The Daily Spin. Trillion Thursday Edition. The global crypto market capitalization fell under the $1T mark today where it has been over since Jan 20, as Jerome Powell continues to deliver testimony to the House Senate Committee. With the likelihood of an upcoming 50bps rate hike increasing and the market pricing this in, we have the CPI data print on the 14th to look forward to as an indicator and possible mover of the markets in anticipation of the FOMC Meeting that will be held on the 21st-22nd and announce the decision to further increase interest rates or not.
Silvergate Capital, formally announced today that it will be closing operations and going into liquidation – a few days after having shut down the Silvergate Exchange Network (SEN) which constituted many of the largest centralized crypto exchanges and accounted for the lion share of fiat on-ramping in USA. Glassnode has kept an eye on the FED addresses that hold approx. 40K BTC attained from seizures such as the Silk Road, and has reported that almost 10K BTC has been sent to addresses belonging to Coinbase. Despite the fears of an imminent sell-off, consumer confidence has remained high throughout the FTX collapse. In addition, a new report claims that 90% of Bitcoin mining was powered by sustainable energy sources.
What’s in store for the “interchain” future, and who is responsible for what role in bringing that future about? Cardano DeFi tokens hit a new ATH at $341M, MEXC has reported its highest volume ever due to a reduction in trading fees. Shibarium (BONE) is set for public beta rollout and sees 23% gains on their token, and the Metacade token pre-sale has raised $9.3M with 2 rounds remaining. Biden is to propose changes to crypto tax rules, and CFTC Chair Rostin Benham deems Ethereum, stablecoins to be commodities – in contrary to SEC’s Gary Gensler, who has been losing cases left and right in court deeming everything aside from Bitcoin to be an unregistered security. Current cases to keep an eye on are SEC vs. Ripple, SEC vs. Greyscale (Bitcoin Spot ETF), and the latest, SEC vs. Binance. Meanwhile, the Financial Action Task Force (FATF) is currently holding a plenary session in Paris discussing the global adoption of cryptocurrencies… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…
Ongoings at Coinweb
“A Thread on L2 Scalability, Network Efficiency and Throughput/TPS” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1633424957693915137
The Coinweb Monthly Spin - Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3
https://coinweb.beehiiv.com/p/coinweb-monthly-spin-fifth-edition
A Leading Layer 2 Platform Looking To Tackle Crypto's Interoperability Issue
https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue
Toby Gilbert takes the stage at the Thai Technology Investment Summit 2023, “On the future of Web3” and Ain Mohd represents Coinweb on a panel discussing “The Role of Women in Web3”
“The Reality of Large-scale Enterprises Adopting Blockchain Technology” an article by Toby Gilbert for CityAM Magazine
https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/
Coinweb Labs is proud to unveil LinkMint ⛓️🍃, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander.
https://www.youtube.com/watch?v=CSKA3cAB15U
“A Thread on Guaranteed Liveness and the Coinweb Routing System” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1630052477579169793?s=20
“A Thread on Rollups, Monolithic, and Modular Blockchains” by Kawin on Twitter
https://twitter.com/rukawin/status/1616342851507613696?s=46&t=BjBOK3soH3kOMbsWEa_jlg
Coinweb to Deliver Cross-Chain Smart Contract Architecture and Blockchain Loyalty Programme to BMW
https://cryptoslate.com/bmw-to-bring-blockchain-loyalty-program-through-coinweb-and-bnb-chain/
KuCoin Labs launches incubation program to accelerate builders (Coinweb, DoraHacks, Ava Labs)
https://cointelegraph.com/press-releases/kucoin-labs-launches-incubation-program-to-accelerate-builders
Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c
On the Radar
Ethereum Shanghai Upgrade, Mar 10 (On-chain)
Institutional ETH-Staking Post Shanghai, Mar 14 (Virtual)
https://streamyard.com/watch/wM8YwWjJ37yd
FED February 2023 CPI Data, Mar 14 (Washington D.C.)
Optimism Bedrock Upgrade, Mar 15 (On-chain)
Coinweb’s digitALL event, Mar 16 (House on Sathorn)
https://www.eventbrite.com/e/digitall-innovation-and-technology-for-gender-equality-tickets-556391992427?fbclid=IwAR09j-V1VJ40DjEI0kTFb6SsQbQmZhEQ9C-znofJ29dS-v9FM0TNCGhvwR8
Blockchain Africa Conference 2023, Mar 16-17 (Johannesburg)
FOMC Meeting, Mar 21-22 (Washington D.C.)
