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Michael Van De Popp: Banking Crisis May Trigger Bitcoin Growth
Shares of American banks reacted by falling to the speech of the head of the US Federal Reserve Jerome Powell, who on Wednesday, May 3, tried to calm the financial markets.
Michael Van de Poppe believes that such movements on the stock exchanges can provoke another banking crisis, and as a result, an increase in the value of bitcoin. Van De Popp emphasizes that although Powell tries to convince everyone of the reliability and stability of the banking system, few people believed him.
Within hours of the official's speech, PacWest Bancorp's shares fell nearly 58% and Western Alliance's shares fell more than 28%. Also outsiders of the market were such credit institutions as: Comerica (-10.06%), Zion Bancorp (-9.71%), KeyCorp (-6.93%).
Van De Popp, using a 30-minute bitcoin chart, showed that while banks were falling in price, the first cryptocurrency was growing. In addition, rose gold. According to the analyst, the simultaneous growth of BTC and the noble metal is positive for the crypto market.
According to the founder of EightGlobal, among bankers there is growing uncertainty and distrust of the statements of government officials. Such sentiments could lead to even more problems in traditional markets.
The analyst believes that the picture of events does not bode well for the US banking industry: if a solution is not found in the near future, the consequences of the crisis could be devastating.
The cryptocurrency market reacted with restraint to the collapse of US regional banks.
The issue of SUI tokens raised doubts about the success of the crypto project
Investors have raised concerns about the release schedule for SUI tokens. Following a tweet by cryptocurrency analyst Miles Deutscher, users have questioned the potential of the newly launched cryptocurrency.
Look at the SUI token release schedule. This is a crazy amount of coins that will enter the market.
According to the tweet, the issuance is for seven years from May 2023 to May 2030. In addition, the project plans to distribute SUI tokens across seven different categories: Binance Launchpool, Series A Sale, Series B Sale, Mysten Labs Treasury, Early Contributors, SUI Foundation, and Market Makers.
Numerous users expressed their disappointment with the chart described, adding that such tokenomics should be carefully considered before investing.
SUI is one of the recently released tokens that is predicted to show strong growth this year. The native token of the SUI blockchain, a first-level blockchain and smart contract platform, aims to make the ownership of digital assets private and secure for everyone.
According to CoinmarketCap, SUI is currently ranked 55th among other cryptocurrencies. Its market capitalization is $703.9 million at a token price of $1.33.
Jury finds OpenSea chief guilty
Nathaniel Chastain, former head of products for NFT marketplace OpenSea, was convicted on Wednesday following a trial involving alleged NFT insider trading.
Chastain was charged with wire fraud and money laundering last June. In 2021, he was accused of using secret crypto wallets to buy up NFTs before being spotted on the front page of OpenSea.
Previous attempts by Chastain's legal team to dismiss the lawsuit or dismiss charges of wire fraud have been unsuccessful. The jurors began deliberations on Monday, Reuters reported.
Sotheby's Launches Secondary Online NFT Marketplace
Sotheby's Metaverse will now offer a curated peer-to-peer marketplace across the Ethereum and Polygon networks.
Art auction house Sotheby's is expanding its non-fungible tokens (NFTs) through the issuance of a specially curated peer-to-peer secondary market.
Through its Web3 division, Sotheby's Metaverse will now offer direct transactions between collectors on its platform. The integrated sales system will be fully connected to the network through the Ethereum and Polygon networks, users will be able to pay with either their own ETH token or MATIC.
Sotheby's Metaverse says it will continue to pay royalties to artists through smart contracts on its resale platform, which automatically pays artists according to their chosen online royalty rate.
"Sotheby's commitment to respecting authors' royalties comes against the backdrop of a wider debate about royalties within the NFT community and signals Sotheby's ethos as an artist primarily as one of the few major NFT marketplaces committed to artist resale royalties," the platform said in a press release. .
The authors represented in the Sotheby's secondary market will change every few months. The platform will launch with the work of 13 leading digital artists including Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, Pindar van Armand and more.
The founder of Waves changed his mind about issuing a new stablecoin
Waves developers will not try to create a new stablecoin and will focus on the existing Neutrino Index algorithmic token project. Sasha Ivanov, founder of the Waves ecosystem, announced this on Twitter.
