In a major development in the world of cryptocurrency, Bitcoin Suisse has announced its support for KILT as part of their offering for institutional investors. This makes Bitcoin Suisse the first custodial crypto-financial services provider in the world to offer institutional users secure access to the KILT blockchain.

KILT is a blockchain identity protocol that allows for the creation of self-sovereign, decentralized identifiers and verifiable credentials. The network is powered by its native token, KILT, and offers secure identity solutions for both enterprises and consumers as a fundamental layer for Web3.

The KILT Protocol was one of the first projects to build on Substrate, a modular blockchain system that offers seamless integration with Polkadot. In September 2021, KILT launched as a Kusama parachain, and in October 2022, became the first blockchain in the ecosystem to move in its entirety from Kusama to Polkadot in order to leverage the stability and bank-level security required by enterprise customers.

According to Dr. Dirk Klee, CEO of Bitcoin Suisse, the addition of KILT to their Vault will provide their institutional clientele with access to an identity token that has exciting use cases across financial services and KYC, media, gaming, music, NFTs, and IoT. He went on to say, “Identity is a critical layer for Web3, and KILT Protocol is leading the way to widespread adoption of Web3 and decentralized technologies. Consumers are increasingly demanding more autonomy and control of their data across all facets of their digital lives.”

The offering includes custody and brokerage of KILT, as well as governance voting, and is geared towards organizations, external asset managers, and family offices.

This announcement is significant because it highlights the growing importance of blockchain identity protocols and their potential use cases across a variety of industries. With the support of Bitcoin Suisse, KILT is well-positioned to gain further adoption and usage by institutional investors, furthering its goal of becoming a fundamental layer for Web3.

#KILT #KILTprotocol #Bitcoinsuisee #crypto2023 #azcoinnews

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FTX Europe, the European subsidiary of bankrupt cryptocurrency exchange FTX, has opened a new website to enable its former customers to withdraw their remaining funds from the platform. The new domain name, https://ftxeurope.eu/, has been approved by the Cyprus Securities and Exchange Commission (CySE) and will offer no products or services apart from balance withdrawal.

According to a report by Finance Magnates, FTX Europe confirmed that the new website would be used solely for the purpose of allowing FTX EU LTD clients to claim their FIAT balances. Customers are required to log in to their FTX EU account through the new domain to see their balance and request a withdrawal.

As of now, the original domain www.ftx.com/eu remains unresponsive. However, Finance Magnates checked CySEC’s public register and confirmed that https://ftxeurope.eu is an approved domain owned by FTX EU.

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The move by FTX Europe to create a new website for balance withdrawals comes in the wake of the parent company’s bankruptcy. The bankruptcy filing of FTX, a popular cryptocurrency exchange, was announced in December 2021, after the company was hit with a $100 million lawsuit from a former client.

The new domain approval from CySE is seen as a positive development for FTX Europe’s customers, as it allows them to withdraw their funds from the platform despite the parent company’s financial troubles. FTX Europe’s initiative to create a new website for withdrawal requests shows its commitment to its customers and the financial regulations set forth by the regulatory bodies.

In conclusion, the new domain, https://ftxeurope.eu/, approved by CySE for balance withdrawal from FTX Europe, offers relief for former customers of the bankrupt cryptocurrency exchange. FTX Europe’s move to create a new website for withdrawal requests demonstrates the company’s willingness to adhere to regulatory guidelines and fulfill its obligations to its customers.

#FTXEU #FTXEuro #FTX #FTXUpdate #azcoinnews

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Bitcoin has been experiencing a surge in prices, with the cryptocurrency’s value edging closer to the $30,000 mark. According to a report by Santiment, this has resulted in a polarizing time for the market, with profit taking and fears of a top becoming prevalent.

The report highlights that the five largest transactions of 2023 have all happened in March, with the latest being a massive 20,000 BTC move that briefly went to address 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j before being moved to multiple others.

@azcoinnews

The influx of coins moving back onto exchanges between March 13th to 21st is also notable, as Bitcoin’s price surged up to 28k during this period. However, since then, supply has again been moving off of exchanges.

The report also notes that the total number of active sharks and whales (in yellow) and more dormant whales/exchange addresses (in red) are still rising in March, but the yellow line is rising at a slower pace compared to when prices were bottoming out in November and December.

