Featured Liam ‘Akiba’ Wright · 3 hours ago · 1 min read Bitcoin Falls 7.2% after Reaching YTD High of $28,865 Prior to FOMC Meeting 1 min read Updated: March 22, 2023 at 8:23 pm Cover art/illustration via CryptoSlate Ad Bitcoin reached a new year-to-date high of $28,865 prior to the FOMC meeting this afternoon.However, it then proceeded to lose both the $28,000 and $27,000 psychological support falling 7.2% in two hours.Over $224 million has been liquidated from the crypto markets over the past 24 hours, with $170 million in the past four hours alone.As of press time, Bitcoin appears to be holding around $26,800, which has created a $2,065, or 8%, spread for the day.The Federal Reserve raised interest rates by 25bps during the FOMC meeting with Chairman Jerome Powell stating, “we no longer expect that ongoing rate increases will be appropriate.” The news indicates that further rate hikes are unlikely throughout 2023.
The crypto community appears to be bearish in the short term following the news, as the decline indicates that Bitcoin has rejected long-term support, turning resistance at the $28,700 level.The lower green horizontal line on the chart below shows where Bitcoin was supported at $28,700 several times throughout the bull run with heavy buying from investors.
Coinbase confirms it will list Arbitrum’s native token ARB Assad Jafri · 3 hours ago · 2 min read Coinbase said it will add support for the ERC-20 token and warned users to not send it to networks other than Ethereum.
2 min read Updated: March 22, 2023 at 7:52 pm Cover art/illustration via CryptoSlate Ad U.S.-based crypto exchange Coinbase announced on March 22 that it intends to support Arbitrum’s upcoming native token ARB and list it for trading on the platform.Listing details Coinbase said it will add support for the ERC-20 token and warned users not to send it to networks other than Ethereum.The exchange added that it will begin trading once there is sufficient supply and liquidity conditions are met.Trading is expected to begin sometime after the airdrop on March 23.
The USD-ARB trading pairs on Coinbase will be launched in phases, according to the announcement.Additionally, the coin will carry the “experimental” tag on the exchange.The experimental label only informs users that the token is new to the platform and does not hamper holding, transferring or trading.The exchange also said that ARB trading will not be available in some supported jurisdictions without giving any further details.According to the announcement: “The Arbitrum network (ERC-20 token) contract address for Arbitrum (ARB) is 0x912CE59144191C1204E64559FE8253a0e49E6548.” Coinbase also warned that some users might face delays in depositing on the Arbitrum network and is working to resolve the issue causing it.ARB The Arbitrum community has been eagerly awaiting the launch of its native token for a number of years now and the network has promised to distribute 56% of the circulating supply to the Arbitrum community — made up of network users.
The current airdrop will distribute 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs operating in the Arbitrum ecosystem.Eligible users were picked transparently using a multitude of factors that were published when the airdrop — slated for March 23 — was announced.Meanwhile, the anticipation for ARB’s launch has caused many people to start selling eligible wallets at discounted rates based on the current speculative value of ARB being close to $1.
Former Coinbase CTO urges ‘get to Bitcoin’ before CBDC digital lockdown Samuel Wan · 2 hours ago · 2 min read Balaji Srinivasan warns of impending financial tyranny under CBDC system, advocates for Bitcoin as a solution.2 min read Updated: March 22, 2023 at 3:18 pm Cover art/illustration via CryptoSlate Ad Former Coinbase CTO Balaji Srinivasan warned people to “GET TO BITCOIN BEFORE DIGITAL LOCKDOWN.” The comment came in a lengthy tweet about banking system weaknesses and the soon-to-be-released FedNow payment network.Srinivasan described a hypothetical situation where individuals have “Bitcoin independence” or are confined to a CBDC system.He compared the latter to a digital financial ringfence, which he labeled the “Great Dollarwall” — a nod to China’s Great Firewall that restricts access to certain websites considered inappropriate by the governing Chinese Communist Party.“Fed is launching their CBDC in July.You have about 90 days to exit.After that, you’re trapped.” Fed around and find out Recent events — including the collapse and seizure of three American banks — have drawn attention to the fragility of the banking system.
