Crypto Push

2023-03-31 17:30:00 ​Hedera: As positive developments spur network, will HBAR rally

The Hedera [HBAR] network has made all the right moves since the beginning of 2023. Now, its unique Hashgraph technology has caught the attention of other participants in the crypto space.

Fathom this. HBAR surged 13% over the last week and in the last 24 hours, it recorded gains of 6.36%, as per CoinMarketCap. The token’s market cap has more than doubled to $2.16 billion on a year-to-date (YTD) basis, allowing it to break into the list of top 30 cryptos by market cap.

And now, the community has some more reasons to cheer.

Recognition from the U.S. government
As per a press release shared by the United States Department of State, Hedera was recognized for its resolve to further the ideals of democracy through the use of its blockchain technology.

Hedera stated that it would invite companies, trade associations, advocacy groups, academics and government officials in a democracy roundtable to discuss how distributed ledger technology (DLT) can help in bringing transparency and defending civic rights.

The commitments were in response to the government’s ‘Call To Advance Democracy’, which required the active participation of the private sector.

While the network scored big on corporate social responsibility (CSR) parameters, it also forged big partnerships to expand its reach.

As per a tweet by HBAR Foundation, Fresh Supply Co (FSCO), which was the largest user of payments giant Mastercard’s blockchain system, will move all of its existing operations to the Hedera network.

Hedera network upgrade approaches
The Hedera community eagerly awaited the mainnet upgrade to v0.35.2, slated for 31 March. However, users could expect some disruption to network services during this time.

The development activity picked up decisively and has been going uphill throughout its course in March, which was a good sign for a network waiting for an upgrade, per Santiment. Positive developments pushed the transaction volume to its one-month high of $173 million at press time.

The social mentions of HBAR on crypto-focused channels increased 2x as of 30 March.

There was a growing demand for HBAR in the futures and perpetual futures markets. The dollar value locked in active contracts jumped 62% to $18 million in the last 24 hours, with over 66% of the total Open Intereest (OI) in Binance. Open / Comment

2023-03-28 15:00:06 ​Voyager’s deal with Binance on ice: investors adrift as VGX yields melt away

On 27 March, a US federal judge temporarily halted the proposed $1.3 billion sale of bankrupt crypto firm Voyager Digital to Binance US. The ruling grants the United States Securities and Exchange Commission (SEC) more time to question the deal’s legality on appeals.

The decision comes as Voyager Digital filed for bankruptcy in February, seeking to sell its assets to Binance US, the American affiliate of major crypto exchange Binance. The proposed deal was meant to give Binance US a bigger foothold in the U.S. market and make Voyager’s customers whole.

In early March, bankruptcy judge of the Southern District of New York – Michael Wiles – had given Binance US the approval to proceed with the proposed sale. However, the U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee immediately filed an appeal challenging the bankruptcy court’s approval of the sale.

VGX gets no juice from investors
While VGX rallied to a high of $0.60 in the first 30 days of the year, this was due merely to the general rally that the market witnessed. Trading at $0.3292 at press time, the token’s value has since dropped by 45%.

Seeing very minimal network activity in the last month, VGX’s daily active addresses on a 30-day moving average was 2.63, per data from Santiment.

The altcoin has had several days in the past month when it registered no new trading addresses, indicating that only a few individuals considered it a viable investment choice.

Further, a look at the alt’s supply distribution revealed a demand stagnation from the various cohorts of investors holding the alt. Typically, the lack of interest from existing investors may signal a lack of confidence in the altcoin, which might further drive down its value.

On a daily chart, the absence of new demand has forced VGX’s Chaikin Money Flow (CMF) to remain in negative territory since September 2022. At press time, this was spotted at -0.22.

A negative CMF over an extended period implies that the selling pressure has been more significant than buying pressure, which could lead to a significant decline in the asset’s price. A persistent negative CMF may also suggest that the bears are in control of the market and that a trend reversal may not occur anytime soon.

