Wrapped

CryptoSlate Wrapped Daily: Silvergate to shut down; 3AC founders advance OPNX plans

Published

2 weeks ago

March 8, 2023

CryptoSlate Wrapped Daily: Silvergate to shut down; 3AC founders advance OPNX plans Mike Dalton · 1 hour ago · 4 min read

Silvergate Capital said that its bank will wind down and undergo liquidation. Elsewhere, the founders of Three Arrows Capital discussed a business model for their new exchange, OPNX. These and other stories in today’s CryptoSlate Wrapped Daily.

4 min read

Updated: March 8, 2023 at 11:42 pm

Cover art/illustration via CryptoSlate

The biggest news in the cryptoverse for March 8 saw Silvergate Capital announce that its crypto bank will halt operations following earlier reports that it would attempt a recovery with the FDIC. Meanwhile, 3AC’s founders advanced a business model for their upcoming OPNX exchange and CFTC chair Rostin Benham said that stablecoins and ETH are commodities,

CryptoSlate Top Stories

Silvergate Bank will halt operations and undergo liquidiation

Silvergate Bank will wind down operations and undergo liquidation, according to a March 8 press release from its holdings company, Silvergate Capital.

Silvergate said that bank operations will be halted in accordance with regulations.

It said that this course of action will involve a full repayment of all deposits. It also said that it is exploring how it can resolve claims and ensure the continued residual value of assets such as proprietary technology and tax assets.

The company said that it made this decision in light of “recent industry and regulatory developments” without naming any specific events.

Silvergate did not state whether it will submit a bankruptcy filing.

Failing bank Silvergate and FDIC are discussing recovery plans

Failing crypto bank Silvergate is exploring ways to make a recovery with U.S. regulators, according to a report from Bloomberg on March 7.

Bloomberg reported that Federal Deposit Insurance Corp (FDIC) officials visited Silvergate’s California headquarters last week with authorization from the Federal Reserve.

Silvergate has not yet decided how to handle its financial issues, which began last week. However, the crypto-friendly bank could seek investments from elsewhere in the cryptocurrency industry in order to regain liquidity, according to the report.

3AC founders are back with OPNX exchange’s tokenized bankruptcy claims

Three Arrows co-founder Kyle Davis explained the business model of the soon-to-launch OPNX exchange, sparking skepticism from the crypto community.

Davies and Su Zhu met at Columbia University, founding 3AC in 2012. The firm operated as a crypto hedge fund, borrowing billions to fund its trading activities.

Following the USDT de-peg and subsequent market-wide liquidity drain, 3AC could not meet its margin calls and filed for bankruptcy in July 2022. Court filings showed creditors are owed $3.5 billion.

However, in January, it emerged that the duo, in conjunction with the CoinFLEX exchange founders Mark Lamb and Sudhu Arumugam, were seeking $25 million in seed money for a new exchange.

CFTC chair Rostin Benham deems Ethereum, stablecoins to be commodities

CFTC chair Rostin Benham said that various digital assets, including Ethereum and stablecoins, are commodities during a hearing on March 8.

During a hearing before the Senate Agriculture Committee, Benham said: “I’ve made the argument that Ethereum is a commodity…it’s been listed on CFTC exchanges for quite some time.”

Benham said that this provides a “jurisdiction hook” for the CFTC to regulate derivatives markets trading ETH as well as any underlying market.

Senator Lummis questions government’s role in regulating energy use in crypto mining

In a March 7 Senate hearing committee on cryptocurrency and the environment, Senator Cynthia Lummis (R – Wyoming) emphasized that energy efficiency standards must not be utilized to target particular energy use cases like crypto mining.

During the committee, evidence was presented by both sides on how the crypto-asset industry impacts the environment.

Witnesses discussed energy consumption, efficiency, and the potential for overregulation in the industry. The hearing also touched on the negative effects of crypto mining sites on air, water, and noise pollution.

UK FCA tightens control on unregistered crypto ATMs

The United Kingdom Financial Conduct Authority(FCA) cracked down on crypto ATMs in the country and moved on to the east London region with the investigation, Reuters reported.