According to him, resuming work on old projects is always better than failing to find a new solution. However, the details of the development of the Neutrino Index token are not specified.
Recall that in December 2022, Ivanov announced the creation of a new stablecoin. The decision to launch a new project follows repeated decoupling of the USDN algorithmic stablecon — launched by Waves developers — from the US dollar.
In total, USDN lost its peg to the dollar five times in 2022. The largest drop occurred in early April, when USDN quotes fell by 30% to $0.7.
Then Ivanov's announcement of a new stablecoin caused criticism from the crypto community. Users have claimed to have lost confidence in the ecosystem after numerous USDN decouplings.
Then Ivanov was compared with the founder of the collapsed FTX crypto exchange, Sam Bankman-Freed, who assured clients of the stability of the trading platform.
Trading volume on the UniSwap platform exceeded $1.5 trillion
UniSwap ranks first in the ranking of decentralized crypto exchanges (DEX) in terms of trading volume. This platform has been leading the DeFi market for the past few years.
In April, the amount of transactions with digital assets on UniSwap exceeded $1.5 trillion, according to data from Dune Analytics.
The tightening of crypto regulation in the US and the banking crisis have led to a massive shift of investors to decentralized exchanges.
In the first quarter of 2023, DEX user activity increased monthly. The largest capital moved to UniSwap, where traders began converting the USDC stablecoin into tokenized ether and other digital assets.
The exchange is experiencing a sharp increase in the number of transactions. The number of unique users participating in transactions daily has approached 85,000, the highest number since May 2021.
According to the DeFiLiama service, the value of funds blocked in the decentralized finance market increased to $48.24 billion on April 25.
The protocols that have accumulated the largest capital in the ecosystem are Lido, MakerDAO and AAVE - $11.6 billion, $7.42 billion and $5.23 billion, respectively.
Blur bug victims get promised compensation
The popular NFT platform Blur has fixed a bug due to which users suffered losses, but received the promised compensation from the trading platform.
The founder of Blur, known on Twitter* as Pacman, has informed the community of the NFT marketplace about a bug found in the platform's messaging system. It is reported that it affected individual bets made by users over the past 5 days, as a result of which some of them were canceled.
Speaking about the additional measures taken by the NFT marketplace to prevent similar problems in the future, Pacman remarked:
In addition to fixing the bug that caused this issue, we've implemented two additional redundant security checks.
In terms of refunds, the compensation structure is such that the payout must be equal to two times the difference between the offer price and the top offer at that time.
The Governor of the US Federal Reserve spoke about the cryptocurrency
In a recent speech, Fed Board member Christopher Waller acknowledged the programmable nature and functionality of smart contracts in the cryptocurrency space.
The official stressed that many firms were transacting with foreign assets using blockchain technology and smart contracts to improve efficiency.
Meanwhile, US regulators have faced massive criticism for their overly aggressive and repressive policies towards the cryptocurrency industry.
It is noteworthy that indignation is openly expressed not only by ordinary users, but also by some legislators. For example, the House Financial Services Committee is actively studying the activities of the SEC regulator and its head, Gary Gensler.
Waller also highlighted the risks associated with potential tokenization and the use of smart contracts.
However, he noted that this segment is actively developing and there are more and more promising tools that require detailed study.
The UK plans to pass a law on the crypto market before the end of 2023
The UK Treasury expects that the law on the regulation of cryptocurrencies will be adopted before the end of 2023.
As Secretary of the Treasury of the United Kingdom Andrew Griffith noted, London is interested in the speedy legalization of the blockchain industry and the digital asset market. The approval of the final version of the bill should be completed by the end of April, the official said in an interview with CNBC.
If all procedures are completed within the time frame approved by the government and parliament, then transactions with digital currencies may become legal as early as 2024.
Griffith said:
Thus, we have the opportunity to act flexibly and proportionately. I am interested in making the most of this opportunity.
London aspires to become one of the centers for the development of the blockchain industry, so the adoption of the bill on crypto regulation plays a crucial role.
A supporter of the formation of a crypto hub in the UK is Prime Minister Rishi Sunak. Last year he served as Minister of Finance and called for the development of a regulatory framework for transactions with cryptocurrencies.