The percentage held by this same shark/whale yellow line looks concerning when taking a look at the percentage of Bitcoin supply held. After an accumulation pattern up until late January, profit taking has gradually taken effect.

The caution flags raised by the large transactions going on in March and the slide down of the 10-10k BTC address tier (by percentage) and tapering off (by total addresses) suggest that there are legitimate concerns about Bitcoin’s ability to surge to $35,000 and beyond.

The cryptocurrency market has always been volatile, and the recent fluctuations in Bitcoin’s price are no exception. The report by Santiment provides valuable insights into the current state of the market and raises important questions about the future of Bitcoin. It remains to be seen whether the caution flags will result in a slowdown of Bitcoin’s upward trajectory or if the cryptocurrency will continue to surge ahead.

#bitcoin #BTC #Santiment #BTC #azcoinnews

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Jordan Castro, the founder of the famous NFT brand Doodles, has announced plans to transform his project into a leading media unit. In a statement on Discord on March 16, Castro, also known as Poopie, shared his vision for the future of the company, which he believes will “go beyond the label of an NFT project.”

Poopie has revealed his ambitions for the company, including plans to make the project a top-tier media brand. He is also discussing strategies to combat the current problem of “speculation” in the NFT market. Instead, the founder wants to create genuine “intrinsic motivators” to attract users.

There have been concerns that Doodles may be moving away from NFTs and blockchain technology, but Poopie has emphasized that the project will continue to be closely linked to this technology, and NFTs will remain central to the company’s plans.

However, the news of the shift towards a new model for Doodles has not been met with much positive response. The floor price for a Doodles NFT is currently 3.9 ETH, equivalent to about $7,200, a decrease of over 13% in the last 24 hours.

Doodles is a collection of 10,000 NFTs launched in October 2021, which attracted a lot of attention due to its eye-catching design and more polished look compared to other projects. In September last year, Doodles made headlines with its massive $54 million fundraising, with a company valuation of up to $704 million.

Over the past year, Doodles has focused on expanding its ecosystem, collaborating with big names like former Billboard Chairman Julian Holguin, musician and producer Pharrell Williams as the brand director. Doodles had previously announced plans to expand into NFT gaming, music, and intellectual property ownership. In January 2023, the company acquired the animation studio Golden Wolf as part of its roadmap to realizing this vision.

While Doodles’ shift towards a new media-focused model may be seen as a risky move, it also highlights the potential for NFT projects to evolve and diversify beyond their initial offerings. Only time will tell if Doodles’ ambitious plans will pay off, but the company’s strong track record and high-profile collaborations suggest that it could be a force to be reckoned with in the media industry.

#Dododles #crypto2023 #NFT #azcoinnews #opensea

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Binance has revealed that it will list Radiant Capital (RDNT) in the Innovation Zone. This means that users of the popular cryptocurrency exchange can now start depositing RDNT in preparation for trading, which will officially begin on March 30th at 07:30 (UTC).

Spot trading pairs for RDNT will include RDNT/BTC, RDNT/USDT, and RDNT/TUSD. The listing fee for RDNT will be 0 BNB, which is sure to be a welcome relief for traders who are accustomed to paying high fees for new listings.

In addition to being added as a spot trading pair, RDNT will also become a new borrowable asset on Binance’s Isolated Margin platform. This will allow traders to use RDNT as collateral when making leveraged trades with these new margin pairs: RDNT/USDT.

Radiant Capital is a decentralized omnichain money market protocol. This means that users can stake their collateral on one of the major chains and borrow from another chain, making it a versatile and flexible platform for cryptocurrency trading.

RDNT is the utility token for liquidity mining and governance on the Radiant Capital platform. With the news of its listing on Binance, RDNT has seen a surge in the value of up to 30%, currently trading at $0.45 USD.

@azcoinnews

The Innovation Zone is a special trading zone on Binance where new and innovative tokens can be listed. This provides traders with access to cutting-edge technologies and investment opportunities. However, it is important to note that the Innovation Zone carries higher risks than other trading zones on Binance, and traders are advised to exercise caution when trading in this area.

Overall, the addition of Radiant Capital to Binance’s platform is an exciting development for the cryptocurrency community. It provides traders with new opportunities for investment and trading, while also highlighting the growing importance of decentralized money market protocols in the cryptocurrency space.

