Month: March 2023

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

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The recent banking crisis in the United States seems to have shaken the belief of some customers in the legacy banking system. According to Federal Reserve data, customers pulled nearly $100 billion in deposits in the week ending March 15. American venture capital investor and entrepreneur Tim Draper said in a March 25 report that “founders need to consider a more diversified cash management approach” due to the over-regulation of banks and micromanagement by the government. As part of a contingency plan, Draper suggested businesses keep “ at least 6…

Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro – Bitcoin News

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According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents. Report Says Kwon’s Legal Representation Aims to Appeal 30-Day Detention Extension Three days ago, Montenegro’s Interior Minister Filip Adzic announced on Twitter that Do Kwon, the co-founder and CEO of Terraform Labs, was arrested on Thursday for presenting forged identity documents.…

“Crypto king” kidnapped and tortured after scamming investors off $29m

Aiden Pleterski, a 23-year old “crypto prodigy, was abducted and tortured after reportedly scamming investors off $29m. Pleterski, a crypto king, abducted and tortured On Mar. 26, it was reported that after Pleterski scammed investors, he proceeded to splash $12m on, among other things, fast cars, a luxury vacation, and financing a lavish lifestyle. Pleterski is going through a bankruptcy proceeding in Canada as authorities try to recover the $29m he skimmed off unknowing investors. So far, only $1.9m has been recovered.  Government details revealed that Pleterski was abducted in December, and…

G7 to collaborate on tighter crypto regulation: Report

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The next G7 meeting might bring a push from the seven biggest democracies for tougher regulations on cryptocurrencies around the world, Kyoto news agency reports on March 25. Together, leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union will outline a cooperative strategy to increase crypto transparency and enhance consumer protections, as well as address potential risks to the global financial system, officials told Kyoto. This year’s summit is set to happen in Hiroshima, in May. Among G7 members, Japan already regulates cryptocurrencies,…

Nvidia executive says crypto is useless, backs ChatGPT and AI

Michael Kagan, the chief technology officer of Nvidia, the chipset manufacturer, thinks cryptocurrencies are “useless” to society. On Mar. 26, Kagan, whose firm sold billions worth of gear to cryptocurrency miners where Nvidia graphic cards played a key role, said artificial intelligence (AI) solutions like ChatGPT were, instead, more useful. ChatGPT is popular with analysts saying the world is in the first phase of AI disruption. Around 10,000 Nvidia chipsets trained the first version of the AI tool.  Meanwhile, Nvidia chipsets were widely utilized by proof-of-work miners who rely on gear for a chance…

Web 3.0: A Paradigm Shift Towards a Decentralized, Semantic, and Intelligent Internet

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Web 3.0, colloquially referred to as the “Semantic Web,” signifies a transformative evolution in the way we interact with and leverage the internet. The emergence of Web 3.0 comes with the promise of enhanced interconnectivity, user empowerment, and distributed architecture, making it a compelling development for experts in various fields, including technology, economics, and law.   Decentralization and Distributed Architecture: One of the most distinguishing features of Web 3.0 is its focus on decentralization. As opposed to Web 2.0’s centralized platforms and services, Web 3.0 aims to distribute control across…

US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion – Bitcoin News

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As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address. Uncle Sam’s Crypto Stash: How the U.S. Government Became a Top Bitcoin Holder The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates.…

Do Kwon arrested, bitcoin reclaims $28,000, SEC’s enforcement actions persists

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This week was mixed, punctuated by bullish and bearish patterns in the price action of top crypto assets, including bitcoin and ethereum. Noteworthy development included the recovery of bitcoin (BTC), which rejected bear pressure and rallied back above $28,000. The uptrend remains despite the United States Securities and Exchange Commission’s (SEC) enforcement actions. Meanwhile, after months of evading authorities, Terraform Labs founder Do Kwon was arrested in Montenegro. Coinbase vs. the SEC; another long-standing tussle looming?  Amid the enduring battle on crypto staking launched by the SEC a few weeks…

Community-driven crypto projects still thriving despite headwinds

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The highly anticipated launch and airdrop of Arbitrum’s native governance token ARB took place on March 23, creating a buzz around the layer-2 protocol as hundreds of thousands of eligible users and DAOs tried to claim the token. Overwhelming user demand led the airdrop claim page to crash shortly after its launch, displaying 404 and 429 errors for over an hour, Cointelegraph reported.  Since Arbitrum was one of the largest blockchain projects without a token, the hype around its drop was expected. Nevertheless, it exemplifies how community-driven projects in the…

Bitcoin is 1 week away from ‘confirming’ new bull market — analyst

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Bitcoin (BTC) has a matter of days to go before beginning a new macro uptrend, the latest analysis says. In his latest Twitter activity, popular trader and analyst Rekt Capital flagged a key monthly close in the making for BTC/USD. BTC price action closely mimics past cycles Despite facing problems flipping $28,000 to support, BTC price action is firmly on the way to abandoning its bear market. That is according to Rekt Capital, who on March 26 presented an optimistic picture of how BTC/USD would likely finish the month. The…