The FCA has been working with the police force from West Yorkshire to deal with the unregistered ATM installations in the city of Leeds. The FCA said it gathered evidence from “a number of sites” in the region for further investigation and might take legal action, according to Reuters.

The financial watchdog is now working with the Metropolitan Police to focus on illegal crypto ATM operations in east London. The operations are conducted under anti-money laundering (AML) regulations, which allow the police to enter premises without a warrant, observe procedures and request information or documents.

Consumer confidence in crypto remains high despite fallout from FTX

A new study by the blockchain infrastructure company Paxos shows that crypto owners see cryptocurrency as an investment and desire mainstream financial service providers to offer products and services that support it.

According to the survey released on March 7, three of the top five most desired use cases for crypto involve everyday financial transactions, such as payments and remittances.

The top 5 reasons respondents said they are interested in crypto are for remittances (34%), day trading (36%), credit card and/or loyalty rewards (38%), to pay for goods or services (42%), and as a long-term investment (52%).

MakerDAO faces criticism over tokenomics plan amidst high-stakes US treasury investment strategy

MakerDAO, the governance token behind the fifth most popular stablecoin DAI, is contemplating an increase in its United States Treasury bond investments to $1.25 billion from its previous allocation of $500 million.

According to a proposal released March 6, the move would allow MakerDAO to capitalize on the current yield environment.

Under the new plan, the existing $500 million allocation – consisting of $400 million in Treasury bonds and $100 million in corporate bonds – would significantly increase by $750 million.

MakerDAO intends to achieve this by implementing a six-month U.S. Treasury ladder strategy, which would involve bi-weekly roll-overs.

Crypto Market

In the last 24 hours, Bitcoin (BTC) fell 0.25% to trade at $22,002.41, while Ethereum (ETH) was up 0.3% at $1,551.13.

Biggest Gainers (24h)

Voyager Token (VGX): +45.76%
Bone ShibaSwap (BONE): +20.13%
Centrifuge (CFG): +19.06%

Biggest Losers (24h)

WEMIX (WEMIX): -15.34%
HEX (HEX): -14.03%
RSK Infrastructure Framework (RIF): -13.71%

Wrapped

CryptoSlate Daily wMarket Update: XRP bucks cooling market trend

Published

3 days ago

March 21, 2023

Samuel Wan

CryptoSlate Daily wMarket Update: XRP bucks cooling market trend Samuel Wan · 3 hours ago · 2 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

2 min read

Updated: March 21, 2023 at 11:35 am

Cover art/illustration via CryptoSlate

The cryptocurrency market cap saw net outflows of $12.6 billion over the last 24 hours and currently stands at $1.16 trillion – down 1.1% from $1.18 trillion.

During the reporting period, the market caps of Bitcoin and Ethereum increased by 0.7% and 1.2% to $541.5 billion and $215.7 billion, respectively.

The top 10 cryptocurrencies recorded losses over the last 24 hours, except for XRP — which shrugged off the general downturn to post 1.8% gains over the reporting period. Meanwhile, the biggest losers were Polkadot and Solana, down 4.5% and 3.5%, respectively.

Source: CryptoSlate.com

In the last 24 hours, the market cap of Tether (USDT) increased to $76.97 billion. Meanwhile, USD Coin (USDC) and Binance USD (BUSD) fell to $35.31 billion and $8.1 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin decreased 0.7% to trade at $28,014 as of 07:00 ET. Its market dominance increased to 46.5% from 46.3%.

During the reporting period, Bitcoin edged lower to find support at $27,310; the ensuing bounce topped out at $28,185 around 06:00 (ET) this morning.

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum fell 1.2% to trade at $1,760 as of 07:00 ET. Its market dominance stayed flat at 18.5%.

During the reporting period, Ethereum trended down, finding a local bottom at $1,717. Buyers returned, lifting the price to a peak of $1,768 by 06:00 (ET).

Source: TradingView.com

Top 5 Gainers

JOE

JOE is the day’s biggest gainer, rising 24.1% over the reporting period to $0.42154 as of press time. The token is up 50.2% over the past month. Its market cap stood at $141.82 million.