#Binance #BNB #crypto2023 #azcoinnews #BTC

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According to a report by Semafor, former FTX founder Sam Bankman-Fried (SBF) has been asked by U.S. federal prosecutors to return political donations made to lawmakers.

This notice was issued in February by the U.S. District Attorney for the Southern District of New York, which stated that the donations made to lawmakers represented SBF’s proceeds of crime, and hence could be recovered under federal asset forfeiture laws. The directive is for the recipient to return the donations to the U.S. law enforcement agencies, not to FTX.

The prosecutors are planning to use any funds confiscated to compensate victims of crimes related to the SBF case. The U.S. government is also negotiating with bankrupt FTX in this regard.

Earlier, FTX had sent a confidential letter to U.S. politicians, asking them to return their donations by February 28. At least two members of Congress received the letter, as confirmed by Semafor.

Semafor also revealed that SBF is an investor in Semaphore and that the company is planning to purchase his stake. The case involving SBF is gaining momentum, and the developments around the recovery of the proceeds of crime are being closely watched.

#SBF #Sam #FTX #FTXcollapse #azcoinnews

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Incheon City, South Korea, is focusing on customized support for companies to foster leading software (SW) companies in the jurisdiction, in line with its promotion strategy to create Incheon as a blockchain hub city. This move is part of the city’s efforts to pre-emptively respond to new technologies such as blockchain and artificial intelligence (AI) and meet the increasing demand for these fields.

Recently, Incheon City announced that three local companies had been selected for the ‘2023 Regional Leading Business Commercialization Support Project,’ a public contest by the Ministry of Science and ICT. The three companies selected are Mondrian AI, JNP Medi, and D35 Co., Ltd. All three companies were chosen through a contest for innovative technologies such as blockchain and artificial intelligence (AI) held by Incheon City prior to participating in the government contest.

The contest project aims to foster software (SW) companies in regions with research and development capabilities and growth potential, providing them with various autonomous support services tailored to their needs to become leading companies with core competencies. The government has secured 576 million won to support these companies, with the total project cost being 1.152 billion won.

Incheon City and the Incheon Technopark Software (SW) Industry Promotion Agency will develop various high-growth programs to nurture these companies into leading firms. These programs will be tailored to the needs of the companies, including technological advancement, domestic and international marketing, testing, technology/management consulting, investment attraction, and internship linkage.

Lee Nam-joo, director of the Future Industry Bureau, said, “I hope that Incheon City’s customized support will contribute to the growth and sales of local companies.” The city is promoting various business support projects to foster future leading companies, such as the Rising Star program, open innovation, scale-up, and fund creation.

In conclusion, Incheon City’s focus on customized support for leading software (SW) companies shows its commitment to becoming a blockchain hub city. With the increasing demand for blockchain and artificial intelligence (AI), the city’s efforts to pre-emptively respond to new technologies will be key in fostering local companies to become leading firms in the future.

#Incheon #korea #crypto2023 #blockchain #azcoinnews

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Bitcoin and other cryptocurrencies have had a solid start to the year, and now as they enter the second quarter, experts predict that April will be seasonally favorable to risky assets such as stocks and cryptocurrencies.

The month of April has historically been a positive one for both Bitcoin and the S&P 500 index, with average monthly returns exceeding 17% and 2.6% respectively.

According to data from crypto service agency MatrixSport, Bitcoin has posted positive monthly results in April six times over the past decade. Additionally, April has been the best month of the first half for Bitcoin and the third best month for the year.

@azcoinnews

Marcus Thielen, head of research and strategy at Matrixport, commented on the recent rally in the US stock market and its potential positive effect on cryptocurrencies, particularly as the market enters a historically strong month for US equities. Thielen also expressed confidence in his theory that inflation will come down in 2023, leading to a rally in all risk assets.

While the cryptocurrency market can be volatile, experts remain optimistic about the potential for a strong month for Bitcoin and other cryptocurrencies as the second quarter begins. Investors will be keeping a close eye on market trends and looking for opportunities to capitalize on potential gains in the coming weeks.

#bitcoin #BTC #crypto2023 #BNB #azcoinnews

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Bitcoin has long been a market leader, attracting attention from investors and traders worldwide. As the value of Bitcoin continues to fluctuate, investors and analysts alike are continually searching for new metrics to track its progress and predict future trends. One such metric is the Bitcoin MVRV ratio, which has been the subject of a recent report by CryptoQuant.

