Day: March 20, 2023

NFT wash trading increases by 126% in February: Data

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The top six nonfungible token (NFT) marketplaces saw a rise in wash trading for the fourth straight month, with a total volume of $580 million. According to a new report from CoinGecko, February 2023 witnessed a 126% increase from the previous month’s volume of $250 million. As for the reason for the jump, the report points to a correlation with the overall recovery of NFT marketplace trading volume, which hit $1.89 billion in February. Wash trading refers to the manipulation of trading volume or price through repeated transactions. The six marketplaces…

Belgian Crypto Ads Must Warn of Risks Under New Rules

CryptoX – Cryptocurrency Analysis and News Portal The Financial Services and Markets Authority will have to be notified of major ad campaigns, as a survey reveals crypto investors are often trying to get rich quick. Source The post Belgian Crypto Ads Must Warn of Risks Under New Rules appeared first on CryptoX. CryptoX Portal

Goldman Sachs Note Expects Fed to Pause Next Rates Hike Following Banking Crisis

A Goldman Sachs economist anticipates that the Fed would suspend its forthcoming rates hike due to “stress in the banking system.” Goldman Sachs (NYSE: GS) believes the US Fed would not hike rates as planned due to prevailing macroeconomic circumstances. In a note published Monday morning, the banking giant’s economist David Mericle pointed to the ongoing banking crisis as a deterrent. According to Mericle, the recent collapses of Silicon Valley Bank (SVB) and Signature Bank make any rate hikes unbearable. As a result, the Goldman economist predicts that the Fed would…

Arbitrum airdrop hype helps zkSync addresses jump over 5X in a week

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Arbitrum, a layer-2 scaling solution for Ethereum, announced the airdrop of its ARB governance token on March 16, with eligible receivers expected to get the token by March 23. The hype around its airdrop has now helped another layer-2 solution, zkSync, to see significant week-over-week growth. ZkSync is another layer-2 scaling solution for Ethereum, supporting nonfungible tokens (NFT), and atomic swaps and transfers of Ether (ETH) and ERC-20 tokens within the Ethereum network. According to data from crypto on-chain analytic firm Nansen, more than 39,000 addresses have bridged over $871…

First Republic Bank Shares Slump 18% Following Downgrade from S&P

In an attempt to save First Republic Bank, a number of mainstream banking giants have decided to come to the bank’s aid with a total deposit of $30 billion. The shares of San Francisco-based financial services firm, First Republic Bank (NYSE: FRC) are tumbling in today’s Pre-market after the firm got a downgrade from the top credit rating agency, S&P Global Ratings. As reported by CNBC, the embattled bank was downgraded to B+ from BB+ over the weekend after first downgrading it to junk status in the past week. The…

Financial Supervisory Commission to Head Crypto Regulation in Taiwan

Speaking to the parliament, Chairman Huang pointed out that the Financial Supervisory Commission was working on a crypto regulatory framework. The Financial Supervisory Commission of Taiwan (FSC) has announced that it will now be the primary regulatory body for cryptocurrencies in Taiwan. Some lawmakers had called for the Ministry of Digital Affairs (MODA) as the chief crypto regulator. However, FSC made it known in a statement by its chairman, Huang Tien-mu while addressing the Taiwan parliament. Taiwan has two financial regulators: the FSC and the Central Bank of the Republic…

Silicon Valley Bank’s downfall has many causes, but crypto isn’t one

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Silicon Valley Bank (SVB) boasted over $200 billion in assets and was a lifeline for crypto companies. Notably, it was one of the few institutions offering services to crypto companies in the United States as other banks shied away from the sector, fearing risk and the possibility of a sudden regulatory crackdown. The downfall of SVB, Signature Bank and Silvergate Bank, all within a short time, has instilled fears of another 2008-like financial crisis. While policymakers continue to assure the public that they are working on a recovery plan —…

Nonprofit to expand DLT adoption through grants of up to $5M

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The nonprofit DLT Science Foundation (DSF) has launched intending to foster the adoption of distributed ledger technology (DLT).  In an announcement sent to Cointelegraph, the DSF highlighted that it would offer support in several areas, including education, innovation and research. This means it will create educational material, workshops and open innovation programs, as well as grants and fellowships for academics. The organization will also be providing support through grants to members of its university network. The network includes universities like the Indian Institute of Technology Madras, the London School of…

Why are we debating crypto vs. AI?

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The great debate of “crypto vs artificial intelligence” is heating up in 2023, but I don’t think it deserves to be scrutinized in a negative manner. Debates like these come naturally with all emerging technology. Remember the famous headline about the internet? “Internet ‘may be just a passing fad as millions give up on it,’” reads Daily Mail in December 2000. Blockchain is a decentralized, immutable ledger that facilitates a secure and transparent exchange of encrypted data shared across a network where information is available to all participants simultaneously. It…

BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens – Market Updates Bitcoin News

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Bitcoin was trading above $28,000 on Monday, as cryptocurrencies extended a bull run to start the week. This upwards sentiment comes as the Federal Reserve and other major central banks made coordinated moves to enhance market liquidity. Ethereum continues to trade close to $1,800. Bitcoin Bitcoin (BTC) started the week trading above $28,000, as markets responded to the deepening global banking crisis. The coordinated action by several major G7 central banks comes as Credit Suisse was bought out by rival UBS, a move engineered by Swiss authorities. BTC/USD jumped to…