Month: March 2023

‘Next Round of Bailouts Is Here’ — Bitcoin and Precious Metals Soar Amid Speculation of Fed Policy Change – Bitcoin News

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At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and cryptocurrencies have rebounded, a number of speculators suspect it’s because the U.S. central bank will now relax its monetary tightening policy. 4 Major Banks Bailed Out Following Silvergate Bank’s Collapse; Federal Reserve’s Easing Sparks Rebound…

DeFi sees its biggest hack in 2023 as Euler loses $197M: 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 DeFi ecosystem was once again an exploiter’s paradise this past week as lending protocol Euler Finance fell victim to a flash loan attack resulting in a net loss of over $196 million — the biggest hack of 2023 so far. Apart from the Euler Finance saga, USD Coin (USDC) depegging was the most significant event dominating last week’s headlines. Due to the collapse…

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

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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

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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

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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?

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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

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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…