{"id":316,"date":"2023-03-18T11:00:27","date_gmt":"2023-03-18T11:00:27","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=316"},"modified":"2023-06-04T19:34:04","modified_gmt":"2023-06-04T19:34:04","slug":"weekly-headlines-2023-3-w3","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2023\/03\/18\/weekly-headlines-2023-3-w3\/","title":{"rendered":"Weekly Headlines 2023.3 W3"},"content":{"rendered":"\n

\u201cCrypto did not force SVB and Signature into bankruptcy. In my view, Fed policy was the primary culprit. Because of a VC funding drought and higher yields on money market funds, deposits left the US banking system\u201d.   <\/em><\/strong>\u2013 Cathie Wood, the founder, CEO and CIO of Ark Invest<\/em><\/p>\n\n\n\n

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Weekly News Report:<\/strong><\/p>\n\n\n\n

News<\/strong><\/p>\n\n\n\n

1. Ethereum\u2019s Shanghai Hard Fork Now Has Official Target Date<\/p>\n\n\n\n

\u2013 Developers agreed to April 12 for the long-awaited upgrade that will enable staked ETH withdrawals.<\/p>\n\n\n\n

2. What Is Cross River Bank, USDC Stablecoin Issuer Circle\u2019s New Partner?<\/p>\n\n\n\n

\u2013 The New Jersey-based regional bank has a higher profile after a trio of recent bank collapses \u2013 and will likely face added regulatory scrutiny.<\/p>\n\n\n\n

3. Coinbase Officially Suspends Binance USD Stablecoin Trading<\/p>\n\n\n\n

\u2013 Coinbase CEO Brian Armstrong previously said the decision was made due to liquidity concerns.<\/p>\n\n\n\n

4. Crypto\u2019s Latest Stablecoin, Called HOPE, Started by Ex-Babel Finance CEO Flex Yang<\/p>\n\n\n\n

\u2013 The token will serve as the native stablecoin for the new Hope ecosystem, which is focused on bringing traditional-finance users to the crypto market.<\/p>\n\n\n\n

5. Silicon Valley Bank Customers Can Fully Access Funds After FDIC Creates New Bridge Bank<\/p>\n\n\n\n

\u2013 Loans and other services will resume on normal schedule Monday following a switch to a new bridge bank, the regulator said.<\/p>\n\n\n\n

6. Crypto-Friendly Signature Bank Shut Down by State Regulators<\/p>\n\n\n\n

\u2013 New York-based Signature Bank, which has a number of crypto clients, was shut down Sunday by state regulators, the Federal Reserve announced.<\/p>\n\n\n\n

Institution<\/strong><\/p>\n\n\n\n

1. More 186 US banks well-positioned for collapse, SVB analysis reveals<\/p>\n\n\n\n

\u2013 The perfect mix of losses, uninsured leverage and a greater loan portfolio, among other factors, resulted in the fall of Silicon Valley Bank (SVB). Comparing SVB\u2019s situation with other players revealed that nearly 190 banks operating in the United States are at potential risk of a run.<\/strong><\/p>\n\n\n\n

2. This Crisis Will Define the Future of Money<\/p>\n\n\n\n

\u2013 With thousands of people next month joining CoinDesk\u2019s annual Consensus conference in Austin, Texas, to discuss crypto\u2019s challenges and opportunities, the community now has a narrow opportunity to seize the day and define the future of money.<\/strong><\/p>\n\n\n\n

3. Swiss National Bank Extends $54 Billion Lifeline to Credit Suisse amid Crisis-Like Situation<\/p>\n\n\n\n

\u2013 The Credit Suisse stock jumped by over 40% in Thursday\u2019s opening trade as the %54 billion credit line extended by the Swiss National Bank comes as a major relief.<\/p>\n\n\n\n

4. Stop Blaming Crypto for Traditional Finance Failures<\/p>\n\n\n\n

\u2013 After the recent collapse of three banks \u2013 Silicon Valley Bank, Silvergate Bank and Signature Bank \u2013 many pointed fingers at crypto as the cause. But crypto may actually be the solution, not the problem.<\/strong><\/p>\n\n\n\n

5. Santander, HSBC, Deutsche Bank, Others Still Willing to Serve Crypto Clients After Banking Failures, DCG Says<\/p>\n\n\n\n

\u2013 Major banks are still willing to work with crypto firms, though they may restrict services, according to messages from DCG viewed by CoinDesk.<\/strong><\/p>\n\n\n\n

6. Banking Crisis in U.S. Likely to Push Crypto Firms Offshore<\/p>\n\n\n\n

\u2013 Switzerland, Lichtenstein and island jurisdictions are among the potential benefactors of the trend.<\/strong><\/p>\n\n\n\n

7. Bank of London bids to acquire Silicon Valley Bank\u2019s UK arm<\/p>\n\n\n\n

\u2013 The global clearing bank is leading a consortium of private equity firms seeking to purchase SVB\u2019s British arm.<\/strong><\/p>\n\n\n\n

