“Web 3 can be one of the biggest factors in bringing to fruition India’s dream of becoming a $5 trillion economy. Negative focus on cryptocurrency, a bit obsessive in the earlier years, has affected the perception about Web3 and its usage. The blockchain narrative needs a paradigm shift from the crypto to the transformative changes that can be brought about with the application of Web3,” he said. Source
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Despite a turbulent week for crypto following the downfall of Silicon Valley Bank (SVB) and Signature Bank, Bitcoin (BTC) market cap has managed to flip that of tech giant Meta. At the time of writing, data from Companies Market Cap shows Bitcoin’s market cap has reached $471.86 billion, surpassing that of Meta’s market cap of $469 billion. Companies Market Cap provides real-time monitoring and ranking of market caps for cryptocurrencies, public companies, precious metals, and ETFs. Bitcoin’s market cap standing compared to other assets. Source: Companies Market Cap Only 24 hours…
As such, data suggests the price action was spot driven. As of Tuesday, open interest on futures remained below Mar. 9 levels, when bitcoin traded above $23,500, even as bitcoin retraced all losses – implying the price action was led by investors purchasing bitcoin instead of being futures driven. Original
The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million off their loans. Following the collapse of Silicon Valley Bank (SVB) on March 10, the USD Coin (USDC) price dropped to lows of $0.87 on March 11 amid concerns about its reserves being locked at SVB. MakerDAO’s stablecoin DAI also depegged briefly, going as low as $0.88 on March 11, according to CoinGecko. The USDC price briefly dropped to…
The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has acquired Silicon Valley Bank UK (SVB UK), the British subsidiary of Silicon Valley Bank (SVB) that was shut down by U.S. regulators on Friday. British Chancellor of the Exchequer Jeremy Hunt tweeted Monday: This morning,…
More than 280 blockchain networks are at risk of “zero-day” exploits that could put at least $25 billion worth of crypto at risk, according to cybersecurity firm Halborn. In a March 13 blog post, Halborn warned of the vulnerability it dubbed “Rab13s” — adding it has already worked with some blockchains, such as Dogecoin, Litecoin and Zcash, to institute a fix for it. Halborn discovered massive #ZeroDay impacting Dogecoin and 280+ networks including Litecoin and Zcash, putting over $25 Billion of digital assets at risk! … — Halborn (@HalbornSecurity) March…
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The Commodity Futures Trading Commission (CFTC) has signaled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee (TAC). CFTC commissioner and TAC sponsor Christy Goldsmith Romero announced the updated membership via a public statement on March 13, with the inaugural meeting of the new committee set to take place on March 22. The TAC itself was formed in 1999 and aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in…
“Such behavior is improper for a government agency, and is irreconcilable with due process concerns,” it argued in its brief. “The SEC’s motive, then, is merely to backdoor a precedent that can be used in other cases, as, indeed, it is already doing in other cases where the DOJ has brought an action, and the SEC has piled on with similar allegations of securities laws violations against absent third parties.” Source