In a downtrend, the token’s Aroon Up Line rested at 35.71% as of this writing. This showed that VGX’s most recent high was reached long ago. Open / Comment

2023-03-25 20:00:03 ​Germany’s Deutsche Bank takes a dip while Bitcoin goes uphill

Deutsche Bank AG’s shares fell as much as 14% on 24 March, marking the bank’s third consecutive day of losses. Its stock dropped as low as €7.95.

Despite recovering from its worst losses previously, the bank closed more than 8% lower at €8.54 on the same day.

Concerns about Germany’s largest lender rose days after Credit Suisse Group AG was forced into a takeover by its larger rival UBS Group AG. Following the failure of Silicon Valley Bank (SVB) in the U.S. earlier this month, investors are hunting across the globe for institutions deemed vulnerable.

With major footprints in both Europe and the United States, the Deutsche Bank is a significant player in the global banking system. It provides lending and other services to a number of multinational corporations globally.

German Chancellor Olaf Scholz told reporters at an EU summit in Brussels:

“Deutsche Bank has thoroughly modernized and reorganized its business model and it is a very profitable bank. There is no reason whatsoever to be concerned.”

Shares of other European banks also fell on 24 March, though not as much as Deutsche Bank. Another German bank Commerzbank AG’s stock fell 6.5%; British bank Barclays PLC’s stock fell 5.8%; and the stock of France’s most valuable bank BNP Paribas SA fell 5.27%.

Germany’s Dwpbank offers Bitcoin Trading Services
Earlier this week, Germany’s Deutsche WertpapierService Bank (Dwpbank) announced that it was developing wpNex, a new platform that will offer Bitcoin (BTC) trading to retail customers of all of its 1,200 affiliates in the second half of this year.

It should be noted here that BTC’s price tumbled when the SVB collapsed. But since then, its value has surged by nearly 40% and it doesn’t show any signs of slowing down for now. It was trading at $27,443.03 at press time.

As concerns about the failure of big banks across the globe increase, Bitcoin maximalists have been underlining the sustained performance of BTC amidst the crisis.

The proponents of a decentralized banking system have time and again suggested that a trustless financial system is the only way forward for a stable economy. Open / Comment

2023-03-23 20:02:38 Liquid Mining will launch global sales on April 1st, 2023.

The presale and beta testing phases of Liquid Mining are coming to a successful end!

The multimining technology showed annual 400% ROI to users. Impressive, isn’t it?

Taking into account that public sale start and beta testing end will happen in a same span of time, users will receive their rewards for participating in the referral system during April.

Liquid Mining has already made waves in the cryptocurrency community, with a large and passionate user base spanning more than 10 languages:

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2023-03-22 18:00:05 ​DeFi insurance claims amounted to $34.4 million in 2022: Report

Decentralized finance (DeFi) analytics firm OpenCover released a report on 22 March, revealing that DeFi insurance companies paid out $34.4 million in claims in 2022.

Notable DeFi claims in 2022 include $22.5 million from the Terra [USDT] ecosystem’s demise in May and $4.7 million from the demise of crypto exchange FTX in November.

In context, since OpenCover began tracking the data, insurance companies have only paid out $36.9 million in claims.

Despite the increase in payouts, only $231 million in funds in DeFi protocols had been insured, representing only 0.5% of the total value locked in the industry, the report mentions.

DeFi insurance has grown to include eight major categories: protocol loss coverage, stablecoin de-peg coverage, yield token coverage, custodial account coverage, audit (smart contract bug) coverage, slashing coverage for professional validators, and other customized coverage.

The report mentioned:

“At the time of writing, the total value of underwriting capital pools tracked by OpenCover amounts to $286 million (186k ETH) with a low of $210 million and high of $394 million in the last 9 months. The current value is 26% lower than the period maximum in USD terms.”

DeFi exploits totaled $3.64 billion in 2022
As per a January report published by the Chinese blockchain security firm LianAn Technology, DeFi exploits across blockchains worldwide totaled $3.64 billion in 2022. This represented a 47.4% surge over the $2.44 billion loss in 2021. Despite an 80% drop in total value locked (TVL) during 2022, the number of incidents increased. The majority of exploits were directed at Ethereum [ETH], BNB Chain [BNB], and Solana [SOL].

