• Cryptocurrency prices dropped on Friday due to contagion fears from Deutsche Bank’s problems, as well as the continuing concerns about US monetary policy.
• Bitcoin (BTC) was recently trading at around $27,450, down 2% over the last 24 hours and 16% up in March.
• Analysts for bitcoin mining equipment provider Blockware Solutions said that BTC resistance had been formed at $28,800.

Cryptocurrency Prices Drop Amid Contagion Fears

Cryptocurrency prices sank Friday as investors grappled with a new threat to the global banking system as well as continuing concerns about U.S. monetary policy. Bitcoin (BTC), the largest cryptocurrency by market capitalization, was recently changing hands at about $27,450, down more than 2% over the past 24 hours, according to CoinDesk data. BTC rose as high as about $28,300 earlier in the day and is up more than 16% in March.

Deutsche Bank Affects Market Sentiment

Shares of Deutsche Bank (DB) plunged 14% one point Friday before closing down 3%. Deutsche Bank’s problems come just days after UBS agreed to acquire its troubled rival Credit Suisse for $3.2 billion and less than three weeks after the failure of U.S.-based Silvergate, Silicon Valley and Signature banks.

BTC Resistance Formed at $28,800

In a newsletter Friday analysts for bitcoin mining equipment and hosting provider Blockware Solutions said that BTC’s resistance had formed at $28,800; this is approximately where it stood during a correction in the summer of 2021.

Unexpected Risks Can Lead to Volatility

The sudden surge in risk posed by Deutsche Bank highlights how unexpected events can push markets into volatility which can have an impact on crypto markets too – particularly when it affects global financial services giants such as this one.

What’s Next?

It will be interesting to see if BTC’s resistance at $28K holds or if investors continue selling off their holdings due to renewed fears of contagion throughout financial systems globally following this latest news event involving Deutsche Bank

• Crypto stocks have been rising as the price of Bitcoin (BTC) surpasses $27,600.
• Coinbase (COIN), MicroStrategy (MSTR), Riot Platforms (RIOT), Hut 8 (HUT) and Hive Blockchain Technologies (HIVE) are among those with notable gains.
• Marathon Digital (MARA) reported record production of 1,562 BTC in the fourth quarter, but reported lower than expected earnings due to a $332.9 million charge related to mining rigs and vendor advances.

Crypto Market Sees Gains

The crypto market is seeing some notable gains on Friday as Bitcoin’s price surpassed $27,000 for the first time since early June. The surge has resulted in many crypto stocks experiencing positive movement, including Coinbase, MicroStrategy, Riot Platforms, Hut 8 and Hive Blockchain Technologies.

Coinbase Shares Rise

The shares of crypto exchange Coinbase have seen an increase of nearly 7% while those of MicroStrategy – which holds billions of dollars worth of Bitcoin on its balance sheet – rose by 7.7%. Crypto-mining stocks also experienced a surge in value with Riot Platforms leading the pack at 12%. Hut 8 and Hive Blockchain Technologies saw respective gains of 7%.

Marathon Digital Reports Earnings

Marathon Digital reported its fourth-quarter earnings late Thursday after a delay due to an inquiry from the US Securities and Exchange Commission related to accounting matters. Despite recording a record amount of 1,562 BTC during this period, Marathon Digital saw their earnings per share and revenue come up short from analyst estimates because of a $332.9 million charge related to mining rigs and vendor advances. Their share prices still saw a 5% increase despite less favourable results than anticipated.

Bitcoin Price Surges

The surge in Bitcoin’s price has seen it jump more than 10% over the last 24 hours with its current price standing at around $27,900 at the time this article was written making it one of the biggest single day surges since 2017 when BTC hit its all-time high near $20K USD per coin.

Conclusion

It appears that despite some companies not achieving their desired results there is still strong investor confidence in the crypto space which has caused several crypto stocks to rise notably alongside bitcoin’s own price surge – something that could be indicative of future growth potential within this sector going forward.

• Silicon Valley Bank’s (SVB) failure caused some of the industry’s core plumbing to go haywire.
• Treasury Secretary Janet Yellen convened top financial regulators to discuss the collapse of SVB.
• USDC stablecoin massively depegged from its intended $1 price – a harrowing development for a product designed as a place for investors to safely park money.

