According to a recent warning by the U.S. Public Company Accounting Oversight Board (PCAOB), crypto proof-of-reserve (POR) audits have limitations, and the board believes that investors should exercise caution when dealing with companies using POR audits. PCAOB Calls for Investor Caution and Due Diligence When Using Proof-of-Reserve Reports The U.S. accounting watchdog recently issued an advisory warning about auditors using proof-of-reserve (POR) techniques to audit specific crypto companies, such as exchanges and stablecoin issuers. The Public Company Accounting Oversight Board (PCAOB) stated that it is aware of certain PCAOB-registered audit…
Day: March 9, 2023
Crypto industry braces for impact with Silvergate exit
The closure of Silvergate Bank is not a systematic risk for the United States banking system but could have a significant impact on the crypto markets, multiple sources told Cointelegraph. The consequences may include increasing banking concentration among a few partners and presenting challenges for venture capital firms seeking to establish banking relationships in the country. Silvergate had been a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States, but on March 8, its parent company, Silvergate Capital Corporation, disclosed its plans to…
Top 3 Crypto to buy in March 2023 (HUGE Potential)
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io In today’s video, I go over the Top 3 Cryptos to buy this month in March 2023! The crypto market is definitely picking up some … ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version
CBDCs threaten our future, so it’s time to take a stand
If the development of blockchain technology was a financial revolution, central bank digital currencies (CBDCs) are the counter-revolution. Their development has intensified in 2023 across the globe, and it’s now more important than ever for the world to know what could lay behind the acronym. While there are some who think central banks can be trusted to proceed, the facts stand against them. This technology would give central banks unprecedented control, could pose serious security risks and is also entirely unnecessary. If you understand blockchain, you also understand the privacy…
Bitcoin price drops to $20.8K as regulatory and macroeconomic pressure mounts
Bitcoin (BTC) traders saw continued downward pressure after the 5.5% decline in BTC price on March 7. Higher odds of further interest rate increases by the U.S. Federal Reserve and regulatory pressure in the cryptocurrency space explain some of the movement. Financial markets showed signs of stress as the inverted bond curve reached its highest level since the 1980s. Longer-term dated yields have stalled at 4%, while two-year treasury notes traded above 5% yield in March. Since July, longer-dated treasury yields have failed to keep pace with the surging two-year…
New York Attorney General Alleges Ether Is a Security in KuCoin Lawsuit
In a press release, the NYAG’s office said, “The petition argues that ETH, just like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH. Because of that, KuCoin was required to register before selling ETH, LUNA, or UST.” Source
Bitcoin Dips Below $21K to Reach Lowest Level In 7 Weeks as Silvergate Bank Shutdown Shakes Investors
Bitcoin, ether and other major cryptocurrencies turned red as the crypto-focused lender’s crisis continued to unfold. Source
Bitcoin BTC Price Dips Below $21K to Reach Lowest Level In 7 Weeks as Silvergate Bank Shutdown Shakes Investors
CryptoX is a multi-platform publisher of news and information. CryptoXtrade has earned a reputation as the leading provider of cryptocurrency news and cryptomarket analysis, bitcoin and other cryptocurrencies, blockchain technology, finance and investments. CryptoXtrade have become a known leader in the cryptocurrency information market. We work only with trusted information sources providing latest financial and technological innovations that improves the quality of life of CryptoX readers by focusing on Cryptocurrency and Blockchain. CryptoX Portal
Starbucks Odyssey Releases ‘The Siren Collection,’ Its First Limited-Edition NFT Drop
Starbucks Odyssey, the coffee company’s Web3 loyalty program, today released its first limited edition non-fungible tokens (NFT), which it calls “Stamps.” The program, still in invitation-only beta, allows members to complete activities such as quizzes and in-store purchase to earn Stamps, which can be collected or resold on Nifty Gateway. Source
MakerDAO Founder Calls for Rebranding of DAI Stablecoin
DAI, the fourth-largest stablecoin, with a market cap near $5 billion – and the only top stablecoin backed by a basket of assets, including other cryptocurrencies – suffers from bad branding that could be inhibiting its growth, Christensen said during a call to discuss the protocol’s decentralization plan, called “Endgame.” Source