Shiba Inu Overtakes Binance USD in Market Cap
Shiba Inu memcoin has overtaken Binance USD from 14th place in the list of cryptocurrencies in terms of market capitalization. According to data from CoinGecko, this morning the total value of SHIB tokens almost reached the $7 billion mark, while BUSD continues to suffer losses.
Shiba Inu's positive price performance is largely due to recent positive news, such as the launch of a beta version of Shibarium's second tier network called Puppynet. The total number of wallets connected to it over the weekend increased from 4.05 million to 6 million, and the volume of transactions exceeded 3.2 million.
This high level of user activity is good for the token as it leads to an increase in the SHIB burn rate. About 1.9 billion coins have been withdrawn from circulation in the past seven days, according to Shibburn. This process works in a similar way to share repurchases and has the potential to increase the price of an asset.
The number of Shiba Inu long-term holders also hit a new high of 835,780, accounting for 67% of all memcoin holding addresses. This suggests that an increasing number of investors see the prospects in SHIB.
While Shiba Inu is gaining ground, Binance USD continues to lose ground. Demand for the once-popular stablecoin has been plummeting since Paxos announced on Feb. 13 that it would stop minting new tokens, citing an order from the state regulator, the New York City Department of Financial Services (NYDFS). During this time, the supply of BUSD has declined by about $10 billion.
The head of Grayscale spoke about the regulation of bitcoin-ETF
Grayscale CEO Michael Sonnenschein said that the Bitcoin ETF “is a minimal fruit in terms of regulators’ efforts to ease conditions in the crypto market.”
Thus, the expert countered the recent opinion of the head of Circle, Jeremy Aller, who noted that the law on stablecoins would be the easiest thing for regulatory agencies.
Sonnenschein emphasized that the BTC-ETF segment does not need new legislation. Already, there are proven provisions that allow investors to have unhindered access to such assets.
Representatives of Grayscale have repeatedly focused on the fact that the SEC unfairly rejected their application for the implementation of bitcoin-ETF, while the regulator ratified the trading of BTC futures contracts.
Mile Sonnenschein recently spoke at an event hosted by investment corporation Ark Invest. The specialist expressed the hope that by the end of this year, Grayscale will still launch its bitcoin ETF on the market.
On March 7, the corporation filed a lawsuit on this issue, where the SEC regulator will be the defendant.
The Federal Court is expected to deliver a final verdict in the case by the end of the third quarter of this year.
El Salvador issues first crypto license
It became known that representatives of the regulatory authorities of El Salvador granted a major cryptocurrency exchange the first license in the country for a provider of services related to digital assets. Representatives of the technology company announced this late in the evening on April 11, 2023.
According to the assurances of the management of the trading crypto platform, this will make it possible to issue and trade tokenized assets, such as stocks and bonds. Thus, this platform will become an innovator in the country. No other company has yet received similar permits under El Salvador's law on the issuance of digital assets ("Ley de Emisión de Activos Digitales").
The license was issued following a decision by the Legislative Assembly of El Salvador. This organization regulates digital securities and creates the rules and framework for launching bonds backed by the Bitcoin (BTC) cryptocurrency. They are also known as Volcano Bonds.
“We are pleased to be the first company to obtain a license in El Salvador. This will simplify and facilitate the issuance and secondary trading of assets with clearly defined rights and obligations, as outlined in the new regulatory regime,” said Paolo Ardoino, CTO of a major crypto platform.
“This means: a range of institutions, from small companies to government organizations, will be able to raise capital in El Salvador's regulated environment.
In addition, this state of affairs will allow them to connect to a class of investors who are comfortable working with crypto assets and tokenized securities. This market has volumes of more than $1 trillion, tending to peak at around $3 trillion.”
Meta is phasing out NFT support
Meta* will retire the 'Digital Collectibles' feature on April 11th. This means that Instagram and Facebook users will no longer be able to share their non-fungible tokens (NFTs) on the platforms.
Launched in May 2022, the feature was conceived as a way to integrate social media into the Web3 ecosystem.
Users could connect a crypto wallet to the platforms and share compatible NFTs based on images or videos as a special post type. Existing Digital Collectible posts will now be converted to regular posts.