Silicon Valley Bank Failure

The cryptocurrency crisis went into high gear early Saturday as Silicon Valley Bank’s (SVB) failure caused some of the industry’s core plumbing to go haywire. Stablecoin prices wildly swung and gas fees soared as investors scrambled to move money around hours after regulators shut SVB amid a run on the bank, which had ties to crypto. It was the second crypto-linked bank to go under this week.

Regulators Discuss Collapse

In the aftermath, Treasury Secretary Janet Yellen convened top financial regulators to discuss the collapse of SVB. Not long after, crypto markets went into turmoil, suggesting the more-than-year-long bear market has entered an even darker phase.

Stablecoin Price Swing

Circle Internet Financial’s USDC stablecoin massively depegged from its intended $1 price – a harrowing development for a product designed as a place for investors to safely park money. The USDC/USDT pair (which tracks Circle’s coin versus the bigger one issued by Tether) sank as low as 87 cents on the Kraken exchange at 07:16 UTC on Saturday – far lower than it ever got amid the market stresses that followed the FTX debacle in November. It was back around 94 cents as of 18:07 UTC.

Crypto Markets Turmoil

Crypto markets went into turmoil, suggesting the more-than-year-long bear market has entered an even darker phase with echoes of 2008 global financial crisis when bad news kept getting followed up by even worse news. Though in case of crypto, which lacks central bank like Federal Reserve that can bail out industry, question lingers: How will it end?

Reserves Backing Stablecoins

The financial services company confirmed late Friday that about $3.3 billion of the reserves backing their stablecoins were not held in their original accounts due to restrictions placed by banks and other financial service providers following SVB’s closure

• Bitso, a Latin American crypto exchange, launched a debit card in Mexico in partnership with Mastercard.
• Mastercard also has partnerships with Binance, Belo and Buenbit in the Latin American crypto ecosystem.
• Bitso operates in Argentina, Brazil and Colombia with over 6 million users and 1,500 institutional clients.

Bitso Launches Debit Card in Mexico

Latin American crypto exchange Bitso has partnered with Mastercard to launch a debit card for customers in Mexico. The card is now available to more than 100,000 users who requested it after it was enabled for feedback purposes last November.

Mastercard Partnerships Across Latin America

Mastercard’s portfolio of partnerships in Latin America extends beyond Bitso to include Binance, Belo and Buenbit. Despite reports that the company was taking steps back from the crypto space, they have told CoinDesk that they still intend to bring relevant payments solutions and programs to market along with their partners.

Bitso’s Services Across South America

In addition to its operations in Mexico where the debit card is available, Bitso also offers services across Argentina, Brazil and Colombia. The exchange currently has over 6 million users as well as 1,500 institutional clients using its platform. In September 2022 it enabled QR code payments using Argentine pesos as well as bitcoin (BTC), ether (ETH) and DAI stablecoin.

Visa Continues Crypto Plans Despite Winter

Despite reports of a winter cooling off within the cryptocurrency space, both Visa and Mastercard are continuing their plans around cryptocurrency-related products and services according to statements made by each company respectively.

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• Coinbase ha anunciado que está construyendo su blockchain de capa 2 utilizando el OP Stack en colaboración con Optimism, lo que ha provocado un aumento del 6.5% del token Optimism (OP).
• La blockchain de capa 2 de Coinbase, llamada Base, no contará con un token nativo como otras blockchains de capa 2.
• El primer exchange descentralizado, protocolo de préstamo y aplicaciones descentralizadas esperan tener un buen rendimiento una vez que la red principal esté activa.

Coinbase Se Asocia Con Optimism Para Construir Blockchain De Capa 2

Coinbase anunció recientemente que está construyendo su propio blockchain de capa 2 utilizando el OP Stack en colaboración con Optimism. Esto provocó un aumento del 6.5% en el precio del token optimism (OP) -el token nativo del protocolo Optimism- el jueves pasado.

Características De La Blockchain De Capa 2

La blockchain de capa 2 de Coinbase se llama Base y difiere significativamente de otras blockchains de capa 2 al no contar con un token nativo como Polygon (MATIC). Estos productos similares se esperan que tengan buen rendimiento en protocolos como Arbitrum, Polygon y Optimism una vez que la red principal esté activada.

Mercados Reaccionan Al Anuncio

Tras el anuncio por parte de Coinbase, el precio cotizaba a US$3,04 mientras que el precio del token MATIC no sufrió grandes cambios luego del anuncio. Además, Coinbase abrió hace algunos meses un marketplace para tokens no fungibles (NFT) pero los volúmenes siguen siendo bajos comparados con los competidores OpenSea y LooksRare según datos Dune Analytics.

