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😱Belarus to decide on issuing CBDC by year's end: National bank chair😱
👉Chairman of the Belarusian national bank Pavel Kallaur said a decision on a CBDC would be made “at the level of head of state” after consultations.
The National Bank of the Republic of Belarus🇧🇾 has prepared a pilot program for a central bank digital currency (CBDC), according to the official BelTA news agency. The country will make a decision on the issuance of a digital Belarusian ruble by the end of the year, chairman of the national bank Pavel Kallaur said.
“By the end of the year, after discussions and consultations, we should determine the possibility and feasibility of introducing a digital ruble in our country,” Kallaur said. “The decision will be made at the level of the head of state.”
If the project goes ahead with creating a Belarusian CBDC, there will be a pilot program that will “experiment with a narrow range of participants – banks and individuals.” Kallaur said, “We are working on setting up a demo version, a platform to try it a CBDC out.” He added:👇
“We will look at the experience of the Russian Central Bank, to learn from their mistakes and not make our own.”
Kallaur noted that the introduction of a CBDC would require changes to the civil code, banking and tax codes, and the national budget.
🧐Kallaur called CBDC a “third form of money” and said that a digital ruble would be much like other forms of “non-cash money,” but available offline as well as online. “Cross-border payment is the most interesting technology for us,” he said. “If other countries introduce digital currency, we should be ready to hook up our system so our citizens and companies have a high level of service.”
Belarus🇧🇾 has taken steps to establish itself as a modern financial center, creating the High-Tech Park🤪 economic zone and taking measures to set up crypto mining and an exchange in the country.
Crypto Projects Start to Add ChatGPT in Tool Bar
The popularity of ChatGPT is gaining momentum. Several large crypto projects have already included it in their arsenal of tools.
One such project is Utopia P2P — a decentralized and anonymous ecosystem for secure and private internet access.
There you can find an encrypted messenger that supports ChatGPT — a FREE feature that offers 24/7 assistance to all Utopia users.
How to use:
1) Download the app from the Utopia website and start using the platform.
2) Write the ChatGPT’s name in the contact list and start communicating as a friend with ChatGPT Assistant.
ChatGPT works even when bot servers are overloaded.
Download and use your assistance right now:
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Telegram | Twitter
Mastercard launches NFT-gated musician accelerator program 👌
💠This month, Mastercard is launching an artist accelerator program for musicians, with a catch: Access is only possible via an NFT member pass.
Mastercard has been one of several legacy companies rooted in traditional finance to jump into the Web3 space, having been involved in a number of Web3 initiatives in recent years.
🔔Most recently, on April 12, Mastercard announced its new artist accelerator program. However, this time, it added a Web3 twist. The program is nonfungible token (NFT)-gated and therefore only accessible to holders of its Mastercard Music Pass NFT.
According to the announcement, the NFT is limited-edition and free until the end of the month to both musicians and fans. The program was created in collaboration with Polygon to educational materials, unique artificial intelligence (AI) tools and other experiences.
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Telegram | Twitter
- Why are 300,000 people adding free WIFI hotspots to the app map every day? 🤔
The answer is that the WIFI Map community has a common mission: to make the Internet accessible to everyone 🌍
Since 2014, the app has been downloaded over 21 million times on the App Store and 138 million on the Play Store. All of these people go hand in hand to the goal of the project, and the developers appreciate and motivate their users.
Previously, users shared hotspots for special bonuses, but today also for $WIFI tokens, which developers accrue for active actions directly to the internal wallet.
💎$WIFI token already has high utility: you can already use them to get cash back from an international eSim (70+ countries) and for super VPN 🙌🏾
This is a beautiful story of how the giant application from Web2 broke right into the Web3 universe 🚀
🔥 You can buy the token on one of the top exchanges - OKX, and from today you can be first also on Gate.io
Stay connected ✌️
European banks launch ‘sustainable’ blockchain platform for digital bonds🏦
The platform makes the first use case of a so-called “Proof of Climate” blockchain protocol.