Nevertheless, it's too early to talk about the complete rejection of Meta's plans for expansion into Web3. A few months ago, it rolled out an integration for Solana wallets, which shows that the company continues to develop in this direction, despite the fading of the initial enthusiasm.
Meta is not the only company planning to phase out NFT support. After a wave of excitement regarding non-fungible tokens, interest in them began to decline. Microsoft-owned Mojang Studios has announced that it will no longer use NFTs in Minecraft.
This can be equated with the closure of projects such as NFT Worlds, which created its own metaverse by tokenizing virtual plots of land on custom Minecraft servers.
CNN also reported on the phasing out of the Vault NFT marketplace. Launched in June 2021, the platform allowed the buying and selling of tokens based on some of the historically significant CNN material. Vault still functions as a peer-to-peer marketplace, but the company has stopped minting new NFTs.
Although some skeptics continue to point to a string of failed projects in recent years, and large companies are refusing to use NFTs, the market for fiat tokens seems to have thawed.
Marketplace trading volume in the first quarter of 2023 increased 137.04% to $4.7 billion, the highest since the end of 2022, according to the latest report from DappRadar. Thus, we can assume that the consequences of the November crash of FTX have finally come to naught.
Avalanche Successfully Activates Cortina Update on Fuji Testnet
According to Patrick O'Grady, CTO of Ava Labs, Avalanche successfully activated the Cortina update on the Fuji testnet on Thursday, April 6, 2023.
Cortina makes it easy for exchanges that support X-Chain Avalanche, the protocol used to send and receive funds. According to Avalanche, among other benefits, the update will also speed up development.
The Cortina update includes protocol optimizations that are not compatible with AvalancheGo v1.10.0 versions. If you are running a node on Fuji, you must update your software to AvalancheGo v1.10.0 before activating on Fuji.
If you are a mainnet host operator, you will only need to act after the release of the official AvalancheGo@v1.10.0 code.
Evergreen Subnet has implemented a new institution introduced by Ava Labs, a Tier 1 blockchain technology developer, to strengthen the blockchain ecosystem. The AVAX token has recorded an increase of 1.65% over the past 24 hours, at the time of writing, the token is trading at $18.09.
Apollo is involved in the application for the purchase of Celsius crypto bankrupt
Celsius publicly called several persons who are trying to buy a company. Apollo is an investor of the application submitted by NOVAWULF.
Last year, the crypto industry suffered from a fall in prices and scandals, which led to a series of high -profile bankruptcies.
Potential buyers of these assets really appeared - although not all efforts were successful, but giants from traditional finances, as a rule, kept aside. So the participation of Apollo in Celsius is a rare case.
The updated Celsius will mines bitcoins (BTC), participate in the ether stake (ETH) and release blockchain -based security tokens, representing the interests of property in themselves.
The winner of the auction Celsius has not yet been announced; The sale process was recently suspended and the new date was not announced.
Investors in the NOVAWULF application, if it is chosen by the winner, will receive a multi -level commission for the plus management of an incentive commission, tied to the restructured value of net assets of Celsius (NAV). The name Apollo and the terms of the transaction with Novawulf are not mentioned in the document.
NOVAWULF collaborates with the PREVENANCE blockchain to facilitate the issue and trade of shares tokens in the new Celsius. The subsidiary of PREVENANCE, FIGURE, will help provide infrastructure for tokenized securities. Apollo is already working with Figure on tokenized assets.
According to the CEO of PREVENANCE BLOCKHAIN, Morgan Mackenny, Provenance, who uses Cosmos blockchain as the main register, boasts a total locked value of more than $ 7 billion (TVL), which is the largest accumulation of network assets outside the Etherum.
Meanwhile, Figure qualifies as a broker deiler and has the release from the alternative trading system (ATS) for the trading of securities released on the blockchain.
As for Apollo and the capabilities of Celsius, Mackenny said that the private investment company is a “flagship”, which “leads the industry to the future”.
SushiSwap deployed pools of concentrated liquidity
Decentralized exchange (DEX) SushiSwap has deployed V3 pools of concentrated liquidity on 13 networks at once, including Ethereum, Arbitrum and Polygon, BSC and Avalanche. Over the next few months, they will become available on more than 30 blockchains.
According to the team, the event represents the largest deployment of such pools to date.