In 2022, 51.5% of the 167 notable incidents occurred in audited projects, while 48.5% occurred in non-audited projects. Hackers laundered Tornado Cash worth $1.40 billion in funds. However, the firm could only recover $289 million in funds.

In 2022, the total global blockchain-related crime, excluding financial crimes, amounted to $13.7 billion. Money laundering ($7.33 billion) topped the list, followed by DeFi exploits ($3.6 billion), multilevel marketing scams ($1.0 billion), and fraud ($830 million). Open / Comment

2023-03-19 22:00:01 Complaining about "Crypto Winter"?

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2023-03-19 16:29:33 ​Is XRP making a comeback to Coinbase? Here’s what you need to know

Coinbase, the largest U.S.-based cryptocurrency exchange, may have given the XRP community one of the biggest reasons to cheer.

In an interview with Thinking Crypto host Tony Edward, Coinbase’s Chief Legal Officer (CLO) Paul Grewal hinted that the exchange might relist XRP if the verdict in the two-year-long Ripple vs. SEC lawsuit comes in the former’s favor.

“I am very eager as anyone else to see how the court rules and what I can say, as soon as we have the ruling, we will put in our process to see if we need to revisit our listing decision.”

However, the CLO added that the conditions for the same will depend on the basis for the ruling, the judge’s legal reasoning, and Coinbase’s assessment of whether or not the appeals court will uphold the decision.

Coinbase announced the delisting of XRP from the exchange in December 2020, soon after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs over claims that the token was a security.

The crypto community awaits summary judgment
Notably, the controversial case is moving to its conclusion, as the verdict is speculated to come in the first half of 2023. Ripple CEO Brad Garlinghouse earlier said that he was confident of Ripple’s chances.

The verdict could have significant implications for the wider cryptocurrency market. The laws governing the status of cryptocurrencies as commodities or securities are still not very clear.

There were early signs that after XRP, U.S. regulators were training their guns on the second-largest crypto in the ecosystem, Ethereum [ETH].

Recently, New York State Attorney General Letitia James filed a lawsuit against the crypto exchange Kucoin for issuing tokens that fit the definition of securities. One of the tokens mentioned in the lawsuit was ETH.

Whales spring into action
Meanwhile, anticipating a favorable decision, whales started to amass XRP in bulk. The number of addresses holding between 1,000 to 1 million coins increased significantly over the past month, as per Santiment.

A reason for the accumulation could be that most sellers were giving away tokens at a discount, as shown by falling transaction volume in profit.

The 30-day MVRV Ratio treaded in negative territory, which lent further credence to the observation. The negative MVRV Long/Short Difference highlighted that short-term holders will realize higher profits.

Moreover, at the time of writing, XRP jumped 4.55% in the 24-hr period, as per CoinMarketCap. Open / Comment

2023-03-15 18:00:22 ​Circle CEO: $3.3 Billion stuck at SVB may be recoverable

Jeremy Allaire, the co-founder and CEO of Circle, recently appeared in an interview with Bloomberg. The executive addressed the recent turmoil in the banking industry and its impact on USD Coin. Allaire shared his thoughts on the likelihood of recovering the billions of dollars stuck at the recently-closed Silicon Valley Bank.

Crypto needs protection from traditional banking
In the interview, the Circle executive pointed out the changing circumstances in the crypto-industry. According to Allaire, the sentiment that the traditional banking system needs to be protected from exposure to crypto-assets is no longer valid. He believes that recent developments have proved that the tables have turned and its crypto-entities that need to be protected from the failures of traditional banks.

Speaking on the exposure to Silicon Valley Bank, Allaire revealed that Circle was able to access its funds deposited in the shuttered bank, as of 13 March 2023. The USDC issuer has a whopping $3.3 billion deposited at SVB. Those funds are part of the $40 billion reserve that backs its stablecoin.

USDC lost its peg to the US dollar after the firm’s exposure to Silicon Valley Bank was revealed. The stablecoin was trading at as low as $0.88 in the hours following the turmoil at SVB. It has since recovered to $0.99 and is once again USD-pegged.