🧐Two banks from Sweden and France announced the launch of a new digital bond platform built on blockchain technology. The platform will enable institutional clients to issue, trade and settle bonds digitally, providing a more efficient and secure process than traditional methods.
The platform is a joint project of Skandinaviska Enskilda Banken (SEB) and Credit Agricole Bank, called “so|bond.“ According to the announcement from April 3, the blockchain network will be using a validation protocol, “Proof of Climate awaReness,” and minimizing its environmental footprint.🌿
The Proof of Climate awaReness protocol is said to enable an energy consumption comparable to non-blockchain systems, and incentivize participating nodes to improve the environmental footprint of their infrastructures.
🌸Each node will be remunerated according to a formula linked to its climate impact: the lower the environmental footprint, the larger the reward.
So|bond would become the first use case for the protocol developed by the French-based IT provider Finaxys.
Romaric Rolleti, head of innovation and digital transformation at Credit Agricole, said that the bond blockchain platform was part of a larger plan for the bank’s digital transformation:👇
“The platform’s innovative approach, both to the blockchain infrastructure and to the securities market, is coupled with the strong commitment to green and sustainable finance that is at the center of our Societal Project.”
🙂The project joins many other efforts to explore the use of blockchain, smart contracts and the Internet of Things for a global environment cause. For example, in October 2022, the Bank for International Settlements, the Hong Kong Monetary Authority and the United Nations Climate Change Global Innovation Hub presented the results of their Genesis 2.0 initiative — two prototypes of tokenized green bonds.
SEC chief Gary Gensler to face Congress grilling over crypto policy.🧑✈️
💁The chair of the Financial Services Committee said its primary focus would be setting the groundwork for crypto regulations in the United States.
The United States Securities and Exchange Commission (SEC) chief Gary Gensler is set to testify before the House Financial Services Committee for the first time.
In an interview, Representative Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face questions on April 18 over his approach toward the crypto ecosystem.🌿
The House Financial Services Committee has jurisdiction over all aspects of the U.S. financial services sector, including banking, securities and digital assets.
🔍During his interview, McHenry noted that it would be the first oversight hearing of the SEC. The hearing will be focused on Gensler’s rulemaking and approach toward crypto assets. He added that the committee will have sizeable general oversight over the SEC and would take a serious approach in terms of “laying down a regulatory sphere for digital assets.”
The SEC chief’s approach toward crypto has turned many heads over the years, with many Democratic party members voicing their concern about his approach. Some in the crypto industry believe the party’s anti-crypto stance could be disastrous for its 2024 election campaign.
😵Dennis Porter, the co-founder of the Satoshi Action Fund, said that many pro-crypto and pro-Bitcoin Democrats are lining up to voice their opposition to the party’s stance.
U.S. regulators have taken a hard stance on crypto in the first months of 2023, with the SEC issuing Wells notices to several crypto firms, including Coinbase. 🙂The Commodity Futures Trading Commission has also filed a new lawsuit against Binance. However, the crypto community has always highlighted that regulations would be decided by Congress, not individual agencies.
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🗣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!
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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.
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Twitter | Discord | Website | Chat | IOS app | Android app
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Coinbase reiterates that staking services will continue, despite SEC crackdown.😵
Despite the SEC looking to crack down on supposed unregistered securities offerings via staking rewards programs, Coinbase has outlined that its services will continue.
Despite the recent crackdown by the United States Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue and “may actually increase.”
In a new customer email💌, highlighted by a popular trader, AltcoinPsycho, via Twitter on March 10, Coinbase outlined its updated staking terms and conditions starting from March 29.
Under the fresh terms, Coinbase explicitly explains😏 that users earn rewards from the decentralized protocols, not directly from the exchange itself.
“Coinbase acts only as a service provider connecting you, the validators and the protocol,” as opposed to offering a share of its own staking rewards,” the email reads, adding that:
“Your staked assets will continue earning rewards. If you want to continue staking, no action is required. Your staking rewards may actually increase.”