The use of pools of concentrated liquidity helps to circumvent common problems such as large impermanent losses and inefficient use of delegated funds.
Users choose a narrow price range within which their liquidity will participate in trading and generate increased profits in the form of commissions.
The launch of pools is not the only update to SushiSwap. In the near future, the developers plan to add support for zero-knowledge rollups, and then introduce a rewards program for the highest performing LP, which allows you to earn the native native token of the SUSHI exchange. The initiative will initially launch on Ethereum, Arbitrum, Optimism and Polygon.
Recall that at the end of April, SushiSwap began using the latest Uniswap automatic market maker module in an attempt to update tokenomics and increase user confidence. The move was hailed by industry experts as a sign of potential massive growth and improved capital efficiency.
Nayib Bukele canceled all taxes for technology startups
Salvadoran President Nayib Bukele signed into law today a bill to abolish taxes on technological innovation. The move strengthens El Salvador's position as a technology development country.
I just signed into law, the INNOVATION AND TECHNOLOGY PRODUCTION LAW, which eliminates all taxes (on income, property, capital gains, and import duties) on technological innovation, software and application programming, artificial intelligence, computer and communications equipment.
In March, President Bukele announced his intention to pass a bill to protect technological achievements in the country. Subsequently, a document on the abolition of taxes on various innovations in the technology sector was sent to Congress.
Today, the head of state signed the bill, thus, its text came into force. This event should attract technological developments to the country, as it is economically beneficial for companies to develop business in El Salvador.
Coinbase Exchange Opens Doors to Foreign Institutional Traders
Leading US cryptocurrency exchange Coinbase is expanding into markets outside of the US. The company announced the launch of an international digital assets futures exchange called Coinbase International Exchange. The license was obtained in Bermuda, the new division is registered there.
The platform will enable non-US institutional traders to trade perpetual futures with up to 5x leverage. At the moment, derivatives for Bitcoin and Ethereum are available on the exchange.
Coinbase was licensed by the Bermuda Monetary Authority (BMA) in mid-April. The Class F license allows Coinbase to operate a digital asset exchange and be a digital asset derivatives exchange provider, as well as conduct activities such as the sale and issuance of tokens. And all this without contact with arrogant American regulators.
Coinbase notes that Bermuda's regulatory environment is known for "a high level of transparency, legal compliance" and is generally friendly.
On April 18, marketplace CEO Brian Armstrong admitted that Coinbase would consider pulling out of the US market. This will happen if the regulatory environment in the cryptocurrency industry does not become more transparent and understandable in the next couple of years.
Armstrong compared the situation with crypto in the US and the UK. The United Kingdom has one regulator, the Financial Conduct Authority (FCA), which is responsible for both commodities and securities. In the US, there is serious competition for crypto between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Bhutanese state company Druk Holding admitted to secretly mining bitcoin
DHI CEO Ujjwal Deep Dahal revealed that the company began showing interest in bitcoin mining when it cost around $5,000 per coin.
In addition to BTC, there is also interest in ether. Dahal assured that the company is not exposed to the risks associated with crypto assets, since it does not engage in their direct purchase. DHI covers the operating costs of mining through the sale of bitcoins.
Mining activities are carried out using surplus electricity generated by local hydroelectric power plants.
“Our company invests in different asset classes that provide access to traditional sectors of the economy. In addition to traditional industries, we are interested in further mining of digital assets,” said the CEO of DHI.
The head of the holding said that mining is connected with the strategic development of the company, and has nothing to do with the FOMO syndrome - the fear of missing out on the benefits of technology.
In this regard, DHI began to form a team of specialists in cryptocurrencies. Dahal added that thanks to mining, the company managed to repay all the loans taken from the bankrupt platforms BlockFi and Celsius.
Bitcoin mining is being started by companies whose activities have nothing to do with cryptocurrencies. In 2021, the Chinese tea company Urban Tea also set up mining farms to expand its business.
Former US Congressmen To Lead New Bitcoin Policy Group
Former Ohio Congressmen Tim Ryan and Indiana Congressmen David McIntosh will lead an initiative associated with the Bitcoin Policy Institute that aims to "educate policymakers and the public about the economic and social benefits of Bitcoin and other digital innovations."