Polygon zkEVM Launch, Mar 27 (On-chain)
WOW Summit, Mar 29-30 (Hong Kong)
ASEAN Web3 Summit, Mar 30-31 (Singapore)
Consensus 2023, Apr 26-28 (Austin, Texas)
AIBC Asia, Jul 19-22 (Manila)
TOKEN2049, Sep 13-14 (Singapore)
On the Block(chain)
Crypto Observers Look to Treasury Yields for Cues as Bitcoin Remains Comatose
https://www.coindesk.com/markets/2023/03/07/crypto-observers-look-to-treasury-yields-for-cues-as-bitcoin-remains-comatose/
Feds consolidate 40k BTC, prompting fears of imminent sell-off
https://cryptoslate.com/feds-consolidate-40k-btc-prompting-fears-of-imminent-sell-off/
Silvergate Bank will halt operations and undergo liquidiation
https://cryptoslate.com/silvergate-bank-will-halt-operations-and-liquidate-assets/
Bitcoin exchange deposits decline, mimicking 2019’s bearish trend
https://cryptoslate.com/insights/bitcoin-exchange-deposits-decline-mimicking-2019s-bearish-trend/
Bitcoin holds firm on strong economic data, while Powell testifies to House discussing CBDC
https://cryptoslate.com/insights/bitcoin-holds-firm-on-strong-economic-data-while-powell-testifies-to-house-discussing-cbdc/
Consumer confidence in crypto remains high despite fallout from FTX
https://cryptoslate.com/consumer-confidence-in-crypto-remains-high-despite-fallout-from-ftx/
Investors adopt risk-off approach as Bitcoin futures OI plummets to YTD low
https://cryptoslate.com/insights/investors-adopt-risk-off-approach-as-bitcoin-futures-oi-plummets-to-ytd-low/
Third-largest YTD Bitcoin exchange withdrawal driven by whales
https://cryptoslate.com/insights/third-largest-ytd-bitcoin-exchange-withdrawal-driven-by-whales/
Cardano’s DeFi ADA tokens TVL touches new all-time high of 341M
https://cryptoslate.com/cardanos-defi-ada-tokens-tvl-touches-new-all-time-high-of-341m/
Sustainable sources mined over 90% of BTC during January, February
https://cryptoslate.com/sustainable-sources-mined-over-90-of-btc-during-january-february/
Competitive Landscape
Does an interchain future mean dApps developers have the responsibility to unify?
https://cryptoslate.com/does-an-interchain-future-mean-dapps-developers-have-the-responsibility-to-unify/
Gemini denies reports of banking relationship ending with JPMorgan
https://cryptoslate.com/gemini-denies-rumors-of-banking-relationship-ending-with-jpmorgan/
MEXC Global Reports Record Volume Since Slashing Trading Fees
https://cryptoslate.com/press-releases/mexc-global-reports-record-volume-since-slashing-trading-fees/
Marathon says it has repaid Silvergate loan, terminated credit facility
https://cryptoslate.com/marathon-says-it-has-repaid-silvergate-loan-terminated-credit-facility/
Shibarium set for public beta rollout – BONE token sees 23% spike
https://cryptoslate.com/shibarium-set-for-public-beta-rollout-bone-token-sees-23-spike/
Metacade Token Sale Advances to Stage 6 with $9.3m Sold and Only 2 Stages Left
https://cryptoslate.com/press-releases/metacade-token-sale-advances-to-stage-6-with-9-3m-sold-and-only-2-stages-left/
World
Biden to propose changing crypto tax rules: WSJ
https://cryptoslate.com/biden-to-propose-changing-crypto-tax-rules-wsj/
CFTC chair Rostin Benham deems Ethereum, stablecoins to be commodities
https://cryptoslate.com/cftc-chair-rostin-benham-deems-ethereum-stablecoins-to-be-commodities/
UK FCA tightens control on unregistered crypto ATMs
https://cryptoslate.com/uk-fca-tightens-control-on-unregistered-crypto-atms/
FATF holds second Plenary in Paris, updates on worldwide crypto adoption
https://cryptoslate.com/fatf-holds-second-plenary-in-paris-updates-on-worldwide-crypto-adoption/
New legal opinion paper looks into the legality of staking services
https://cryptoslate.com/new-legal-opinion-paper-looks-into-the-legality-of-staking-services/
Thought Leadership
Retail investors’ habits vary between exchanges when it comes to Bitcoin
https://cryptoslate.com/insights/retail-investors-habits-vary-between-exchanges-when-it-comes-to-bitcoin/
Elon Musk has ambitions of making Twitter the world’s biggest financial institution
https://cryptoslate.com/elon-musk-has-ambitions-of-making-twitter-the-worlds-biggest-financial-institution/
The Defiant: What is ERC-4337 and why does it matter?
https://www.youtube.com/shorts/wzPrZhY5ps8
Data.ai Report: State of Mobile 2023
https://drive.google.com/file/d/1ydN_BfR4lOaUsKbQeY-UIkpm1WoTfl3f/view?usp=share_link
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