Day: March 5, 2023

EOS, STX, IMX and MKR show bullish signs as Bitcoin searches for direction

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The United States equities markets made a strong recovery this week but Bitcoin (BTC) failed to follow suit. This means that cryptocurrency investors stayed away and could be worried by the ongoing problems at Silvergate bank. These fears could be what is behind the total crypto market capitalization dropping to nearly $1 trillion. The behavior analytics platform Santiment said in a report on March 5 that there was a “huge spike of bearish sentiment” according to their bullish versus bearish word comparison Social Trends chart. However, the firm added that…

Bybit follows Binance, suspends USD SWIFT and wire transfers

Bybit has just joined the growing list of exchanges suspending USD transfers. Bybit to no longer support USD deposits Bybit recently announced that USD deposits through Wire Transfer (for US banks) and SWIFT would no longer be available, saying they had “service outages from a partner.”   The new changes will take effect as of Mar. 10, 2023. However, users can still make deposits through a credit card or Advcash Wallet for USD. The exchange noted that the Advcash option would be available soon. While Bybit assured its customers that their…

MakerDAO adds 27% to lead weekly gains, outperforms bitcoin and ethereum 

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The governance token of MakerDAO, MKR, topped gains last week, trackers on Mar. 5 show. MakerDAO leads weekly gains MKR roared roughly 27% in seven days ending Mar. 5, pushing its market cap to over $942m. At this level, MKR outperforms the broader crypto market, including bitcoin (BTC) and ethereum (ETH).  Top weekly performers: CoinMarketCap As an illustration, BTC and ETH are down 4.5% and 3.5%, respectively, in the past week of trading. As of writing, MKR is changing hands at $963, up about 9 percent in the past 24…

‘Sorry for spreading a rumor’, says podcaster on Lido’s FUD

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Co-founder of content studio Bankless David Hoffman apologized for spreading rumors about what he called a “Wells Notice Carpet Bombing” targeting crypto firms, including the decentralized finance protocol Lido Finance.  “Carpet bombing” was a reference to an allegedly flood of well notices sent to crypto firms last week, Hoffman was told by a source. He shared the unverified information on March 3 during the Bankless Show podcast. “Many wells notices have been issued to many of the DeFi apps. […] Wells notices have got shot out across the industry in…

Bitcoin Miners Brace for Another Projected Difficulty Increase as Hashrate Heats Up Amid Market Uncertainty – Mining Bitcoin News

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Despite a 9.95% increase last week and the all-time high difficulty, bitcoin’s hashrate has averaged around 305 exahash per second (EH/s) over the past 30 days. According to current data, the hashrate has been around 308 EH/s over the past 2,016 blocks. The next difficulty change, set to occur on March 10, is estimated to increase again, as block times have been faster than the 10-minute average, coming in at 8 minutes and 30 seconds to 9 minutes and 41 seconds per block. Bitcoin’s Network Difficulty Projected to Rise; Hash…

Silvergate concerns, Binance pursues growth amid FUD, Shanghai delayed

Over the past week, the crypto scene was proliferated with apprehensions as investors raised concerns regarding Silvergate’s financial stability amid signs of impending collapse. Similarly, Binance saw its fair share of FUD but remained focused on growth-oriented strategies. Meanwhile, ethereum investors received news of a delay to the much-anticipated Shanghai upgrade, further compounding investor angst. Silvergate’s woes The crypto-focused bank Silvergate took the spotlight last week as concerns surrounding its financial stability intensified. On Mar. 1, the California-based bank revealed in a filing that it would have to delay its 10-K filing…

How both sides of the conflict have used crypto to win

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In the Russia-Ukraine war, both sides of the conflict have been leveraging cryptocurrencies to achieve the upper hand.  Pro-Ukraine causes have collected around $200 million from crypto donations, showing how borderless and uncensorable money could be useful in time of emergency.  But the Russian side has taken advantage of crypto too: a total of about $5 million was raised by pro-Kremlin groups and propaganda outlets in the course of the invasion, as revealed by a recent Chainalysis report. These entities are small grassroot organizations that have used crypto to bypass western…