8. Silicon Valley Bank and Signature Bank Reignite \u2018Moral Hazard\u2019 Dilemma Bitcoin Was Designed to End<\/p>\n\n\n\n

\u2013 A debate from the 2008 financial crisis resurfaces as the FDIC intervenes to help two troubled institutions with crypto connections.<\/strong><\/p>\n\n\n\n

Market<\/strong><\/strong><\/p>\n\n\n\n

1. Crypto market cap reclaims $1T, and derivatives point to further upside<\/p>\n\n\n\n

\u2013 Bitcoin\u2019s performance has outpaced Warren Buffett\u2019s Berkshire Hathaway over the past six months, with crypto markets appearing to have turned a corner.<\/p>\n\n\n\n

2. Bitcoin Is a Clear Winner of the U.S. Banking Crisis<\/p>\n\n\n\n

\u2013 The narratives around bank failures, stablecoins and interest rate hikes seem strong enough to propel the price of bitcoin, says CoinDesk\u2019s George Kaloudis.<\/p>\n\n\n\n

3. Bitcoin, Ether Swing From Cold to Hot in Event-Filled Week<\/p>\n\n\n\n

\u2013 The two largest cryptocurrencies have risen 31% and 26%, respectively, even as bank failures, inflation concerns and ETH selling pressure have roiled traditional asset markets.<\/p>\n\n\n\n

4. The Graph\u2019s GRT Rallies 15% Amid AI Token Surge<\/p>\n\n\n\n

\u2013 Other AI-related tokens also rose on Thursday, with decentralized AI marketplace, SingularityNET rising 15%.<\/p>\n\n\n\n

5. The Banking Crisis Has Been Good for Stablecoin Experimentation<\/p>\n\n\n\n

\u2013 Sovryn, a Bitcoin DeFi protocol, announced a new dollar proxy as others look at alternative models for collateralizing stablecoins amid a banking system crisis.<\/p>\n\n\n\n

6. Investors Flock to Tokenized Diamond as Crypto Banking Crisis Props Hard Assets<\/p>\n\n\n\n

\u2013 Sales of tokenized diamonds surged 300% last weekend when three banks collapsed and investors scrambled to sell their USDC stablecoins.<\/p>\n\n\n\n

7. US credit crunch means it\u2019s time to buy gold and Bitcoin: Novogratz<\/p>\n\n\n\n

\u2013 The Galaxy Digital CEO predicts tough times ahead for the United States economy but continues to be bullish on crypto.<\/p>\n\n\n\n

8. Helium\u2019s HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement<\/p>\n\n\n\n

\u2013 The token will be delisted from Binance\u2019s U.S. exchange on March 21.<\/p>\n\n\n\n

9. Evaluating Bitcoin as a Store of Value<\/p>\n\n\n\n

\u2013 Two on-chain metrics, realized capitalization and holding trends, demonstrate belief in bitcoin as a store of value (SoV).<\/p>\n\n\n\n

10. Bitcoin Dominance Reaches 9-Month High<\/p>\n\n\n\n

\u2013 The bitcoin dominance rate has climbed amid increasing turbulence in crypto markets, and more lately as the price of bitcoin also reached a nine-month high.<\/p>\n\n\n\n

11. Bitcoin market cap flips tech giant Meta, widens gap on Visa<\/p>\n\n\n\n

\u2013 BTC\u2019s market cap has climbed to the 11th spot among top assets by market cap, sitting behind electric vehicle maker Tesla.<\/p>\n\n\n\n

12. Bitcoin Options Volume on Deribit Hits Highest Level in 22 Months as Bank Failures Breed Volatility<\/p>\n\n\n\n

\u2013 Traders seek options to hedge against market volatility as U.S. bank failures triggered sharp repricing of interest rate expectations.<\/p>\n\n\n\n

13. Silicon Valley Bank Depositors Will Have Access to \u2018All\u2019 Funds Monday, Say Federal Regulators<\/p>\n\n\n\n

\u2013 \u201cToday we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,\u201d a joint statement read.<\/p>\n\n\n\n

14. Bitcoin Breaks $26K as U.S. Inflation Slowed to 6% in February<\/p>\n\n\n\n

\u2013 BTC rose to a nine-month high of $25,484 in the minutes following the inflation report and then extended those gains.<\/p>\n\n\n\n

15. Banking Crisis in U.S. Likely to Push Crypto Firms Offshore<\/p>\n\n\n\n

\u2013 Switzerland, Lichtenstein and island jurisdictions are among the potential benefactors of the trend.<\/p>\n\n\n\n

