. Following that, users receive their Binance-Peg BUSD, and an equal amount of BUSD is locked on Ethereum.

A Binance spokesperson has since confirmed that, at present, the Binance-Peg BUSD is fully backed, and there was no impact on Paxos’s BUSD. The spokesperson maintained that the earlier events were due to operational issues and had been rectified. He also stated that Binance has taken steps to strengthen its operational processes in order to ensure that similar issues do not occur in the future.

Binance is currently the leading cryptocurrency exchange and is one of the largest in the world with a daily trading volume of over $30 billion. It supports over 50 cryptocurrencies and provides users with an array of trading options, including margin trading and spot trading. Binance also provides a variety of services such as staking, lending, and futures trading.

The mismanagement of Binance-Peg BUSD reserves has raised important questions about the safety of funds held in Binance. It also serves as a reminder to users that they should always be vigilant when it comes to the security of their funds.