Traditional financial services have left a number of communities that encourage innovation behind. Bitcoin and other digital innovations can bring financial inclusion to more low-income communities, said Democrat Ryan, who has worked on legislation relating to cryptocurrencies.
We will also promote the development of alternative energy sources by creating more jobs in America.
BPI Action will join other crypto groups already active in Washington, including the Blockchain Association and the DeFi Education Foundation. The Bitcoin Policy Institute supports academic research on Bitcoin and other "emerging money networks".
In May, Ryan and McIntosh will host a bitcoin politics show at the 2023 Bitcoin Conference in Miami.
Bitcoin Policy Institute co-founders Grant McCarthy and David Zell hope the new group "will help policymakers and the public have a more honest conversation about the benefits of U.S.-led innovation in this area."
Binance Introduces WBETH Liquid Staking Token
Cryptocurrency exchange Binance has rebranded its Ethereum liquid staking product and introduced the Wrapped Beacon ETH (WBETH) token.
Users will be able to use WBETH on DeFi protocols outside of the exchange. However, they will continue to receive rewards for staking on the main platform.
On April 27, it will be possible to convert the synthetic asset BETH to WBETH at a ratio of 1:1. The company warned that this value may change in the future, "as the cost of WBETH will increase over time."
On April 19, Binance opened the withdrawal of ETH from staking. This happened after activating the Shapella update.
Crypto exchange founders 3AC named the main investors
Cryptocurrency exchange OPNX, founded by the co-founders of bankrupt 3AC hedge fund Su Zhu and Kyle Davis, has revealed its top investors.
These include AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, Tuwaiq Limited and others.
According to journalist Colin Wu, many of the platform's supporters are from the Greater China region.
For the first time, Davis and Zhu's plans to raise $25 million to launch a cryptocurrency exchange with the active participation of representatives of the bankrupt CoinFLEX became known in January.
A month later, BitMEX CEO Arthur Hayes pointed to a possible implementation of a similar initiative.
Later, Zhu announced the opening of a waiting list for admission to the platform. According to him, OPNX is a way "to atone for your past mistakes." Many community members met the project with skepticism and indignation.
OPNX CEO is Lesley Lamb, wife of former CoinFLEX CEO Mark Lamb.
Square Enix and Elixir: We Will Achieve Universal Adoption of Web3-Based Video Games
The Elixir platform offers users access to both traditional PC games and Web3-based video games. The company recently integrated a library of projects from the Epic Games Store onto its platform.
With the help of Square Enix, the company plans to further “blur the line” between Web2-era gaming projects and the emerging Web3 industry.
"The partnership with Elixir marks the next step for Square Enix in tapping into the promising decentralized Web3 gaming space," explains Hidaki Uehera, director of business development at Square Enix.
The details of the partnership are almost non-existent, but according to Elixir CEO Carlos Roldarn, it will really increase the adoption and sales of games with elements of NFT and Web3.
Square Enix has repeatedly expressed interest in using blockchain, NFT and Web3 technologies in their projects.
Cryptoquant: Bitcoin below $ 30,000 led to the market.
The open interest indicator measures the total number of futures contracts for VTS, which are currently open on the exchanges of derivatives. When the value of the indicator grows, this means that investors are opening new contracts right now.
However, in most cases, along with an increase in open positions, the credit shoulder also increases, and this trend can lead to the fact that the price of a crypto acting will become more volatile.
Another relevant indicator is the “financing rate”. This is the name of the payments that traders in the futures market exchange each other.
When the indicator has a positive value, this suggests that at the moment, long positions are paid short, and “bull sentiments” prevail on the market. Negative values show that the majority shares the "bearish standing".
Cryptoquant provides graphic data that demonstrates that the number of open long positions exceeds the number of short ones, and therefore is accompanied by significant open interest and high probability of elimination of positions.
Indirectly, the conclusion of Cryptoquant experts was confirmed by the analysts of the Coinglass site. According to Coinglass, over the last day, a sale was observed on the bitcoin market, and most of the liquidated contracts were long.
About 40,000 VTS traders were liquidated per day, and the total amount of such transactions reached $ 122.39 million. The largest one -time warrant for liquidation worth $ 3.03 million was recorded on Binance. In the evening of Monday, April 17, Bitcoin is trading at $ 29360, showing a daily decline by 2.8%.