Escalabilidad En Ethereum Aumentara Con Nuevas Soluciones Comerciales

Con la llegada de nuevas soluciones comerciales basadas en la plataforma Ethereum como base para mejorar la escalabilidad y eficiencia operativa entre los usuarios finales y las empresas, las perspectivas parecen ser prometedoras para este proyecto.

Conclusion

En general, los avances tecnológicos relacionados con la infraestructura subyacente permitirán a las empresas optimizar sus operaciones mediante herramientas innovadoras basadas en Ethereum; sin embargo, todavía queda mucho camino por recorrer antes de ver resultados concretos derivados del desarrollo tecnológico a gran escala

• The TRU token of decentralized lending protocol TrueFi surged 220% on Thursday in an hour due to speculation over a Binance stablecoin transaction.
• The speculated connection between TUSD and TRU tokens is misplaced because the issuers of the two tokens have been separated since 2020.
• Binance Minted $50 million of TrueUSD (TUSD) stablecoin, potentially gaining a larger role in trading on Binance after the regulatory crackdown on the Paxos-issued Binusd (BUSD).

TRU Token Rallies Over 200% After Binance’s TUSD Mint Sparks Speculation

The rally appears to come from traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but now no longer is.

Background Information

TrustToken sold TUSD in 2020 to a firm called Techteryx, according to an announcement by TrustToken Chief Executive Rafael Cosman at the time. The post said Techteryx is an “Asia-based conglomerate with businesses … in the traditional real estate, entertainment, environmental and information technology industries.”TrustToken also separated from the TrueFi protocol and was renamed Archblock last year, as TrueFi embarked on a road to decentralize the platform.

Market Reactions

TRU surged as high as 14.6 cents from 4.4 cents on Binance before later paring some of the gains. The token was trading at around 11 cents at press time.Earlier this week, Paxos said it would halt minting BUSD on orders from New York regulators following its unauthorised listing earlier this month without prior approval.

Implications for Stablecoins Market

The event sparked speculation among crypto traders about TUSD potentially gaining a larger role in trading on Binance after the regulatory crackdown on the Paxos-issued Binance USD (BUSD). Read more: B USD Drama Sets Stage for Stablecoin Market ReshufflingHowever,misplaced because the issuers of the True USD and TRU tokens were separated a while ago.

Conclusion

The speculative flurry over a Binance stablecoin transaction has caused TRU token to surge by over 200%. Despite being mistakenly associated with each other, it appears that both coins have been separated since last year; thus reducing any potential implications for either coin’s market performance or stability going forward.

• Kraken exchange has agreed to shut down its US crypto-staking operations and pay a $30 million settlement to the SEC for offering unregistered securities.
• The SEC voted on the settlement in a closed-door meeting and an announcement is expected later in the day.
• Kraken offered a number of services under its staking umbrella, including a crypto-lending product with up to 24% yield, as well as 20% APY rewards paid out twice per week.

Kraken Agreed to Shutter US Crypto-Staking Operations

The U.S. Securities and Exchange Commission (SEC) announced Thursday that crypto exchange Kraken will “immediately” end its crypto staking-as-a-service platform for U.S. customers, and pay $30 million to settle charges it offered unregistered securities.

SEC Meeting in Closed Door Session

CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the details and wider implications of this news, noting that the SEC is meeting in a closed door session on Thursday to vote on this deal.

Closing Down of Staking Services

Under the settlement, Kraken’s crypto staking services are expected to be shut down for U.S customers – which included a crypto lending product offering up to 24% yield, as well as 20% APY rewards paid out twice per week according Bloomberg’s report from Wednesday..

Implications for Crypto Regulation

Nikhilesh De further discussed the wider implications for crypto regulation posed by this news, noting that regulatory clarity remains key for industry growth.

Conclusion

In conclusion, this news signals an important step forward in terms of providing regulatory clarity around cryptocurrency staking products and services in the United States – something which is essential if we are to see sustained growth within this sector going forward.

• Bittrex, a Seattle-based cryptocurrency exchange, is laying off more than 80 people due to the “new economic environment” of the market downturn.
• This follows other crypto exchanges that have recently announced layoffs due to sharp declines in cryptocurrency prices and the collapse of FTX exchange and other prominent crypto firms.
• CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry.