According to the report, the Bitcoin MVRV ratio is a measurement that divides the current Bitcoin market capitalization by the realized capitalization, providing two distinct measures of the cryptocurrency’s value. The report highlights the MVRV ratio’s usefulness in detecting market trends, as it can indicate possible selling pressure or a potential decline in selling pressure based on the market capitalization and realized capitalization relationship.

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The report goes on to analyze the MVRV ratio’s historical trends, pointing out its effectiveness in predicting market trends over the course of three halvings. It notes that during the recent COVID crisis, the MVRV turned green, indicating values above 1. The MVRV continued to rise, reaching values above 3.75, marking Bitcoin’s all-time high. However, during the China ban, the MVRV ratio dropped from this high to 1.5 before recovering and hitting a lower high of 3.

The report then highlights a descending pattern in the MVRV ratio, reaching lows of 0.75 in November 2022. However, the ratio broke the 1 level in an upward direction in January 2023, driven by a significant increase in Bitcoin prices due to considerable accumulation in both the spot and derivatives markets, supported by the record-breaking number of open interest in Bitcoin options.

The report raises the question of whether the MVRV ratio will breach the 1.5 level to sustain the upward trend. In the author’s opinion, it is highly likely that this will happen, considering the rapid withdrawal of Bitcoin from exchanges resulting in scarce supply.

Overall, the CryptoQuant report sheds light on the usefulness of the Bitcoin MVRV ratio in predicting market trends and highlights its recent fluctuations in response to global events. As the cryptocurrency market continues to evolve, it is likely that investors and analysts will continue to seek out new metrics to gain insights into Bitcoin’s future performance.

#Bitcoin #BTC #crypto2023 #Binance #azcoinnews

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The world economy has been in a state of turmoil since the outbreak of COVID-19, and many countries have been struggling to keep up with the economic challenges that have arisen.

The United States is one such country that has been trying to find solutions to its economic problems by injecting millions of dollars into its economy to increase liquidity and improve the situation.

However, this solution seems to be causing a new problem – inflation. As the government continues to pour money into the economy, the value of the dollar has been weakening, causing inflation to rise gradually. This has prompted the Fed Chairman Jerome Powell to take action by implementing a series of rate hikes since last year, in an attempt to strengthen the dollar and stabilize the economy.

But this measure has sent shockwaves through many risky assets, including the crypto market, which has been suffering since last year. Although things seem to be improving, inflation remains high, and it is unclear how Powell and the Fed will cope with the situation.

Recently, short investor Michael Burry has criticized Powell’s actions, stating that he should have simply admitted that he doesn’t know how to solve the problem and sat on his hands for the next six months. Burry believes that this would allow for a more accurate price discovery and could help to stabilize the economy in the long run.

@azcoinnews

It remains to be seen how Powell will respond to this criticism and whether the Fed will be able to effectively address the inflation problem. As the world economy continues to struggle with the impact of COVID-19, finding a long-term solution to economic instability will be a challenge for policymakers and investors alike.

#Fed #Bigshort #BTC #crypto2023 #azcoinnews

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The crypto market has been on a rollercoaster ride for the past few months, with Bitcoin reaching new highs and then experiencing sharp drops. However, it appears that the market has entered a dormant period, leaving investors wondering what the future holds.

Despite most investors seeing the crypto market as bullish and believing that the market has bottomed, there is one analyst and trader who has a different view. Capo, a renowned analyst trader, has warned his 732,000 Twitter followers to be wary of the current market.

Capo has always held his views and strongly believed that the market was still in a downtrend. When Bitcoin was in a downtrend, he accurately analyzed the points that Bitcoin would touch. However, after Bitcoin started rallying, he still believed that it would continue to go down.

@azcoinnews

This shows that no one can truly predict the market with 100% accuracy. Investors should study and plan to deal with the risks that occur, as it will allow them to lose at a level that they can accept.

After his return to action following a long period of silence during Bitcoin’s rally, users have slammed Capo for believing that the crypto market is still bearish. He replied, “Imagine being wrong for months and going completely silent on Twitter, only to come back when the price finally starts to go in your direction to tell everyone you are right.”