This unease was further amplified over the weekend as Credit Suisse revealed a “material weakness.” During a recent live stream, Input Output CEO Charles Hoskinson summarized the current state of the banking system, stating that its failure is inevitable.Hoskinson pointed out the unsustainability of Ponzinomics, which involves creating money out of thin air and relying on monetary expansion to sustain the Ponzi scheme.On March 15, the Fed said its FedNow payment network would launch in July.This network will offer settlement services, allowing participating organizations to make instant payments to one another.
It is worth noting that FedNow is not a CBDC system.Nonetheless, some individuals suggest it could be a complement or precursor to a CBDC, should such a thing become a reality.Connecting the two issues, Srinivasan launched into a lengthy tirade, criticizing the U.S.
government’s history of dishonesty.For those who remain skeptical of his assertions, Srinivasan challenged them to “fed around and find out.” Bitcoin to the rescue? CBDC critics voice concerns over the centralization of power and their potential to force behavioral compliance.Srinivasan echoed these concerns saying: “Just imagine wage, price, and capital controls down to the individual level for those still trapped in the dollar system.“ Under such a system, he warned it’s “game over” for personal sovereignty and those who oppose and call out political shenanigans.Addressing the argument that “something like this couldn’t happen in the West,” Srinivasan proceeded to reel off several examples of U.S.government lies.
“Just think about all the lies — NSA surveillance, Iraq WMD, the 2008 financial crisis, the last ten years of media whoppers, the claim that masks don’t work before they do, the denial of inflation“ With that, he asked if readers had enough trust in the U.S.government to relinquish complete control of their money to them.For those who don’t, Srinivasan said financial sovereignty is possible through Bitcoin – recommending concerned citizens acquire BTC “before they lock you in.” – USDT led the stablecoin market after recent market volatility.- Despite recovery, network growth of all stablecoins declined.Due to the recent events surrounding SVB and Circle, the stablecoin market witnessed a lot of volatility over the past few weeks.After the dust settled, Tether [USDT] emerged on top, when compared to other stablecoins.USDT reigns supreme According to a 21 March tweet by CZ, USDT has been making progress in terms of market cap compared to Binance USD [BUSD] and USD Coin [USDC].Despite BUSD’s fiat asset backing, and regulatory compliance, its growth has stopped.
In contrast, USDT’s status has continued to improve despite market volatility.#BUSD, the most fiat-backed stablecoin, audited by big audit firms, regulated by the NYDFS, was forced to wind down (no new minting).USDC is shrinking in market cap too due to bank closures.USDT is growing.pic.twitter.com/q5OYQdpAtW — CZ 🔶 Binance (@cz_binance) March 21, 2023 A sign of the expansion of USDT would also be the significant number of USDT that Tether was minting.According to data from Lookonchain, Tether has minted $1 billion USDT on the Tron [TRX] network and $5 billion USDT on the Ethereum [ETH] network at press time.
This significant increase in the supply of USDT suggested that there is a strong demand for the stablecoin, and the addition of such a large amount is unlikely to have a negative impact on it.
Tether minted 1B $USDT again on #Tron just now.
Tether has minted a total of 5B $USDT on #Tron and #Ethereum in the past 7 days.https://t.co/cGSfpbzTbJ pic.twitter.com/LqXn1paym2 — Lookonchain (@lookonchain) March 21, 2023 Circling back Despite this, USDC still captured a large part of the market in terms of volume distribution, as it was responsible for 66.1% of all stablecoin volume at press time.This dominance may play a role in USDC’s resurgence after the SVB fiasco.Circle, the issuer of USDC, has started focusing on the European market.Circle, on 20 March, issued a statement regarding its thoughts on Europe’s MiCA regulations.
MiCA is a policy framework that aims to unify EU crypto regulations that can help in further institutional adoption of crypto.Circle’s EU director believes that major European banks will roll out crypto assets soon.Circle EU Director: With MiCA launched, I expect major European banks will roll out crypto-asset services in the next 48 months, be it custody, exchange, or the issuance of e-money tokens or asset-referenced tokens, colloquially referred to as stablecoins.… — Wu Blockchain (@WuBlockchain) March 21, 2023 If Circle makes progress with these banks in terms of collaboration, it would improve USDC’s situation immensely.The stablecoin sector still has a long way to go.Even though these stablecoins may have recovered from the recent market volatility, their declining network growth suggests that there’s still room for improvement.
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