Earlier, Bitcoin analyst Willy Wooo shared on Twitter with macro recinders, confirming, in his opinion, the rising trend of the first in capitalization of cryptocurrency.
The National Bank of Canada increased its MicroStrategy stake by 8.8%
For the first quarter of the year, the National Bank of Canada increased its MicroStrategy stake by 8.8%, this follows from the documents of Form 13F-HR, which institutional investors submit to the US Securities and Exchange Commission.
As of March 31, the commercial bank's stake in MicroStrategy has risen to 1,768 shares worth $516,822, placing the financial institution firmly in a position among many other traditional finance firms experimenting with bitcoin through MicroStrategy shares.
Currently, several firms and hedge funds are gaining access to BTC through MicroStrategy shares: Fidelity, BlackRock and Bank of America. In the first quarter of 2023, these firms acquired more than $75 million worth of MicroStrategy stock.
During this period, Bank of America bought 226,506 MicroStrategy shares, while Fidelity and BlackRock bought 96,800 and 10,800 MSTR shares, respectively.
Meanwhile, MicroStrategy's bitcoin assets began to turn a profit for the first time in months, as the value of the flagship digital asset passed the $30,000 mark.
The company allegedly spent about $4.17 billion to acquire approximately 140,000 BTC. On April 12, thanks to a surge in BTC prices, the value of these assets exceeded $4.21 billion.
MSTR shares are also growing in price, trading at $ 344 with a daily rise in price of more than 6%. Their profitability since the beginning of the year amounted to 142%.
Shapella hard fork activated on Ethereum blockchain
On the night of April 13, at 01:30 (Kyiv / Moscow time), Ethereum developers activated the Shapella update on the main network of the project. Users were able to withdraw cryptocurrencies from staking.
The hard fork took place at epoch #194 048, which was finalized. The developers noted that there are “a couple of missed blocks” in the network, but in general the update was successful, and the blockchain looks stable.
According to parsec, the withdrawal of ETH from staking has begun. At the time of writing, over 3,100 ETH have been unlocked by validators. At the same time, the deposit contract continues to receive cryptocurrency.
According to the service beaconcha.in, in about 50 minutes since the implementation of the hard fork, the blockchain has processed withdrawals (full and partial) for 8835 ETH (~ $ 16.96 million at the current exchange rate) - the amount continues to grow.
More than 4,000 validators are waiting for withdrawals, and there are over 3,000 validators in the queue.
The developer of the Geth client, Marius van der Weyden, noted that on average, validators withdraw about 45 ETH from staking each block – 16 withdrawals of 3 ETH each.
According to Nansen, full withdrawals are available to 7,948 validators with a combined balance of 284,622 ETH (over $546 million). The total amount of assets in staking exceeds 18 million ETH.
At the same time, the addresses of 56% of validators do not have the 0x01 prefix - this type of data is required to unlock assets.
In September 2022, The Merge update was activated in Ethereum, with which the blockchain switched to the Proof-of-Stake consensus algorithm. Members of the main network were given access to staking - directly (validators) or through specialized protocols like Lido.
Shapella includes changes to execution levels (Shanghai) and consensus levels (Capella). The most important of them is the ability to withdraw ETH from the Beacon Chain deposit contract.
The developers have also reduced gas costs when performing certain types of transactions, optimized data storage in the blockchain, introduced a number of EVM-related improvements, and introduced new cryptographic primitives.
Ethereum quotes reacted to the activation of Shapella with volatility, however, there were no significant price movements. At the time of writing, the cryptocurrency is trading near $1920.
Nansen experts talk about the popularity of liquid staking
Analysts at research firm Nansen said that liquid staking continued to gain popularity. This happened as the Shanghai upgrade procedure for the Ethereum network approached. They noted that this topic was rapidly gaining momentum.
Thus, in the first week of April 2023, the Ethereum (ETH) derivatives sector saw a significant influx of “smart money” (Smart Money). In just 7 days, investors purchased stETH, rETH, cbETH and pETH tokens for a total amount of more than $34 million.