Capo’s warning serves as a reminder to investors that the crypto market is still highly volatile and unpredictable. While some may see the current market as bullish, it’s essential to be cautious and manage risks appropriately.

#Bitcoin #Capo #crypto2023 #BTC #azcoinnews

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The cryptocurrency market has seen a mixed day of trading on March 30th, 2023. Bitcoin (BTC) was trading at $29,093 while Ethereum (ETH) was trading at $1,822, according to CoinMarketCap.

The market cap of the cryptocurrency market increased by 2.16% to $1182 billion, and the spot volume rose by 19.32% to $48.03 billion in the last 24 hours. Bitcoin dominance also rose by 0.61% to 46.46%, and ETH dominance stood at 18.6%.

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In terms of total liquidations, more than $126.6 million was liquidated in the last 24 hours, affecting 38,654 traders. The largest liquidation order took place on Bybit, worth $2.33 million.

CryptoQuant’s data suggests that BTC is likely to continue its bullish trend. It’s impressive to see how the combination of on-chain data and technical analysis, specifically Fibonacci numbers, can be so effective.

@azcoinnews

The 61.8% level is often referred to as the “golden number,” and it’s fascinating to watch how these numbers are being respected by the market. In my opinion, based on this analysis, we are currently experiencing a bullish movement. This can be attributed to a significant supply profit, which is driving the market upward.

Some of the top gainers in the last 24 hours include Krypton DAO (KRD), SXP (SXP), Nexa (NEXA), DSLA Protocol (DSLA), and Coin98 (C98). The greed and fear index currently stands at 60, indicating greed among traders.

Algorand has launched a new developer toolkit, AlgoKit, to help developers transition to Web3. The AlgoKit is designed to help build Web3 applications on the Algorand protocol, a blockchain layer-1 ecosystem.

Meanwhile, the total reserves of Binance remain high despite the recent lawsuit from the CFTC. According to data from Nansen, the balance on the Binance chain is currently at $64 billion, with USDT, BTC, ETH, BUSD, and BNB being the largest holdings, accounting for around 81% of the exchange’s total balance.

Overall, the cryptocurrency market appears to be holding steady, with mixed trading in different areas. The partnership between Algorand and Binance could be a positive development for the industry, and the ongoing bullish movement of Bitcoin is certainly something to keep an eye on.

#CryptoWatch #crypto2023 #Bitcoin #BTC #azcoinnews

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Luxury fashion brand Gucci has announced a partnership with web3 company Yuga Labs to explore the intersection of fashion and entertainment in the metaverse. The multi-year deal will see Gucci take an active role in Yuga Labs’ virtual world and game, Otherside, and participate in the continuing narrative of its popular narrative NFT project, 10KTF.

The collaboration will extend engagement between the communities of both companies and build on Gucci’s previous partnership with 10KTF for the Gucci Grail project. The project saw the creation of clothing and accessories used to personalize NFTs with the designs of Gucci’s then-creative director, Alessandro Michele.

10KTF’s Wagmi-san with the Gucci Grails

Gucci’s senior executive vice president, corporate and brand strategy, and chief executive of Gucci Vault & Metaverse Ventures, Robert Triefus, said that the luxury brand still sees a long-term opportunity in web3 for building community, encouraging customer loyalty, and ultimately generating revenue. Triefus described the early frenzy around NFTs as a “wild west” period and views the market’s downturn from its highs in late 2021 as a “correction.”

Yuga Labs was founded in 2021 and created Bored Ape Yacht Club, which grew into one of the most successful NFT projects. The company later acquired the rights to CryptoPunks, Meebits and 10KTF, and raised $450 million at a valuation of $4 billion last March.

Gucci’s participation in Otherside is set to begin this week, and Yuga Labs’ chief creative officer, Michael Figge, said he is looking forward to showcasing how the partnership extends to endless opportunities in Otherside. The partnership between Gucci and Yuga Labs represents a significant step forward for the fashion industry’s exploration of the metaverse and web3, and many are excited to see how the collaboration unfolds in the coming years.

#NFT #Yugalabs #Gucci #Otherside #azcoinnews

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In the world of non-fungible tokens (NFTs), the past 7 days have been quite eventful. Two of the most popular NFT projects, Bored Ape Yacht Club (BAYC) and CryptoPunks, have been making headlines for their contrasting performances.

