USDC depeg will hinder stablecoins’ growth, increase regulatory scrutiny — Moody’s

Recent turmoil in the traditional banking sector, culminating in USD Coin (USDC) losing its peg, could negatively affect stablecoin adoption and potentially increase calls for regulation, argued credit rating agency Moody’s Investors Service.  In its latest “Sector Comment” report published on March 16, Moody’s says fiat-backed stablecoins could face new resistance following USDC’s depegging on March 10. “Until now, large fiat-backed stablecoins had shown remarkable resilience, having emerged unscathed from past scandals such as the collapse of FTX,” wrote analysts Cristiano Ventricelli, Vincent Gusdorf, Rajeev Bamra and Fabian Astic. “However, recent…

Binance replaces BUSD in SAFU fund with TUSD and USDT

Cryptocurrency exchange Binance announced on March 17 that it has replaced the Binance USD (BUSD) holdings in its Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos’ recent move to stop minting new BUSD, which has led to the asset’s market capitalization falling.  As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT. This change will have no impact on users, and the funds remain on publicly verifiable addresses. Funds…

Binance replaces BUSD in SAFU Fund with TUSD & USDT

Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos’ recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD’s market capitalization over time.  As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT. This change will have no impact on users, and the funds remain on publicly verifiable addresses. Funds…

Crypto market cap reclaims $1T, and derivatives point to further upside

The total crypto market capitalization increased by 26% in seven days, reaching $1.16 trillion on March 17. Bitcoin (BTC) was the biggest winner among the top 20 coins, up 31.5%, though some altcoins gained 50% or more during that period. Total crypto market cap in USD, 12-hour. Source: TradingView The surge in cryptocurrency prices occurred as the United States Federal Reserve was forced to lend banks $300 billion in emergency funds. According to PBS News Hour, nearly half of the money went to failed financial institutions Silicon Valley Bank and…

What are buy and sell walls in crypto, and how can one identify them?

In cryptocurrency trading, a “buy wall” is a massive buy order, or multiple buy orders, around a particular price level. Conversely, a “sell wall” is a significant accumulation of sell orders at a given price level. Before understanding how buy and sell walls work, it is important to know what an order book and its market depth are. What is an order book in crypto trading? An “order book” is an index listing buy and sell orders for a specific cryptocurrency based on price levels. A trade is executed when…

$1b in bitcoin moved at once on March 16

Over 40,141 bitcoin (BTC) were moved in a single transaction on March 16, 2023 — showing once again how the introduction of BTC improved large settlements. The bitcoin transaction in question moved $1.05 billion from 254 addresses to two separate output addresses. The cost of the transaction was 333,000 satoshi worth about $87 — just 0.000008285714285714285% of the transferred sum. All the addressed involved are owned by major cryptocurrency exchange Binance. For a deep dive into bitcoin consult ColdFusion’s video on the topic. This massive transaction serves as a reminder…

Coinbase is planning to set up crypto trading platform outside US: Report

Cryptocurrency exchange Coinbase is reportedly planning to set up a crypto trading platform outside the United States, where it is currently headquartered. According to a March 17 Bloomberg report, Coinbase discussed setting up the non-U.S. platform with some of its institutional clients. The reported move came amid many U.S. lawmakers and regulators taking aim at crypto firms for their perceived role in the failure of Silvergate Bank, Silicon Valley Bank, and Signature Bank. U.S. regulators including the Securities and Exchange Commission have been cracking down on certain crypto companies in…

Web3 Offers a Cure to Toxic Pop Culture

A meaningful future of fandom in Web3 can mean many things: a culture of loyalty, financial freedom, collective ideals and ownership, shared success and even challenges. While we’ve come a long way as an industry and community, we still have a long way to go to pave a new path for fandom, whether around technology, communities or creators. An innovative culture of fandom in Web3 has the potential to be about more than just your pfp [profile pic], favorite Discord, oversized hoodie or who’s at your dinner table in that…