Weekly Headlines 2023.3 W2
“Fiat people are obsessed with zero sum games because fiat money turns positive sum games into zero sum.” – Jimmy Song
Weekly News Report:
News
1. Coinbase Pauses Conversions Between USDC and U.S. Dollars as Banking Crisis Roils Crypto
– Circle earlier confirmed it has $3.3 billion backing its USDC stablecoin parked at now-shuttered Silicon Valley Bank.
2. USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses
– USDC’s normally stable price sank to $0.89 from $1 while Ethereum gas fees soared hours after the crypto-tied bank failed.
3. Nigerian president-elect aims to use blockchain technology in the banking sector
– The Nigerian president-elect wants to review existing SEC digital asset regulations to stimulate economic growth.
4. Salesforce Partners with OpenAI to Launch Einstein GPT AI to Rival ChatGPT
– Salesforce is planning to launch Einstein GPT with OpenAI to offer all users and organizations generative services improved by AI.
5. Canadian Crypto Miner Pow.re Lands 100 MW Contract in Paraguay
– The site is built in the Yguazu region, near the giant Itaipu dam.
6. Technical discussions take center stage at Advancing Bitcoin conference in London
– Here’s a look back on the highly technical conference in London, where ordinals, silent payments and the Lightning Network were studied and discussed.
7. FTX Bankruptcy Examiner Denial Appealed by U.S. Government
– An independent investigation could cost as much as $100 million, the federal court in Delaware has previously been warned.
8. Crypto Exchange Bybit Suspends USD Deposits
– The exchange announced the suspension on Saturday, adding that withdrawals through wire transfers, including SWIFT, will be halted from March 10.
9. ETHDenver Teases Spin-off Plans as Conference Winds Down
– After a successful week of hacking, networking, and partying, conference co-founder John Paller revealed he is in talks to organize satellite events in other countries.
Institution
1. Banks down? That is why Bitcoin was created, crypto community says
– The SVB collapse on March 10 has sparked FUD across the crypto community, leading many to return to crypto roots — reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.
2. How Silvergate’s Crypto Collapse Differed From Silicon Valley Bank’s: No Bailout
– A deep dive into regulatory filings shows how Silvergate Bank’s collapse was, in a strange way, the ideal scenario for a failing institution. Sure, shareholders got wiped out, but depositors are made whole and the Federal Deposit Insurance Corp. isn’t putting in a dime.
3. Thailand to offer tax breaks for investment token issuers
– The government of Thailand expects that investment token offerings could generate more than $3.7 billion in the next two years.
4. U.S. Lawmakers to Reintroduce Crypto Tax Reform Bill: Report
– The Keep Innovation in America Act was first introduced in March 2021.
5. Pakistan banks agree on blockchain-based KYC system development
– The blockchain-based national eKYC banking platform aims to strengthen Anti-Money Laundering capabilities while countering terror financing.
6. Nigerians’ Rejection of Their CBDC Is a Cautionary Tale for Other Countries
– Nigerians are protesting the African country’s digital currency and demanding renewed access to paper money, despite government incentives.
7. Australian Crypto Regulations Likely to Be Delayed Until Mid-2024: Report
– The government is consulting with the industry now.
Market
1. Bitcoin Regains $20K After $200M in Crypto Liquidations; Some Traders Brush Off USDC Fears
– Some traders are signaling strength for USD Coin, citing its treasury backing in U.S.-issued bonds.
2. USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal
– USDC/USDT dropped as low as $0.94 on Kraken, its lowest level since April 2021.
3. Huobi’s HT Token Suddenly Falls 93%, Then Rebounds Just as Quickly
– The token, affiliated with Tron founder Justin Sun, dropped from $4.81 to $0.31 on the Huobi exchange.
4. ‘CryptoGPT’ Twitter accounts spring up as hashtag trends on Twitter
– A Twitter hashtag relating to a purported artificial intelligence crypto token called “CryptoGPT” has been trending on Twitter. Alongside it, a number of very similar-looking Twitter accounts have also sprung up — some of which have been touting likely fake giveaways.
