In the recent Unchained Podcast, “the block ghost of BitMEX”, Arthur Hayes said fiat-backed stablecoins like the USDC, USDT, and others pose a risk to the bonds market, and this is the primary concern for the United States. Stablecoins make the bonds market fragile, USDC de-pegs Arthur specifically pointed out the architecture of fiat-backed stablecoins and the need for the issuer to custody user funds before investing them in bonds, mostly in United States Treasuries, where they earn a yield. This flow of funds to Treasuries makes the United States…
Day: March 11, 2023
Ethereum layer-2 solutions may focus less on token incentives in the future
Layer-2 networks continue to gain momentum as the Ethereum ecosystem advances. For example, data from analytics provider Token Terminal found that layer-2 scaling solution Polygon had 313,457 daily active users as of Jan. 17, 2023 — a 30% increase in activity since October 2022. Moreover, the Polygon ecosystem recently announced the launch of its beta version Zero-Knowledge Ethereum Virtual Machine. As a result, Polygon’s native token, Polygon (MATIC), maintains a bullish narrative. While notable, some believe layer-2 networks offering token incentive models may soon become obsolete. For instance, Jesse Pollak…
$20.5K Bitcoin??? ☹️
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Maker DAO files emergency proposal addressing 3.1B USDC exposure
According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.” Maker said that it possessed multiple collaterals “exposed to USDC tail risk” in light of the extraordinary de-pegging of the USD Coin (USDC) stablecoin that began on Mar. 10. Maker DAO currently possesses more than 3.1 billion USDC in collateral backing its DAI stablecoin. Firstly, Maker proposes reducing the debt ceiling of UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A, and GUNIV3DAIUSDC2-A liquidity provider…
Bitcoin Regains $20K After $200M in Crypto Liquidations; Some Traders Brush Off USDC Fears
Other cryptocurrencies did not post similar gains, however, suggesting traders were not taking risks on lesser-known tokens yet. Polygon’s matic (MATIC) was up 1.6% while BNB Coin (BNB) and XRP were up a nominal 2% in Asian evening hours on Saturday. Original
BTC Above $20,000, ETH Beyond $1,400 on Saturday – Market Updates Bitcoin News
Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs. This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley…
BTC Proxy Is Live on BNB Chain and Interoperable With WBTC and BTCB – Press release Bitcoin News
press release PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes live on or after March 10th, 2023. This fulfilled a vision of allowing the Proxy community to utilize their Bitcoin for use in DeFi on Polygon, Ethereum and BNB Chains. BTC Proxy’s expansion to the three networks allows the Minting of BTCpx token using BTC Bitcoin, WBTC ERC20 and…
Cryptocurrency Market Plummets Over $70 Billion Following Silvergate, SVB Banking Failures
Bitcoin plummets to a two-month low, dropping by 8% below $20,000 on Friday, causing panic as over $70 billion was wiped out of the cryptocurrency market. The unexpected collapse of a crypto-focused lender, Silvergate Capital, and the closure of Silicon Valley Bank by the Federal Deposit Insurance Corporation (FDIC) have been identified as the main reasons behind the market crash. The announcement of the collapse of Silvergate Capital sparked a wave of fear among investors as the lender was a major creditor to the crypto industry. FTX, one of the…
Two U.S. SEC Commissioners Blast Their Own Agency for Rejecting VanEck Bitcoin Exchange-Traded Fund Application
Two commissioners at the U.S. Securities and Exchange Commission (SEC) are putting their own agency on blast after the regulator batted down another Bitcoin (BTC) exchange-traded fund (ETF) application. The SEC on Friday rejected a Bitcoin spot ETF application from VanEck, a US-based ETF and fund manager. Unlike Bitcoin futures ETF, which would be linked to derivative contracts tied to BTC, a spot Bitcoin ETF would be directly backed by the benchmark cryptocurrency. SEC Commissioners Hester Peirce and Mark Uyeda released a statement accusing their own agency of holding Bitcoin…
South Korea Doubles Down on Metaverse, Announces $51 Million Investment in Related Projects – Metaverse Bitcoin News
The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects. South Korea Continues Investing in the Metaverse While the interest in the metaverse by some private companies has started to cool off, South Korea is doubling down on its bet to keep supporting the local metaverse economy. The country…