In a recent development in the banking industry, the Federal Deposit Insurance Corporation (FDIC) has entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association, by Flagstar Bank, National Association, a wholly owned subsidiary of New York Community Bancorp, Inc.

This acquisition was completed on Monday, March 20, 2023, with the 40 former branches of Signature Bank set to operate under New York Community Bancorp’s Flagstar Bank, N.A.

Depositors of Signature Bridge Bank, N.A., other than cash depositors related to the digital-asset banking businesses, will automatically become depositors of the assuming institution. All deposits assumed by Flagstar Bank, N.A., will continue to be insured by the FDIC up to the insurance limit. The FDIC estimates the cost of the failure of Signature Bank to its Deposit Insurance Fund to be approximately $2.5 billion. The exact cost will be determined when the FDIC terminates the receivership.

This acquisition was necessitated by the closure of Signature Bank, New York, New York, by the New York State Department of Financial Services. Signature Bridge Bank, N.A. was created by the FDIC on March 12, 2023, to take over the operations of Signature Bank.

As of December 31, 2022, the former Signature Bank had total deposits of $88.6 billion and total assets of $110.4 billion. Today’s transaction included the purchase of about $38.4 billion of Signature Bridge Bank, N.A.’s assets, including loans of $12.9 billion purchased at a discount of $2.7 billion. Approximately $60 billion in loans will remain in the receivership for later disposition by the FDIC.

The acquisition by Flagstar Bank, N.A. did not include approximately $4 billion of deposits related to the former Signature Bank’s digital-assets banking business. The FDIC will provide these deposits directly to customers whose accounts are associated with the digital-asset banking businesses. Questions may be directed to (866) 744-5463.

As part of the agreement, the FDIC received equity appreciation rights in New York Community Bancorp, Inc. common stock with a potential value of up to $300 million. This acquisition has put the FDIC in a better position to manage the receivership of Signature Bank and recover some of the costs incurred by the failure of the bank.

The acquiring institution, Flagstar Bank, N.A., has assured customers of Signature Bridge Bank, N.A. that their banking services will not be disrupted and that they should continue to use their current branch until they receive notice from the assuming institution that full-service banking is available at branches of Flagstar Bank, N.A. This acquisition has put the FDIC in a better position to manage the receivership of Signature Bank and recover some of the costs incurred by the failure of the bank.

#FDIC #SignatureBank #Flagstar #SVB #azcoinnews

This article was republished from azcoinnews.com

The Central Bank of UAE (CBUAE) has announced the implementation of its Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives under the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. A signing ceremony was jointly held by CBUAE, G42 Cloud and R3 to mark the occasion.

G42 Cloud and R3 will serve as the infrastructure and technology providers, respectively, for the CBDC implementation. The CBUAE has already undertaken several successful CBDC initiatives, including Project “Aber” with the Saudi Central Bank in 2020, which was awarded the Global Impact Award by Central Banking Magazine, and the first real-value cross-border CBDC pilot under the “mBridge” Project with the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Bank for International Settlements in 2022.

The first phase of CBUAE’s CBDC Strategy is expected to complete over the next 12 to 15 months and comprises three major pillars. These include the soft launch of mBridge to facilitate real-value cross-border CBDC transactions for international trade settlement, proof-of-concept work for bilateral CBDC bridges with India, and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.

CBDC is a risk-free form of digital money issued and guaranteed by the central bank, serving as a secure, cost-effective and efficient form of payment and a store of value. As part of the UAE’s digital transformation, CBDC will help address the pain points of domestic and cross-border payments, enhance financial inclusion, and support the move towards a cashless society.

CBDC is also expected to further strengthen the UAE’s payment infrastructure, providing additional robust payment channels and ensuring a resilient and reliable financial system. The CBUAE aims to ensure the readiness of the UAE to integrate the payment infrastructures with the future potential tokenisation world, the tokenisation of financial and non-financial activities.

Khaled Mohamed Balama, the Governor of the CBUAE, said, “CBDC is one of the initiatives as part of the CBUAE’s FIT programme, which will further position and solidify the UAE as a leading global financial hub. The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country. CBDC will accelerate our digitalisation journey and promote financial inclusion. We look forward to exploring the opportunities that CBDC will bring to the wider economy and society.”

#CBDC #UAE #CBUAE #azcoinnews #crypto2023

This article was republished from azcoinnews.com

In a recent tweet, Ryan Selkis, co-founder of on-chain data analytics firm Messari, made some bold predictions about the future of Bitcoin. He claimed that the cryptocurrency would reach the $100,000 mark within the next 12 months and that there would be more bank failures in the coming weeks.

