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2023-03-17 01:27:09 The FED's total assets have increased by $300 billion in the past few days alone!

That's about 50% of the reduction of the whole last year. From QT to QE. Brrrrrr

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2023-03-16 12:02:17 Uniswap officially expands exchange services to BNB Chain
Uniswap, the world's largest decentralized exchange protocol by trade volume, has officially launched on BNB Chain, a decentralized EVM-compatible smart contract blockchain initially founded by crypto exchange Binance. The move comes after a successful governance proposal in February to deploy on BNB Chain and contentious governance deliberations to decide on a bridge solution for the deployment. With this expansion, Uniswap Protocol users will be able to leverage BNB Chain's low transaction fees, compared with Ethereum, to trade and swap tokens across the network. Read more Open / Comment

2023-03-15 17:53:16 One of the darkweb’s largest cryptocurrency laundromats washed out
German and US authorities, supported by Europol, have targeted ChipMixer, a cryptocurrency mixer well-known in the cybercriminal underworld. The investigation was also supported by Belgium, Poland and Switzerland. On 15 March, national authorities took down the infrastructure of the platform for its alleged involvement in money laundering activities and seized four servers, about 1909.4 Bitcoins in 55 transactions (approx. EUR 44.2 million) and 7 TB of data. ChipMixer, an unlicensed cryptocurrency mixer set up in mid-2017, was specialised in mixing or cutting trails related to virtual currency assets. The ChipMixer software blocked the blockchain trail of the funds, making it attractive for cybercriminals looking to launder illegal proceeds from criminal activities such as drug trafficking, weapons trafficking, ransomware attacks, and payment card fraud. Deposited funds would be turned into “chips” (small tokens with equivalent value), which were then mixed together - thereby anonymising all trails to where the initial funds originated. Read more Open / Comment

2023-03-14 17:32:58 Bitcoin jumps above 26k with crypto rallies for a second day after latest U.S. inflation data comes in as expected
Bitcoin jumped on Tuesday to levels not seen since last summer, extending its Monday rally as investors weighed the latest inflation data. Bitcoin rose more than 7% to $26,110.50, according to Coin Metrics. Chart analysts had been eyeing $25,200 as a key level to watch. Ether added 3.7% to trade at $1,747.11. Bitcoin is now up about 28.5% since Friday, when regulators shut down Silicon Valley Bank, and 59% for 2023. Ether has gained 20% since Friday and 45% year-to-date.

The jump coincided with the latest consumer price index reading, which showed an increase of 0.4% in February from January, matching the consensus estimate of economists polled by Dow Jones. So-called core CPI, which removes volatile food and energy prices, showed a monthly increase slightly above economists’ expectations, and a year-over-year change in line with expectations. Read more Open / Comment

2023-03-13 19:40:21 100% Of USDC Reserves Are Safe As U.S. Gov’t Bails Out Silicon Valley Bank
The financial sector has endured a few chaotic days. In particular, for USDC stablecoin and Silicon Valley Bank and its stakeholders, since the lender swung from being presumed robust and profitable to being shut down by authorities in less than 48 hours. Now, a lifebuoy has just been tossed to save the drowning bank and others sinking deep into trouble. The U.S. government and financial regulators have announced that individuals having assets deposited at the troubled Silicon Valley Bank will have access to their funds. Read more Open / Comment

2023-03-12 18:05:05 This Week In Crypto (CW 10)
1. USDC Stablecoin Depegs, Crypto Market Goes Haywire After Silicon Valley Bank Collapses
2. Coinbase Pauses Conversions Between USDC and U.S. Dollars as Banking Crisis Roils Crypto
3. Cryptocurrency Prices And News: Bitcoin Drops To Eight-Week Low On Bad Bank News
4. Bitcoin Regains $20K After $200M in Crypto Liquidations; Some Traders Brush Off USDC Fears
5. Bitcoin falls after Fed chair testimony, and Grayscale takes SEC to court over ETF: CNBC Crypto World

CW9 (last week) Open / Comment

2023-03-12 10:49:28 USDC slowly repegs on unconfirmed reports of SVB resolution
According to a post on Mar. 11 by Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB). Elliot claimed, among many items, that "big banks actively working on buying svb business," the U.S. Federal Deposit Insurance Corporation (FDIC) is planning to cover 95% of uninsured depositors to the acquirer, and that "50pct of uninsured paid out next wk." Cointelegraph reported earlier today that Circle, the issuer of the USD Coin (USDC) stablecoin, had over $3.3 billion in reserves stuck in the troubled bank out of a total of over $40 billion. In addition, SVB reportedly custodied an estimated $5 billion in funds for prominent blockchain venture capital firms such as a16z, Pantera Capital, and Paradigm. Earlier today, USDC depegged from its one-to-one U.S. dollar peg to trade as low as $0.87 apiece before slowly re-pegging to trade at $0.95 at the time of publication. Read more Open / Comment

2023-03-11 20:25:00 Circle Confirms $3.3B of USDC's Cash Reserves Stuck at Failed Silicon Valley Bank
Stablecoin issuer Circle said late Friday that $3.3 billion in cash deposits remained at Silicon Valley Bank (SIVB), the lender which was shut down earlier in the day by regulators after suffering a run on deposits. The sum represents some 8% of the total reserves backing Circle's stablecoin USDC. Silicon Valley Bank was one of the six banking partners where Circle held a part of the reserve assets backing its $40 billion USDC stablecoin. Read more Open / Comment

2023-03-10 11:06:33 CBDCs could be ‘easily weaponized’ to spy on US citizens: Congressman
United States Representative Tom Emmer believes the launch of programmable central bank digital currency in the country could strip American citizens of their financial privacy. Speaking on March 9 at the Cato Institute, a Washington D.C.-based libertarian think tank, Emmer explained that the programmable CBDC would be “easily weaponized” as a spying tool to “choke out politically unpopular activity,” among other things: "As the federal government seeks to maintain and expand financial control to which it has grown accustomed, the idea of the central bank digital currency has gained traction within the institutions of power in the United States as a government-controlled programmable money that can be easily weaponized into a surveillance tool.” Read more Open / Comment

2023-03-09 19:35:30 Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On?
The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table. During a bankruptcy court hearing in Manhattan, Celsius attorney Chris Koenig said the company remains open to better offers, per a report by Reuters. He added that the lender's official unsecured creditors committee (UCC) met with a potential buyer just days ago to review an alternate proposal. The crypto lender also asked judge Martin Glenn, who is overseeing Celsius' Chapter 11 bankruptcy proceedings, to extend the time limit for submitting a bankruptcy restructuring plan built around the NovaWulf deal. The judge agreed to give Celsius an extra three weeks. Read more Open / Comment