While the notion of Coinbase’s staking rewards continuing and potentially increasing may irk the SEC, the clear distinction around protocol rewards and service provision looks to avoid any gray area issues, like those recently faced by competing exchange Kraken.
As Cointelegraph reported, Kraken agreed to pay a $30 million settlement on Feb. 9 for allegedly failing to register its staking-as-a-service program with the SEC. As part of the deal, Kraken can no longer offer staking services in the United States.
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Innovate some compliance mechanisms, US Treasury official tells DeFi community🌿
Assistant Treasury Secretary Elizabeth Rosenberg said the Treasury was enhancing its regulatory regime and that DeFi should program in some compliance.
🥰The United States Treasury did a risk assessment of decentralized finance (DeFi) and found the sector lacking in several ways, Assistant Treasury Secretary for Terrorist Financing and Financial Crime Elizabeth Rosenberg reminded an audience at the Atlantic Council think tank on April 21. Get ready for more regulation, she said.
Rosenberg was referring to a report released earlier in April by the Treasury that found scammers, money launderers and North Korean hackers benefitting from the lack of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance in the sector. That report was part of the Treasury’s response to U.S. President Joe Biden’s executive order on the responsible development of digital assets.
😇The report also found that DeFi was not always very decentralized. “There are generally persons and firms associated with those DeFi services to which AML/CFT obligations may already apply,” Rosenberg said. The assessment report established that all DeFi services are liable to comply with the Bank Secrecy Act, including AML/CFT.
“We will assess enhancements to our domestic AML/CFT regulatory regime as applied to DeFi services and monitor responsible innovation of AML/CFT and sanctions compliance tools,” 👈Rosenberg said. She continued:
“I want to offer a specific message to the private sector. 👉‘DeFi innovation’ should not only occur in the technical, financial domain — there is an enormous need and potential for innovation in compliance mechanisms that could help all players in the digital ecosystem ensure they remain on the right side of the law.”
😵Rosenberg and her team were freshly back from the Financial Action Task Force (FATF) Virtual Assets Contact Group meeting in Tokyo, she said. The team presented the results of the Treasury’s DeFi risk assessment there as well.
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Elon Musk reaffirms AI’s potential to destroy civilization.
Speaking about artificial intelligence’s potential for civilizational destruction, Musk said, 👉“Anyone who thinks this risk is 0% is an idiot.”
🌿While tech giants worldwide work on materializing the idea of having a generative artificial intelligence (AI) to aid humans in their daily lives, some believe the risk of the nascent technology going rogue remains imminent. Considering this possibility, Tesla and Twitter chief Elon Musk reminded people of AI’s potential to destroy civilization.
On March 15, Musk’s plan to create a new AI startup surfaced after the entrepreneur reportedly assembled a team of AI researchers and engineers. However, Musk continues to highlight the destructive potential of AI — just like any other technology — if it falls into the wrong hands or is developed with ill intentions.
According to Musk, AI can be dangerous. In a FOX interview, he said AI could be more dangerous than mismanaged aircraft design or production maintenance, for example. While acknowledging the low probability, he stated:👇
“However small one may regard that probability, but it is non-trivial — it has the potential of civilizational destruction.”
😆As Crypto Twitter picked up on the discussion, Musk followed up with strong support for his statement:👇
“Anyone who thinks this risk is 0% is an idiot.”
On the other hand, tech entrepreneurs like Bill Gates remain more optimistic about AI and the positive impacts it can bring to humanity.
🌸On April 13, Amazon became the latest tech giant to join the race of creating AI services. Amazon Bedrock allows users to build and scale generative AI apps.
According to a blog post announcing the service, Bedrock allows users to “privately customize foundation models with their own data, and easily integrate and deploy them into their applications.”
Terra DeFi project Terraport suffers $2M hack days after launch.🌿
Terra users are losing another round of funds due to a breach on the new DeFi platform Terraport Finance, which launched on March 31.