Selkis’s prediction is based on the return of monetary easing by the Federal Reserve, in which interest rates are cut and quantitative easing is resumed. He believes that this will lead to sustained moderate inflation, which will cause Bitcoin to rise in value.

According to Selkis, Bitcoin is perceived as healthy money amid the continued devaluation of the dollar. He believes that companies like MicroStrategy will accumulate cryptocurrencies faster than federal regulators can move to shut down assets, such as Bitcoin regulation.

Selkis’s optimistic bet on the future of Bitcoin is that it will change from ‘outside money’ to ‘healthy money’ and reach $100,000. He emphasized that Bitcoin is perceived as a life raft and peaceful exit option in the current economic climate.

However, the key to this prediction is that institutions must be able to buy and defend Bitcoin alongside individual investors. Selkis predicts that institutions will buy Bitcoin faster than federal regulators can shut down assets.

As a recent report by AZCoin News, Balaji Srinivasan, the former CTO of Coinbase, has made a daring prediction that Bitcoin’s value will hit $1 million by June 17th. To demonstrate his confidence in his forecast, he has proposed a $1 million wager. The bet was set in motion on March 17th when a Twitter user known as James Medlock offered to bet anyone $1 million that the United States would not suffer from hyperinflation. Balaji accepted the challenge and tweeted, “I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”

#Bitcoin #BTC #BTC100k #Messari #azcoinnews

This article was republished from azcoinnews.com

Despite the Hong Kong government’s efforts to make the city a crypto asset hub, many cryptocurrency firms are still struggling to open local bank accounts. Even licensed crypto firms are finding it difficult to do so, especially after the closure of Silvergate Bank and Signature Bank, two of the world’s biggest crypto-friendly banks.

According to SCMP, banks in the city are not keen to serve them, and as a result, Hong Kong’s cryptocurrency-related companies are scrambling to find ideal banking partners around the world and in their home city.

Adrian Wang, the founder and CEO of digital asset management firm Metalpha, stated that quite a few crypto funds and firms are seeking to find local Hong Kong banking partners to do business with to prevent the SVB-style crisis from happening to them again. While digital asset regulations in the city have become friendly overall, Hong Kong banks still have stringent requirements when dealing with crypto businesses.

Current regulations for crypto assets in Hong Kong do not restrict local banks and financial institutions from working with businesses engaged in crypto-related activities. However, the Hong Kong Monetary Authority requires banks to perform due diligence and ongoing monitoring of these clients. For instance, if the customer is a crypto asset service provider (VASP), the bank will need to see if the VASP is licensed and assess its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) controls.

As many VASPs are not currently licensed in Hong Kong nor registered for AML/CTF requirements, this poses a significant hurdle for many VASPs to open a bank account in Hong Kong. But even licensed crypto firms in Hong Kong face challenges, as they can also find it difficult to open bank accounts and often have very limited options.

Many Hong Kong firms are now hoping that local banks could expand their services and develop solutions fit for crypto companies, now that the government has set its mind to attract such businesses back to the city after a previous exodus. In October last year, Hong Kong unveiled a range of policies aimed at boosting its crypto asset sector and becoming a hub and proposed rules on legalizing retail crypto trading.

However, some industry players think such measures are not enough. There are already multiple ways for retail customers to buy crypto, and the real question is that there’s no proper, regulated, and convenient fiat on-ramp and off-ramp infrastructure in Hong Kong.

#Hongkong #crypto2023 #Regulation #azcoinnews #crypto2023

This article was republished from azcoinnews.com

In the world of cryptocurrency, market sentiment is a critical factor that can drive prices up or down. As we approach the end of the first quarter of 2023, the current state of the market for Bitcoin seems to be leaning towards a more positive outlook, with on-chain metrics suggesting a slight bias towards the upside.

According to CryptoQuant, a leading provider of on-chain data analytics, there has been a significant drop in the estimated leverage ratio for BTC margined Bitcoin futures, despite recent rallies. This suggests that traders are taking a more cautious approach and not relying on excessive leverage. This is a positive development, as it reduces the risk of a sudden market crash due to over-leveraged traders.

Another important metric to consider is Long/Short Liquidations, which provides valuable insights into market sentiment. In October 2022, when the price of BTC was trading around $15,500, there was a dryness in Short liquidations, indicating that traders were not too pessimistic about the market. However, as the price started to make a sharp push upward, we saw $80 million in Short liquidations at the start of 2023, indicating that a significant number of traders were short.

Currently, we are seeing a similar trend, with $80 million in Short liquidations following the break of the $26,000 price point. However, there are no major long liquidations nearing the $25/$30 million range. As we monitor this metric, we can gain a better understanding of market sentiment and potential price movements.