XinFin

XDC gained 19.6% to $0.04257 as of press time. The XDC Web3 Meetup event opens on March 21 in Dubai. Its market cap stood at $588.5 million.

Braintrust

BTRST is among the day’s top gainers after increasing 16.7% to $1.00478 at the time of writing. The company was recently ranked 34th on Forbes’ America’s Best Startup Employers. Its market cap stood at $137.49 million.

Core

CORE surged 15.9% to $2.43273 as of press time. Huobi recently announced becoming a validator on the Core blockchain. Its market cap stood at $169.04 million.

iExec RLC

RLC is up 13.1% to $1.83102 as of press time. The project announced its “V8” technical upgrade. Its market cap stood at $148.31 million.

Top 5 Losers

Ren

REN is the day’s biggest loser, falling 14.1% to trade at $0.11886 at the time of writing. Its market cap stood at $118.74 million.

Hive

HIVE plunged 12.7% to $0.40900 over the reporting period. The project celebrates its third birthday today. Its market cap stood at $191.85 million.

Immutable X

IMX is down 12.3% to $1.27583. The project announced partnering with Polygon to accelerate Web3 gaming and development. Its market cap stood at $1.11 billion.

Cocos – BCX

COCOS decreased 10.2% to $1.55117 over the reporting period. The project announced teaming up with BNB-based SocialFi platform Yuliverse. Its market cap stood at $110.21 million.

Dao Maker

DAO fell 9.8% to $1.53602 at the time of press. Its market cap stood at $221.1 million.

Wrapped

CryptoSlate Daily wMarket Update: Bitcoin dominance spikes to 40-week high

Published

4 days ago

March 20, 2023

Samuel Wan

CryptoSlate Daily wMarket Update: Bitcoin dominance spikes to 40-week high Samuel Wan · 2 hours ago · 3 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

3 min read

Updated: March 20, 2023 at 11:38 am

Cover art/illustration via CryptoSlate

The cryptocurrency market cap saw net inflows of $36.12 billion since the last wMarket report and currently stands at $1.18 trillion – up 3.2% from $1.14 trillion.

Since Friday, the market caps of Bitcoin and Ethereum increased by 5.6% and 2.2% to $544.2 billion and $218.3 billion, respectively.

The top 10 cryptocurrencies recorded a mixed performance over the last 24 hours. Solana leads the pack, up 7.4%, followed by Bitcoin, which posted 4% gains. In contrast, Polygon was the worst performing, down 2.9% over the period.

Source: CryptoSlate.com

In the last 24 hours, the market cap of Tether (USDT) increased to $76.38 billion. Meanwhile, USD Coin (USDC) and Binance USD (BUSD) fell to $36.15 billion and $8.2 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin increased 7% to trade at $28,183 as of 07:00 ET. Its market dominance jumped to 46.3% from 45.3% – a 40-week high.

Since last Friday, Bitcoin rose to $27,847 before edging downwards. By midday Sunday (ET,) buyers spiked the price to $28,485, leading into a sharp dip that found support at $27,226. A strong recovery saw the price return above the previous local top at $28,605.

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum grew 0.2% to trade at $1,780 as of 07:00 ET. Its market dominance fell to 18.5% from 18.7%.

Since Friday, Ethereum peaked at $1,846 on Saturday morning (ET). Its price printed a cup pattern that retested $1,846 resistance, only to be rejected. The ensuing sell-off found support at $1,745.

Source: TradingView.com

Top 5 Gainers

Ren

REN is the day’s biggest gainer, rising 44.5% over the reporting period to $0.13934 as of press time. Its market cap stood at $139.2 million.

OMG Network

OMG gained 32.9% to $2.09731 as of press time. Coinbase announced delisting the token with effect from March 29. Its market cap stood at $294.14 million.

Kaspa

KAS is among the day’s top gainers after increasing 18.5% to $0.01663 at the time of writing. Trading on the Gate.io exchange goes live on March 21. Its market cap stood at $1.45 billion.