🔍The algorithmic stablecoin TerraUSD (UST) collapsed almost one year ago, but some Terra-related projects are still live and trying to overcome some issues.
🤩Terraport Finance, a decentralized finance (DeFi) exchange project based on the Terra Classic blockchain, suffered a breach on its liquidity wallet on April 10. Announcing the news on Twitter, Terraport said the hacker had drained all liquidity pools from the platform, causing losses of about $2 million worth of digital assets.
“We are currently working with community members and major exchanges to secure as many of these funds as possible and blacklist wallets. All funds have been tracked,” 👈Terraport stated.
According to social media reports, the Terraport hacker has allegedly transferred the stolen funds to exchanges Binance and MEXC Global. The investigators have urged the exchange’s security teams to freeze the assets as soon as possible.
While Terraport has been investigating the security issue and preparing an incident report, many online crypto enthusiasts have stood up to criticize the rushed launch of Terraport.
😧Following a token sale in February and March 2023, TerraCVita launched its Terra Classic-based decentralized exchange, Terraport, on March 31. By April 7, Terraport burned nearly 100 million Luna Classic (LUNC) tokens in an attempt to revitalize Terra after it failed one year ago.
“What was for that hurry to launch to have two months presale?” 👈one commentator called out on Twitter, stating that the answer to this question is the key to understanding the project’s driving force.
Some industry observers also alleged that Terraport went live without completing an audit, which triggered more complications.
🤨The crypto community has also expressed outrage against influencers who have been involved in promoting Terraport before it suffered an exploit.
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🔥David Bowie unreleased record debuts as music NFT.
Gala Music, a Web3 startup subsidiary, is launching 3,003 NFTs on April 14, with an unreleased version of David Bowie’s “Let’s Dance” included.
✔️A previously unreleased version of David Bowie’s “Let’s Dance” has surfaced as part of a limited edition collection of nonfungible tokens (NFTs).
Gala Music, a subsidiary of the Web3 startup Gala Games, has joined forces with music producer🤫 Larry Dvoskin and publisher Warner Chappell Music to unveil an unreleased version of David Bowie’s 1983 track “Let’s Dance” as part of a limited edition collection of NFTs. The announcement was made on Thursday, March 6.
David Bowie created an impressive discography that included 27 studio albums, 11 live albums, four soundtracks and 128 singles during his lifetime. However, despite his passing in 2016, the singer-songwriter still has at least one unheard track.
😍Gala Music plans to launch 3,003 NFTs that showcase Bowie-inspired artwork on April 14, four decades after the original release of “Let’s Dance.“ Each NFT will grant its owner exclusive access to an unreleased version of the song, which Dvoskin co-produced with Bowie in 2002.
The NFTs will be available for purchase on a “pay-what-you-wish” basis, and the initial profits from the sales will go toward supporting MusiCares, a charity offering health and human services to individuals in the music industry.
☺️The upcoming release next week will not be the first time the Bowie estate has ventured into blockchain technology. In September 2022, the Bowie estate collaborated with OpenSea NFT😯 marketplace to introduce a collection of NFTs called “Bowie on the Blockchain” to raise charity funds. However, this collection faced significant criticism from Bowie’s supporters, who viewed the foray into blockchain as contradictory to the artist’s principles and beliefs.
Gala Games is primarily recognized for its Web3 gaming initiatives, allowing developers to create play-to-earn crypto and NFT games, but it has also expanded its interests to include music and film.
Crypto exchange Bittrex to wind down operations in the US.
😁The exchange shared that all customer funds are safe but advised U.S. customers to withdraw their funds by April 30, 2023.
Cryptocurrency exchange Bittrex has announced it will be winding down its operations in the United States due to a challenging regulatory and economic environment. The announcement was made on the platform’s ninth anniversary, marking a bittersweet moment for the company. 😧
💁Co-founder and CEO Richie Lai said that as the crypto ecosystem evolved, regulatory requirements have become increasingly “unclear” and “enforced, without appropriate discussion or input,” leading to an uneven competitive landscape. This environment has made it economically unviable for Bittrex to continue its operations in the United States.