According to the latest data from NFTGo, the floor price of BAYC has dropped by more than 8%, while CryptoPunks have risen by a whopping 13%. As a result, CryptoPunks have surpassed BAYC in terms of market value, with a current valuation of around 847,000 ETH, compared to BAYC’s 776,000 ETH.

There are several reasons that could explain this sudden shift in market sentiment towards CryptoPunks. Firstly, the launch of Wrapped CryptoPunks on Blur, a platform that allows users to buy, sell, and trade NFTs, has generated a lot of buzz in the NFT community. This has led to increased demand for CryptoPunks, as users see it as a more accessible way to own a piece of the iconic NFT collection.

Secondly, it appears that users of the nftperp trading platform are also favoring trading CryptoPunks over other NFT projects. Nftperp is a decentralized perpetual futures trading platform that allows users to trade NFTs with leverage. Its popularity among NFT traders means that any NFT project that gains traction on the platform is likely to see a significant increase in demand.

While BAYC’s recent dip in value may be seen as a cause for concern among its community of collectors, it’s worth noting that the project has already achieved significant success. Since its launch in April 2021, BAYC has become one of the most popular NFT collections, with a vibrant community of collectors and investors.

However, the recent rise of CryptoPunks shows that the NFT market can be fickle, and that even the most successful projects can face tough competition from newer players. It will be interesting to see how BAYC responds to this challenge and whether it can regain its position as the most valuable NFT project in the market.

In conclusion, the recent performance of BAYC and CryptoPunks highlights the dynamic nature of the NFT market. As more projects enter the space and compete for attention, it’s likely that we will continue to see fluctuations in market values and shifts in popularity. NFT collectors and investors will need to stay vigilant and adaptable to navigate this rapidly evolving landscape.

#NFT #BAYC #Cryptopunks #NFTGo #azcoinnews

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In a recent announcement on Twitter, Billy Markus, one of the co-founders of the popular meme-inspired cryptocurrency Dogecoin, has clarified his current role in the development of the digital currency and the amount of Dogecoin he currently holds.

The announcement came after Markus seemed to grow increasingly frustrated with the constant inquiries about his involvement with Dogecoin. In an effort to put an end to the speculation once and for all, Markus took to Twitter to clear the air.

@azcoinnews

He revealed that he has not worked on Dogecoin for the past nine years and has no affiliation with the cryptocurrency at present. Additionally, Markus stated that he owns “very little” Dogecoin, emphasizing that he does not represent the currency and should not be told how to do so.

Markus called on the Dogecoin community to stop demanding things from strangers who owe them nothing, stating that they will only be seen as “ ...” for doing so.

Despite Markus’ disassociation with Dogecoin, the cryptocurrency has continued to gain popularity, with even fast food giant Burger King in Paris recently announcing that it would accept Bitcoin payments.

In response, the official Burger King UK Twitter account tweeted “We need Doge,” with some individuals even claiming that they would pay for a meal at Burger King with Dogecoin.

While Markus may no longer have a role in the development of Dogecoin, it is clear that the cryptocurrency still has a dedicated following and continues to make waves in the world of digital finance.

#Dogecoin #DOGE #ShibaINU #crypto2023 #azcoinnews

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In an unexpected development, it has been reported that UBS, Switzerland’s largest bank, has acquired Credit Suisse for a sum of $3.2 billion amidst the latter’s ongoing financial crisis. The news has caused a stir in the financial industry, with several experts expressing concerns about the potential impact of this acquisition on the market. The move has been met with skepticism as market watchers closely monitor the implications of the merger on the wider financial sector.

However, one man, in particular, has raised concerns about the US Federal Reserve’s actions in response to the current financial crisis. James Bianco, chairman of Bianco Research, a macroeconomic analysis agency, has called the Fed’s recent move “another form of quantitative easing that is completely out of the script (playbook) during the COVID-19 and 2008 financial crisis.”

Bianco has pointed out that the Fed’s combination of record-breaking discount-window borrowing and balance sheet expansion shows that the central bank is turning increasingly towards quantitative easing. He has presented two possible scenarios for the future, neither of which is particularly positive.

In the first scenario, the US authorities act too slowly, exacerbating the financial crisis. In the second scenario, the Fed acts fast enough to contain the crisis but proceeds with large-scale quantitative easing, which will lead to a more serious US crisis in the second half of 2023 and 2024 due to the inflation problem.