Conflux Network

CFX surged 17.5% to $0.45387 as of press time. The token has grown 170.4% over the past month. Its market cap stood at $1.21 billion.

Nervos Network

CKB is up 13.6% to $0.00498 as of press time. The project starts its “Building Connections Through Gaming” event on March 20. Its market cap stood at $199.7 million.

Top 5 Losers

Helium

HNT is the day’s biggest loser, falling 13.3% to trade at $1.36818 at the time of writing. The project announced migrating to the Solana chain, with the date now set for April 18. Its market cap stood at $192.37 million.

FTX Token

FTT plunged 10.8% to $1.38134 over the reporting period. The token experienced a rally last week, gaining 25.9% over the previous seven days. Its market cap stood at $454.32 million.

API3

API3 is down 9.6% to $1.83349. Despite today’s losses, the token is still up 34.1% over the past week. Its market cap stood at $147.02 million.

WEMIX

WEMIX decreased 7.6% to $1.49397 over the reporting period. Its market cap stood at $366.02 million.

Liquity

LQTY fell 6.3% to $2.29883. The token remains up 145.8% over the past 30 days. Its market cap stood at $210.18 million.

Wrapped

CryptoSlate Daily wMarket Update: Bitcoin taps $26,900 – posting a 39-week high

Published

7 days ago

March 17, 2023

Samuel Wan

CryptoSlate Daily wMarket Update: Bitcoin taps $26,900 – posting a 39-week high Samuel Wan · 8 hours ago · 2 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

2 min read

Updated: March 17, 2023 at 11:41 am

Cover art/illustration via CryptoSlate

The cryptocurrency market cap saw net inflows of $58.1 billion over the last 24 hours and currently stands at $1.14 trillion – up 5.4% from $1.09 trillion.

Over the reporting period, the market caps of Bitcoin and Ethereum increased by 7% and 4.6% to $515.4 billion and $213.6 billion, respectively.

The top 10 cryptocurrencies recorded gains in the last 24 hours, with Bitcoin posting 7% gains to lead the pack, closely followed by Dogecoin, up 6.7%. Bring up the rear is XRP, increasing by 2.4%.

Source: CryptoSlate.com

In the last 24 hours, the market cap of Tether (USDT) increased to $75.4 billion. Meanwhile, USD Coin (USDC) and Binance USD (BUSD) fell to $36.8 billion and $8.3 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin increased 7% to trade at $26,702 as of 07:00 ET. Its market dominance fell to 45.3% from 44.5%.

During the reporting hours, Bitcoin saw an uptick in buyers around Thursday evening. This took the price of BTC from just under $25,000 to a peak of $26,870 — a 39-week high.

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum grew 4.6% to trade at $1,742 as of 07:00 ET. Its market dominance fell to 18.7% from 18.8%.

Ethereum also saw bullish activity around 21:00 yesterday to take the price from $1,670 to a local top of $1,755.

Source: TradingView.com

Top 5 Gainers

RSK Infrastructure Framework

RIF is the day’s biggest gainer, rising 18.7% over the reporting period to $0.18053 as of press time. The token was recently listed on the LBank exchange. Its market cap stood at $172.12 million.

Immutable X

IMX gained 17% to $1.44042 as of press time. The project teased “news soon” regarding the IMX token. Its market cap stood at $1.25 billion.

Stacks

STX is among the day’s top gainers after increasing 15.7% to $1.06276 at the time of writing. Stacks 2.1 upgrade is readying for rollout. Its market cap stood at $1.45 billion.

Fantom

FTM surged 15.3% to $0.46786. The project announced its Gas Monetization Program recently. Its market cap stood at $1.3 billion.

Neo

NEO is up 12.9% to $12.1844 as of press time. The project launched its NEO Trading Challenge recently. Its market cap stood at $859.47 million.

Top 5 Losers

Helium

HNT is the day’s biggest loser, falling 12.8% to trade at $1.72467 at the time of writing. Binance delisted HNT, effective March 21. Its market cap stood at $241.45 million.