16. Burning USDC and Minting DAI Prove to Be Popular On-Chain Activities Amid SVB Collapse<\/p>\n\n\n\n

\u2013 Circle\u2019s USDC stablecoin had nearly $3 billion in net redemptions since Friday, while the total supply of DAI increased by 1.2 billion tokens over the same time period.<\/p>\n\n\n\n

17. DYdX Passes Vote to Reduce Trading Rewards by 45%, Sending Token Up 29.89%<\/p>\n\n\n\n

\u2013 The DYDX token is up by 121% since the turn of the year.<\/p>\n\n\n\n

18. Crypto Fund Outflows Hit Record Weekly Level<\/p>\n\n\n\n

\u2013 The outflows rose for a fifth consecutive week, according to a CoinShares report.<\/p>\n\n\n\n

19. Bitcoin Spike to $24.5K Stemmed From Regulators\u2019 Bank Interventions, Binance Stablecoin Conversion, Investor Hopes for Fed Dovishness<\/p>\n\n\n\n

\u2013 Investment banking giant Goldman Sachs analysts have predicted that the U.S. central bank will not raise interest rates at its next FOMC meeting on March 22, according to a report.<\/p>\n\n\n\n

20. Bitcoin Was Built for This Moment<\/p>\n\n\n\n

\u2013 Amid a U.S. banking crisis, value is flowing into bitcoin. Is this the beginning of the \u201cGreat Reset?\u201d investor and author Tatiana Koffman asks.<\/p>\n\n\n\n

21. Bitcoin Surges 18% to Above $24K<\/p>\n\n\n\n

\u2013 Some $160 million in short positions were liquidated on Monday.<\/p>\n\n\n\n

NFT<\/strong><\/p>\n\n\n\n

1. Dubai to Abu Dhabi: How NFTs are used in the UAE<\/p>\n\n\n\n

\u2013 Cointelegraph went to an electronic dance music concert and spoke to projects at the recent AIBC Dubai event to see how nonfungible tokens are used in the United Arab Emirates.<\/p>\n\n\n\n

2. Meta Will End Support for NFTs on Instagram, Facebook<\/p>\n\n\n\n

\u2013 Meta\u2019s Stephane Kasriel said on Twitter the decision is prompted by a desire \u201cto focus on other ways to support creators, people, and businesses.\u201d<\/p>\n\n\n\n

3. NFT Artist Beeple Opens Digital Art Gallery in Charleston, SC<\/p>\n\n\n\n

\u2013 Mike Winkelmann, also known as Beeple, has opened the 50,000-square-foot Beeple Studios in Charleston, South Carolina, to showcase his art and to build a community of fellow creators.<\/p>\n\n\n\n

Metaverse<\/strong><\/p>\n\n\n\n

South Korea launches \u2018Metaverse Fund\u2019 to expedite domestic initiatives<\/p>\n\n\n\n

\u2013 With the help of the Metaverse Fund, South Korea will support the mergers and acquisitions of various firms from the metaverse ecosystem.<\/p>\n\n\n\n

Web3<\/strong><\/p>\n\n\n\n

1. Microsoft reportedly testing Edge browser web3 wallet integration<\/p>\n\n\n\n

\u2013 The supposed screenshots show a non-custodial crypto and NFT-friendly Microsoft Web3 wallet embedded into Edge.<\/p>\n\n\n\n

2. HerVoice digital collectibles launch this Women\u2019s History Month to elevate women around the world<\/p>\n\n\n\n

\u2013 NFTs provide a simple, transparent and accessible way to help empower women in the Web3 era.<\/p>\n\n\n\n

3. AI and Crypto Are Combining to Create Web3\u2019s \u2018Multiplayer Era\u2019<\/p>\n\n\n\n

\u2013 Creating with code has never been easier. Web3 tooling shows us how it can be equitable and collaborative.<\/p>\n\n\n\n

4. The Australian Open Goes Full Web3<\/p>\n\n\n\n

\u2013 January\u2019s tennis grand slam shows how brands can embrace the metaverse for increased fan engagement.<\/p>\n\n\n\n

DAO<\/strong><\/p>\n\n\n\n

Arbitrum to Airdrop New Token and Transition to DAO<\/p>\n\n\n\n

\u2013 The long-awaited ARB token will grant holders the ability to vote on changes to the leading Ethereum layer 2 network.<\/p>\n\n\n\n

March 18, 2023<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cCrypto did not force SVB and Signature into bankruptcy. In my view, Fed policy was the primary culprit. Because of a VC funding drought and higher yields on money market funds, deposits left the US banking system\u201d.   \u2013 Cathie Wood, the founder, CEO and CIO of Ark Invest Weekly News Report: News 1. Ethereum\u2019s Shanghai Hard […]<\/p>\n","protected":false},"author":3,"featured_media":288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[77,8,70,26,102,103,101],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/316"}],"collection":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/comments?post=316"}],"version-history":[{"count":3,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/316\/revisions"}],"predecessor-version":[{"id":392,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/316\/revisions\/392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/288"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}