It is important to note that the ongoing banking crisis creates more risks in the market, and it will be interesting to see how the US deals with this situation and how the market reacts. So far, the banking crisis has proven to be positive for crypto, as more investors shift funds into the crypto economy. This trend could continue if the crisis deepens, further fueling the adoption and demand for cryptocurrencies.

In conclusion, the current state of the market for Bitcoin suggests a positive bias, with traders taking a more cautious approach and less involvement of leverage. However, the ongoing banking crisis creates uncertainties that could impact the market, and it is essential to keep a close eye on the Long/Short Liquidations metric to gain insights into market sentiment. As always, the crypto market is highly volatile and unpredictable, and investors should always exercise caution and conduct their own research before making any investment decisions.

#bitcoin #BTC #crypto2023 #dyor #azcoinnews

This article was republished from azcoinnews.com

According to recent reports by Kaiko, some of the world’s largest cryptocurrency exchanges have seen a significant drop in market depth due to disruptions in USD payment channels and crypto bank failures.

Specifically, Gemini’s market depth fell by 74% in March, Coinbase by 50%, and BinanceUS by 29%. However, Binance Global only saw a drop of 13%. This lack of liquidity could lead to more price volatility and unpredictable swings in both directions.

The crypto market liquidity in March was already down 52% before the news hit that depositors in SVB would be made whole. This only added to the volatility of prices in the immediate aftermath. However, the market depth increased by over $125m overnight, or 30%, as price effects played a role in restoring USD liquidity to exchanges.

Interestingly, a closer look at liquidity at the pair-level shows that a large portion of the increase actually came from renewed liquidity for USDC in particular. As Circle gained access to the $3.3bn they had in SVB as soon as Monday morning, USDC moved closer to its peg and market makers began offering liquidity for USDC pairs again.

Using USDC as the base asset, there was a huge spike of over $100m in extra liquidity offered overnight, with over $60m belonging to the relisted USDC-USDT pair on Binance, while the USDC-USD pair on Kraken saw an injection of $20m in liquidity as well.

The lack of liquidity and the recent disruptions in USD payment channels and crypto bank failures have highlighted the need for greater stability and security in the cryptocurrency market.

In conclusion, the drop in market depth on some of the major cryptocurrency exchanges is a cause for concern, as it can lead to increased price volatility and longer transaction times. It is crucial for exchanges to take steps to address these issues and ensure that they have sufficient liquidity to meet the needs of their customers.

Read more: https://azcoinnews.com/gemini-coinbase-and-binance-us-experience-major-decrease-in-market-depth-in-march-2023.html

#Gemini #Coinbase #Binance #azcoinnews

Billionaire venture capitalist Tim Draper has urged businesses to consider diversifying their cash management strategies and holding a portion of their reserves in Bitcoin (BTC) and other cryptocurrencies. Draper, who is known for his bullish stance on Bitcoin, suggests that companies should keep at least two payrolls worth of cash in digital currencies.

The call comes amidst a period of economic uncertainty and increasing government regulation, which could potentially lead to bank failures. Draper emphasizes the need for contingency plans that can help businesses weather financial crises, and reduce their reliance on one bank or governing body.

In his Founder Considerations for Cash Management document, Draper advises companies to diversify their risk by keeping six months of short-term cash in each of two banks, one local and one global. He suggests that businesses should also hold at least two payrolls worth of cash in Bitcoin or other cryptocurrencies, as a hedge against economic uncertainty.

Draper argues that governments are taking over banks, and that governments themselves are at risk of becoming insolvent. Bitcoin, he claims, is a hedge against a “domino” run on the banks and on poor over-controlling governance.

The venture capitalist also highlights the importance of yield and capital appreciation in cash management, and the need for companies to be aware of fraud and the vulnerabilities of their customers and suppliers.

Draper’s call for businesses to diversify their cash management strategies and hold reserves in Bitcoin is not new. However, it does come at a time when Bitcoin’s value has been on a rollercoaster ride, with the cryptocurrency reaching new all-time highs before experiencing a sharp decline. Nevertheless, Draper remains bullish on Bitcoin, and he believes that it can play an important role in helping businesses weather financial storms.

Overall, Draper’s call for businesses to consider holding a portion of their cash reserves in Bitcoin and other cryptocurrencies highlights the increasing interest in digital assets as a hedge against economic uncertainty. As governments continue to print money and interest rates fluctuate, it seems likely that more companies will follow Draper’s advice and explore the potential benefits of holding digital currencies.

#TimDraper #crypto2023 #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

Bitcoin has once again taken the investment world by storm, as it recorded a remarkable performance in the first quarter of 2023. According to Bloomberg, Bitcoin was one of the best-performing assets, outpacing major investment products in the same period.