“The only good option is if every customer decides to send hundreds of billions of dollars of deposits back to their local bank,” Bianco said. “That there is,” he added.

Bianco’s warning highlights the growing concerns about the Fed’s approach to the current financial crisis. The recent announcement of the UBS-Credit Suisse deal only adds to the uncertainty about the market’s future. Many experts are now calling for greater transparency and communication from the Fed to address these concerns and provide reassurance to investors.

Only time will tell what the future holds for the financial world, but one thing is clear: the current crisis is far from over, and more challenges lie ahead.

#Fed #Binance #crypto2023 #BTC #azcoinnews

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In what has been dubbed the largest DeFi hack of 2023, Euler Finance was drained of $197 million by a hacker. However, in a surprise twist, it appears that the hacker may have had a change of heart.

On March 18, 3,000 Ether worth $5.4 million were returned to Euler Finance’s deployer address from the hacker’s address. While this is a significant amount of money, it’s important to note that the entire loot hasn’t been returned yet, and chances that it will be are slim.

The hacker used multiple transactions to drain the funds and later used a multichain bridge to transfer the stolen funds from the BNB Smart Chain to Ethereum. Soon after Euler Finance announced a $1 million bounty against the hacker, the stolen funds were seen being moved into a crypto mixer called Tornado Cash.

In an attempt to retrieve the funds, Euler Finance demanded that the hacker return 90% of the stolen funds within 24 hours to avoid possible jail time. While the recent return of 3,000 Ether is a positive development, it remains to be seen whether the hacker will return the entire loot. Immediately after the news broke, Euler’s EUL token is currently trading at around 3.5 USD, up over 100% in just 24 hours.

DeFi hacks have become a growing concern in the cryptocurrency industry, and this incident highlights the need for tighter security measures. Euler Finance’s response to the attack, including the announcement of a bounty and demand for the return of the stolen funds, shows that companies are taking these incidents seriously and are willing to take action to protect their customers’ funds.

Lazarus Group Suspected to be Behind Euler Finance Hack

A recent discovery by Lookonchain has revealed that the wallet address controlled by the Euler Finance hacker has sent 100 ETH to a wallet used by the infamous Lazarus Group to hack Ronin last year. This move has raised suspicions that the Lazarus Group may be the mastermind behind the theft of the lending protocol’s funds or that they have some murky connection here.

Lazarus Group is a name that has become familiar in the crypto industry in recent times, having been accused by the US Department of Justice of being the mastermind behind the Ronin Bridge attack, which caused damages of up to $625 million, and being a suspect in the $100 million Horizon Bridge security incident in June.

Meanwhile, Euler Finance was hit by a flash loan attack on March 13, causing losses of up to nine figures and making it the most serious DeFi hack of 2023 to date, affecting many other projects as well. After the incident, Euler offered a $1 million bounty as a reward for the attacker’s capture and return of the stolen funds. The hacker even returned 100 ETH to someone claiming to be a victim of the attack who lost 78 ETH.

#EulerFinance #Eurl #dyor #hack #azcoinnews

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Polygon, also known as Matic, is experiencing a surge in its velocity and transaction volume, according to data by CryptoQuant. This is notable as velocity is an important indicator of a cryptocurrency’s circulation speed, and the transaction volume represents the amount of trading activity taking place.

Despite the ongoing bear market, Polygon’s velocity has continued to rise, suggesting that the coin is being actively traded or used. This is a positive sign for the cryptocurrency as it means that it has a strong demand even in unfavorable market conditions.

Looking at the trading volume, we can see that Polygon’s trading volume decreased until June 2022, when the bear market began. However, since then, the trading volume has turned to an upward trend, indicating that more investors are starting to take an interest in the coin.

@azcoinnews

Furthermore, while Bitcoin made a new low in November after reaching $18,600 in June 2022, Polygon did not even come close to the low, with a price of $0.34. This suggests that Polygon is more resilient to market fluctuations compared to other cryptocurrencies.

It is worth noting that while most coins are inevitably affected by the movement of Bitcoin, Polygon’s increasing velocity and trading volume in the face of macro issues and the ongoing Crypto Winter is an encouraging sign for the cryptocurrency’s future prospects.

