Month: March 2023

Bitcoin surpasses $24k despite the recent bank collapses

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Bitcoin (BTC) surged almost 10% in the recent 24 hours, crossing a critical threshold of $24,000. The move comes as the US president has addressed the bank system’s stability. The latest series of bank collapses in the US has triggered a market-wide FUD (fear, uncertainty and doubt) among crypto investors. This caused a massive drop in cryptocurrencies’ prices, including bitcoin (BTC). The flagship digital currency, however, witnessed a quick recovery alongside the global crypto market capitalization.  Bitcoin is up by over 9% in the past 24 hours and trading above…

Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam – Regulation Bitcoin News

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The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many as 800,000 people may have fallen prey to the scam. 88 Digital Currency Wallets Used to Receive Funds From Investors Egyptian police recently arrested 29 individuals thought to be the masterminds of the Hoggpool cryptocurrency…

Coinbase Suspends BUSD Trading over Liquidity Concerns

Coinbase also noted that users will be able to withdraw their existing BUSD assets whenever they choose. Cryptocurrency exchange Coinbase has officially suspended BUSD trading on its platform. The decision follows from the earlier announcement by company CEO Brian Armstrong that the company would delist BUSD.  Recall that Coinbase claimed that BUSD no longer measured up to its listing standards after an internal review of the asset. Armstrong cited concerns that its users will not be able to get liquidity if Paxos stops minting BUSD. Following that announcement, there was…

Bitcoin Nears $25K as Interbank Funding Stress Indicator Surges to Highest Level Since COVID Crash

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Euler Finance blocks vulnerable module, working on recovering funds

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Decentralized finance (DeFi) lending protocol Euler Finance became a victim of a flash loan attack on March 13, resulting in the biggest hack of crypto in 2023 so far. The lending protocol lost nearly $197 million in the attack and impacted more than 11 other DeFi protocols as well. On March 14, Euler came out with an update on the situation and notified its users that they had disabled the vulnerable etoken module to block deposits and the vulnerable donation function. The firm said that they work with various security groups…

Biden Charges Congress and Regulators to Tighten Bank Rules as SVB and Signature Bank Collapse

Biden said the administration needs to reduce the risks of a future recurrence and protect American jobs and small businesses. The President of the United States Joe Biden has weighed in on the sudden and recent collapse of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ: SBNY). Many SVB clients pulled out their funds from the bank last week, causing the company to decline massively before its eventual demise. The unfortunate exit sparked panic among investors who had also invested in Signature Bank and First Republic Bank (NYSE: FRC). Amid…

Moderna Gains 7% as Cowen Upgrades MRNA Stock from Market Perform to Outperform 

In addition to noting that Moderna will lead the RSV vaccine market, Cowen also referred to major opinion leaders’ belief in the pharmaceutical company competing in a “three-player vaccine market”. Shares of pharmaceutical and biotechnological company Moderna Inc (NASDAQ: MRNA) jumped almost 7% on a stock upgrade by investment banking company TD Cowen. The financial institution upgraded the biotechnological company’s stock from market perform to outperform. The bank’s analysts are confident that the vaccine will “be a leader” in the RSV vaccine market. Moderna closed up 6.95% to $147.90 in…

What is JOMO in crypto trading?

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JOMO stands for the joy of missing out — particularly when a cryptocurrency trader refuses to follow the crowd. This is the opposite of FOMO, or fear of missing out, and it’s the counterbalance to price rallies driven by hype and frenzy. What is JOMO in crypto trading? In crypto trading, JOMO stems from not following the herd, which is often wrong, and ultimately avoiding a potentially big loss. For example, the recurring bullish calls in the Bitcoin market during the 2020-2021 bull run likely prompted many people to buy at the…

Stargate foundation advises DAO against reissuing STG tokens

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Stargate Foundation has advised its decentralized autonomous organization (DAO) against reissuing Stargate’s native Stargate Finance (STG) token due to concerns raised by FTX liquidators. The liquidators have expressed the belief that such a move would violate the automatic stay and could result in legal repercussions. In March 2022, Alameda Research, the former cryptocurrency trading firm, purchased the entire STG auction for $25 million. However, in November of the same year, FTX declared bankruptcy, following which FTX and Alameda’s wallets were hacked for roughly $500 million. The liquidators eventually transferred all assets to…