Bitcoin’s Q1 performance is quite impressive, given that it rose by about 70%, marking its best quarterly performance in two years. This is a significant improvement from its 103% return at the end of the Q1 2021 bull market. On the other hand, major investment products such as NASDAQ 100, gold, S&P 500, and STOXX Europe 600 failed to match Bitcoin’s performance, as they all recorded a lower increase in value.

Bitcoin performance against other asset classes. Source: Bloomberg

Market analyst Noel Acheson attributed Bitcoin’s success to the foundation it has been building for a rally since the end of 2022. According to Acheson, Bitcoin’s performance is not surprising, given the recent developments in the cryptocurrency market. In addition, the possibility of additional interest rate hikes by the US Federal Reserve System being raised again as a response to inflation could have contributed to Bitcoin’s rise.

It is also worth noting that Bitcoin’s performance was further boosted by the increased interest in cryptocurrency as an alternative to the centralized currency system. This is particularly true following the bankruptcy of Silvergate Capital, Signature Bank, and Silicon Valley Bank, which affected the confidence of investors in traditional banks.

In summary, Bitcoin has regained momentum in 2023, and its remarkable performance has surpassed major investment products. With the increasing interest in cryptocurrency, it is expected that Bitcoin’s performance will continue to attract investors’ attention in the coming months.

#bitcoin #btcsoaring #crypto2023 #Binance #azcoinnews

This article was republished from azcoinnews.com

Digital asset funds have seen negative money flows for six consecutive weeks, according to a recent CoinShares weekly report.

As of March 17th, there was a net outflow of $94.7 million from all crypto funds. The outflow from digital asset funds last week is notable as major cryptocurrencies, such as bitcoin, rebounded amid concerns over the banking system.

The report shows that digital asset investment products experienced outflows for six consecutive weeks, totalling $95 million, with the five-week total being $406 million, representing 1.2% of total assets under management (AuM). However, AuM has risen by 26% over the past week and now stands at $33 billion, which is the highest it has been since the Three Arrows Capital collapse in June 2022. Trading volumes in investment products were also double the average, reaching $2.6 billion.

CoinShares suggested that the outflows from digital asset funds may be due to investors’ need for liquidity during the ongoing banking crisis, rather than negative market sentiment. The report drew a parallel with the early days of the March 2020 pandemic, during which a similar situation was witnessed.

By asset, there was a net outflow of $112.8 million from Bitcoin funds last week, while $12.7 million was withdrawn from the Ethereum fund. In contrast, $34.7 million flowed into short bitcoin funds that bet on falling bitcoin.

Interestingly, Litecoin, Solana, Polygon, and XRP funds recorded small inflows, while Bitcoin and Ethereum funds experienced outflows. CoinShares explained that the positive flow of funds from altcoin funds also supports the view that outflows from bitcoin and ethereum funds are due to liquidity needs.

In conclusion, the recent CoinShares report shows that digital asset funds have experienced negative money flows for six consecutive weeks. While this could be a cause for concern, the report suggests that the outflows may be driven more by investors’ need for liquidity during the ongoing banking crisis, rather than negative market sentiment. It will be interesting to observe how the market develops in the upcoming weeks and months, and whether the trend of outflows will continue or change.

#Bitcoin #Solana #ETH #XRP #azcoinnews

This article was republished from azcoinnews.com

In a move that further highlights the growing trend of using blockchain technology to enhance customer engagement, Salesforce, the world’s leading customer relationship management (CRM) platform, has partnered with layer-2 blockchain Polygon to build an NFT-based rewards system. The partnership between Salesforce and Polygon marks a new milestone in the interaction with customers through Web3 technology.

On March 16th, the cloud computing software giant confirmed that it is preparing to launch an NFT-based rewards solution, which will allow users to track real-time blockchain data of Ethereum and Polygon collections in their CRM. The loyalty program is considered the best strategy to retain customers, prolong the customer life cycle, and create a platform for business growth. According to data from Smile.io, loyalty programs can generate about 40% of revenue for businesses.

In recent years, blockchain technology has been increasingly applied in strategies to increase customer engagement, particularly in loyalty programs. For instance, Starbucks, the popular coffee shop chain in the West, also chose Polygon as its partner to build its own NFT-based rewards system in September 2022.

The new rewards system built by Salesforce and Polygon is expected to enhance customer engagement and provide a unique experience to users. Through the use of NFTs, the rewards system can offer more personalized incentives, such as unique digital collectibles and other exclusive items, that can be tailored to the interests and preferences of individual customers.

With the new system, customers will be able to earn rewards through purchases, referrals, and other actions. They can then redeem their rewards for exclusive products, discounts, or other incentives offered by the business. By providing customers with a more personalized and engaging experience, businesses can create a deeper and more meaningful relationship with their customers.