Researchers have recorded numerous large-scale transactions in LSD tokens (liquidity tokens) on decentralized exchanges (DEX) over the past 24 hours, as of the morning of April 11, 2023. For example, an unknown owner of wallet 0xc50e bought more than $300,000 worth of Rocket Pool (RPL) tokens using the Uniswap exchange.
Another cryptocurrency holder with the address 0x6ad3, created just 2 days ago, purchased over $250,000 worth of Lido DAO (LDO) tokens using the 1inch decentralized service. In addition, the researchers noted a strong investor interest in several more virtual actives that offer liquid staking opportunities for their users.
This topic has been hotly debated in recent months. Not so long ago, experts said that the amount of blocked funds (TVL) in this industry has surpassed the lending sector. Consequently, liquid staking has become the 2nd most popular in decentralized finance (DeFi).
Market participants were looking forward to April 12-13 this year. It was on these dates that the upcoming Shapella (Shanghai + Capella) update on the Ethereum network was scheduled. It will allow stakers and validators to withdraw their own coins and their rewards from the Beacon Chain staking smart contract.
Director of Cyber Capital called bitcoin centralized
Cyber Capital CIO Justin Bones said Bitcoin (BTC) has become too centralized. He called this state of affairs dangerous. The expert noted: the digital currency has never had a CEO or an official management company that would control its development. At the same time, the project became vulnerable over the years.
Bones stressed that the conflict of interest grew over time. This resulted in BTC becoming centralized with no formal governance. According to him, members of Bitcoin Core had too much influence on decision-making in the development of cryptocurrency.
Justin Bones stressed that the representatives of the organization have reached this "unhealthy" level of influence, effectively holding back the rule changes they oppose. In particular, they have succeeded in "crushing a number of use cases associated with fungible and non-fungible tokens (NFTs)". According to the expert, Blockstream and Chaincode Labs are the 2 companies that benefited the most from the current status quo.
According to Bons, they controlled most of the developers contributing to Bitcoin Core. These people could use their influence to suppress third-party development, as well as accelerate the adoption and promotion of their own developments.
Bones previously said that the current BTC security model will only work for the next 5-9 years, and then it is doomed to collapse. Then he also noted that some firms “sponsor” one or another bitcoin (BTC) developer with the help of grants in order to achieve their own goals.
Representatives of the Wall Street Journal stated that in total more than 300 developers are active in the Bitcoin GitHub repositories. However, in recent years, "veterans" of the industry have increasingly left their positions.
Thus, it became increasingly easier for companies to control those who remained responsible for the codebase of the flagship cryptocurrency.
СoinMarketСap: USDT market capitalization exceeded $80 billion
According to cryptocurrency watcher CoinMarketCap, USDT's market capitalization increased by more than 20% in the first quarter, reaching $80 billion. The current market capitalization of the stablecoin Tether is only $3 billion less than the all-time high of $83 billion, dated May last year.
The growth of USDT capitalization was facilitated by the growing concern of crypto traders about the fate of alternative stablecoins USD Coin (USDC) and Binance USD (BNB) in the US legal field.
USDC's market capitalization has fallen due to losses of more than $3 billion placed in troubled banks Silicon Valley and Silvergate. BUSD suffered after New York state regulators ordered Paxos to stop issuing the stablecoin.
On the other hand, Tether has repeatedly assured users that it is not a US firm and is not affected by the insolvency of any US bank.
Markus Thielen, head of research and strategy at crypto services provider Matrixport, believes that in addition to the impact of the economic environment, the capitalization of the stablecoin Tether could increase due to “aggressive minting and issuance of an asset” in the Tron network, which is very much in demand in mainland China.
Tether issued on the Tron network accounts for more than half of the stablecoin’s current market value, according to Matrixport.
The growth in USDT capitalization coincided with a general drop in the supply of stablecoins on exchanges. According to Glassnode analysts, the total balance of stablecoins on trading floors has fallen by 41% since the beginning of the year, to $22.31 billion.
Since the decline in stablecoin exchange reserves coincides with the rally in the cryptocurrency market, Glassnode experts suggested that traders converted their cryptocurrencies into fiat currencies or used them to buy bitcoins.
The market capitalization of stablecoins Tether Gold (XAUt), pegged to the price of gold, has increased to $499 million. Tokens of the closest competitor PAX Gold (PAXG) reached $523 million.