Bittrex Laying Off More Than 80 People

Cryptocurrency exchange Bittrex is reducing its staff by more than 80 people, citing market conditions. CEO Richie Lai told employees that they had been working to reduce expenses and increase efficiencies but were not successful due to the “new economic environment” of the market downturn. The reductions affected at least some employees in most departments across Bittrex.

The Market Downturn

The “market downturn” has resulted from multiple failures in the crypto ecosystem and has caused crypto companies to reset their strategy and balance investments with this new economic environment. This follows other crypto exchanges such as Gemini and Coinbase, who also announced layoffs due to sharp declines in cryptocurrency prices and the collapse of FTX exchange and other prominent crypto firms.

Impact on Crypto Industry

CoinDesk estimates that since April more than 29,000 jobs have been lost across the entire crypto industry based on media reports and press releases. These job losses are likely to continue as many companies adjust their strategies for operating within this new economic environment.

Richie Lai’s Letter To Employees

In a leaked email on Twitter, CEO Richie Lai told employees: “We’ve worked aggressively to reduce our expenses while increasing our efficiency over time — sadly these efforts weren’t enough given our current situation.” He went on to encourage all remaining employees to remain focused on their work despite this difficult news.

Conclusion

As cryptocurrencies continue facing challenging times, many exchanges are being forced into making tough decisions about how they operate within this new economic environment — which includes significant layoffs for many employees across the industry. Companies like Bittrex are doing their best to minimize disruption while still remaining competitive in a tumultuous market place.

• Rep. French Hill (R-Arkansas) announced the digital assets subcommittee plans to prioritize the regulation of stablecoins.
• The subcommittee also plans to pursue a privacy statute federally.
• Rep. Hill believes this will be beneficial to the digital asset industry.

The Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion has been formed by the U.S. House of Representatives, with Rep. French Hill (R-Arkansas) as its chair. On Thursday, Hill told CoinDesk TV’s “First Mover” that the subcommittee’s top priority will be to regulate stablecoins.

Hill noted that the subcommittee plans to use its draft of stablecoins regulation as a model for how it will approach digital asset regulation moving forward. He believes that this will be beneficial to the digital asset industry as it will provide clarity on which agency, the SEC or the CFTC, will seek explicit oversight.

In addition to the regulation of stablecoins, Hill also said that the subcommittee plans to pursue a privacy statute federally. He believes that this will be important to the development of digital assets, as it will help protect consumers’ financial information.

Overall, Hill is confident that the subcommittee’s plans will be beneficial to the digital asset industry. He is hopeful that its efforts will result in a more secure, transparent and efficient financial system, as well as more consumer protection. He believes that this will also help to create an environment of trust and confidence in the digital asset market.

• Timothy Stranex, Luno’s co-founder and Chief Technology Officer (CTO), departed from the company in December after 10 years of service.
• He has been replaced as CTO by Simon Ince, who joined Luno about two years ago.
• Luno is a cryptocurrency exchange headquartered in London, with offices also in Singapore, Cape Town, Johannesburg, Lagos and Sydney.

Cryptocurrency exchange Luno has seen a huge shakeup in its leadership team, as co-founder and Chief Technology Officer (CTO), Timothy Stranex, departed from the company in December after 10 years of service. Stranex founded the company with Carel van Wyk, Pieter Heyns and current CEO Marcus Swanepoel in 2011.

Stranex has since been replaced as CTO by Simon Ince, who joined Luno just under two years ago as its vice president of engineering. Ince brings to the role a wealth of experience in software engineering, having previously held positions at financial technology companies such as Worldpay and Fidelity International.

Luno is a cryptocurrency exchange headquartered in London, with offices also in Singapore, Cape Town, Johannesburg, Lagos and Sydney. It claims to have over 10 million customers worldwide and is also a subsidiary of Digital Currency Group, the parent company of CoinDesk.

The company has seen a period of significant growth since its launch in 2011, having secured a series of investments from venture capital firms such as Balderton Capital and Naspers. The exchange has also been steadily expanding its range of services, having recently launched a new feature allowing customers to buy and sell cryptocurrencies using credit and debit cards.

The departure of Stranex marks a significant change for the company, and it is not yet clear what the long-term impact of his exit will be. However, with Ince now in the role of CTO and the company continuing to invest in the development of its services, it seems likely that Luno will continue to remain at the forefront of the cryptocurrency exchange industry.