The partnership between Salesforce and Polygon represents a significant step forward in the adoption of blockchain technology in customer engagement strategies. As more businesses recognize the benefits of using blockchain technology in loyalty programs, we can expect to see more innovative solutions in the near future.

#NFT #Polygon #Salesforce #nftcommunity #azcoinnews

This article was republished from azcoinnews.com

An ad truck featuring a male model synthesized with the face of Federal Reserve Chairman Jerome Powell holding a piece of paper that reads “Buy Bitcoin” appeared outside the headquarters of SVB Bank in the United States, providing a Did-It-Happen moment for Bitcoin maximalists and cryptocurrency enthusiasts.

Bitcoin surged 30% in a short time after the SVB crash, reinforcing the logic of the Bitcoin camp that it is an ‘alternative investment’ that emerged as a hedge while the banking crisis was not suppressed, and the stock price of banking stocks plummeted.

Bitcoin is a decentralized digital currency that can be sent from user to user on a peer-to-peer network without the need for intermediaries. It does not rely on trust and is immune to central bank and government failures. Anyone can pay with Bitcoin whenever and wherever they want, making it a popular option among cryptocurrency enthusiasts.

The cryptocurrency market is going through a ‘back to basics’ moment, according to Ryan Watkins, co-founder of Synchrash Capital. Bitcoin is leading the narrative that it will be an alternative to money, and Ordinals Protocol is re-emphasizing the block size problem. Ethereum is expected to show better performance ahead of the Shanghai upgrade.

Bitcoin is based on Proof of Work (PoW). Other proof-of-stake (PoS) coins, such as Ethereum, are exposed to securities risk. Securities and Exchange Commission Chairman Gary Gensler recently argued that proof-of-stake coins are securities. As an alternative investment, Bitcoin is free from securities attacks.

While some skeptics argue that Bitcoin is still useless and does not function as exchange, value measurement, or value preservation, they do acknowledge that cryptocurrency enthusiasts are better than central bankers. Rob Arnault, founder of Research Affiliate, said, “I am a Bitcoin skeptic. But I think crypto enthusiasts are still better than central bankers who are horribly incapable of offering any alternatives. Bit maxies are dreaming of a very passionate goal.”

A cryptocurrency activist who drove a Bitcoin ad truck to the SVB headquarters told Bloomberg, “Currently, a broken financial system is the best marketing for Bitcoin. The Fed is the best advertiser.” This highlights the sentiment among Bitcoin maximalists that the traditional financial system is broken and that Bitcoin provides an alternative solution.

The uncertainty in the financial market is yet to see the majority of retail or institutional investors entering the cryptocurrency market. However, the changed liquidity environment is good for risk assets, particularly for Bitcoin. Cryptocurrency analyst Noel Acheson said, “What drives the price of Bitcoin now is the changed liquidity environment. It is a good environment for risk assets, especially for Bitcoin.”

In conclusion, the ad truck outside the SVB Bank headquarters has given Bitcoin maximalists and cryptocurrency enthusiasts a Did-It-Happen moment. The surge in Bitcoin’s price after the SVB crash has reinforced the logic of the Bitcoin camp that it is an ‘alternative investment’ that can hedge against a banking crisis. While skeptics argue that Bitcoin is still useless, they do acknowledge that cryptocurrency enthusiasts are better than central bankers. The cryptocurrency market is going through a ‘back to basics’ moment, and Bitcoin is leading the narrative that it will be an alternative to money.

#Fed #Bitcoinad #buybitcoin #azcoinnews #crypto2023

This article was republished from azcoinnews.com

On March 19th, 2023, six major central banks across the world, including the US Federal Reserve System and the European Central Bank, announced that they would work towards making liquidity supply more smooth. This joint effort is being interpreted as an attempt to ease the rising concerns around the stability of the global financial system following the recent bankruptcy of Silicon Valley Bank (SVB).

The central banks of the United Kingdom, Canada, Japan, and Switzerland have also joined the effort, which will involve the strengthening of liquidity supply through existing dollar liquidity swap agreements. The joint statement issued by the central banks stated that those providing dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily to enhance the efficiency of swap lines that provide US dollar funds.

The US Federal Reserve explained that this move was aimed at improving liquidity supply through the US dollar liquidity swap line agreement. Meanwhile, a currency swap agreement is an arrangement between two countries that involves exchanging different currencies at an agreed exchange rate.

This joint effort by the central banks is being seen as a significant step towards stabilizing the global financial system amidst the growing concerns over its instability following the SVB bankruptcy. The move is expected to improve the efficiency of the existing swap lines, which should ensure that the supply of US dollar funds is more readily available, leading to increased stability in the global financial system.