The company’s founders have decided to focus on helping Bittrex Global succeed outside the United States. Bittrex clarified that U.S. customers don’t have to worry about the safety of their funds, as all of their capital is safe and available for withdrawal. The platform shared that it will permit trading until April 14, 2023, but advised customers to withdraw all funds by April 30, 2023.
👉Founded in 2014 by three cybersecurity engineers, Bittrex offered features like full-service API, near-instant atomic transactions, wallet infrastructure and offline cold wallet solutions.
The winding down of Bittrex’s U.S. operations is a reminder of the challenges faced by cryptocurrency businesses navigating an uncertain regulatory environment.😆
On March 3, Ripple CEO Brad Garlinghouse warned that the Securities and Exchange Commission’s regulatory approach puts the U.S. at “severe risk” of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.
🔍In a Bloomberg interview, Garlinghouse suggested that the crypto industry has “already started moving outside” of the U.S. because the country’s crypto regulation is “behind” other nations like Australia, Japan, the United Kingdom, Singapore and Switzerland.
Custodia Bank’s membership denied for ties with crypto markets, says US Fed.💸
The United States Federal Reserve released an 86-page report on March 24 detailing the reasons for denying Custodia Bank’s application for membership.
The United States🇺🇸 Federal Reserve released an 86-page report on March 24 detailing the reasons for denying Custodia Bank’s application for membership in January, including the bank’s involvement in the crypto space.
According to the report, the Fed’s board has raised “concerns about banks with business plans focused on a narrow sector of the economy,” with a high concentration of activities related to the crypto industry. The report states👇:
💁“Those concerns are further elevated with respect to Custodia because it is an uninsured depository institution seeking to focus almost exclusively on offering products and services related to the crypto-asset sector, which presents heightened illicit finance and safety and soundness risks.“
The document also states that Fed members must align their risk management systems and controls with the activities described in their business plans. Based on the Fed’s purview, “Custodia had not yet developed a sufficient risk-management framework for its proposed crypto asset-related activities, nor had it addressed the highly correlated risks associated with its undiversified business model.“
If accepted as a member of the Fed system, Custodia Bank would be further forbidden to run crypto-related services “given the speculative and volatile nature of the crypto-asset ecosystem” that is not consistent with the purposes of the Federal Reserve Act.“ The report states👇:
“Further, if the Board were to approve Custodia’s membership application, it would prohibit Custodia from engaging in a number of the novel and unprecedented activities it proposes to conduct —at least until such time as the activities conducted as principal are permissible for national banks.“
In response to the report, Custodia Bank’s🏦 spokesperson Nathan Miller told Cointelegraph the “recently released Fed order is the result of numerous procedural abnormalities, factual inaccuracies that the Fed refused to correct, and general bias against digital assets.“
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Venezuela’s Maduro Purges Crypto Offices of ‘Mafia’ Influences – ‘Hundreds’ Arrested🇻🇪
☠️Venezuela’s President Nicolás Maduro says he has “purged mafia influences” from his government’s crypto regulators after overseeing the arrest of one of his former right-hand men.
👮Earlier this week, Maduro green-lighted the arrest of Joselit Ramírez, the head of the Superintendencia Nacional de Criptomonedas (Sunacrip).
Sunacrip is the government body that supervises crypto-related policy.
🚓The long-serving Ramírez was one of Maduro’s key allies and helped launch the state-run Petro (PTR) cryptoasset, as well as the Patria crypto remittances platform.
Several other state officials were also arrested.
📺In a televised address, Maduro stated that the former Sunacrip chief was being investigated over the disappearance of some $3 million worth of public funds.
Project claiming to be ‘AI-powered’ drains $1M from users.
The project, Harvest Keeper💁, claimed to optimize trading processes and promised a 101% return on investment within 21 days.