In conclusion, the data by CryptoQuant shows that Polygon’s velocity and transaction volume are on the rise, despite unfavorable market conditions. This is a positive sign for the cryptocurrency, and it will be interesting to see how it performs in the future.

#polygon #matic #crypto2023 #Binance #azcoinnews

This article was republished from azcoinnews.com

On March 22, the founder and CEO of Binance, Changpeng Zhao, took to his personal Twitter account to share a heartwarming post about his father and his first computer. The post was in response to a video created by AI-powered video creator Framer, which explored the fascinating story of CZ’s journey and featured a video titled “When CZ meets Schwarzenegger.” While Framer noted that CZ may never actually meet Arnold Schwarzenegger, the video was a reflection of CZ’s life and career, including his first job at McDonald’s and his father’s support.

CZ’s tweet featured a photo of himself as a child and his first computer, a x286 which his father purchased for him in 1990 for 7,000 Canadian dollars. CZ noted that this was a significant investment for his father, as it equated to a few months of his salary at the time.

In today’s dollars, the computer would have cost around $13,520.67 CAD, according to the inflation rate calculated by in2013dollars. Despite its expense, CZ’s first computer played an instrumental role in his life, setting him on the right track and leading him to where he is today. In his tweet, CZ expressed his gratitude for his father’s investment in him, saying, “Looking back, it definitely helped start me on the right track. I’m forever grateful.”

CZ’s post also highlighted a poignant moment in his life, as he revealed that his father had passed away two years ago from COVID-19. This event had a significant impact on CZ’s worldview, leading him to recognize the value of time and the transience of life. In his tweet, CZ stated, “Changed my world view. We are transient. Money is secondary. Make our time count.” The loss of his father was a profound experience that deeply affected CZ, and it served as a reminder that life is precious and should be lived to the fullest.

CZ’s tweet also shed light on his father’s character and values. Despite being proud of his son’s accomplishments, CZ noted that his father lived a modest and humble life and was not interested in money. CZ said that he had offered his father money several times, but his father always refused. His father’s simple, happy life served as an inspiration to CZ, demonstrating the importance of finding happiness and fulfillment in life outside of material possessions.

This tweet by CZ provides a glimpse into the life of a successful business leader that many in the crypto industry may not have seen before. It shows that even someone who has achieved great success and wealth can still have a humble, grounded perspective on life. The tweet was a touching tribute to CZ’s father, who played an integral role in shaping CZ’s life and career, and a reminder to us all that the most valuable things in life cannot be bought with money.

#CZBINANCE #CZ #Binance #BNB #azcoinnews

This article was republished from azcoinnews.com

Federal Reserve Chairman Jerome Powell recently announced that the banking system is still safe, despite the collapse of US banks Silvergate, Silicon Valley Bank (SVB), and Signature Bank, which were thought to be caused by the Federal Reserve’s drastic interest rate increase since the beginning of the year. However, Twitter CEO Elon Musk are expressing their lack of faith in the US banking system.

Shibetoshi Nakamoto, the creator of Dogecoin, sarcastically remarked that the US banking system is unaffected by the collapse of three banks because it has only one bank with unlimited funds

. Musk, on the other hand, noted that the movement of funds to deposit elsewhere occurs when people choose to move their money from low-interest savings accounts to higher-interest money markets like treasury bills, and raising interest rates by the central bank worsens the deposit movement situation.

While netizens expressed concerns about whether the Federal Reserve will continue increasing rates or not, Elon Musk pointed out that the foolish rate hike will worsen depositor flight. The fate of US banks remains uncertain, and it remains to be seen what policy the US Federal Reserve will issue.

Many are wondering if the US banking system is still safe and if the collapse of these banks will have a widespread effect on other banks worldwide. Shibetoshi Nakamoto’s comment about the US banking system having only one bank and unlimited money was met with skepticism by many Twitter users who do not share his confidence in the system.

Despite Jerome Powell’s assurance that the banking system is still safe, it seems that there are concerns about the policy issued by the US Federal Reserve and the potential impact it may have on the banking industry. It remains to be seen how the situation will develop and what measures the Federal Reserve will take to address the concerns of the public and the banking industry.

#ElonMusk #Shibetoshi #Dogecoin #Fed #azcoinnews

This article was republished from azcoinnews.com