The decision by the central banks to work together is also being viewed as a positive development towards building trust and confidence among the major players in the global financial system. This joint effort is expected to create an environment of cooperation and collaboration that could lead to more concerted efforts towards ensuring the stability of the global financial system.

Overall, this move by the six major central banks is being seen as a positive step towards stabilizing the global financial system amidst growing concerns over its instability. With the increased efficiency of the swap lines, the supply of US dollar funds is expected to be more readily available, which should ensure greater stability in the financial system.

#bank #azcoinnews #azcoin #crypto2023 #BTC

This article was republished from azcoinnews.com

In the world of cryptocurrency, a flurry of activity has been detected on Twitter as multiple crypto projects have posted the same image and message about an event happening on March 24th.

The tweet contains a rectangular image with the date of March 24th inscribed vertically, indicating that some important event is scheduled to take place on that day.

Liquity Protocol, the developer of the stablecoin LUSD, was the first project to tweet this content at 4 PM on March 23rd (UTC). Shortly after, a slew of crypto projects followed such as Rocket Pool, SushiSwap, SyncSwap, Argent, and many more.

Many members of the crypto community believe that this event is related to zkSync, a layer 2 scaling solution built on Ethereum using zk Rollup technology. Several projects have tweeted about zkSync, such as Argent, SyncSwap, SpaceFi, and Orbiter.

Twitter: @azcoinnews

The @mingoairdrop account even suggests that the zkSync Era will launch its mainnet this week, which has many people excited about the possibility of another layer 2 project to airdrop for users after Arbitrum.

As reported by AZCoin News, Arbitrum recently airdropped tokens to users on March 23rd at 11 AM (UTC). The ARB token is currently trading at around $1.35 with a market capitalization of $1.7 billion, according to CoinMarketCap.

The simultaneous posting of the same image and message by multiple crypto projects on Twitter is not a new phenomenon. In February, major decentralized finance (DeFi) projects posted a picture of their arms crossed with the word “Monday” inscribed below, indicating that a big event was scheduled for that day. They later announced a collaborative campaign to spread awareness about the nature of the industry.

With the crypto world constantly evolving, it remains to be seen what this event on March 24th will bring. Nonetheless, the Twitter activity and speculation surrounding it have certainly stirred up the community’s curiosity and excitement.

#Twitter #ARBITRUM #sushiswap #azcoinnews #azcoin

This article was republished from azcoinnews.com

In a surprising turn of events, the Ethereum voluntary exit count exploded on March 16th, marking the second-highest count since the merge. The voluntary exit count refers to the number of validators who have opted to leave the validator pool and stop participating in the consensus process. While this may seem like a cause for concern, experts say that this is actually a positive sign for the Ethereum network.

When a validator chooses to exit, they enter the exit queue and no longer propose or attest to blocks. However, their ETH stake cannot be withdrawn until the Shanghai upgrade is online. Despite this, there were 183 voluntary exits on March 16th, marking the highest recorded number since the merge.

Along with the surge in voluntary exits, the price of ETHUSD has also gone up, leading to fees exploding to their highest level this year. According to CoinMarketCap data, ETH is trading at $1,800, up 9.2% from 24 hours ago. This increase in price is believed to be due to increased demand and interest in Ethereum.

Despite the high number of voluntary exits, experts say that this is a positive sign for the Ethereum network. The surge in voluntary exits indicates that the network is becoming more decentralized and that there is more competition among validators. This is a good thing for the network as it makes it more resistant to centralization and ensures that no single entity can control the network.

The Ethereum network is undergoing several upgrades to address scalability and security concerns. The Shanghai upgrade, which is currently in progress, is expected to address these concerns and make the network more efficient and secure. With the surge in voluntary exits, the network is poised to become even more robust and decentralized.

In conclusion, the surge in voluntary exits on March 16th is a positive sign for the Ethereum network. It indicates that the network is becoming more decentralized and that there is healthy competition among validators. While it may take some time for validators to withdraw their ETH stakes, the network is poised to become more efficient and secure with the upcoming upgrades. As the demand and interest in Ethereum continue to rise, we can expect to see further developments and innovations in the world of decentralized finance.

#Ethereum #ETH #crypto2023 #azcoinnews #ethereumshanghaiupgrade

This article was republished from azcoinnews.com

In a podcast on March 20, Cardano founder Charles Hoskinson made some interesting remarks about Credit Suisse and the current state of the banking sector. Hoskinson pointed out the irony of Credit Suisse’s current troubles and its disapproving attitude towards cryptocurrency and him personally, nine years ago.

Hoskinson noted that Credit Suisse had dismissed the idea of cryptocurrency as too dangerous and unstable, claiming that it would harm its reputation. However, recent events have proven that the traditional banking system is not immune to instability and reputational damage.

