Day: March 24, 2023

Bitcoin bulls remain bullish, but macro and crypto-specific hurdles have BTC pinned below $30K

On March 23, Bitcoin (BTC) price recovered the $28,000 support after a brief correction below $27,000. The movement closely tracked the traditional financial sector, particularly the tech-heavy Nasdaq Index, which gained 2.1% as Bitcoin surpassed the $28,000 threshold. On March 22, the Federal Reserve raised its benchmark interest rate by 0.25%, but hinted that it is nearing its maximum level for 2023. In the end, however, Fed Chair Jerome Powell stated that it is too soon to determine the extent of the tighter credit conditions, so monetary policy will remain…

German dwpbank to offer Bitcoin trading to 1,200 affiliate banks on new platform

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Deutsche WertpapierService Bank (dwpbank), which offers securities processing to around 1,200 banks in Germany, is creating a new platform, wpNex, that will offer Bitcoin (BTC) to all of its affiliates’ retail customers in the second half of this year.  The new service will feature crypto accounts alongside bank customers’ other accounts and will not require additional Know Your Customer procedures, according to local media reports. Wallet-as-a-service provider Tangany and Bankhaus Scheich’s tradias digital asset trading service will also participate in the new offering. Retail customers will not hold private keys.…

Arbitrum airdrop hype grips DeFi world: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The much-awaited airdrop of layer-2 scalability protocol Arbitrum has dominated headlines throughout the week. The hype around the token has led to exploits, fake airdrops and even a significant surge in volume for other layer-2 protocols. Apart from the Arbitrum hype, the Euler Finance hack has also seen some new developments. The person or group behind the attack returned a portion of the funds…

MakerDAO votes to keep USDC as primary collateral, rejects ‘diversification’ plan

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MakerDAO, the decentralized autonomous organization that governs the Dai (DAI) stablecoin, has voted overwhelmingly to keep USD Coin (USDC) as the primary collateral for Dai. An alternative proposal to “diversify” collateral into Gemini Dollar (GUSD) and Paxos Dollar (USDP) was rejected in a 20% to 79% vote, according to the proposal’s official page. Vote totals for the proposal to normalize PSM Parameters. Source: MakerDAO official website In the proposal posted on March 17, the MakerDAO Risk Core Unit suggested that the risk of a cascading bank run in the U.S. has…

MakerDAO votes to keep USDC as primary collateral, rejects ‘diversification’ plan

MakerDAO, the decentralized autonomous organization (DAO) that governs the DAI stablecoin, has voted overwhelmingly to keep USD Coin (USDC) as the primary collateral for DAI. An alternative proposal to “diversify” collateral into Gemini U.S. Dollar (GUSD) and U.S. Dollar Paxos (USDP) has been rejected in a 20% to 79% vote, according to the proposal’s official page. Vote totals for the proposal to normalize PSM Parameters. Source: MakerDAO official website In the proposal posted on March 17, the MakerDAO Risk Core Unit suggested that the risk of a cascading bank run…

Price analysis 3/24: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

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Bitcoin and altcoins could see profit taking and risk-off positioning as the weekend approaches and investor concerns about Deutsche Bank arise. The European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which offer protection to the buyer against specific risks, soared on March 23 without any known catalyst. That pulled down the shares of the German lender by 11%.  European Central Bank President Christine Lagarde attempted to…

Terraform Labs CEO Do Kwon Faces Extradition to South Korea – Bitcoin News

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According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea. Montenegro Police’s Account of the Falsified Travel Documents Found in Kwon’s Possession Terraform Labs co-founder and CEO Do Kwon, also known as Kwon Do-hyung, was arrested on Thursday in Montenegro, a mountainous country located in South Eastern Europe on the Balkan Peninsula. The news…

Bitcoin likely to outperform all crypto assets following banking crisis, analyst explains

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The banking crisis could be the spark that will kick off the next crypto bull run, in which Bitcoin (BTC) is likely to outperform all other cryptos, according to Mike McGlone, the senior commodity strategist at Bloomberg Intelligence.  Following the collapse of major banks such as Silicon Valley Bank and Credit Suisse, confidence in traditional financial institutions is being shaken and Bitcoin is becoming more attractive as a “hedge against banking risk,” thinks McGlone.  According to McGlone, the United States Federal Reserve’s unwillingness to ease monetary policy despite the banking…

Magic Eden Forms Web3 Games Collective With Leading Publishers, Communities

“We’ve seen an emphasis on infrastructure investment for blockchain games, and many teams are doing great work tackling important problems in the technology and services ‘stack’” said Steven Chen, core contributor at Game7. “A focus on bringing in more quality games and [intellectual property] will drive the sector forward, as we saw with PC, console and mobile games.” Source