5. 4 Potential Winners of the Silvergate Unwind
– The collapse of crypto’s most visible bank could be an opportunity for stablecoins and other financial services providers.
6. Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month
– ARK appears unfazed by Silvergate as it increases Coinbase exposure by over 700,000 shares in 2023.
7. Binance Extends Market Share for Fourth Consecutive Month
– The exchange continues to dominate, despite facing increased regulatory scrutiny, a report by CryptoCompare shows.
8. Stargate Finance Token Down 8% on Coinbase Delisting
– The cross-chain bridge protocol is migrating to a new smart contract on March 15.
9. Stablecoins have plentiful machine-payment use cases in the absence of euro CBDC: Report
– The Digital Euro Association sees automated micropayments as a way for Europe to maintain its digital competitiveness once regulations are in place.
10. FLEX Token Rises 21% After CoinFLEX Restructuring Plan Approved
– The crypto exchange filed for restructuring in August 2022 after suspending withdrawals earlier that summer.
11. EOS Blockchain Plans Second Innings Ahead of April’s EVM Launch
– The EOS Foundation will grant funds to EOS-based applications, among other steps, as the platform gears for a “new life.”
12. The crypto industry has ‘already started’ moving outside US, says Ripple CEO
– Ripple’s CEO Brad Garlinghouse stated that the SEC’s lawsuit against Ripple is the regulator playing “offense” and “attacking” the industry as a whole, which he believes could put the U.S. at “severe risk.”
NFT
1. Starbucks Odyssey Releases ‘The Siren Collection,’ Its First Limited-Edition NFT Drop
– Members of Starbucks Odyssey, the rewards program currently in beta, were able to purchase up to two “Stamps” from an edition of 2,000 featuring the brand’s iconic siren.
2. ‘Vitalik’ NFT Collection Takes Top Spot on OpenSea
– The collection is soaring based on its association with the co-founder of Ethereum, Vitalik Buterin.
3. Sotheby’s and UnicornDAO Host International Womens’ Day Art Auction
– A portion of the proceeds from the auction will be donated to organizations like Planned Parenthood to support women’s reproductive rights.
4. Generative Art NFTs Are Coming to Solana With Code Canvas
– The team behind Solana-based Exchange.Art is tapping into generative art through its new marketplace, courting creators native to Ethereum and Tezos.
5. AI Artist Claire Silver to Show NFT Collection at Louvre
– Silver has also been signed by global talent agency William Morris Endeavor (WME) as its first AI artist.
6. Yuga Labs’ Bitcoin NFT Collection Fetches Top Bid of Nearly $160K
– The company behind Bored Ape Yacht Club generated $16.5 million from its auction of 288 NFTs in its TwelveFold collection based on the Ordinals protocol.
7. Amazon’s NFT Platform Could Go Live Next Month on April 24
– Amazon CEO Andy Jassy is very much confident about the growth of the NFT space and we might soon see NFTs trading on Amazon this year.
DeFi
1. DeFi Protocol Maverick Unveils UniSwap Rival Decentralized Exchange on Ethereum
– Maverick Protocol said that its automated market maker algorithm offers investors more customization and the potential to earn greater profits than on top decentralized exchange UniSwap.
2. In crypto winter, DeFi needs an overhaul to mature and grow
– For DeFi to make a major comeback, projects must focus on enhancing consumer experience while utilizing sustainable incentive schemes, experts believe.
3. DeFi Exchange PancakeSwap to Deploy Version 3 on BNB Smart Chain in April
– The project burned $27 million in its CAKE tokens on Monday.
Web3
1. Football Legend Lionel Messi Supports Web3 Soccer Game Startup Matchday in Fundraise
– Matchday has secured an official license from FIFA as well as the FIFPRO players association. It’s working on a suite of Web3 games accessible to most users.
2. 14 Web3 marketing strategies that can increase exposure and consumer trust
– Leveraging the right blend of marketing strategies can not only raise a Web3 brand’s profile but also earn users’ trust.
DAO
DAO gets legal recognition in the US as Utah DAO Act passes
– The Utah State Legislature passed the Utah DAO Act, granting DAOs legal recognition and limited liability protections.
March 11, 2023