In fact, according to Circle’s Jeremy Allaire, “I believe that we have the safest digital dollar on the internet, and that’s really critical.”

In a Twitter thread earlier this week, Allaire had also revealed that a majority of USDC’s cash reserves were held at Bank of New York Mellon. At the time, Circle had initiated a transaction to transfer the $3.3 billion out of SVB, 3 days before the bank was shut down.

Ergo, it is expected that the Federal Deposit Insurance Corp will honour the transfer request, allowing the funds to be deposited in a different banking institution in full. Open / Comment

2023-03-12 21:30:00 ​Shibarium: Public beta version goes live, here’s how you can test it

The beta version of the highly-anticipated layer-2 blockchain, Shibarium, has been released and the flagship offering from the Shiba Inu [SHIB] ecosystem will be called ‘Puppynet’.

The lead developer of the project, Shytoshi Kusama said in a blog post that Shibarium will enable users to build dApps on the chain and integrate businesses with it.

As per CoinMarketCap, SHIB’s value increased to $0.00001033 at press time, recording a marginal gain of 3% since the news of the release was made public.

A big leap for memes!
Shytoshi introduced a Shibarium Technology intake form for those looking to build on the network. He added that documentation for validators will be released next week, using which they could set up test nodes.

But amidst the excitement, Shytoshi had a piece of advice for the SHIB community. He reminded them not to spend their token on Puppynet as the current version is only for testing purposes.

Regarding the burn mechanism, the lead developer mentioned that SHIB burns would depend on the transactions in the network and a new chart for burned tokens will be integrated into the burn portal.

However, data from Shibburn revealed that the burn rate declined by over 95% in the last 24 hours, with over 23 million tokens removed from circulation.

SHIB gets the energy pill!
SHIB token became a favorite of big addresses as data from WhaleStats pointed out that it was the most traded token among the top Ethereum [ETH] whales at the time of writing.

On the other hand, SHIB’s supply on exchanges dropped, indicating that holders anticipated a rise in SHIB’s price and preferred HODLing the tokens, as per Santiment. The network growth also increased as new addresses found SHIB lucrative.

The cumulative effect of these metrics pushed the investors’ sentiment high into the positive territory.

SHIB has been struggling of late due to stronger macroeconomic factors but technical indicators signaled a revival at press time.

The Relative Strength Index (RSI) was on an upward trajectory while the On Balance Volume (OBV) had a similar story to narrate.

The Moving Average Convergence Divergence (MACD) made a bullish crossover, suggesting that demand for SHIB could escalate in the coming days. Open / Comment

2023-03-09 19:00:19 ​Mt. Gox’s largest creditor plans to retain Bitcoin payout which means..

Mt. Gox Investment Fund, the largest creditor of Mt. Gox, has revealed that it plans to keep the BTC returned by the Tokyo-based defunct crypto-exchange. The fund became the largest creditor after acquiring the claims against Mt. Gox.

Relief for BTC holders worried about selling pressure
According to a report by Bloomberg, the Mt. Gox Investment Fund does not plan to sell the tokens that it is set to receive later this year in September. People familiar with the investment fund’s plans revealed that the Bitcoin payout will be retained. The investment fund made headlines last month after it chose to go for an early payout in the form of Bitcoin, rather than fiat currency.

The massive Bitcoin payout for the investment fund was well received by holders of the flagship currency. Many of whom were concerned about a market dump by Mt. Gox trustees to pay their largest creditor. However, the positive sentiment dissipated when the crypto-community started speculating about the possibility of Mt. Gox investment fund selling their massive Bitcoin stash after receiving it in September.

The latest news from the investment fund will do well to put any concerns about BTCs flooding the market to rest. The defunct exchange’s bankruptcy trustee held more than 141,000 BTC, in addition to Bitcoin Cash and cash, as of September 2019. At the current conversion rate, the BTC stash would be worth $3.1 billion.

As for Mt Gox’s other creditors, the deadline to register for claims and the repayment has been pushed by a month. Creditors now have until 6 April 2023 to file claims against the bankrupt crypto-platform. The distribution of assets to creditors will commence on 30 October. Open / Comment