The Cardano founder’s comments come in the wake of Credit Suisse’s recent losses and scandals, including its involvement in the collapse of Greensill Capital and the implosion of the Archegos Capital Management hedge fund. These events have raised serious questions about Credit Suisse’s risk management practices and have led to a significant decline in the bank’s stock price.

Hoskinson’s comments also highlight the growing acceptance of cryptocurrency and blockchain technology in the financial sector. Despite early skepticism and caution from traditional financial institutions, many banks and financial firms are now exploring the potential of these new technologies. In fact, UBS, one of Credit Suisse’s main competitors, has reportedly been investing heavily in blockchain technology and is now considering offering cryptocurrency trading services to its clients.

The irony of Credit Suisse’s current troubles and its past dismissal of cryptocurrency is not lost on Hoskinson or the broader crypto community. As the traditional banking system continues to face challenges and disruptions, it seems likely that cryptocurrency and blockchain technology will play an increasingly important role in shaping the future of finance.

In conclusion, Charles Hoskinson’s comments about Credit Suisse and the banking sector’s current state of affairs are a reminder of the importance of innovation and adaptation in a rapidly changing world. While traditional institutions may be hesitant to embrace new technologies, the crypto community is forging ahead and making its mark on the future of finance.

#Cardano #Hoskinson #ADA #CreditSuisse #azcoinnews

This article was republished from azcoinnews.com

Blockstream CEO Adam Back has recently caused a stir in the cryptocurrency community with his tweet stating that “Crypto and Bitcoin are completely different things.” He shared an image depicting Bitcoin as being much more important than other cryptocurrencies, and compared it to the movie Highlander, which portrays immortals who never die.

Back, who was a key developer in the early days of Bitcoin and is known as a Bitcoin maximalist, emphasized that Bitcoin is not just an investment asset but also a store of wealth and money used for transactions.

Twitter: @azcoinnews

He went on to say that one can choose to become a Bitcoin maximalist now or later, indicating that Bitcoin’s importance will only continue to grow. This statement has sparked discussions among the crypto community, with some agreeing that Bitcoin is a separate entity from other cryptocurrencies, while others disagree.

Blockstream, the company that Back heads, is focused on developing technologies that make it easier to use Bitcoin for payments and remittances, as well as supporting the adoption of Bitcoin as legal currency in El Salvador. It is also involved in the issuance of volcanic bonds secured by Bitcoin.

Bitcoin maximalists believe that Bitcoin is the only true cryptocurrency and that other digital assets are merely imitators. They argue that Bitcoin’s decentralized nature, limited supply, and high level of security make it the only viable option as a global digital currency.

However, critics of Bitcoin maximalism argue that this view is narrow-minded and ignores the innovation and potential of other cryptocurrencies. They argue that Bitcoin’s dominance in the crypto space is not a given and that it could be replaced by other digital assets in the future.

Regardless of one’s opinion on the matter, Back’s tweet has sparked a new round of discussion and debate about the role of Bitcoin and other cryptocurrencies in the digital economy.

#Blockstream #Adamback #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

The financial market is experiencing one of its biggest crises since 2008, with five banks collapsing in just two weeks. Fed Chairman Jerome Powell, whose responsibility is to catch prices, stabilize employment, and maintain financial stability, is now one of the busiest people in the world.

Chairman Powell has two options to address the crisis. Some on Wall Street are calling for interest rate freezes or cuts, but such moves could create further anxiety in the market. Instead, a 25 basis point increase seems to be the best option.

However, Chairman Powell will face tough questions from reporters at the press conference, who will undoubtedly ask about the banking crisis. How he responds will be closely watched by the market.

If he takes a “pigeonish” approach and reassures the market that the Fed will solve the problem, the market is likely to rally in relief. But if he takes a more hawkish stance, the market may tilt its head and become uncertain about the long-term effects of money printing.

Whatever Chairman Powell decides on March 22 at 2 pm (ET), there will be huge money movements in the market. Bitcoin, which was created as a currency that could not be swayed by anyone’s words, may be particularly affected.

Governor Lee Chang-yong of the Bank of Korea has already expressed his concerns about virtual assets, stating that they are causing him trouble. The collapse of the five banks is a reminder that financial stability is a fragile thing, and the decisions made by central bankers can have far-reaching consequences.

#Fed #FederalReserve #Federal #azcoinnews #crypto2023

This article was republished from azcoinnews.com

Traders are predicting that the Federal Reserve System (Fed) is more likely to raise the base rate by 25 basis points at its March monetary policy meeting rather than freeze it.

This news comes after concerns over small and medium-sized banks in the US spread, leading to the possibility of a rate freeze. However, recent developments such as the expansion of liquidity supply by major central banks like the Fed, support by major US banks for First Republic Bank, and the US Treasury’s policy to provide additional support to banks if necessary have alleviated market concerns.