As artificial intelligence (AI) recently became a trending topic due to the capabilities displayed by ChatGPT v4, a project claiming to be an “AI-based” decentralized application has taken almost $1 million from its users in a suspected scam.
🧐Blockchain security platform CertiK has recently confirmed that Harvest Keeper has stolen around $933,000 of users’ assets at the time of writing. In addition, users have also lost around $219,000 from ice phishing transactions across the Ethereum, BNB Chain and Polygon networks, according to CertiK. The security firm urged users to revoke the permissions they gave the project and warned people to stop interacting with its website.🖐
Harvest Keeper claims to be an AI project that “optimizes the trading process for maximum payout” and promises a 4.81% return on user deposits. On its website, the platform promises a 101% return on investment within 21 days and an 8% referral reward. The project has almost 30,000 followers on Twitter and more than 32,000 followers on its Telegram channel.
👉Meanwhile, as the ChatGPT hype resurfaced on Twitter, dozens of accounts claiming to be related to “CryptoGPT” have emerged on the social platform. On March 10, a hashtag associated with a token project called “CryptoGPT” was trending on Twitter. With it, several similar accounts have emerged, with some advertising fake giveaways. Dozens of Twitter accounts with a similar name have also plagued the social platform, with some offering giveaways and airdrops suspected to be fake.
As the newest version of ChatGPT showed that it could audit smart contracts on Ethereum, many speculated whether it could eventually replace developers. 🌸
Betting on turmoil: Deribit launches Bitcoin volatility futures.
Volatility products are popular with traditional investors, as they enable portfolio hedging, risk management and speculation.
🔍Crypto derivatives exchange Deribit will soon launch Bitcoin volatility futures, giving investors a direct way to measure and trade BTC market volatility.
On March 17, Deribit introduced BTC DVOL futures — a derivatives contract built on the Deribit Bitcoin Volatility Index, which measures the implied volatility of the largest cryptocurrency. Deribit’s volatility gauge provides a 30-day outlook on investors’ expectations for annualized volatility.😇
Like other volatility products, BTC DVOL can potentially help traders with risk management, portfolio hedging or market speculation.
Volatility-as-an-asset is widely traded in traditional finance, with the most popular product being the Chicago Board Options Exchange Volatility Index, also known as VIX. The VIX fluctuates on a scale of 1–100, with 20 representing the historical average. Readings below 20 signal lower implied volatility than the historical mean. Readings above 20 are usually associated with more turbulent financial conditions, while anything above 30 signals significant market volatility, usually due to uncertainty, risk or investor fear.
👉VIX measures the volatility of S&P 500 index options, a leading indicator of the U.S. stock market.
Bitcoin and the broader crypto markets have exhibited extreme volatility over the past 12 months. The period known as crypto winter is usually associated with deep corrections in digital asset prices following an over-extended bullish phase.
Although crypto investment products experienced record outflows last week following the collapse of Silicon Valley Bank and Signature Bank, regulatory clarity on investor deposits has helped Bitcoin stage a large relief rally. Bitcoin’s price crossed $27,000 💸 on March 17 for the first time in over nine months.
Biden pledges ‘no cost to the taxpayer’ to shield SVB, Signature depositors.
😊While the federal government’s proactive approach to minimizing damage was appreciated, many pointed out that taxpayers would ultimately suffer the depositors’ bailout.
The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, United States President Joe Biden assured taxpayers that they would not feel the burn as the federal government takes action to protect depositors.
🔍On March 11, major stablecoins, including USD Coin, USDD (USDD) and Dai, depegged from the U.S. dollar after Circle announced that $3.3 billion of its $40 billion reserves were stuck in SVB.
Knowing that numerous other entities tied to the collapsing banks may suffer irreparable damage, Biden announced, on March 12, his commitment to hold the responsible people accountable for the event.🧐
😜While the federal government’s proactive approach to minimizing damage was appreciated, many pointed out that it’s the taxpayers that would ultimately suffer the depositors’ bailout. On March 13, Biden addressed concerns through a tweet:
Biden assured American citizens that the traditional financial system was safe after the federal intervention. He further stated that taxpayers would not be burdened for saving SVB and Signature Bank depositors:
“People’s deposits will be there when they need them – at no cost to the taxpayer.”💁♂️
However, Biden’s followers on Twitter were not completely sold on this idea, as many pointed out that “everything you do or touch costs the taxpayer!”
In parallel, the U.S. Federal Reserve is closely investigating the factors that led to the failure of SVB, including how it supervised and regulated the now-collapsed financial institution.
Dogecoin Price Prediction as DOGE Eyes Big Bearish Breakout to This Key Support Zone🔮
Dogecoin (DOGE), the cryptocurrency that powers the Dogecoin blockchain, has dropped back after an attempt to push back to the north of the $0.076 level earlier in the day. A spike in the US dollar and US yields combined with downside in US stocks in wake of hawkish remarks from Fed Chair Jerome Powell is weighing broadly on crypto prices, hence the intra-day pullback.
📈Powell warned that the pace of interest rate hikes could rise once again and that interest rates could go higher than expected if inflationary pressures remain too hot. Dogecoin was last changing hands around $0.074, down around 1.0% on the session, having found support at the weekend lows in the $0.072s.
News of Dogecoin whales moving significant amounts of tokens off of Binance and into self-custody has failed to lift optimism in the Dogecoin market. According to blockchain monitoring Twitter account Whale Alert, 67,455,315 DOGE were transferred from the world’s largest exchange to an unknown wallet on Tuesday.
💰At the current price, those tokens are worth roughly $5.0 million. Typically, investors moving significant sums of tokens off of exchanges is seen as bullish for a cryptocurrency, as it implies they have no plans to sell the tokens on the exchange. On the contrary, significant exchange inflows is typically seen as bearish for a cryptocurrency, as it could be a lead indictor of increased sell pressure.
Bybit halts USD bank transfers citing partner outages.
Dubai-based🌴 Bybit is the latest crypto exchange to suspend U.S. dollar💰 wire transfers, claiming partner disruptions.
Dubai-based crypto exchange Bybit has suspended United States dollar deposits via bank transfers in response to “service outages from a partner.” Funds can be withdrawn through wire transfers until March 10.
In a blog post from March 4, the crypto firm said that “USD deposits via Wire Transfer (SWIFT) and Wire Transfer (For U.S. banks) are no longer available.“ Alternatively, users can continue to make USD deposits via the Advcash Wallet or with a credit card.
Withdrawals through the Advcash Wallet are scheduled to be available soon, noted the exchange. Bybit claims users’ funds are “safe and secure” but urges clients planning to withdraw USD to do so “as soon as possible to avoid potential disruptions.“
🔍Bybit is one of the companies with exposure to the crypto lender Genesis Global Trading, which filed for Chapter 11 bankruptcy on Jan. 20.
According to Bybit CEO Ben Zhou, the exposure amounts to $150 million via its investment arm, Mirana Asset Management. According to Zhou, $120 million of the funds were collateralized and had already been liquidated. Moreover, he stressed that all client funds go into separate accounts, and Bybit’s earn products do not use Mirana.
The halt comes just a day after Silvergate Bank announced plans to discontinue its digital assets’ payment network, claiming the termination is a “risk-based decision.” The network was a major on- and off-ramp for USD in the U.S. crypto industry.
Regulatory pressure and market outflows after the dramatic collapse of cryptocurrency exchange FTX in November 2022 are driving U.S. banks to reduce their exposure to cryptocurrency assets.
In February, Binance announced it would temporarily suspend bank transfers of U.S. dollars. Previously, in January, the exchange said its SWIFT transfer partner, Signature Bank, would only process trades by users with U.S. dollar bank accounts over $100,000. Signature Bank previously announced it was drastically decreasing crypto deposits.