According to the CME FedWatch Program, the probability that the Fed will freeze the base rate, which currently stands between 450bp and 475bp, at the FOMC meeting on the 21st and 22nd is 19.5%. This is a decrease from 26.2% the previous day and 30.6% a week ago. Conversely, the probability that the Fed will raise the base rate by 25 basis points from 475 basis points to 500 basis points is 80.5%, up about 10% points from 73.8% the day before.

Some strategists suggest that the Fed’s interest rate freeze could pose even greater risks, citing instability in the financial system. As such, a small rate hike may be the best option for stabilizing the market. However, it remains to be seen what action the Fed will take at its upcoming meeting.

The possibility of a rate hike indicates that the Fed is optimistic about the US economy’s prospects, especially given the country’s continued recovery from the COVID-19 pandemic. The decision will have significant implications for both domestic and international markets, and investors will be keeping a close eye on any developments.

#Fed #FederalReserve #Federal #BTC #azcoinnews

This article was republished from azcoinnews.com

Bitcoin has been a hot topic in the financial world since its inception in 2009, with many narratives attached to it. One of the emerging narratives since the onset of the COVID-19 pandemic is that Bitcoin can be used as a global liquidity indicator, especially in terms of the expansion or contraction of balance sheets.

According to a recent report by a leading financial research firm, the net liquidity indicator that they covered in their previous insights has grown year-to-date (YTD). The report also highlights that Bitcoin has been highly correlated with this indicator for the past year.

The net liquidity indicator is calculated as the difference between the Federal Reserve balance sheet and the sum of the Treasury General Account (TGA) and Reverse Repurchase Agreements (Rev Repo). Essentially, it is a measure of the amount of cash that is available in the economy.

The report further states that the balance sheet of the four largest central banks in the world (Japan, Europe, China, and the US) has increased from $25.6 trillion to $26 trillion this year. This growth in balance sheets is despite the efforts of the European Central Bank (ECB) and the Federal Reserve to tighten monetary policy.

However, the report warns that dwindling order book depth in the crypto markets raises liquidity concerns. This could potentially lead to sharp price movements in either direction. If there is not enough liquidity in the market, it could result in violent price swings, which would be detrimental to investors.

It is worth noting that Bitcoin has gained a reputation as a hedge against inflation, and many investors have turned to it as a store of value during times of economic uncertainty. However, the recent correlation between Bitcoin and the net liquidity indicator suggests that it could also be used as a measure of liquidity in the global economy.

In conclusion, the recent report sheds light on the growing narrative that Bitcoin can be used as a global liquidity indicator. While the balance sheet growth of China and Japan offsets the efforts of the ECB and the Federal Reserve to tighten monetary policy, the dwindling order book depth in the crypto markets raises concerns about liquidity. As always, investors need to exercise caution and carefully consider their investment decisions, particularly in the volatile world of cryptocurrencies.

#Bitcoin #BTC #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Bitcoin’s recent rally from $24,000 to $28,000 has come to a halt due to two key factors, according to data provided by CryptoQuant. The first reason for the pullback is that short-term holders who bought Bitcoin recently decided to take profits and exit their positions at their realized price. These investors, who are also known as day traders, have been selling off their Bitcoin holdings, which has added selling pressure to the market and led to a decline in Bitcoin’s price.

The second reason for the pullback is that large investors or “whales” holding between 1,000 and 10,000 BTC have been spending more of their Bitcoin than usual when the price was around $28,000. This has resulted in their daily spending increasing above 320,000 Bitcoin, which is 34% of the total BTC being spent.

@azcoinnews

This is the highest percentage of total BTC being spent since December 2022. As a result of this selling pressure, there has been a divergence between the price, which has been increasing, and the whales’ BTC holdings, which have been falling to their lowest level since early February.

It is important to note that the 6-12-month-old coins realized price, which currently stands at $26,800, seems to be defining the mid-point of the new price range that Bitcoin has reached recently. This price point is now functioning as a support and resistance level when the volatility increases, providing some stability for investors.

The recent pullback in Bitcoin’s price has come as a disappointment to some investors who were hoping for the rally to continue. However, experts suggest that this is a healthy correction for the market, and it is not uncommon for Bitcoin to experience such pullbacks after a significant rally.

Despite the recent pullback, the overall sentiment for Bitcoin remains bullish, and experts predict that the cryptocurrency will continue to increase in value over the long term. As such, investors are advised to take a long-term perspective when investing in Bitcoin, rather than focusing on short-term gains.

#bitcoin #BTC #Binance #crypto2023 #azcoinnews

This article was republished from azcoinnews.com